State Bank of Pakistan held its policy rate at 11.5%.

杰富瑞：将苹果(AAPL.O)目标价从299.88美元上调至308.92美元。

Guojin Securities says China’s beauty sector is moving to refined, stock-based operations. 618 sales slipped slightly but mix improved; brands are shifting toward repurchase-driven growth and profit orientation. Upgraded categories such as color cosmetics and fragrances are the main sources of incremental demand. Policy now for the first time includes beauty subsidies, with targeted support for leading domestic and high-end efficacy brands. AI-driven, end-to-end cost reduction and efficiency gains are materialising—AI-generated creative and ad-placement/managed-service automation are lifting margins. Channel dynamics: Taobao/Tmall remain the domestic brands’ base, while Douyin is the primary battleground for foreign-capital pushback; domestic names need to deepen moats in efficacy skincare and national-style color cosmetics. Recommended focus: three stock buckets — Q2 earnings recovery, firms with stable high-end brand equity, and mass-market names with clear value-for-money advantages — to capture structural opportunities.