Baker Hughes said it expects regional facilities to face higher logistics costs and inflationary pressure amid the Middle East conflict.

US 5-year Treasury auction on July 27: bid-cover ratio 2.28; prior 2.35.

Zheshang Securities says prior market adjustment pressure is largely released and a more positive short-term stance is warranted. Large inflows into mainstream ETFs have driven a clear bottoming rebound, suggesting the short-term trough is taking shape. Since late June, the ChiNext and STAR Market-led segment has completed a sizeable correction that has largely discharged internal adjustment pressure from earlier gains, limiting near-term downside. The Shanghai Composite has found support near its 20-month moving average and has the momentum to retest the yearly moving average or the 4,000 level. The ChiNext index has rebounded above its yearly moving average and shows a relatively complete five-wave structure on the 60-minute chart; a renewed retest—whether it makes a new low or not—would complete a bottom and likely precede a rebound on timeframes above the daily chart (STAR 50 exhibits a similar pattern). Positioning: sectors already showing recovery include securities, innovative drugs and Hang Seng Tech—these can be watched on dips from a mid-term perspective as rebalancing options outside core tech; in the short term, consider buy-the-dip participation in recent oversold rebounds across ChiNext and the STAR Market.