Microsoft (MSFT.O) rises over 10% in U.S. pre-market after fiscal Q4 Azure cloud revenue grew 43% YoY, well above expectations.

Israeli political sources said 15 draft documents did not adequately meet Israel's demands for Hamas disarmament, and Israel has conveyed objections to a senior member of the "peace committee", the envoy of former UK prime minister Tony Blair.

Since July, sharp overseas market weakness and imported shocks have increased volatility in A-shares. A recent rumor of a domestic lithography-machine R&D breakthrough sent ASML shares lower and pushed related A-share sectors higher. Market moves suggest greater supply-chain autonomy is reducing A-shares' sensitivity to external shocks and helping form a defensive moat. China has a near-complete industrial system, a large engineering workforce and deep end-market demand; domestic substitution is shifting from single-point wins toward coordinated full-chain progress. Continued industrial-chain improvement should raise listed companies' long-term growth value and resilience to external risk. Investors should temper valuation assumptions for “industrial-chain security”: the direction is clear, but the process may be uneven.