Hong Kong shares edged higher by midday; Hang Seng Index was up 0.04% and the Hang Seng Tech Index rose 0.74%. Large-cap tech led gains: Alibaba (09988.HK) jumped about 7% after launching the Qianwen Office public beta, Baidu (09888.HK) +4%, Tencent (00700.HK) +3%, JD (09618.HK) and Meituan (03690.HK) >1%; Xiaomi (01810.HK) fell about 4%. The State Administration for Market Regulation moved to curb 'involution', while photovoltaic stocks rallied—Concord New Energy (00182.HK) spiked as much as 17

China International Capital Co (CICC) says global AI-related chains have sold off sharply since mid‑late June, with Korea hardest hit where high leverage, crowding and retail exposure amplified the decline. Drivers include amplified positioning risk, macro shocks (re‑pricing of Fed rate hikes and renewed Strait of Hormuz disruption pushing oil), and renewed froth concerns (eg. cloud compute rentals, falling token spend). CICC notes the tech run-up before the 2000 crash saw at least four large, prolonged pullbacks triggered by similar factors—industry hiccups, macro headwinds and overheated sentiment—and only rebounded once those three pressures eased. By analogy, CICC says market stabilization or a fresh leg higher now requires: substantial digestion of crowding/leverage; relief or resolution of Fed tightening expectations (watch the July FOMC); and new earnings/industry catalysts during the July–August reporting season.

越南7月工业增加值年率 14.5%，前值12.70%。