安联首席经济顾问Mohamed El-Erian：今天KOSPI指数下跌了5%。虽然在绝对值上跌幅较大，但与近期的剧烈波动相比，其实已经相对温和。

The China Securities Association has published a draft revision of the Securities Company Liquidity Risk Management Guidelines for industry comment. The draft clarifies responsibility boundaries and tightens management obligations, with a focus on high‑complexity areas. The chapter on identification, assessment, monitoring, response and reporting adds explicit requirements for liquidity buffers, governance of cross‑border business and overseas subsidiaries, and cross‑currency liquidity risk management.

Ant Group’s embodied-AI unit Ant Lingbo Technology may seek independent financing, marking a shift from full in-house incubation toward external capital markets. People familiar with the matter said the move is driven by internal resource pressure as Ant Group’s large AI investments are squeezing compute budgets.