Hong Kong internet and tech shares rebounded; JD.com (09618.HK), Baidu (09888.HK) and Tencent Holdings (00700.HK) rose more than 2%, while Alibaba (09988.HK), Meituan (03690.HK), Kuaishou (01024.HK) and Xiaomi Group (01810.HK) also gained. UBS China internet research head Fang Jincong said over the next two to three years, as AI compute supply bottlenecks ease, pricing power is likely to shift from upstream chip and infrastructure suppliers to internet platforms.

Volkswagen Group will launch a comprehensive restructuring to cut roughly 50,000 jobs and close four plants, calling it the most far-reaching transformation in the group's history. The move follows protracted talks with management, unions and the Lower Saxony state government. The supervisory board confirmed about 500,000 units of excess production capacity in Europe. Emden, Zwickau, Hanover and Neckarsulm currently have no competitive follow-on production projects over the next 5–8 years; the group said it is exploring alternative uses. The cuts will include management positions. CEO Oliver Blume had earlier proposed a larger package of up to 100,000 job cuts and up to four plant closures.

国泰航空(00293.HK)：我们会持续检视前往杜拜及利雅得货机航班服务的复航时间。