Japan 5-year government bond yield fell 2bps to 2.230%; 30-year yield fell 4bps to 3.980%.

南向资金今日净买入12.75亿元。港股通（沪）方面，小米集团-W、中国人寿分别获净买入10.33亿港元、2.3亿港元；华虹宏力净卖出额居首，金额为5.83亿港元；港股通（深）方面，中际旭创、小米集团-W分别获净买入3.67亿港元、3.51亿港元；MINIMAX-W净卖出额居首，金额为3.7亿港元。

Hong Kong stocks closed lower; the Hang Seng Index fell 0.93% and the Hang Seng Tech index dropped 0.92% on turnover of HKD 209.67 bln. The HSI opened around 25,652, slid to an intraday low of 25,363 — breaching the 10- and 20-day moving averages — briefly rallied to about 25,466 near the 10-day mid‑afternoon before slipping again into the close. Sector moves: optical communications, memory/storage, AI recent listings and PCB names led gains; semiconductors, department stores and media also advanced. Advertising, gold, SaaS and mainland property stocks corrected; coal, autos and mainland banks weakened. Notable stock moves: 00068.HK up ~30%; 06166.HK and 03308.HK up >20%. 09903.HK down ~11.5%; 02513.HK down 5.3%; 09888.HK (Baidu) and 09863.HK (Leapmotor) down about 4.6%.