习近平同英国首相伯纳姆通电话。（新华社）

Daiwa says Bilibili (09626.HK) has issued $700m of zero‑coupon convertible bonds due 2031 and Tencent (00700.HK) has completed sale of its roughly 9.6% stake. Daiwa calls the structure a win‑win: it removes Tencent’s long‑standing cash‑out pressure, supplies about $400m of incremental cash to Bilibili and triggers an immediate $300m share buyback and cancellation to limit dilution. At the preliminary conversion price the bonds would convert into ~35.2m shares (gross dilution ~8.4%); after cancelling the repurchased stock net dilution is around 3.5%. Daiwa reiterates a buy rating and says the deal raises long‑dated zero‑coupon funding at a cost well below plain offshore bonds.

A股午后磷肥及磷化工板块持续走高，六国化工涨停，川发龙蟒、和邦生物此前封板, 川金诺涨超10%，兴发集团、澄星股份、云天化、湖北宜化、川恒股份等跟涨。