澳大利亚财长：预计全球利率将普遍上调。不对明日澳洲联储的预期发表评论。

CITIC Securities says US equities have hit fresh highs on renewed app adoption and hardware repair, and overseas markets should no longer be treated as a driver for China A-shares. Despite weak sentiment, the firm maintains a rangebound A-share view for the year and identifies the period around Q3 earnings as the last meaningful buying window; the probability of an index recovery this year is materially higher than that of new lows. With corporate earnings trending up, macro risks visible and sentiment depressed, a large index correction is judged unlikely. CITIC tested five recovery scenarios for the Shanghai Composite and concludes that, assuming sector cyclicals improve and short-term incremental funds remain limited, an upside led by tech leaders, resource/energy-chemical and financial weights best reconciles fundamentals and liquidity. Stay constructive during the market pause; position into AI and energy/chemicals.

PBOC conducted 139 billion yuan of 7-day reverse repos today, receiving bids of 139 billion yuan and allotting 139 billion at a 1.40% rate. It also carried out 661 billion yuan of overnight reverse repos and a 300 billion yuan 14-day reverse repo via fixed-quantity, rate-bidding with multi-price allotment.