TD Cowen：将雪佛龙(CVX.N)目标价从205美元上调至215美元。

He Yang, deputy director of the Cloud Computing and Digitalization Institute at the China Academy of Information and Communications Technology (CAICT), said rapid AI-driven growth is lifting computing-power demand and market size, creating an urgent need for market-based pricing and risk-hedging instruments. International markets have begun developing computing-power financial products; CAICT has spent nearly two years researching the field and has built preliminary foundations for a computing-power financial index system, billing/measuring standards and derivative structures including computing-power futures. He said China is entering a window to move from theory to industry pilots and should start institutional design and market cultivation to preserve space for future innovation. Overall China has preliminary conditions to explore computing-power futures research, but several key links remain to be solved before mature products can be launched.

Hang Seng Index up 1%; Hang Seng Tech Index approaching positive territory; NetEase-S (09999.HK) up 4.4%.