Hong Kong shares closed lower: HSI fell 0.73% and the Hang Seng Tech Index fell 1.48%. Turnover HKD 178.35 bln. Sector movers: on-device/physical AI, commercial aerospace, biotech and mainland property stocks led declines; coal, insurance, storage-related and ports & shipping stocks outperformed. Selected movers: Haiqing Zhiyuan (01392.HK) -9.0%; Lens Technology (06613.HK) down >5%; Shimao Group (00813.HK) down >9%; Zhipu (02513.HK) up ~9%; Horizon Robotics (09660.HK) down ~6%; Li Ning (02331.HK

The Ministry of Industry and Information Technology (MIIT) on the 26th published a proposed 2026 list of 34 leading-level smart factory projects, including Xiaomi Automobile Technology Co.'s AI-driven agile manufacturing high-end NEV super smart factory. China classifies smart factories into four tiers—basic, advanced, excellent and leading—and is pursuing tiered cultivation. Leading-level smart factories are intended to pilot future manufacturing models, drive intelligent transformation and serve as global development benchmarks.

Iran told state media it is close to finalising a gas-swap agreement with Russia routed through Azerbaijan and has secured new foreign energy investment commitments. At the GECF ministerial in Moscow, Iran’s acting oil minister met with Russian and Azerbaijani energy ministers and said parties have reached overall consensus on the swap and are advancing technical work to finalise the deal. Tehran expects pipeline infrastructure via Azerbaijan to be brought into service soon, enabling large-scale, smoother gas flows between Iran and Russia. Iran also held bilateral talks with Russia on expanding Russian investment in Iranian oil and gas fields.