The PBOC conducted CNY 263.0 bln of overnight reverse repos today. With CNY 257.5 bln of overnight, CNY 115.0 bln of 7-day and CNY 500.0 bln of three-month outright reverse repos maturing, the net liquidity impact was a withdrawal of CNY 609.5 bln.

Shanghai Stock Exchange held two M&A and restructuring roundtables with listed companies and market institutions, inviting seven listed firms and seven representatives from securities, valuation, venture capital and insurance firms. Discussions focused on resolving intra‑industry competition among central and state‑owned enterprises, cross‑sector M&A for corporate upgrading, staged‑payment and other deal‑structure innovations, valuation of technology companies, and use of M&A insurance for credit enhancement; meetings aimed to help listed companies better deploy M&A and restructuring tools. Since the release of the "Six M&A Measures", Shanghai market disclosures include 1,859 asset restructurings, including 178 major restructurings.

A股光伏概念日内涨势扩大，迈为股份20cm涨停，此前酉立智能、贝特利、时创能源、中利集团、弘元绿能、钧达股份等多股涨停，艾能聚、奥特维、连城数控、金刚光伏均涨超15%。