据耶路撒冷邮报：阿塞拜疆在幕后努力缓解以色列与土耳其之间的紧张关系。

The Wall Street Journal reports Russian officers flew from St. Petersburg to the Kaliningrad exclave last month to supervise local mobilization preparations, including procedures for housing, supplying and arming mobilized personnel, Western intelligence officials said. They said the Kaliningrad exercise is one of several nationwide drills intended to prepare for an "order to conscript." Officials say the Kremlin has not decided whether to carry out a broader mobilization and may wait until after late-September parliamentary elections, but Western intelligence warned Putin's determination to seize the remainder of Donbas could force action.

Today Iran's rial exchange rate reached record highs, hitting 200,000 tomans per USD (2,000,000 rials). GBP and EUR also broke 272,000 and 234,000 tomans per unit, respectively.

今日伊朗里亚尔兑美元汇率创下历史新高，达到20万托曼（合200万里亚尔）；英镑和欧元也分别突破27.2万托曼和23.4万托曼关口。

An Iranian senior official told the Jerusalem Post and Al Mayadeen that Tehran has been invited to join the Mecca collective defence pact set up earlier this month by Saudi Arabia, Turkey and Pakistan. The invitation has not been confirmed by Iran’s foreign ministry or by any of the three pact members. Mehdi Rahimi, head of the Islamic Consultative Assembly news agency, said Iran has received the invitation and is reviewing it, adding regional states are moving toward a regional security umbrella and describing the development as a diplomatic win for Iran.

CSC Financial says A-share margin financing and ETF flows are offsetting; deleveraging remains incomplete but volatility is narrowing. Earlier bottom-fishing funds facing losses may cap the slope of any rebound. 10-year UST around 4.7% reflects both implied inflation and AI-driven debt issuance lifting the long end. The US Treasury’s stepped-up buyback/repo activity signals policy reluctance to let tighter financial conditions hurt AI investment and the broader economy, leaving rate pressure on equities relatively contained. Strategically, rebounds have visible floors and ceilings: policy backstops are clear but fresh incremental funding has not coalesced, so market action is characterized by stock-level, not index-wide, rotation; a sustained index breakout will require stronger catalysts. Tactical allocation should balance cyclical and defensive exposures while awaiting a tech-sector clearing. Sector focus: AI (upstream materials/equipment, domestic compute), innovative drugs, nonferrous metals, machinery, new energy, and dividend plays.