Chengdu municipal government issued guidance aiming to basically establish a national advanced manufacturing base by 2030 and to complete it and move toward a world‑class advanced manufacturing city by 2035. Key 2030 targets: operating revenue of above‑designated‑size industrial enterprises to exceed 2 trillion yuan; R&D intensity at those firms to exceed 2%; industrial value‑added share of GDP to be stable or rising; breakthroughs in several key core technologies. Policy will accelerate constru

CITIC Securities says current AI and technology-sector trading is very stretched but not yet at historical extremes. The firm attributes the rally to pronounced macro divergence between new and old domestic drivers across investment, production and profits—traditional demand is weakening while AI-related activity is expanding. Similar divergence exists abroad: the US is the epicenter of AI spending and demand, while South Korea is capturing outsized hardware profits; global AI expansion is lifting demand for China’s AI-related products. CITIC’s calculations show this episode differs from four prior concentrated rallies by a stronger macro fundamental split. Because much of China’s production, exports and trading momentum reflects overseas spillovers, the report flags near-term market risks from the persistence of external macro divergence, the degree to which profit expectations are realised, and whether corporate expansion is funded by internal cash rather than debt; over the medium term it highlights the potential for further Chinese AI capex to raise its contribution to GDP growth.

Qualcomm (QCOM.O) extended losses in pre-market trading, down 8.6%.