US President Trump said he supports submitting the Iran agreement to congressional review.

HSBC Research says Chinese internet stocks have lagged YTD on investor concerns about higher AI spending and disruptive AI agents, ongoing regulatory scrutiny and US listings on a military-related entity list, and weak consumption. The bank notes large-cap Chinese internet names trade at a c.47% PE discount to US peers and China AI concepts at c.40%. HSBC flags that market fears of a MaaS token price war may be overblown. It estimates Alibaba’s MaaS business is materially undervalued—using $1.5bn annualised revenue as of June and a 21x P/ARR multiple implies potential value of $13 per share; cloud gross-margin expansion and a possible chip-unit spin-off add upside. HSBC also says external financing of Kuaishou’s Keling unit could be a key catalyst; on $500m ARR and 21–30x P/ARR it implies HK$22–32 per share.

倫鋁日內大跌4.00%，現報3385.67美元/噸。滬鋁2607跌幅擴大至1.88%，最新報23775元/噸，成交額約110.07億元，日內增倉1.34萬手，持倉變化明顯。