A-share commercial aerospace sector rallied again; China Satellite hit the daily limit. Aerospace Power earlier sealed a limit-up; Shanghai Hanxun jumped >14%, CETC Lantian climbed >13%, Guanglian Aviation gained >10%.

UBS analysts say Micron's long-term customer contracts are sufficiently robust, with low minimum-price floors, to survive market weakness for the next few years. UBS estimates sufficient incremental supply to breach those floors and prompt customers to consider default is unlikely before 2029 and is more likely in 2030. Micron has also taken customer prepayments UBS estimates at roughly $40–50 billion, which would provide a substantial buffer against defaults if conditions worsen.

China will step up support for private firms to invest in construction of a new energy system during the 15th Five-Year Plan, the National Energy Administration said at a State Council Information Office briefing. NEA deputy director Wan Jinsong said Beijing will expand room for private capital in major energy projects, continue to open projects to private investment and issue guidance for private participation in large- and medium-sized hydropower to provide direction and protect returns; it will also further improve electricity market and pricing mechanisms and support private investment in virtual power plants, charging infrastructure and new energy storage.