Shanghai silver 2608 contract rallied intraday, gains widening to 3.94% as price rose to 15,202 yuan/kg; turnover exceeded 123.0 bln yuan. Open interest increased by nearly 2,300 contracts intraday, with volume and OI activity rising in tandem.

CITIC Securities says Meituan on June 30, 2026 completed end-to-end training and inference of a trillion-parameter model on a 50,000-card China domestic compute cluster, marking a capability shift from inference to training. DeepSeekV4 final, due mid‑July, will introduce peak‑valley pricing with peak API call prices doubling, and domestic compute supply constraints are intensifying. CITIC says order visibility for domestic compute has materially improved; chip design firms with confirmed customer orders and priority capacity allocation should be first beneficiaries. The broker remains constructive on the China domestic compute supply chain, citing scale-up opportunities from scarce advanced process capacity to diverse design companies and super‑node operators, and expects strong growth momentum for advanced process, advanced packaging, advanced memory and supporting suppliers.

Russian Defence Ministry said its air defences shot down a "long-range combat tactical missile", seven guided bombs and 602 fixed-wing drones in the past 24 hours, but did not identify the missile model or provide further detail. Ukraine has not publicly confirmed use of a ballistic missile. Ukrainian defence firm "Fire Point" has said its FP-9 ballistic missile, with a reported range of about 850 km intended to strike deep Russian targets, could begin flight tests after engine development is complete as soon as this summer or early autumn.