Southbound Stock Connect net bought CNY 14.194 billion today. Via Shanghai–Hong Kong Stock Connect, Zhipu and Tencent Holdings were the largest net buys at HKD 2.442 billion and HKD 1.92 billion respectively; Xiaomi Group-W was the top net seller at HKD 746 million. Via Shenzhen–Hong Kong Stock Connect, Alibaba Group-W and Zhipu led inflows at HKD 3.031 billion and HKD 1.888 billion; Kingboard Laminates was the largest net seller at HKD 626 million.

Citi cut its target price on Tencent to HKD 758 from HKD 763 and kept a Buy rating. For Q2 Citi forecasts revenue +9.3% YoY to CNY 201.7 bln and adjusted net profit +5.1% YoY to CNY 66.25 bln, citing caution over AI-related spending and profit drag; estimates are below consensus. Citi expects H2 focus on agent-style AI trials within WeChat, mini-program integration with Hy3, next-generation/upgrades to the Hy model, and capex. Citi says Tencent will likely prioritize share buybacks, boost AI investment and use AI to reinforce core-business growth.

現貨白銀突破61美元/盎司，日內漲1.71%。