基本半導體(09971.HK)公告，其部分產品價格預計上調幅度最高不超過25%，具體調整方案將根據產品類別、訂單規模、合作模式、市場區域及雙方商業安排等因素綜合確定，並與相關客戶有序實施。

JP Morgan raised its price target for Zhipu (02513.HK) by 20% to HKD 2,400 from HKD 2,000, marking a second increase in one week (the bank moved the PT from HKD 1,800 to HKD 2,000 last Tuesday). JP Morgan said proceeds from a USD 4.0 bln equity placement will ease compute-supply bottlenecks and support further model-training investment; the bank added that new inference capacity could convert into annual recurring revenue within 12 months, analysts including Olivia Xu wrote. JP Morgan also cut its price target on MiniMax (00100.HK) to HKD 240 from HKD 300, citing share dilution after the company’s lock-up expiration and the fundraising; this follows a downgrade last week.

Orient Securities' insurance report says long-dated bonds remain the core of insurers' asset portfolios as allocation shifts from pure duration extension to structural optimization. Persistently low rates are compressing coupon and reinvestment returns; lengthening duration only delays a downward shift in the yield center. The report expects most listed insurers' net investment yields to decline YoY in 2025 as high-coupon stock matures and new allocations earn lower interest. Static estimates show long-duration holdings cut annual reallocation needs but cannot fully offset low-rate pressure. Currently 30-year government and local-government bond yields remain above insurers' marginal new liability funding costs, leaving long-duration assets with coupon coverage and duration-matching value; the 30Y-10Y spread has widened markedly from 2025 lows. Insurers' allocation logic is moving to duration matching + term-premium capture + timing-driven positioning.