Analysts say FX futures net-long USD exposure has risen to $39.8bn, a 20-year high. CFTC data show non‑commercial accounts held about 13,300 net-long contracts in ICE Dollar Index futures as of July 7, indicating speculative bias toward the USD but not proof of an imminent turn. Market takeaway: USD can stay bid so long as US data and Fed commentary sustain higher‑for‑longer rate expectations, but elevated net-long positioning raises fragility — crowded longs increase the information threshold f

隔夜shibor報1.3720%，上漲1.19個基點；7天shibor報1.4000%，上漲1.7個基點；3個月shibor報1.4290%，上漲0.11個基點。點擊查看>>

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.