A股通信線纜及配套板塊盤初走高，華脈科技漲停，長盈通、兆龍互連、神宇股份、長進光子、匯源通信等漲幅居前。

Nomura cut Tencent Holdings (00700.HK) Non‑IFRS net profit forecasts for fiscal 2026 and 2027 by 2% and 1%, respectively, citing increased AI investment that may compress margins. The broker maintained a Buy rating and an unchanged target price of HK$727. Nomura flagged recent AI progress — including the early‑July launch of Hunyuan 3.0 and desktop AI assistant WorkBuddy becoming one of mainland China’s most used PC AI agents — but said similar product launches from Alibaba and ByteDance, plus low switching costs and weak willingness to pay, mean near‑term competition should remain intense.

SK Hynix’s ADR began trading on Nasdaq on July 10, 2026 and jumped 12.76% on its debut; Seoul-listed shares fell 14.5% the same day. The ADR rally reflects global investors paying up for scarce, direct exposure to an AI-storage leader; the Seoul selloff reflects profit-taking after prior gains and skepticism about whether HBM4 will ramp volume in Q2 as hoped. Market implication: without hard order, shipment or margin confirmation for HBM4, the AI-storage narrative premium is vulnerable to being repriced back to delivery and earnings metrics.