Hong Kong open July 17: Hang Seng Index (HSI) +13.94 pts (+0.06%) at 25,022.54; Hang Seng Tech Index -2.37 pts (-0.05%) at 4,832.07; Hang Seng China Enterprises Index (HSCEI) +16.53 pts (+0.20%) at 8,334.67; Red Chip Index +4.68 pts (+0.12%) at 3,996.06.

1、月之暗面官網已經更新了新模型KIMI K3，登錄賬號後即可看到K3·Max和K3集羣·Max兩個版本，官方預計很快將正式官宣。 2、此前消息人士稱，該模型參數規模達2萬億至3萬億，將成爲中國迄今最大的AI模型，在能力上已接近美國前沿人工智能實驗室Anthropic所開發的模型。這一進展表明，中美兩國在最先進人工智能領域的差距正不斷縮小。 3、作爲被對標的一方，Anthropic尚未正式披露其旗下模型的具體參數規模。不過，業內人士普遍推測，其Opus 4.8模型擁有約1.5萬億至2萬億個參數。

Middle East sovereign bond spreads over US Treasuries widened to 402bps — their highest since Oct 2022 — after fighting resumed in the US-Iran conflict. A JPMorgan index shows average spreads broadened about 20bps in the week after Trump said the ceasefire "may be over", marking the steepest YTD rise in the region since 2018. Investors are now demanding the largest risk premium since Oct 2022 to finance Middle Eastern governments, shifting capital allocation away from pre-war themes such as Dubai property and Riyadh's Vision 2030 toward geopolitics. Tellimer head of emerging markets equity and geopolitical strategy Hasnain Malik said investors had been "overly optimistic" about the April ceasefire.