港股大模型股持續走低，智譜(02513.HK)回調跌超10%，MINIMAX-W(00100.HK)跌超5%。

China Insurance Association says the current research value for ordinary life insurance assumed interest rate is 1.94%. Research values published for Jan, Apr, Jul, Oct 2025 and Jan, Apr 2026 were 2.34%, 2.13%, 1.99%, 1.90%, 1.89% and 1.93%, respectively. The National Financial Regulatory Administration issued a notice implementing a market-linked dynamic adjustment mechanism from Jan 2025, requiring quarterly publication of research values and directing life insurers to dynamically adjust caps on assumed rates for ordinary and participating products and the cap on minimum guaranteed rates for universal life policies.

US Treasury yields continued to climb on rising oil prices; the 30-year Treasury yield hit its highest level since May 21.