據悉日本央行已接近穩住物價預期階段，而非推高通脹階段。

Huatai Securities said July iterations of Kimi and Q2 updates to GLM validate the core domestic-model thesis and could shorten iteration cycles. The firm estimates the technical gap versus closed‑source overseas models has narrowed to about 3–4 months; combined with higher cost‑effectiveness, domestic providers are lifting capability ceilings and pricing power. Huatai’s tests show K3 is only marginally weaker than GPT‑5.6 Sol, while GLM 5.2 benchmarks roughly at OPUS 4.7. Investment takeaway: rapid capability improvement should reinforce industry-chain positives. Near term, pricing power has improved but model‑level competition is intensifying; longer term, rising Agent penetration should expand the addressable market.

Santander CIB global head of economics Antonio Garcia Pascual says euro-area short-term rates are likely to trade within a confined range. Markets price the ECB deposit rate around 2.50–2.75%; Pascual says the range should remain stable provided oil prices stay within the ECB’s mild and baseline scenarios. Santander CIB sees tactical opportunities to go long the short end at current market levels. The ECB raised rates 25bp in June to a 2.25% deposit rate; markets expect policy to be left unchanged at Thursday’s decision.