China A-share defense sector extended gains; Great Wall Military logged a third consecutive daily limit-up, while Beifang Changlong, Jianshe Industrial, Inner Mongolia First Machinery, Jianglong Shipbuilding, Aerospace Rainbow and Chenxi Aviation also rose.

Guojin Securities says China’s beauty sector is moving to refined, stock-based operations. 618 sales slipped slightly but mix improved; brands are shifting toward repurchase-driven growth and profit orientation. Upgraded categories such as color cosmetics and fragrances are the main sources of incremental demand. Policy now for the first time includes beauty subsidies, with targeted support for leading domestic and high-end efficacy brands. AI-driven, end-to-end cost reduction and efficiency gains are materialising—AI-generated creative and ad-placement/managed-service automation are lifting margins. Channel dynamics: Taobao/Tmall remain the domestic brands’ base, while Douyin is the primary battleground for foreign-capital pushback; domestic names need to deepen moats in efficacy skincare and national-style color cosmetics. Recommended focus: three stock buckets — Q2 earnings recovery, firms with stable high-end brand equity, and mass-market names with clear value-for-money advantages — to capture structural opportunities.

也門總理：胡塞武裝持續襲擊船隻並威脅紅海安全，證明其正在執行伊朗的指令。