Since July, sharp overseas market weakness and imported shocks have increased volatility in A-shares. A recent rumor of a domestic lithography-machine R&D breakthrough sent ASML shares lower and pushed related A-share sectors higher. Market moves suggest greater supply-chain autonomy is reducing A-shares' sensitivity to external shocks and helping form a defensive moat. China has a near-complete industrial system, a large engineering workforce and deep end-market demand; domestic substitution is

Israeli security agencies assess that after a recent series of Iranian actions, the US is close to mounting major retaliatory measures. Israel's Channel 15 reported Washington's consensus is that current developments represent an escalation pattern requiring a broader, tougher response; a senior Israeli security source said the Americans are preparing an operation much larger than previously seen. Israeli-collected intelligence points to preparations for a large-scale military operation rather than a localized strike, based on multiple incidents: an Iranian missile attack on US forces in Jordan; Iran-backed groups striking Saudi targets from Iraq; Tehran issuing threats to Azerbaijan and Ukraine; refusal to compromise on the Strait of Hormuz; and reported recent attacks on Egyptian territory. Security sources say these events indicate Iran is intensifying multi-front confrontations and that a US response is likely to be broader and firmer than before.

由於多瑙河水位過低，羅馬尼亞將於週四關閉第二座核電反應堆。