日本央行七月會議意見摘要：一名成員表示，金融狀況仍然寬鬆，因爲短期實際利率保持在負值。

Chief Executive John Lee said the Hong Kong government aims to publish the city’s first five-year plan in Q3 this year. Lee reiterated a policy focus on expanding the property ladder and said the Northern Metropolis development will provide more space and improve living conditions. The public housing waiting list has fallen from a peak of about 150,000 to roughly 100,000—a one-third decline—the government attributes this to large-scale construction of public rental housing and Home Ownership Scheme (HOS) units.

Academy Securities strategist Peter Tchir says AI capital spending is producing a rare equity–credit split. He remains cautious on AI equity valuations, warning markets could renew scrutiny of capex scale and returns. By contrast he favors bonds financing data centers and AI infrastructure for their higher total yields and potential for spread tightening. Alphabet’s recent plan to raise about $20–25 bln in the US bond market to fund large-scale AI investment exemplifies the dynamic; markets have already flagged capex-driven pressure on Alphabet’s free cash flow and equity valuation. Reuters data show Amazon, Meta, Oracle and other tech giants have also stepped up debt issuance this year. The same AI outlay can mean cash-burn and return-risk for shareholders while offering yield pickup to credit investors, prompting a shift from equity-only AI trades toward repricing within capital structures.