At the open, China A-shares: Shanghai Composite +0.21%, Shenzhen Composite Index +0.55%, ChiNext Index +0.93%.

William Lawrence, former US diplomat and American University professor of international relations, said Saudi Arabia did not respond quickly enough to a Houthi offensive in Yemen because each side assumed the other would deal with the threat. He said both Washington and Riyadh assumed the other would defend Mocha; when then-President Trump denied Crown Prince Mohammed bin Salman’s request for assistance, Saudi forces were too late to intervene there. Lawrence added the Saudi-led anti-Houthi coalition’s new command-and-control architecture—designed to improve defense and coordination—appeared to collapse at the outset of the Houthis’ lightning raid along the Red Sea coast toward the Bab al-Mandeb. A Saudi counteroffensive has begun but has delivered limited success so far in retaking Houthi-held areas; Lawrence characterized the problem as a delayed reaction to the scale of the attacks rather than a misjudgment of Houthi capability.

A股軍工電子板塊短線拉昇，宏明電子漲超10%，觀想科技、智明達、大立科技、晶品特裝、華如科技等跟漲。