Bank of Japan minutes: several members said consumer goods price increases may broaden starting this summer.

日本5年期國債收益率日內上漲3.0個基點至2.430%，刷新紀錄高位。

CITIC Securities says US equities have hit fresh highs on renewed app adoption and hardware repair, and overseas markets should no longer be treated as a driver for China A-shares. Despite weak sentiment, the firm maintains a rangebound A-share view for the year and identifies the period around Q3 earnings as the last meaningful buying window; the probability of an index recovery this year is materially higher than that of new lows. With corporate earnings trending up, macro risks visible and sentiment depressed, a large index correction is judged unlikely. CITIC tested five recovery scenarios for the Shanghai Composite and concludes that, assuming sector cyclicals improve and short-term incremental funds remain limited, an upside led by tech leaders, resource/energy-chemical and financial weights best reconciles fundamentals and liquidity. Stay constructive during the market pause; position into AI and energy/chemicals.