Chinese A-share film stocks active; Bona Film Group locked at the daily upper limit from the open; Huanrui Century, Huazhi Digital Media, Xingfu Lanhai and Shanghai Film also rose.

Spot silver down 1.00% intraday at $63.66/oz.

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.