港股大模型雙雄齊跌，智譜(02513.HK)跌超5%，股價跌破500港元；MINIMAX-W(00100.HK)跌6.5%。

German satellite firm Reflex Aerospace said the investment will fund capacity expansion in Bavaria and development of its satellite-platform architecture.

The CSRC said new Rules on Administrative Penalties for Illegal Securities Transfer Cases use a dual metric—illegal transfer ratio plus monetary amount—to calibrate penalty tiers within the broad fine range under the Securities Law. Cases with a transfer ratio below 2% or an amount below 40 mln yuan are assigned the lenient tier; cases with a transfer ratio above 5% and an amount above 500 mln yuan are assigned the severe tier; all other cases fall into the standard tier. The rules also enumerate more than a dozen aggravating and mitigating factors to standardize discretionary decisions and improve consistency and transparency in similar cases.