美國能源部長：能源部新一輪電網投資中，超過5000萬美元將投向得克薩斯州，當地公用事業公司將提供配套資金。

Morgan Stanley research shows concerns about AI-related debt have sparked a surge in CDS trading.

China hog futures main 2701 contract extended losses yesterday, down 2.48% to near 10,000 yuan/ton, marking a record low since listing and a 64% decline from the peak of 28,400 yuan/ton. Nationwide average hog price fell below 10 yuan/kg. GUOTAI JUNAN SECURITIES said spot hog prices have traded near industry cash cost for six months. Key drivers: accelerated industry consolidation has left large, cash-rich producers delaying capacity cuts versus smallholders; recent improvements in breeding and feed-to-meat efficiency have concentrated a capacity dividend this year; when losses began in Q4 last year many producers kept output expecting a cycle turn, leaving supply pressure into Q4. Medium-term, if the sector remains loss-making into Q3, markets will trim forward spot-supply expectations and, with policy guidance, social and corporate capacity exits could accelerate; if losses persist into Q4 the sector could enter an outsized destocking phase, with supply likely to decline gradually after Q2 2027 and support a subsequent price recovery.