China has reduced crude oil imports by about 25% from prewar levels to roughly 8.2 million barrels per day, down from around 11.7 million, according to Vortexa estimates cited in the report. The drop, driven largely by reduced stockpiling rather than demand destruction, has added unexpected supply to the global market and helped keep oil benchmarks near $100 per barrel despite the Iran war. State-owned refiners have also been reselling cargoes to overseas buyers, contributing to weaker physical premiums, which have fallen from about $30 per barrel in early April to as low as $1. Commercial inventories in China are still rising, while strategic reserves are estimated at about 1.4 billion barrels. The report says possible drivers include weaker-than-expected demand growth, structural shifts such as EV adoption and coal-to-chemicals substitution, and increased domestic supply, though the exact cause of the import decline remains unclear.

HONG KONG CHIP STOCKS FALL BROADLY AFTER GAINS EARLIER THIS WEEK SMIC FALLS 5.1%; HUA HONG SEMICONDUCTOR DROPS 9.0%

A股深證成指、創業板指雙雙跌超1%，上證指數跌0.58%，科創50指數跌超3%；氟化工、存儲芯片、有色金屬等板塊跌幅居前。

SHENZHEN COMPONENT INDEX DOWN OVER 1%

索尼：第四季度經營利潤1,635.4億日元，預估2,714.5億日元。財年營業利潤爲1.60萬億日元，預估爲1.63萬億日元。