A股券商股震荡走强，长江证券涨停，广发证券此前涨停，中信建投涨超8%，华泰证券涨超7%，财通证券、东方财富涨超6%。

CSC Financial research note says Chinese dental zirconia makers have received notices from Japan's Tosoh suspending supply of zirconia powder, signaling raw-material shortages have moved from expectation to reality after overseas rare-earth constraints. YSZ (yttria-stabilized zirconia), a yttria-doped high-performance ceramic, faces steep domestic-foreign price divergence: domestic yttrium oxide quoted about 55,000 yuan/ton, Rotterdam port price $457.50/kg and Baichuan reports a European price of $1,175/kg, with some spreads exceeding 100x. Baichuan data show similar widening for other oxides: dysprosium ~8x, terbium ~5x, gadolinium ~40x, scandium ~6x. Rare earths are essential additives for high-end materials and manufacturing; tightening overseas supply and expanding spreads imply Chinese producers of rare-earth-added high-end materials could gain global market share, supporting upstream, midstream and downstream segments of the domestic rare-earth industry chain.

Hong Kong stocks at midday: Hang Seng Index down 0.98%, Hang Seng Tech Index down 1.35%. Half-day turnover on the Hang Seng reached HKD 200.339 bln. Sector winners included storage, semiconductors, optical communications, insurers and coal; laggards were commercial aerospace, gold, beverage chains and autos. Notable movers: Yangtze Optical Fibre and Cable (06869.HK) +27%; Zhipu (02513.HK) +17%; 02676.HK +16%; GigaDevice (03986.HK) +11%; CATL (03750.HK) and China Life (02628.HK) +5%+. Decliners: Lingbao Gold (03330.HK) -10%; Junda (02865.HK) -8%; Longfor Group (00960.HK) -7%; Geely Auto (00175.HK) -6%.