港股大模型股走弱，MINIMAX-W(00100.HK)高开低走跌超3%，智谱(02513.HK)一度跌近8%。

卫星化学一字涨停，公司预计上半年净利同比预增118.68%-155.13%。

Morgan Stanley CIO and head US equity strategist Mike Wilson said liquidity, not rate hikes, is the primary near-term risk for US equities. He noted reserve-management programs are about 75% smaller than their peak and Treasury repo volumes have fallen roughly 50%, tightening market liquidity. Accelerating loan growth is worsening the squeeze as the real economy absorbs more capital while balance-sheet support recedes. Wilson expects US equities to be volatile in July and possibly pull back; a next earnings-driven leg up may be delayed until liquidity headwinds ease. He said last week's FOMC under Fed Chair Kevin Warsh was a necessary step to rebuild Fed credibility and that the S&P 500/gold ratio has risen about 40% since Warsh's February nomination, signaling market confidence. Wilson backed Warsh's move to reduce heavy forward guidance, saying markets should react to incoming data rather than try to pre-empt Fed remarks.