China government bond futures opened: 2-year (TS) main contract flat; 5-year (TF) main contract up 0.02%; 10-year (T) main contract up 0.04%; 30-year (TL) main contract up 0.12%.

Citic Securities says two recent narrative shifts could catalyze a recovery in some non‑AI sectors with earnings support. First, markets are re‑examining Fed policy assumptions and are no longer uniformly pricing a pre‑set hawkish tightening path; a reversal of the tightening/strong‑dollar narrative has eased negative sentiment in non‑AI names. Second, controversy around Meta underscores low market tolerance for negative AI news and suggests downstream players need richer monetization models to justify aggressive upstream investment. Citic also expects outflows from broad A‑share ETFs to ease materially — a key liquidity margin change. The combination of a softer rate‑hike narrative and improved liquidity could spur selective recovery in fundamentally supported non‑AI sectors.

ADNOC said it will consolidate the LNG marketing operations of ADNOC Gas and XRG under ADNOC Trading to create a unified, integrated commercial platform.