HSBC Global Research cut its Hong Kong target price for Alibaba (09988.HK) to HK$166 from HK$172 after lowering its US target to US$170 from US$176, and kept a Buy rating. The bank trimmed its fiscal 2027 adjusted net profit forecast by 3.7% to CNY 99.4 bln. For the fiscal first quarter ending June, HSBC expects revenue to rise 8% YoY to CNY 267.9 bln and adjusted net profit to fall 41% YoY to CNY 20.9 bln. HSBC said if Alibaba’s China e‑commerce unit bottoms in Q1, the stock could be re‑rated.

波兰央行行长：波兰今年已购入82吨黄金。

The State Council issued the 15th Five-Year Carbon Peak Action Plan, mandating energy-saving and carbon-reduction retrofits in traditional industries and targeting major energy-using equipment, installations and processes. Targets for the 15th Five-Year Plan period include: cut CO2 emissions per unit of value added at above-designated-size industrial firms by more than 17%; reduce energy consumption per unit of industrial value added by over 10%; and lower energy intensity per unit of GDP by about 10%. The plan calls for broad deployment of energy-saving and low‑carbon technologies and equipment, low‑carbon process innovation and digital transformation, stronger energy-conservation inspections and a sound energy-efficiency diagnostic mechanism for key sectors. Retrofits in key industries are expected to deliver at least 150 mln tonnes of standard-coal equivalent energy savings.