Hong Kong stocks pared early gains; the Hang Seng ended down 0.78% at 24,011.03, while the Hang Seng Tech Index — which had rallied more than 2% intraday — closed down 0.06% at 4,728.02. Southbound flows recorded net buying above CNY10.0 bln. Semiconductor names led gains, oil & gas and sports stocks rose, tech names cooled, airlines fell and metals were weak. Notable movers: Zhaoyi Innovation (03986.HK) +~14%, Shandong Molong (00568.HK) +11.8%, Zhipu (02513.HK) +9%, Lanqi Technology (06809.HK)

The State Council issued the 15th Five-Year Carbon Peak Action Plan, directing measures to boost the power system’s ability to absorb and manage renewable generation. It calls for faster build-out of interprovincial and interregional transmission, accelerating UHV outbound corridors to add more than 80 GW of west‑to‑east transfer capacity and advancing province-to-province power mutual‑aid projects. The plan supports local consumption of renewables via green‑power direct links, nearby incremental distribution access and green direct‑supply models, and promotes generation‑grid‑load‑storage integration. It orders enlargement of system flexibility resources — accelerate pumped storage construction, scale up new‑type storage with emphasis on long‑duration storage — and mobilize demand‑side flexibility through virtual power plants and participation of adjustable loads and distributed distributed resources in system regulation.

German Chancellor MERZ said negotiations with the US on supplying Tomahawk cruise missiles are ongoing.