2-year bond futures (TS) most-active contract was up 2 bps at the morning close; 5-year (TF) up 7 bps, 10-year (T) up 9 bps and 30-year (TL) up 9 bps.

Huatai Securities research note: Escalating Middle East tensions are disrupting global oil and gas supply-demand, temporarily lifting oil prices and driving inventory draws; but high prices are already causing demand destruction, and as supply constraints ease marginally the oil-price midpoint could gradually return toward equilibrium. In bulk chemicals, capex growth has clearly turned since H2 2025; measures to curb redundant competition, dual-carbon control and the exit of backward overseas capacity are promoting optimization of existing capacity and point to a capacity-cycle inflection. In electronic chemicals, AI compute growth, advanced process nodes, advanced packaging and domestic substitution are lifting semiconductor-material demand, and overseas supply disruptions could boost spot conditions for electronic specialty gases and other critical materials.

HKEX filings show BlackRock reduced its long holding in Ganfeng Lithium H shares (01772.HK) from 8.19% to 7.56% on June 24.