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Hong Kong stocks related to new consumption concepts continued to decline, with Laopu Gold (06181.HK) falling more than 7%, Li Auto (02015.HK), XPeng Group (09868.HK), and Xiaomi Group (01810.HK) falling more than 4%, and Pop Mart (09992.HK) falling more than 3%.On June 25th, Investinglive analysts pointed out that Irans warning to ships transiting the Strait of Hormuz to coordinate with the Iranian Revolutionary Guard directly escalated Irans stance on the issue of transit through the Strait of Hormuz, and will immediately push up risk premiums for tanker freight rates and crude oil prices. The Iranian Islamic Revolutionary Guard Corps warning that ships using unauthorized routes will face penalties is not just rhetoric, but an action statement that gives the Iranian Navy a legal and institutional basis to intercept, board, or seize ships that do not comply with regulations. The mandatory Channel 16 coordination requirement effectively gives Tehran control over information and consent for all ships transiting the strait. For the energy market, the key question is whether this statement is a response to specific alternative routes that the US or Gulf states may propose in the context of normalized shipping after a ceasefire, or whether it represents Irans preemptive defense of its sovereignty before facing pressure to reopen the transit route. Regardless of the interpretation, it is bearish for supply security but bullish for crude oil prices in the near term.According to Japanese sources, the earthquake that struck off the coast of Iwate Prefecture around 10:00 a.m. local time on the 25th has injured at least four people.Market sources indicate that Kioxia plans to list its American Depositary Receipts (ADRs) in the United States in April or May next year.On June 25th, to promote the high-quality and standardized development of my countrys computing power token overseas and address common industry challenges such as cross-border compliance, standards systems, and ecosystem collaboration, the China Academy of Information and Communications Technology (CAICT), in conjunction with several core units across the industry chain, launched the "Computing Power Token Overseas Expansion Ecosystem Plan." This plan, with its core focus on "understanding the situation, building the ecosystem, and optimizing pathways," targets key links and common pain points across the entire computing power token overseas expansion industry chain. Leveraging CAICTs research accumulation and industry resources in computing power, digital infrastructure, and cross-border data compliance, the plan provides the industry with dynamically updated research results and public services, driving the Chinese computing power token overseas expansion industry from its exploratory stage to a standardized, efficient, and sustainable high-quality development phase.

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