Citigroup cut its South Korea equity rating to tactical neutral from overweight, raised China to overweight and upgraded Mexico to neutral. The bank cited trading turbulence in Korea and expects this year’s AI-led rally — now concentrated in a few winners — to broaden into more sectors, potentially benefiting China. Strategists added that if the macro backdrop stays supportive, including easing geopolitical risk, there is scope for wider gains across emerging markets.

【花旗下调韩国并上调中国股票评级 因预计新兴市场涨势范围扩大】7月20日讯，花旗在新兴市场资产配置中下调韩国股票评级，同时上调中国股票评级，理由是韩国市场交易动荡，而随着今年由少数人工智能赢家主导的涨势有望向更广泛板块扩散，中国市场可能从中受益。花旗策略师在报告中写道，“如果宏观环境继续保持有利，包括地缘政治风险缓和，则存在范围扩大的空间”。花旗将韩国股市评级从“高配”下调至“战术性中性”。与此同时，花旗将中国股市评级上调至“高配”，并将墨西哥市场评级上调至“中性”，认为是新兴市场中潜在的涨势范围扩大标的。

Carlet Cloud Technology Co. said it has delivered to a China Telecom academy the off-the-shelf software for an Ultra-Node Compute Platform under a procurement contract. Built jointly with China Telecom, the installation is China’s first 384-ultra-node compute cluster designed for the education sector.

【卡莱特交付中国电信某学院智算平台项目】7月20日讯，据卡莱特消息，近日，卡莱特云科技股份有限公司成功交付中国电信某学院“超节点算力平台成品软件采购”项目，该项目由卡莱特联合中国电信共同建设，是全国首个面向教育领域的384超节点算力集群。

Abbas Keshvani, head of Asia macro strategy at RBC, said Japan’s government appears to be encouraging investors to rotate into yen assets, after recent signals from the prime minister and finance minister. He noted the Government Pension Investment Fund (GPIF) currently holds 26.9% in domestic bonds versus a permitted maximum of 31% under its existing targets — a 4.1 percentage-point buffer equivalent to roughly JPY12 trillion (about $75bn). If GPIF were to actively raise its domestic-bond allocation target to buy more JGBs, it would result in additional inflows.

【加拿大皇家银行：日本政府似乎在鼓励投资者向日元资产轮动】7月20日讯，加拿大皇家银行亚洲宏观策略主管Abbas Keshvani表示，日本政府似乎在鼓励投资者向日元资产轮动。首相和财务大臣近期暗示了鼓励资产向日元资产轮动的计划。日本政府养老金投资基金GPIF“目前将其投资组合的26.9%配置于本地债券，在现有目标下允许的最大配置比例为31%”。因此，“向国内债券潜在的4.1个百分点的配置相当于”12万亿日元，即750亿美元的资金流入。如果GPIF主动改变其资产配置目标以购买更多日本国债，这将导致更多的资金流入。

周末美伊冲突再度升级，周一布油跳空高开重回90美元，金价避险需求被加息预期截流，多空重新洗牌困在4000关口附近，本周黄金的“救命稻草”会在哪？

Iran's Mehr news agency reports an explosion near a Bahraini naval support base.

据伊朗迈赫尔通讯社：巴林一处海军支援基地附近发生了爆炸。

凯美特气在互动平台表示，公司获得ASML子公司Cymer公司认证的气体不涉及高纯氦气。

Bahrain state TV reported Bahrain's air-defence system intercepted an Iranian attack.

据巴林电视台：巴林防空系统拦截了伊朗的袭击。

Retail investors who placed AI-driven leveraged bets via single-stock ETFs linked to Samsung Electronics and SK Hynix have incurred heavy losses after a sharp market reversal. KB Financial Group data show domestic retail net purchases of KRW14 trillion (about $9.4bn) since the May 27 launch of single-stock leveraged ETFs, versus roughly KRW2 trillion of net buying by foreigners. LSEG data show the KODEX 2x SK Hynix leveraged ETF is down about 70% from its June peak and roughly 50% since launch, underscoring downside risk from concentrated, leveraged exposure to AI-related chip names.

【AI押注崩溃，韩国散户直呼“把我的钱还回来”】7月20日讯，据CNBC报道，进行AI杠杆押注的韩国散户在市场急剧反转后蒙受了巨大损失，暴露出投机性交易热潮所带来的风险。对于持有与三星电子和SK海力士挂钩的单只股票杠杆式ETF的投资者来说，损失尤为惨重。根据KB金融集团的数据，自5月27日推出单只股票杠杆ETF以来，韩国散户投资者已净买入14万亿韩元（约合94亿美元），而外国投资者的买入额约为2万亿韩元。目前，情况对他们来说并不理想。根据LSEG的数据，KODEX SK海力士杠杆ETF——两倍做多SK海力士股价——已从6月创下的高点下跌约70%，自推出以来也累计下跌了约50%。有投资者在韩国在线交易论坛写到：“我想回到开始投资股票之前。把我的钱还回来。”

Kuwait's military says it is currently intercepting Iranian drones.