China Daily Briefing

SCMP Business lays out the key metrics for tracking China's equity support regime — from central Huijin's CSI 300 ETF purchases to Yulan bond issuance volumes that signal PBOC liquidity intention. The 'national team' has been a consistent floor bid since September; today's FXI +1.19% despite global tech selling is consistent with sustained SOE-fund accumulation. For A-share investors, the question is whether this is a ceiling or a floor — national-team buying suppresses volatility but also caps upside unless private fund managers join the bid.

SCMP Business examines CATL's pivot from pure EV battery supply to battery-as-a-service and grid-scale energy storage — a higher-margin thesis that the market hasn't fully priced into CATL's valuation. CATL, BYD, and Gotion are positioned to gain as fossil-fuel price volatility drives utility and corporate demand for stationary battery storage, per a separate SCMP analysis. Despite EV/Mobility sector weakness today (-1.94%), CATL's infrastructure-pivot story is a multi-year catalyst that outlasts near-term earnings volatility.

Evergrande's Hong Kong liquidators have sold the controlling stake in the property services subsidiary for US$513 million — a transactional step in unwinding the largest developer bankruptcy in history. The buyer's identity and pricing multiple will be closely watched as a read on distressed property asset valuations across the sector. BEKE/KE Holdings appearing among today's gainers alongside this news suggests the market is starting to re-rate property services as a separate, viable business from the developer credit crisis.