Last night, the U.S. stock market played out the 'bad news priced in' script — Nasdaq +1.11% closing at 26,430.89, with storage chain stocks rebounding collectively (SK Hynix +4.6%, Micron +3%). Meanwhile, oil prices surged during the night session from the daytime low of 96.76 back up to 103.66 (U.S. Defense Secretary's secret visit to Israel, military action against Iran back on the table). Gold dipped below 4,140. Today at 09:00, the LPR will be the first key decision for the A-share market at the open. Central bank signals = likely to go for an 'OMO anchor swap'-style rate cut rather than directly adjusting the LPR.