GMT EIGHT - OPPORTUNITIES IN CHINA

Annie Tse Yau On-yee Re-elected as Chairman of the Hong Kong Retail Management Association, Will Fully Support Government Policies Across All Areas

Annie Tse Yau On-yee, Chairman and Chief Executive Officer of Tse Sui Luen Jewellery (Hong Kong) Limited, was re-elected as Chairman of the Association.

A-share Market Close Review | All three major indices closed higher, with the ChiNext Index up 2.25%; the semiconductor industry chain led the gains.

On September 18, the three major A-share indices fluctuated upward throughout the day and closed higher collectively, with the ChiNext Index and the STAR 50 leading the gains.

New Stock News | Manus's valuation doubles to US$4 billion, may subsequently pursue an IPO in Hong Kong.

According to reports, Manus is seeking to complete a US$500 million financing round, pushing the company's valuation up to US$4 billion, doubling the previous US$2 billion valuation at the time of Meta's acquisition.

MiniMax (00100) shares rose over 16%, with overseas partnerships expanding the path for Chinese large models to go global.

On September 18, MiniMax (00100) rose over 16% during intraday trading. The company has made successive progress in overseas markets, with partnerships covering local language model development, professional applications, and public AI tool services, among others.

JPMorgan's Perspective on the Great Capital Migration: Tech Debt-Issuance Anxiety Is Overdone, September Stock-Buying "Sharp Brake" Brews a Good Entry Opportunity

The bond supply shock brought about by the expansion of tech financing can still be absorbed, and the cooling of stock buying in September is more likely a temporary pause rather than a sign that the trend of capital withdrawal has already taken hold.

Pokmon card sales restrictions trigger a "rollercoaster": Japanese second-hand trading platform Mercari rebounds after sharp drop, Citi calls it "oversold"

Pokmon card trading restrictions caused sharp fluctuations in the stock price of Japanese online trading platform Mercari.

Middle East conflict drives up inflation, ECB may "stay put" until final rate hike in December.

Affected by the Middle East conflict driving up oil and gas prices and rising inflation expectations, the European Central Bank may carry out its final rate hike of this cycle in December.

UK August retail sales unexpectedly rise 0.5%, boosted by warm weather and improved sentiment

Despite rising energy bills, UK retail sales unexpectedly grew in August, as warm weather and improved national sentiment boosted spending.

Fed rate hike lands, A-shares continue to diverge! JD Wealth strategy meeting explains in detail how to invest so you can "hold steady and invest wisely"

Recently, JD Wealth held the "Born Toward the New, Winning the Future Through Quality JD Wealth 2026 Autumn Investment Strategy Meeting."

John Lee: Promote the internationalization of the renminbi; study the use of renminbi in certain contracts or transactions with the mainland

He also pointed out that the government will study the use of the renminbi in certain contracts or transactions with the mainland, such as when civil servants attend training at mainland institutions, exploring the use of renminbi to pay part of the fees.

Two policy measures implemented in September: True Health Medical (02697) puncture Siasun Robot&Automation gains further institutional support

After the three policy measures were implemented, the correspondence between True Health's products and the regulatory framework also became clear. The puncture and ablation surgical robots have entered commercialization, and procurement of scientific research equipment for ex vivo organ preservation has also been implemented.

SHINEWAY PHARM (02877) will distribute a special interim dividend of HK$0.85 per share on October 15.

SHINEWAY PHARM (02877) announced that it will distribute a special interim dividend of RMB0.85 per share for the 2026 financial year on October 15, 2026.

Bank of Japan raises rates as expected, yet the yen plunges! Even with the fastest tightening since 1990, the market still cries "not hawkish enough."

After the Bank of Japan raised interest rates as expected, the yen continued its decline against the US dollar, but two dissenting officials expressed doubts about the prospect of further policy tightening. The yen fell as much as 0.7% against the US dollar to 157.09 yen.

A-share Midday Review | Shanghai Composite Index Rises 1.04%, STAR 50 Up Nearly 4%, Semiconductor Sector Sees Wave of Limit-Up Stocks

The market presents a pattern of "broad-based index gains, growth style outperforming, and widespread stock advances."

Stocks and bonds rising together, crude oil briefly breaking above $100, the AI narrative once again taking over tech stocks... After the Fed's hawkish rate hike landed, what are US stocks pricing in now?

US stocks staged a rather satisfying rebound on Thursdayeven though just a day earlier, the Federal Reserve had just completed its first rate hike since July 2023.

Diesel surges past $6.31 to a record high! The "transportation cost of everything" spirals out of control, and a second inflation tsunami in the U.S. may be fully ignited.

Although unleaded gasoline prices have largely avoided hitting historic highs, diesel has not been so fortunateon Wednesday, U.S. diesel prices hit a record high of $6.31 per gallon.

HKD interbank rates fall broadly; one-month rate drops for second straight day to 2.87%.

On September 18, HKD interbank rates fell broadly, with the one-month rate, which is linked to mortgage loans, reported at 2.86887%, down 3.113 basis points.

Yixin (02858) Appears at 2026 IT Value Summit, "Human-Centered Long-Horizon Agent" Reshapes Automotive Finance AI

Yixin provides the industry with a new development path for AI to leap from an auxiliary tool to intelligence-native.

Computing power price increases move from "scarcity" to "financial statements": domestic computing power ramps up in tandem to deliver earnings.

The signal of computing power price increases in U.S. stocks is propagating along the industry chain to every segment, and computing power assets in A-shares and Hong Kong stocks have become active across the board accordingly.

STERLING GP (01825) share price plunges nearly 90% in two days: What happened behind the surge, share transfer, and placement?

Before this plunge occurred, STERLING GP had already experienced a round of rapid gains. In mid-August, the company's share price was still around HK$5, and then it climbed all the way, reaching a high of HK$13.20 on September 14. In just about one month, the stock completed a dramatic switch from sideways trading at a low level to a sharp surge, and then to two consecutive days of flash crashes.

The capital trends behind the AI computing power counteroffensive: JPMorgan fund flows reveal retail buying "narrowing," pouring into AI computing power core names such as Nvidia and SanDisk.

What this reveals is not a "wholesale retreat by retail investors from AI," but rather a marked slowdown in the overall pace of market entry under macroeconomic pressure, with stock selection becoming more concentrated. Regarding the Fed's unanimous approval of a 25 basis point rate hike, raising the policy rate to 3.75%4.00%, JPMorgan's assessment is: if this is merely a shallow rate hike cycle that reverses last year's "insurance-style rate cuts," while corporate earnings remain strong and the Middle East situation does not spiral further out of control, the stock market still has the capacity to absorb rising interest rates.

Hong Kong Securities and Futures Professional Association: Clear direction of the five-year plan is positive for both the industry and Hong Kong's overall competitiveness.

The plan has a clear direction and comprehensive layout, and is highly aligned with the national development strategy, which is positive for both the securities and futures professional sector and Hong Kong's overall competitiveness.

Layoffs at 27%, productivity up 9.6%! Morgan Stanley's multinational survey reveals: AI has officially rewritten corporate income statements and employee rosters.

Morgan Stanley, using an AlphaWise survey covering five countriesthe US, UK, Germany, Japan, and Australiahas reached a conclusion: AI is no longer just a narrative; it has already begun rewriting corporate employee rosters and income statements.

Oil price decline and Federal Reserve rate hikes "cool" inflation panic, gold regains its footing above the 100-day moving average.

At the end of a volatile week, international gold prices held onto their gains, as the Federal Reserve's first rate hike since 2023 and falling oil prices helped ease market concerns about inflation.

State Post Bureau: In the first eight months, postal industry business revenue totaled 1,230.45 billion yuan, up 6.0% year on year.

On September 18, the State Post Bureau released the operating situation of the postal industry from January to August 2026.

Examining CONSUN PHARMA (01681)'s Long-Term Value: The Nephrology Leader Continues to Lead the Way, with Diversified Innovation Strengthening Its Growth Foundation

Against the backdrop of double-digit growth in its own performance and significantly undervalued valuation, Consun Pharma continues to send positive signals of long-term development to the market through a "combined punch" of high dividends and share buybacks.

A-share Market Opening Brief | All Three Major Indices Open Higher, Computing Power Hardware Sector Strengthens

On September 18, the Shanghai Composite Index opened 0.42% higher at 3,891.96 points, the Shenzhen Component Index opened 1.15% higher at 13,563.74 points, and the ChiNext Index opened 1.61% higher at 3,351.56 points.

The "Reality and Illusion" of a 6-Fold Surge: A "Chip Game" About GC CONSTRUCTION (01489)

Yet behind the excitement lies a clear rift: the steeply rising stock price curve and the persistently pressured fundamentals in the public financial reports do not form a rigorous corroboration with each other.

Patent cliff collides with R&D gap, biosimilar "void" looms! U.S. healthcare system could miss out on $189 billion in savings.

A recent industry report shows that within the next decade, 90% of originator biologics about to lose market exclusivity currently have no corresponding generic (biosimilar) in the R&D pipeline. The United States therefore faces a huge "biosimilar void," which could result in the loss of $189 billion in potential healthcare cost savings.

After surging, the stock price at one point came under severe pressure. A brief analysis of the divergences behind the intensified on-board tug-of-war in Luyuan Group (02451).

From the perspective of market action, capital is currently showing increasingly divergent views on the future trajectory of Luyuan Group.

Yunmanman's Specialized Aluminum Industry Service Lands in Gongyi, Activating New Momentum for Bulk Logistics Through Digitalization

On September 17, "Upstream Bound Meeting the Source" the 2026 Yunmanman Industry and Digital Logistics Integration Development Conference was successfully held in Gongyi, Henan, the largest aluminum plate, strip, and foil processing base in China.

Cyberspace Administration of China: Strengthen the management of enterprise-related infringing information and handle such information strictly and promptly.

On September 18, the Secretariat of the Cyberspace Administration of China issued the Notice on Strengthening the Management of Enterprise-Related Infringing Information and Continuously Promoting the Optimization of the Online Business Environment.

Korea's "memory chip duopoly" underpins the prospect of a simultaneous rise in stocks and the currency! Citi's head of trading favors a contrarian bet on the won at the 1,400 level.

The recent weakness of the Korean won may prove temporary, as growth in South Korea's chip industry is set to boost the won and support its recovery against the dollar before the end of the year. The Federal Reserve's hawkish stance, along with inflation concerns tied to rising oil prices, could push the won below the 1,400-per-dollar mark in the near term.

The "15th Five-Year Plan for the Development of the Pharmaceutical Industry" Is Released: The Annual Average Growth Rate of the Innovative Drug Industry Scale Will Exceed 20%

On September 18, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and eight other departments jointly issued the "15th Five-Year Plan for the Development of the Pharmaceutical Industry."

Bearish to 159! Ahead of the Bank of Japan's Friday decision, Wall Street strategists collectively bet on yen weakness.

The swap market has fully priced in a Bank of Japan rate hike, and strategists warn that if its hawkish stance falls short of expectations, it will trigger yen selling, with the exchange rate potentially testing the 159 mark in the short term.

A-share Pre-market Report | Rate Hike Lands Alongside Falling Oil Prices, U.S. Stocks Surge Late at Night, Tech Stocks Explode

Market panic following the Fed's rate hike quickly dissipated.

Brokerage Morning Meeting Highlights | This round of super strong El Nio warming may hit a historic peak

CICC believes that this round of super strong El Nino warming may hit a historic peak;

From "Higher for Longer" to "Structurally Longer": Oil Price Shock Coupled with AI Debt Issuance Frenzy, Financial Markets Welcome a "New Normal" of 5% Treasury Yields

Borrowing costs for governments around the world continue to climb, with investors demanding higher returns to entice them to hold long-term bonds. The rise in U.S. Treasury yields even prompted Treasury Secretary Scott Bessent to announce an expansion of long-term Treasury buybacksbut this intervention failed to prevent the 10-year U.S. Treasury yield from breaking through 5% to hit its highest level in nearly 20 years.

Wall Street collectively changed its tune overnight! KKR expects "higher for longer" interest rates to persist until 2029, betting the 10-year U.S. Treasury yield will break above 5.1% by year-end.

After the Federal Reserve's unanimous rate hike, KKR raised its forecast for long-term U.S. Treasury yields and said it expects the Fed to keep its benchmark rate higher than previously envisioned.

Claude leads 26% of R&D, Anthropic sparks heated debate on "AI developing AI" with its "AI slowdown theory"! The RSI training paradigm catalyzes a massive expansion in computing power demand.

Anthropic PBC's Claude chatbot has driven more than a quarter of the company's AI R&D work. The company found that Claude "led" 26% of Anthropic's R&D work and collaborated with employees to complete about 90% of the work. Anthropic plans to bring in third-party evaluators within the company and grant them access to internal processes, systems, and data to help track the progress of AI development.

U.S. business growth falls to a one-year low, stock price evaporates 19% year-to-date! McDonald's Corporation (MCD.US) urgently swaps leadership to rebuild its "value" defense line.

U.S. same-store growth fell to 0.8%, a more than one-year low. McDonald's is urgently adjusting its strategy, planning to win back customer traffic and its stock price through long-term affordable pricing, temporary promotions, and suspending spot checks to improve the service experience.

"New Bond King" Gundlach warns: The next recession could trigger a U.S. debt crisis, and U.S. Treasuries will no longer be a safe haven.

"New Bond King" Jeffrey Gundlach warns that the next U.S. economic downturn could trigger a debt crisis, driving long-term Treasury yields sharply highershattering the decades-old belief that "bonds are always a safe haven during times of economic turmoil."

Overnight US stocks | U.S. weekly initial jobless claims unexpectedly fell; the three major indexes closed higher; Intel Corporation (INTC.US) rose over 7.6%.

At the close, the Dow Jones Industrial Average rose 316.14 points, or 0.61%, to 51,778.04; the S&P 500 Index gained 85.91 points, or 1.14%, to 7,637.72; and the Nasdaq Composite Index advanced 439.87 points, or 1.69%, to 26,418.30.

SpaceX (SPCX.US)'s AI division sets its sights on "bankruptcy data"! Plans to acquire customer and operational information of struggling startups to ramp up Grok model training.

According to people familiar with the matter, SpaceX, owned by Musk, has internally discussed purchasing customer and operational data from struggling or already bankrupt startups, hoping to obtain more high-quality data at a relatively low cost to improve the performance of its artificial intelligence models.

NVIDIA Corporation (NVDA.US) Further Expands AI Infrastructure Investment with $2 Billion Contribution to Brookfield (BAM.US) Global AI Fund, Which Aims to Raise $10 Billion

NVIDIA has invested $2 billion in Brookfield Asset Management's global artificial intelligence infrastructure fund.

Fed Rate Hikes Add Further Pressure: U.S. Mortgage Rates Climb for Fourth Straight Week, Approaching 7%; Housing Market Recovery May Be Further Delayed

Freddie Mac data released on Thursday showed that as of September 17, the average rate on the U.S. 30-year fixed mortgage rose to 6.95%, up from 6.76% the previous week, marking a fourth consecutive weekly increase and the highest level since January 2025.

CPO unlikely to shake high-end CCL demand in the short term! Morgan Stanley: Limited impact before 2028, supply tightness remains unchanged.

Morgan Stanley released its latest Greater China technology hardware industry report on September 17, stating that although co-packaged optics (CPO) may reduce demand for high-end copper-clad laminate (CCL) in the long term, this technology is not yet sufficient to pose a substantial impact on the high-end CCL market in the short term.

US Stock Market Move | General Motors Company (GM.US) rises over 3%, returning to the missile supply chain after nearly 29 years.

On Thursday, General Motors (GM.US) rose over 3%, trading at $87.48.

GENSCRIPT BIO (01548): Share price and trading volume have risen, and the Company has entered into a collaboration with Lilly TuneLab.

Genscript Bio (01548) announced that the Company's Board of Directors has noted an increase in the price and trading volume of the Company's shares today. The Board would like to provide shareholders and potential investors with the following update regarding the Group's recent business developments.

Have cybersecurity stocks risen too far? Bernstein: AI demand remains strong, but sector valuations are already at highs; downgrades Palo Alto (PANW.US), Okta (OKTA.US), and SentinelOne (S.US)

Bernstein believes that AI continues to boost cybersecurity demand, but after the sector's sharp rally, valuations have become full, and therefore downgraded Palo Alto, Okta, and SentinelOne, with only Zscaler still offering relatively clear upside.

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Sinopharm Modern (600420.SH): Tacrolimus Ointment Obtained Drug Registration Certificate

1 m ago

Bank of Japan raises interest rates to a 31-year high; Kazuo Ueda: 50 basis points or consecutive rate hikes not ruled out, but must guard against excessive tightening of financial conditions.

3 m ago

New Stock Grey Market | Transwarp Technology (06727.HK) rose over 8% at the beginning of grey market trading, earning HK$400 per lot.

5 m ago

China State Construction (601668.SH): Total new contract value for January-August 287.24 billion yuan, down 0.3% year-on-year.

6 m ago

Salubris Pharmaceuticals (002294.SZ) plans to repurchase a 6.14% equity stake in its subsidiary Xintai Medical for RMB 427 million.

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