GMT EIGHT - OPPORTUNITIES IN CHINA

A-shares midday | All three major indexes fell, with the ChiNext down over 2%, while military stocks performed strongly against the trend.

The market is showing a differentiated pattern of "collective index pullback, broad decline in individual stocks, and rising performance in military and power grid sectors against the trend."

The Reserve Bank of New Zealand has raised interest rates twice in a row, and global central banks have entered a "data-dependent tightening" phase! "Higher for longer" has returned as the main theme in market pricing.

The Reserve Bank of New Zealand has raised the key interest rate for the second consecutive time, aiming to shift towards a lower stimulus policy environment to curb inflationary pressures. As widely anticipated by the market, the Monetary Policy Committee of the Reserve Bank of New Zealand announced on Wednesday in Wellington a hike in the official cash rate by 0.25 percentage points to 2.75%. The latest forecasts from the Reserve Bank of New Zealand indicate that there may be an additional increase of 0.25 percentage points before the end of this year.

BINHAI INV (02886) has a solid fundamental position, and its financial quality has significantly improved.

As a city gas company in the Hong Kong stock market, Binhai Investment (02886) delivered a mid-term performance with double-digit growth in profits amid an overall weakening of demand in the industry in the first half of 2026.

"The bank version of USDT is here! Traditional financial giants have collectively 'defected,' with Goldman Sachs leading 21 institutions to enter the stablecoin arena."

A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citigroup, and Deutsche Bank, announced on Tuesday that they plan to establish a company this year and issue a cryptocurrency pegged to the U.S. dollar in the first half of 2027.

The Hong Kong dollar interbank offered rate underwent mixed developments, with the one-month rate falling 0.143 basis points to 2.86256%.

On September 2, the Hong Kong dollar interbank offered rate experienced mixed developments, with the one-month HIBOR related to mortgage loans reported at 2.86256%, down 0.143 basis points.

The time for archiving visits has been reduced by half. Qifu Technology (03660) AI loan officers enhance the operational efficiency of bank customers.

In the future, Qifu Technology will continue to focus on the actual business scenarios of financial institutions, promoting the further integration of multi-agent capabilities into the banking customer management process, and will solidify project practices into reusable and sustainably optimized marketing growth capabilities.

Earnings Report Preview | After a surge of nearly 50% this year, Snowflake (SNOW.US) faces a moment of truth regarding its "AI capabilities."

The cloud computing and AI data platform Snowflake will announce its second quarter financial report for the fiscal year 2026 after the US market closes on September 2, Eastern Time.

The Cyberspace Administration of China hasAI.

As of now, a total of over 5.61 million illegal and irregular information items have been cleared, more than 49,000 accounts have been dealt with, and over 2,400 non-compliant websites and applications have been addressed.

Under the torrent of token reasoning, GPU powerhouses are vying to control the "AI model entrance"! NVIDIA Corporation (NVDA.US) plans to swallow Hugging Face for $14 billion this week.

According to informed sources, NVIDIA is in deep negotiations to acquire the artificial intelligence startup Hugging Face, with a deal worth approximately $14 billion.

ANGELALIGN (06699): Dual-wheel drive, scale effect, share leap, the triple growth logic reshapes the global orthodontics landscape.

The strong performance of business results and financial indicators marks a substantial breakthrough in the company's fundamentals.

A-share Opening Brief | Shanghai Composite Index opens down 0.42%, while oil, gas, and coal sectors strengthen against the trend; metals and electronics lead the decline.

On September 2, the Shanghai Composite Index opened down 0.42% at 3963.07 points.

"Turning Tokens into Cash Flow" begins to dominate AI investment! The "AI Application Myth" Palantir (PLTR.US) is gaining momentum and has secured a contract for the U.S. military's TITAN project.

The U.S. Army has awarded a prime contracting agreement to its wholly owned subsidiary Palantir USG for the production and delivery of eight TITAN ground station systems. This latest order includes four advanced and four basic TITAN systems, as well as technical integration and deployment work for operational units.

After losing $400 million, another cut is on the way! This Japanese regional bank plans to sell more Japanese government bonds, betting on a rate hike by the central bank this month.

Keisuke Mukunashi, CEO of Yamaguchi Financial Group, stated that, influenced by the Bank of Japan's interest rate hikes occurring faster than expected, the group currently plans to further reduce its holdings of Japanese government bonds from a securities investment portfolio totaling 2.04 trillion yen (approximately 13 billion US dollars).

X Financial Sponsored ADR Class A (XYF.US) Q2 2026 Financial Report: Driving Artificial Intelligence Empowerment to Enhance Quality and Build Operational Resilience for Development

On August 24, China's leading fintech company Xiaoying Technology (XYF.US) released its unaudited financial results for the second quarter ending on June 30, 2026.

The United States is repairing the "Stargate," while China is refining the "Token Factory."

When the revenue growth rate of leading AI cloud providers in North America surpasses triple digits in a single quarter and the orders in hand exceed $100 billion, the market tends to interpret this as "demand for computing power has yet to peak."

ZENERGY (03677) Mid-Term Report Realizes Diverse Growth Expectations: Power Battery Installation Ranking Rises to Fifth, Energy Storage Business Expands by 8 Times

The market share of power batteries is steadily increasing, the energy storage business is showing strong results, and the overseas market is expanding in an orderly manner. This series of achievements indicates that the growth expectations for Zhengli New Energy are gradually transforming into verifiable business realities.

Minglue Technology (02718) has undergone a qualitative change in its revenue structure, indicating a shift in growth momentum. The integrated intelligent services have increased more than sixfold, and the potential of the second growth curve has been realized.

In this era of rapid development in AI technology, Minglue Technology continuously reshapes its growth logic through its foresighted judgment on industry evolution direction and outstanding execution capabilities.

The fruit main business has turned from losses to profits, and Baiguoyuan (02411) has "spilled over" its capabilities into new battlefields.

Baiguoyuan announces with this mid-term report: the deep adjustments of the past two years have come to an end, and the true value reassessment has just begun.

The hawkish Federal Reserve is hunting gold with energy inflation, causing the price of gold to nearly stagnate for the year! Anxiety over deficits continues to push Wall Street's gaze toward $5,000.

Senior analyst Jim Wyckoff at American Gold Exchange stated in a report: "We are seeing some technical selling pressure... Global bond yields are at levels not seen in years. Therefore, all these factors are collectively suppressing the gold market."

A-share Pre-Market Report | Escalation of US-Iran Conflict Causes Oil Prices to Surge 5%! Gold Plummets, Global Bond Market Faces Selling Storm

The United States has launched a new round of air strikes against Iran, prompting Iran to announce retaliation against U.S. bases in the Middle East. Oil prices have surged in response, reigniting inflation expectations.

Brokerage Morning Meeting Highlights | MLCC and PCB Prices Increase Again, with a Profusion of New Products Expected in September

CITIC Securities believes that the popularity of new consumer electronics products is expected to increase; Guohai Securities suggests that MLCC and PCB prices are set to rise again, and September is likely to see a surge of new product catalysts; Huatai Securities observes that the issuance of new funds is showing signs of rebalancing.

Revenue growth reached a multi-year high, and the full-year guidance was raised across the board, yet MongoDB (MDB.US) plummeted 14% in after-hours trading: Atlas's growth fell short of invisible expectations, triggering profit-taking.

After the U.S. stock market closed on Tuesday, document database company MongoDB announced its financial results for the second quarter of fiscal year 2027, ending July 31.

Net ARR surged over 40%, and total bookings hit a record high! GitLab (GTLB.US) reported strong Q2 results that exceeded expectations, soaring over 16% in after-hours trading.

The financial report shows that the companys revenue for the second quarter of fiscal year 2027 reached $286.3 million, an increase of 21.3% year-over-year, exceeding expectations by $12.94 million; adjusted earnings per share were $0.24, surpassing expectations by $0.06.

Hong Kong Stock Concept Tracking | Three Departments Release Compliance Guidelines, Automotive Industry Embarks on a New Stage of "Deep Rooting and Cultivation" for Quality Improvement (with Concept Stocks)

As Chinese automotive companies expand into overseas markets, their efforts to continuously improve channel development and enrich their product offerings will accelerate the standardized development of Chinese brands abroad.

MANULIFE-S (00945) has priced its publicly issued subordinated notes in the United States.

Manulife Financial-S (00945) announced that the total principal amount of $750 million for its senior notes, which were publicly issued in the United States, has a coupon rate of 6.146% and matures in 2041. The public offering price is set at 100.000%. The proceeds from this note issuance are expected to be classified as the Companys Tier 2 capital.

Revenue doubled, but the stock price plummeted by more than 10%! Credo (CRDO.US), which boasts the label of "AI copper collaboration explosion," hits a slowing profit margin.

After the performance announcement, the stock price still fellplummeting more than 10% to around $186, which clearly reflects that market investors are no longer satisfied with high revenue growth and quarterly earnings outlooks; instead, they have begun to examine the quality of growth, product structure, and profit margins.

SWIRE PACIFIC A(00019) and SWIRE PACIFIC B(00087): Successfully executed accelerated swap transactions.

Swire Pacific Limited A (00019) and Swire Pacific Limited B (00087) announced the appointment of joint placement agents for the potential accelerated equity swap transaction concerning the bonds. On September 2, 2026 (before the trading session), the company successfully executed the accelerated equity swap transaction.

AI hackers have become the norm! Palo Alto Networks (PANW.US) is the biggest winner, with fiscal year 2027 guidance far exceeding expectations.

The financial report shows that the company's revenue for the fourth quarter of fiscal year 2026 reached $3.41 billion, an increase of 34.3% year-on-year, exceeding expectations by $60 million; adjusted earnings per share were $1.02, surpassing expectations by $0.04.

Dell Technologies, Inc. Class C (DELL.US) "AI printing press" accelerates: Q2 net profit skyrockets over twofold, AI server backlog reaches $95 billion, and full-year revenue guidance surges to $192 billion.

Dell Technologies released a financial report after the market closed on Tuesday that significantly exceeded expectations, and it has again raised its full-year revenue and earnings forecasts, demonstrating strong momentum in the AI server sector.

The "" of U.S. Treasury buybacks was fleeting, and the wave of long-term bond selling has returned, with the 30-year yield back at 5.27%, reaching the pre-intervention high.

As of this Tuesday (September 1), the yield on 30-year U.S. Treasuries hit 5.27%, returning to the level prior to the August 19 announcement of the expansion by BCB. Meanwhile, the yield on the 10-year U.S. Treasuries, which is a key benchmark for various loan rates, has increased by more than 10 basis points since then, hovering around 4.8%.

A-shares Subscription | One of the "Four Little Dragons of Domestic GPUs," Suiruan Technology (688801.SH), has opened for subscription today.

On September 2, Suyuan Technology (688801.SH) began its subscription, with an issue price of 142.18 yuan per share and a subscription limit of 6,500 shares. It is listed on the Shanghai Stock Exchange, with CITIC Securities as its sponsor.

When will the depreciation of the yen reverse? According to J.P. Morgan, the range of 155-165 may become a volatile zone, and four key signals could trigger a significant rise in the yen.

On September 1, Morgan Stanley's Global Market Strategy Team released an analysis stating that after the USD/JPY exchange rate reached the medium- to long-term target of 164, the downward trend has eased. The coordinated intervention between Japan and the United States at the end of July, along with rising market expectations for interest rate hikes by the Bank of Japan (BOJ), have both provided support for the yen.

RIVERINE CHINA (01417) responded to the concentration of shareholding, stating that the company has maintained sufficient public shareholding.

Pujiang China (01417) announced that the China Securities Regulatory Commission (CSRC) has issued an announcement (CSRC Announcement) on September 1, 2026.

ZG GROUP-W (06676) has launched the AI Agent NextB2B for the trading industry.

Zhaogang.com-W (06676) announced that the Group has launched the NextB2B product in collaboration with the Tencent WorkBuddy team. NextB2B is the first B2B full-process AI Agent solution based on Tencent WorkBuddy, including expert modules for procurement, sales, internal operations, and management, addressing core challenges such as sourcing, business growth, and operational management; it also plans to incorporate built-in A2A trading capabilities, which will support dialogue and transactions between enterprise Agents in the future.

Market revenue is expected to surpass cryptocurrency trading. Robinhood (HOOD.US) has been upgraded by Morgan Stanley for two consecutive levels to "Overweight."

Morgan Stanley analyst Michael Cyprys upgraded Robinhood's rating from "underweight" to "overweight," believing that the market may be underestimating the company's long-term growth potential.

The "burn rate" of AI infrastructure may reach $5.5 trillion. JP Morgan: The bond market has the capacity to absorb the wave of new debt, and tech giants can still leverage further.

As technology giants ignite a wave of bond issuance to build AI data centers, the market is becoming increasingly concerned about whether the U.S. investment-grade bond market can absorb the growing debt supply.

Overnight US stocks | The situation in the Middle East has worsened again, with the three major indices declining. Dell Technologies, Inc. Class C (DELL.US) saw its stock rise nearly 10% in after-hours trading.

As of the market close, the Dow Jones Industrial Average fell by 418.49 points, a decline of 0.79%, ending at 52,767.41 points; the S&P 500 dropped by 54.61 points, down 0.71%, closing at 7,631.53 points; the Nasdaq Composite decreased by 271.11 points, a drop of 1.03%, finishing at 26,099.77 points.

After doubling in two days, it surged again! GoPro (GPRO.US) saw an intraday increase of 85% as it merges with Starman Optical to venture into AI optical communication.

GoPro, the action camera manufacturer, saw its stock price surge by about 85% shortly after the market opened on Tuesday, continuing its astonishing rally of approximately 100% over the previous two trading days.

US Stock Market Move | Shares of optical communication concept stocks generally fell, with Lumentum (LITE.US) down over 5%.

On Tuesday, the optical communication concept stocks fell broadly, with Lumentum (LITE.US) dropping over 5%.

The Federal Reserve's "hawkish" tone continues! Board member Barr: If inflation cools insufficiently, we should "decisively increase interest rates." The market's betting on a 66% probability of tightening in September.

Federal Reserve Governor Barr said on Tuesday that he is prepared to support an interest rate hike if U.S. inflation does not further ease.

CONTIOCEAN (02613): Successfully acquired the assets located in Jiangsu through public bidding.

Huihe Environmental Protection (02613) announced that the board of directors is pleased to declare that the bidding concluded successfully on August 28, 2026, and the seller, Shanghai Electric Research Concrete (Rugao) Construction Technology Co., Ltd., signed the contract with the buyer, Huihe (Jiangsu) Marine Equipment Manufacturing Co., Ltd. (a wholly-owned subsidiary of the Company and the winning bidder), on September 1, 2026. According to the contract, the seller agrees to transfer the land use rights of the land, as well as the ownership of the property and the equipment, to the buyer for a consideration of approximately RMB 78.47 million (excluding tax).

STARGLORY HLDGS (08213) plans to invest 51,000 yuan to acquire a 51% stake in Shenzhen Zhong'ao Catering Management Co., Ltd.

Ronghui Holdings (08213) announced that on September 1, 2026 (after trading hours), the company's indirect wholly-owned subsidiary, Yongyao Star Technology (Shenzhen) Co., Ltd., intends to acquire 51% equity in Shenzhen Zhongao Catering Management Co., Ltd. from Shenzhen Xinlu Hui Technology Co., Ltd. for a consideration of 51,000 yuan.

In July, job vacancies in the U.S. remained steady at 7.3 million, while recruitment demands from businesses still showed signs of weakness. June data was revised down by 177,000.

The job openings and labor turnover survey released by the U.S. Bureau of Labor Statistics on Tuesday showed that the number of job vacancies in the U.S. remained basically stable in July.

US Stock Market Move | Large technology stocks broadly declined, with Oracle Corporation (ORCL.US) dropping over 3%.

On Tuesday, large tech stocks fell across the board, with Oracle (ORCL.US) down over 3%, and Tesla (TSLA.US) and Amazon (AMZN.US) each down over 2%.

US Stock Market Move | Apple Inc. (AAPL.US) rose nearly 2% as Tim Cook took over as CEO, and the first foldable iPhone is about to be released.

On Tuesday, Apple (AAPL.US) rose nearly 2%, closing at $322.59.

US Stock Market Move | Chip stocks broadly declined, with Qualcomm (QCOM.US) falling over 4%.

On Tuesday, chip stocks fell across the board, with Qualcomm (QCOM.US) down more than 4%, and Intel (INTC.US) and Advanced Micro Devices (AMD.US) each dropping over 3%.

Is the market starting to guard against the "September Curse"? Goldman Sachs warns: short positions on the S&P 500 have surged, with bearish bets hitting a ten-year high.

Short positions on the S&P 500 index have surged, with bearish bets reaching a ten-year high.

From GPU to shovel sellers: Deutsche Bank Aktiengesellschaft covers the AI hardware sector for the first time, with laser giants Lumentum (LITE.US) and Coherent (COHR.US) both receiving buy ratings.

Deutsche Bank has recently officially covered the AI hardware sector and put forward a central proposition: In today's age of artificial intelligence, what truly constitutes a necessity?

Hua Hong Grace Semiconductor (01347) has signed a joint investment agreement and a joint shareholders agreement to enhance the company's competitiveness and market position in the global and mainland Chinese wafer foundry industry.

Hua Hong Semiconductor (01347) announced that the Company, Hua Hong Semiconductor Shanghai, Wuxi Entity II, Huaxin Fund, Guokai Entity, and Wuxi Joint Venture III entered into a joint investment agreement on September 1, 2026. The Company, Hua Hong Semiconductor Shanghai, Wuxi Entity II, Huaxin Fund, and Guokai Entity have agreed to invest in Wuxi Joint Venture III in cash amounts of $1,042.5 million, $1,084.2 million, $834.0 million, $625.5 million, and $583.8 million, respectively.

FU SHOU YUAN (01448) received a partial offer proposed by Gong Hailin.

Foshan Garden (01448) announced that on September 1, 2026, the offeror, Ms. Gong Hailin, has a definite intention to make a partial offer (in accordance with the Takeover Code) to acquire up to 115 million offer shares at an offer price of HKD 0.1 per share (representing approximately 4.96% of the issued share capital of the target company as of the date of this announcement). The offer price reflects a discount of approximately 96.21% compared to the closing price of HKD 2.64 per share reported on the last trading day on the Stock Exchange.

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