GMT EIGHT - OPPORTUNITIES IN CHINA

AI venture capital is shifting from frenzy to selectiveness! A tide of cleansing has arrived, and a major reshuffle in the industry may be imminent.

Experts from venture capital firms have suggested that as some areas begin to show signs of overvaluation, investors should shift their focus to the productivity growth of artificial intelligence companies.

AI begins to "perceive secrets"! Alphabet Inc. Class C (GOOGL.US) weather prediction model redraws climate at 5-kilometer accuracy every hour, opening up AI monetization. Newland Digital Technology

Google has launched its most accurate and advanced global weather model, providing fast weather forecasts with "unprecedented resolution."

Arbitrage trading retreat boosts a significant rise in the yen, while expectations for the Bank of Japan's interest rate hikes continue to heat up.

As traders ramp up bets on further interest rate hikes by the Bank of Japan, large-scale unwinding of yen financing arbitrage trades has pushed the yen's exchange rate against the dollar to the highest level in a month.

The dollar plummeted at the start of September! Federal Reserve Governor Waller adopted a dovish stance, while rising expectations of interest rate hikes by the Bank of Japan triggered a surge in the yen.

As traders reduce their bets on an interest rate hike by the Federal Reserve this month, coupled with the soaring yen impacting the global foreign exchange market, the dollar has weakened as September begins.

SoftBank's trillion-yen retail bonds lock in a 4.75% coupon rate, as Masayoshi Son directs Japan's savings pool towards the AI supercycle.

SoftBank Group issued 1 trillion yen in retail bonds with a coupon rate of 4.75%. This issuance coincides with the moment when the yield on Japan's 10-year government bonds has surpassed 3% for the first time in nearly 30 years, making these bonds an ideal choice for household investment.

After the largest increase since the coordinated intervention, JP Morgan warns that a fall below 155 could trigger a chain sell-off, and the USD/JPY may plummet to the 142-146 range.

JPMorgan strategists warn that if the dollar falls further against the yen below the 155 level, the large short positions on the yen may be forced to unwind rapidly, triggering a chain of sell-offs and driving the yen to appreciate beyond market expectations.

The new model of second-hand housing in Beijing and Shanghai under the lens of CCTV: when "sincere selling" begins to say goodbye to the tug-of-war over prices.

When buyers and sellers can meet openly within a framework of rules, and when genuine bids replace verbal probes as the indicator of market temperature, the trillion-yuan second-hand housing market may have just turned the page on the efficiency revolution.

A-share Opening Express | Shanghai Index Opens 0.34% Higher, Communication Electronics Leads

On September 4, the Shanghai Composite Index opened up 0.34% at 3955.55 points, the Shenzhen Component Index opened up 0.74% at 13725.65 points, the ChiNext Index opened up 0.97% at 3344.62 points, and the STAR 50 opened up 1.04% at 1627.95 points.

National Bureau of Statistics: In late August, prices of 34 important production materials in the circulation sector rose, 14 fell, and 2 remained unchanged.

On September 4th, the National Bureau of Statistics released the price changes of important production materials in circulation as of late August 2026.

Tesla's Cybercab heralds the era of autonomous travel. ZHIDA TECH (02650) positions itself at the AI energy entry point with "autonomous driving + autonomous charging."

As vehicles no longer require a driver, the automation of the charging process has become an indispensable part of the commercial closed loop for unmanned travel. In this industrial transformation from "unmanned driving" to "unmanned energy replenishment," Zhida Technology (02650) has taken the lead in securing a key position.

The chart showing "Token falls below one dollar" has gone viral online. The actual situation, however, is: the Jevons Paradox combined with RSI, as AI demand decreases, pricing becomes more explosive.

According to a note from Goldman Sachs' Delta One trading desk cited by ZeroHedge, what is proposed is a conditional stress test, rather than a factual judgment that "global computing power is already excessive."

HK Stock Market Move | Gold stocks opened higher collectively as Wallers dovish remarks cooled interest rate hike expectations. Easing pressure from the dollar and interest rates has boosted the recovery of gold.

Gold stocks opened higher collectively. As of the time of writing, Zijin Mining International (02259) rose by 4.12%, trading at HKD 166.8; Zijin Mining (02899) increased by 4.02%, trading at HKD 37.8.

Yidu Zhilun has established its presence on Tencent WorkBuddy, marking the launch of its professional medical evidence-based capabilities.

Yidu Technology (02158) has launched its clinical evidence-based intelligent system "Yidu Zhi Xun" on the WorkBuddy medical AI platform as part of the first batch.

From Model Export to Sovereign AI: Saudi Arabia's HUMAIN Builds the First Arabic Large Model Based on MiniMax M3

The Saudi Public Investment Fund (PIF) launched the Arabic language large model HUMAIN M3 through its artificial intelligence company HUMAIN.

Hong Kong Stock Concept Tracking | The seasonal review of the Hang Seng Composite Index is about to take effect. Seize opportunities for passive fund allocation and entry (including concept stocks).

The changes to the constituents of the Hang Seng Composite Index will take effect after the market closes on September 4, 2026 (Friday) and will be effective from September 7, 2026 (Monday).

VOBILE GROUP (03738) makes its move in Southeast Asias computing infrastructure: establishing a 50MW NVIDIA cluster, transitioning from computing power positioning to performance realization, and creating an AI film Token factory.

A sovereign-level cooperation locks in a total of 50MW of NVIDIA core clusters, building a computing power moat.

Hong Kong Stock Concept Tracking | Copper Production May Decline in 2026, Market Optimistic about Improvement in Copper Sector Stock Performance (Including Concept Stocks)

Global copper mine production is expected to decline for the first time since 2017 this year, boosting the outlook for copper prices.

Brokerage Morning Meeting Highlights | Rubin Mass Production in Full Swing, Optimistic about Increased Volume on the Secondary Side of Liquid Cooling

CITIC Construction Investment believes that Rubin will achieve comprehensive mass production and is optimistic about the increase in the secondary side of liquid cooling; Zhongtai Securities believes that the rebalancing of funds is likely to continue, and the sector is expected to maintain the relative and absolute return contributions since July in September; China International Capital Corporation believes that U.S. Treasury yields are likely to remain high.

The U.S. non-farm payrolls will be revealed tonight: From "savior" to "background"? The Federal Reserve's rate hike focus has shifted to the CPI.

The U.S. labor market has recently been in an environment of low hiring and low firing, influenced by geopolitical uncertainty, investments in artificial intelligence, and other factors. Federal Reserve officials have shifted their focus to inflation; one economist described the labor market as "stable but lackluster."

GENSCRIPT BIO (01548) plans to spin off its subsidiary, Hongbo Biotechnology, and list it independently on the main board of the Hong Kong Stock Exchange.

Kingsray Biotech (01548) announced that the company intends to spin off Probio Technology Limited (Pengbo Bio, an indirect non-wholly owned subsidiary of the company responsible for the group's contract research, development, and manufacturing organization services in biopharmaceuticals and advanced therapies) and independently list its shares on the main board of the Stock Exchange.

A-share Pre-Market Report | The Federal Reserve's "Dovish" Stance Boosts U.S. Stocks, Impressive Release of the Most Powerful Model GPT-6

Federal Reserve's "dovish" statements boost the market: U.S. stocks rise across the board, cryptocurrencies also climb.

CICC: Why are U.S. Treasury yields continuing to rise?

This year's rise in yields primarily reflects the economic recovery driven by the expansion of AI investments and the resurgence of inflation risks brought about by geopolitical conflicts, prompting the market to reprice the Federal Reserve's policy path.

Following CrowdStrike and Palo Alto, the era of AI inference sees another cybersecurity winner! Zscaler (ZS.US) competes in the trillion-dollar market with a 75% surge in its sales pipeline.

Zscaler's fourth-quarter performance exceeded Wall Street expectations, with the company's CEO stating that Zscaler's proxy security tools have shown initial momentum. So far this year, Zscaler's stock price has fallen by 20%, while other cybersecurity companies have reached new highs during the same period.

UiPath (PATH.US) Q2 revenue exceeded expectations and the full-year guidance was raised, but the stock price experienced a massive drop in after-hours trading: investors are closely watching ARR growth and the path to AI monetization.

After the market closed on September 3, Eastern Time, the enterprise automation software company UiPath announced its second quarter financial report for the fiscal year 2027.

AI-Driven Business Accelerates Growth: DocuSign (DOCU.US) reported a 9.4% year-on-year revenue growth in the second quarter and raised its full-year guidance.

Electronic signature solution provider DocuSign (DOCU.US) has released its financial report for the second quarter of fiscal year 2027 and raised its full-year revenue outlook.

New Stock News | Shenzhen Salubris Pharmaceuticals (002294.SZ) has once again submitted its application to the Hong Kong Stock Exchange, focusing on the treatment of cardiovascular and metabolic syndrome diseases.

According to the Hong Kong Stock Exchange's disclosure on September 3, Shenzhen Xinlitai Pharmaceutical Co., Ltd. has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Citibank, and CITIC Securities as its joint sponsors.

Is the World Cup just an "appetizer"? Robinhood (HOOD.US) receives CFTC approval to launch soccer contracts, and Piper Sandler predicts that market revenue is expected to explode in growth.

Piper Sandler stated in a research report on Wednesday that as the American football season officially kicks off next week, Robinhood's revenue from its prediction market business is expected to see significant growth.

The domestic storage leader Changchun Holdings has been inquired about its IPO on the Sci-Tech Innovation Board.

On September 3, Yangtze Memory Technologies Co., Ltd. (referred to as: YMTC) changed its listing review status on the Shanghai Stock Exchanges STAR Market to "Inquired." CITIC Securities and CITIC Securities Investment are the sponsoring institutions, aiming to raise 33 billion yuan.

Overnight US stocks | The probability of a Federal Reserve interest rate hike has plummeted, with all three major indexes rising over 1%. Bitcoin has surpassed the $80,000 mark.

As of the close, the Dow Jones Industrial Average rose 624.04 points, an increase of 1.18%, closing at 53,685.99 points; the S&P 500 rose 81.01 points, an increase of 1.06%, closing at 7,747.61 points; the Nasdaq Composite rose 366.23 points, an increase of 1.40%, closing at 26,584.06 points.

The encrypted trading model accelerates the "landing" in the U.S. stock market! Coinbase (COIN.US) applies to launch single-stock perpetual futures.

One of the largest cryptocurrency exchanges in the United States, Coinbase, is taking a key regulatory step by seeking to allow American investors to trade individual stocks on a leveraged basis through perpetual futures, without the need to actually hold the stocks.

Waller's comments suppress interest rate hike expectations, leading the dollar to drop to its lowest level since May, while the yen soars by approximately 2%.

The US dollar weakened significantly on Thursday, falling to its lowest level since May of this year.

U.S. mortgage rates approach 7%, hitting a new high in over a year; Vice President Pence publicly calls for the Federal Reserve to cut interest rates.

U.S. Vice President Vance publicly called for the Federal Reserve to cut interest rates on Thursday, stating that lowering borrowing costs would help improve housing affordability in the United States. He believes that, based on recent inflation data, a rate cut is a "prudent and responsible" policy choice.

US Stock Market Move | Microsoft Corporation (MSFT.US) rose over 3%, with Azure's annual sales exceeding 100 billion dollars.

On Thursday, Microsoft (MSFT.US) rose over 3%, reaching $512.33.

NEW CONCEPTS (02221) plans to issue approximately 14.8949 million consideration shares at a premium of 78.51% to acquire 70% equity in Anhui Feidian Environmental Technology Co., Ltd.

The Entrepreneur Group Holdings (02221) announced that on September 3, 2026, the company intends to acquire 30%, 20%, and 20% equity interests in Anhui Feidian Environmental Technology Co., Ltd. from Fang Shuo, Zhang Xiaoyun, and Zhu Zucun, respectively, for a total consideration of HKD 12.775 million. The company will issue approximately 14.8949 million shares as consideration shares to the sellers, with an issuance price of HKD 1 per consideration share, representing a premium of 78.51% over the closing price of HKD 0.56 per share as reported on the Hong Kong Stock Exchange on September 3, 2026.

A-share Evening Highlights | Good News Arrives! Ten Departments Release Major Announcement to Establish Phase II of the National Small and Medium-sized Enterprise Development Fund

The Ministry of Industry and Information Technology and ten other departments issued a notification on the "14th Five-Year Plan" for promoting the development of small and medium-sized enterprises, increasing support for direct financing. They will vigorously develop venture capital, establish the second phase of the national SME development fund, and encourage social capital to invest early, invest in small amounts, invest for the long term, and invest in hard technology.

JNCEC (00579): Jingxi Power has increased its investment in Jingxi Gas Thermal Power by about 280 million yuan for land use rights.

Jingneng Clean Energy (00579) announced that on September 3, 2026, the company and the target company (wholly-owned subsidiary Beijing Jingxi Gas Power Co., Ltd.) entered into a capital increase agreement with Jingxi Power. According to this agreement, Jingxi Power conditionally agrees to subscribe for the new registered capital of the target company in exchange for land use rights, which have been appraised at approximately 280 million yuan. Upon completion of the proposed subscription, the company's equity in the target company will decrease from 100% to 87.95%, and the target company will continue to be a subsidiary of the company. Jingxi Power will hold 12.05% of the equity in the target company.

US Stock Market Move | Cryptocurrency-related stocks saw a broad rise, with Strategy (MSTR.US) increasing by over 10%.

U.S. stocks related to cryptocurrency surged at the beginning of trading.

U.S. service industry accelerates expansion in August! ISM service sector PMI rises to 55.4, price index reaches a four-year high.

In August, the ISM services PMI rose to 55.4, up from 54.1 in July, marking the 26th consecutive month in the expansion range.

XUNLONG SCITECH (06715) will distribute an interim dividend of 0.75 yuan per share on November 11.

Sturgeon Dragon Technology (06715) announced that the company will distribute a mid-term dividend of 0.75 yuan per share on November 11, 2026.

EXTREME VISION (06636) has entered into an investment management agreement with CSAM.

Extreme Perspective (06636) announced that on September 3, 2026, the company (as the client) entered into an investment management agreement with CSAM (as the manager). The company agrees to appoint the manager to provide discretionary investment management services for one or more accounts held by the company. The total investment amount shall not exceed $7.46 million.

US Stock Market Move | Tesla, Inc. (TSLA.US) rose over 4%, and the release of the autonomous taxi Cybercab is imminent.

On Thursday, Tesla (TSLA.US) rose more than 4%, closing at $372.83.

Jiangsu Hengrui Pharmaceuticals (01276): Oxycodone Capsules Obtain Drug Registration Approval

Hengrui Medicine (01276) announced that recently, its subsidiary Chengdu Shengdi Pharmaceutical Co., Ltd. received a notice from the National Medical Products Administration, approving the registration and market launch of the company's Oketaconazole capsules for domestic production.

Jiangsu Hengrui Pharmaceuticals (01276): The application for the marketing license of SHR-1819 injection has been accepted.

Hengrui Medicine (01276) announced that its subsidiary, Guangdong Hengrui Medicine Co., Ltd., has recently received the "Acceptance Notification" issued by the National Medical Products Administration, indicating that the application for the drug listing permit for its Zhuotuoqi Baidankang injection (SHR-1819 injection) has been accepted by the National Medical Products Administration.

Jiangsu Hengrui Pharmaceuticals (01276): The drug registration application for HRS-7535 tablets has been accepted by the National Medical Products Administration.

Hengrui Medicine (01276) announced that its subsidiary Shandong Shengdi Pharmaceutical Co., Ltd. recently received the "Acceptance Notice" issued by the National Medical Products Administration (hereinafter referred to as "NMPA"). The application for the drug listing permit for the company's HRS-7535 tablets has been accepted by the NMPA.

SIMCERE PHARMA (02096): YingmuLe has been approved by the National Medical Products Administration for in China.

Xiansheng Pharmaceutical (02096) announced that on September 3, 2026, the Group's strategic collaboration with Ruiyang (Shandong) Biopharmaceutical Co., Ltd. (Ruiyang Biologics) has resulted in the approval by the National Medical Products Administration (NMPA) in China for the domestic Class I biopharmaceutical Kulaiweibai monoclonal antibody injection (trade name: Yingmu Le) to be marketed in China. It is intended for newborns and infants born at gestational age 35 weeks who are about to enter or have just been born during the first respiratory syncytial virus (RSV) epidemic season, to prevent lower respiratory tract infections caused by RSV, excluding children with chronic lung disease (CLD), including bronchopulmonary dysplasia (BPD) or those with clinically significant congenital airway abnormalities.

New IPO News | Shenzhen Salubris Pharmaceuticals (002294.SZ) has submitted another application to the Hong Kong Stock Exchange.

According to the disclosure by the Hong Kong Stock Exchange on September 3, Shenzhen SINTAI Pharmaceuticals Co., Ltd. (short name: SINTAI, 002294.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Citigroup, and CITIC Securities serving as its joint sponsors.

The number of initial jobless claims in the U.S. rose slightly to 206,000, and the pattern of "low recruitment, low layoffs" in the labor market remains unchanged.

The number of initial jobless claims in the United States rose slightly last week amidst a stable labor market.

Federal Reserve's Waller: If data confirms a cooling in inflation, I tend to favor keeping interest rates unchanged in September.

Federal Reserve Governor Christopher Waller stated on Thursday that if the upcoming data confirms that inflationary pressures are cooling, he is inclined to support keeping interest rates unchanged at the Federal Reserve's next policy meeting.

Rising yields trigger a chain reaction, as American companies may "race ahead" to issue bonds and lock in costs.

Recently, the rise in yields may prompt blue-chip companies to issue bonds ahead of further increases in financing costs.

SBP GROUP (01177): TQB6426 "GPC3 ADC" clinical trial application approved by the FDA.

China National Pharmaceutical Group (01177) announced that its subsidiary, Chengdu Tianqing Pharmaceutical Co., Ltd. (Tianqing), has received approval from the U.S. Food and Drug Administration (FDA) for a new drug clinical trial (IND) for its independently developed national class 1 new drug TQB6426, "GPC3 antibody-drug conjugate (ADC)," which is intended for the treatment of advanced malignant tumors.

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Citigroup: Initiates "Buy" rating for Zijin Mining International (02259), optimistic about production growth and gold price outlook.

18/08

Ganfeng Lithium: Progress on Subsidiary's Involvement in Investment Limited Partnership Matters

18/08

Zhichun Technology (603690.SH) plans to transfer part of its shares in the affiliated company Weidun Crystal Phosphate for 20 million yuan.

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Xiamen Releases Twelve Measures to Promote Exchange and Cooperation with Taiwan

18/08

Yuncong Technology: The company is deeply involved in the national standardized pilot project "Shanghai Virtual-Real Integration Embodied Intelligence Training Ground" and the "Humanoid Robot Qilin Training Ground" project.

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