GMT EIGHT - OPPORTUNITIES IN CHINA

Securities Association of China: Prohibited from using algorithmic design and other means to convey or seek improper benefits.

Today, the reporter learned from relevant channels that the Securities Association of China is soliciting industry opinions on the revision of the "Implementation Rules for Honest and Clean Practice by Securities Operating Institutions and Their Staff." The Rules adapt to new changes in business development and add new provisions on digital business. In response to the gradual deepening of digital applications in business activities, securities operating institutions are guided to strengthen the prevention and control of integrity risks in the application of technology, and are prohibited from using algorithm design, parameter configuration, function settings, or unauthorized use of system permissions to convey or seek improper benefits.

Centaline records 5 transactions across the top ten housing estates over the weekend, with the number of estates recording zero transactions decreasing to 4.

Centaline recorded 5 transactions across the top ten housing estates over the weekend, up 25% or 1 transaction from the previous weekend, with the number of estates recording zero transactions decreasing to 4.

The more stunning AI capabilities become, the faster data must run! Goldman Sachs' optical industry survey is out: CPO testing and coupling equipment are the first to realize revenue.

Demand expansion and price resilience are the foundation for Goldman Sachs' bullish view on high-speed optical modules. Goldman Sachs stated that the global demand range for 800G and 1.6T modules given by the surveyed Chinese companies is 130 million to 200 million, and overall demand in the Chinese market is expected to exceed 50 million units, mainly 400G and 800G, with 1.6T beginning to enter the market.

Shanghai crude oil continuous front-month contract rose 10% intraday, now at 891.00 yuan.

Three giants simultaneously call for a "slowdown": AI faith shaken, oil price breaks $100, Fed rate hike imminentUS stocks may face the most perilous week of the year.

Fed rate hike possible, AI slowdown deals heavy blow to chip stocks, Saudi pipeline attack drives oil prices higherUS stocks face a dual stress test of inflation and risk appetite this week.

National Bureau of Statistics: In early September, in the circulation sector market for important means of production, the prices of 37 products rose, 9 fell, and 4 remained flat.

On September 14, the National Bureau of Statistics released the price changes of important means of production in the circulation sector in early September 2026.

A-share Market Opening Brief | All three major indices open lower; computing power hardware sector declines.

On September 14, the Shanghai Composite Index opened 0.54% lower at 3867.02 points, the Shenzhen Component Index opened 1.03% lower at 13333.07 points, and the ChiNext Index opened 1.29% lower at 3279.31 points. The STAR 50 opened 1.71% lower at 1526.80 points.

Trump strongly supports AI: Critics are a "negative force," and the US must maintain its lead.

U.S. President Trump told reporters on Sunday at his Irish golf course that critics of artificial intelligence are a "very negative force" who raise scenarios that will not happen. He stressed that the United States currently leads China in AI and is the most advanced country in the world, and he wants to maintain that position, "because whoever wins AI wins it all."

ASIC and optical interconnect underpin a high-speed growth landscape! BofA strongly backs the surging Marvell (MRVL.US), proclaiming there is still 55% upside ahead.

Bank of America maintains its $365 price target for Marvell, emphasizing its ability to expand revenue share per AI system through custom AI accelerators (i.e., AI ASIC/XPU) and accompanying optical interconnect chips, driven by massive AI agent inference demand; relative to the September 11 closing price of $236.10, this target implies approximately 54.6% potential upside.

Brokerage Morning Meeting Highlights | Waiting for the Rate Hike to Land

CITIC Securities believes it is advisable to wait for the rate hike to land;

US saves money, world pays the price? Industry research warns: Trump's drug price cuts could backfire as an "incentive" for pharmaceutical companies to raise prices overseas.

A study in The Lancet shows that Trump's efforts to lower U.S. drug prices could force pharmaceutical companies to raise prices overseas or exit markets, and the roughly $11.6 billion in annual Medicare savings could shrink substantially.

CICC: What would happen if the Fed raises interest rates?

CICC does not believe that raising interest rates is a catastrophic event; a rate hike is not necessarily a bad thing, unless it involves consecutive increases. Conversely, not raising rates is not necessarily a good thing either.

10-year Treasury yield approaches 5%, US stocks pull back: Goldman Sachs turns bullish against the tidean "insurance hike" or the restart of a tightening cycle?

This week, the biggest suspense surrounding the Federal Reserve's policy meeting may no longer be whether to raise interest rates.

A-share Pre-market Briefing | Three Tech Giants Warn of AI Runaway Risks, Major News Emerges Again from the Middle East, Oil Prices Climb

Sworn enemies join forces in a rare move! Musk and Altman back Anthropic CEO's call to "slow down AI globally"

Bypassing Hormuz, but not the flames of war! Saudi Arabia's oil "bypass artery" severely damaged, Brent crude oil approaches $110.

Saudi Arabia shut down a major crude oil pipeline following an attack, disrupting a route that bypassed the Strait of Hormuz during the U.S.-Iran war, exacerbating global energy shortages and driving oil prices higher.

The AI super bull market still has room for imagination, but Wall Street has quietly prepared "two types of insurance": guarding against a slow grind lower that erodes returns, while also guarding against a sharp crash.

As rising interest rates and oil prices stall the stock market's rally, investors are divided, with some fearing a rapid sell-off and others worried about a slow decline. Some traders are getting more creative with bearish strategies, such as buying puts on the Cboe Volatility Index or the S&P 500, or using double binary options to bet on a gradual price drop.

On the eve of the 5% threshold, the U.S. Treasury selloff storm poses a dilemma for the market and the Federal Reserve.

The bond market selloff has pushed a key U.S. Treasury yield to near the 5% threshold, heightening concerns from Wall Street to Washington that rising borrowing costs could hit the U.S. economy.

A-shares Opening News | Three Major Indices Open Lower, Technology Sector Weakens at Opening

The Shanghai Composite Index opened down 0.31% at 3939.09 points, the Shenzhen Component Index opened down 0.60% at 13641.18 points, and the ChiNext Index opened down 0.91% at 3324.33 points. The STAR 50 Index opened down 0.67% at 1569.46 points.

Bank of America: Nvidia and Broadcom have the widest holdings, while Micron and AMD saw significant increases from active funds.

Bank of America stated that among actively managed fund managers in the U.S., Nvidia and Broadcom have the most "extensive" holdings in the semiconductor sector, while Micron Technology and AMD have also seen a significant increase in their holding ratios.

The world's first case! The "bridging" plan of pig kidneys to human kidneys has been validated. "First stock in organ regeneration" True Health Medical (02697) has positioned itself in the critical link of external organ support.

On September 3, The Lancet published the world's first human study on "pig kidney as a bridge, human kidney as a baton," marking a significant step forward in xenotransplantation from laboratory exploration to clinical validation.

The U.S. diesel market is brewing a "perfect storm" with interest rate hikes and the midterm elections! EIA warns: the peak demand has not yet arrived, prices have already hit a new high, and inventories have fallen to a 23-year low.

U.S. diesel inventories are expected to drop to a 2003 low before the peak in demand arrives.

Brokerage Morning Meeting Highlights | This super strong El Nio is the core variable supplied by Shenzhen Agricultural Power Group globally.

Galaxy Securities stated that the current super El Nio is a key variable in the global agricultural supply.

A-share Pre-market Report | DeepSeek Launches Multiple Initiatives! Preparing for Science and Technology Innovation Board IPO, New Model to be Released Today

According to reports, DeepSeek has selected CITIC Securities to fully prepare for its listing on the STAR Market. Insider sources reveal that it is expected to officially submit its IPO application materials within this year.

SIMCERE PHARMA (02096) invested HKD 10.7033 million to repurchase 929,000 shares, demonstrating the company's confidence in its long-term development.

Xiansheng Pharmaceutical announced that on September 9, it repurchased 929,000 shares at a price ranging from HKD 11.480 to HKD 11.554 per share, with a total repurchase amount of HKD 10.7033 million.

INSILICO (03696): The company's leading AI-driven candidate innovative drug Rentosertib has completed the enrollment of its first patient in a Phase III clinical trial for idiopathic pulmonary fibrosis.

EASR Intelligent (03696) announced that its leading AI-driven candidate innovative drug, Rentosertib (also known as ISM001-055/INS018_055), has completed the enrollment and administration of the first patient in the Phase III clinical trial (GENESIS-IPF-3) at Peking Union Medical College Hospital. On the same day, Shanghai Pulmonary Hospital also completed the enrollment of its first patient in the trial.

"The least sexy investment strategy" is just right! With the bond market collapsing and the stock market going crazy, investors are facing a good opportunity for rebalancing.

Financial advisors suggest that, in the context of a global bond sell-off, stock markets hovering near historical highs, and investors grappling with geopolitical uncertainties, it may be particularly suitable to consider portfolio rebalancing at this time.

STAR SPORTS MED (01609): Obtained EU MDR certification and multiple overseas market product registration approvals.

Tianxing Medical (01609) announced that it has recently received the certification for the new EU Medical Device Regulation (CE MDR), becoming the first sports medicine manufacturer in China to obtain CE MDR certification for its entire product line.

LIFETECH SCI (01302): The LantvalTM Aortic Valve Replacement System has entered the Innovative Medical Management device special review process.

Xianjian Technology (01302) announced that on September 9, 2026, the company received a formal written notice from the National Medical Products Administration (NMPA) confirming that the LantvalTM aortic valve replacement system, co-developed by the companys subsidiary Shenzhen Jianxin Medical Technology Co., Ltd. and the National Center for Cardiovascular Diseases at Fuwai Hospital of the Chinese Academy of Medical Sciences, has entered the special review process for innovative medical devices by the NMPA. This product is suitable for surgical treatment of patients with aortic stenosis or stenosis accompanied by regurgitation and is the worlds first fully integrated dry valve design (suture-free) aortic valve replacement product. This marks the company's eighteenth product to enter this procedure at the NMPA.

"Talk about it after the election"? Trump admits that high oil prices will be "held off until the midterms," putting pressure on the Republican Party's election prospects.

U.S. President Donald Trump expects that military conflict with Iran will continue until after the midterm elections in November, and a significant drop in gasoline prices will not occur before then.

Zhongjin: In September, global assets face multiple challenges. It is recommended to increase allocations in Chinese and American tech stocks and gold when prices are low.

The trend in the AI industry has not yet reversed; recent adjustments are more due to pressures from funding and sentiment rather than a fundamental deterioration in profit trends.

European Central Bank Council Member Nagel: AI will become the "touchstone" for Europe's future.

Nagel stated in Berlin that artificial intelligence (AI) will become the "touchstone" for testing whether Europe can unite and fully unleash its potential.

J.P. Morgan (JPM.US) is approaching a market value of $1 trillion, while competitor Bank of America cheers: still very cheap!

Bank of America analysts stated that even if JPMorgan Chase's market value reaches $1 trillion, it would still be cheap.

Trump pressures the Federal Reserve to "cut interest rates to save the economy," while the market bets on a 60% probability of a rate hike in September.

On the eve of the Federal Reserve's monetary policy meeting scheduled for September 15-16, U.S. President Trump and senior officials of his administration have been vocal, urging the central bank not to raise interest rates, and even calling for a reduction in the benchmark rate.

Hong Kong: Strengthening the Position of an International Innovation and Technology Hub Based on Heung Yee Kuk and the San Tin Technopolis

On September 8, the World Intellectual Property Organization announced the top 100 innovation clusters in the "2026 Global Innovation Index," with the "Shenzhen-Hong Kong-Guangzhou" cluster ranking first in the world again.

Hong Kong Investment Promotion Agency: Linking the Asian Gold Market Hong Kong to Build a New Platform for Regional Gold Industry Cooperation

The Hong Kong Investment Promotion Agency stated that Hong Kong has three core advantages in developing an international gold trading center.

Hong Kong Stock Concept Tracking | In August, global gold ETFs attracted $18 billion, and Goldman Sachs predicts gold prices will rise to $4,900 by the end of 2026 (including concept stocks)

Gold prices are expected to rise to $4,900 per ounce by the end of 2026, driven by strong demand from central banks seeking to diversify their foreign exchange reserves, according to a recent report from Goldman Sachs Research.

Hong Kong Stock Concept Tracking | The price of thermal coal continues to rise; institutions suggest paying attention to supply contraction and low inventory levels (with related stocks)

Guotai Junan believes that the bottom of the coal sector has been established in 2025. In 2026, with supply disruptions both domestically and internationally, supply and demand will tighten, leading to a significant increase in the price central and a clear improvement in the fundamentals.

Ping An Insurance (02318) will distribute a mid-term dividend of 0.98 yuan per share on October 16.

China Ping An (02318) announced that the company will distribute a midterm dividend of RMB 0.98 per share for the six months ended June 30, 2026, on October 16, 2026.

LINGBAO GOLD (03330) subsidiary intends to acquire a 50% minus one share equity in TABAR ISLANDS HOLDINGS PTY LTD for AUD 410 million and corresponding royalty obligations.

Lingbao Gold (03330) announced that on September 10, 2026, buyer Lingbao Gold International Limited (a wholly-owned subsidiary of the Company) entered into a share sale agreement with seller St Barbara Limited, pursuant to which the buyer conditionally agrees to acquire (subject to its terms and conditions) and the seller conditionally agrees to sell the target shares (representing the remaining 50%-1 share equity in the target company TABAR ISLANDS HOLDINGS PTY LTD). Upon completion of the acquisition, the target company will become an indirect wholly-owned subsidiary of the Company, and the Company will beneficially own 100% of the equity in the target company.

The return of oil prices to $100 has sparked inflation concerns, prompting traders to significantly increase their bets on interest rate hikes by the European and Bank of England.

As international energy prices continue to rise, intensifying concerns about persistently high inflation in the coming year, traders are significantly increasing their bets on further interest rate hikes by the European Central Bank and the Bank of England.

The identity of the S&P 100 components will come to an end! NIKE, Inc. Class B (NKE.US) urgently clarifies: it remains a component of the S&P 500.

Nike is set to be removed from the S&P 100 index, ending its nearly 18-year history as a constituent. In response to some market concerns raised by this news, Nike's investor relations team emphasized that this adjustment only pertains to the S&P 100 index, and Nike remains a component of the S&P 500 index.

Overnight US stocks | The three major indexes continued to decline, while the settlement price of Brent crude futures rose above $101. SK Hynix (SKHY.US) increased by 7%.

As of the market close, the Dow Jones Industrial Average fell 405.41 points, a decline of 0.77%, closing at 52,380.66 points; the S&P 500 index dropped 37.16 points, a decline of 0.48%, closing at 7,636.36 points; the Nasdaq fell 168.07 points, a decline of 0.64%, closing at 26,253.34 points.

Apple Inc. (AAPL.US) welcomes the "foldable screen era"! The $1999 iPhone Duo debuts with AI fully penetrating the hardware ecosystem.

Apple held its annual autumn product launch on Wednesday, officially unveiling the company's first foldable phone, the iPhone Duo, along with the iPhone 18 Pro series, Apple Watch Series 12, Apple Watch Ultra 4, and AirPods 5.

"Smart money" is making a major move into U.S. stocks! Bank of America clients recorded the sixth highest net purchases in history in a single week, with technology stocks gaining favor once again.

According to the latest client fund flow data from Bank of America, clients net bought US stocks for the second consecutive week last week, with the inflow scale reaching the highest level since mid-July, making it the sixth largest weekly net inflow since the bank began tracking weekly data in 2008.

Can a threefold buyback not suppress it? The U.S. Treasury plans to buy $6 billion in U.S. debt, and the 10-year yield has risen to 4.84%.

The U.S. Treasury announced on Wednesday that it will purchase $6 billion in U.S. Treasury bonds through a repurchase operation, which is three times the size of regular repurchase operations.

A-shares Evening Highlights | Risk Alert Sounded! Oil prices once again stand above $100, "triple kill" in stocks, bonds, and currencies approaches.

Tensions between the U.S. and Iran are escalating! Oil prices break the $100 mark for the first time since July. A "triple kill" in stocks, bonds, and exchange rates is upon us.

Besen te stated, "I am the dealer"! Expectations for a rate hike by the Bank of Japan have surged, but the yen's rising momentum faces the risk of unmet expectations.

U.S. Treasury Secretary Janet Yellen has been continuously and publicly pressuring Japan to tighten its monetary policy, frequently signaling strong support for the yen, which is rapidly driving up market expectations for the future interest rate path of the Bank of Japan.

US Stock Market Move | Alphabet Inc. Class CA (GOOGL.US) fell nearly 3%, hitting a new low since July 27.

On Wednesday, Google A (GOOGL.US) dropped nearly 3% in early trading, hitting a new low since July 27, currently priced at $330.25.

YIDU TECH (02158): Yidu Cloud wins the bid for the localization adaptation and upgrade project of the data platform for Shanghai Pulmonary Hospital.

Yidu Technology (02158) announced that its subsidiary, Yidu Cloud (Beijing) Technology Co., Ltd., has recently received a bid winning notice for the localization adaptation and upgrade project of the data platform for Shanghai Pulmonary Hospital, with a total project amount of approximately 3.57 million RMB. This result has been announced on the national public resources trading platform (Shanghai).

US Stock Market Move | The most significant press conference in over a decade is coming, and Apple Inc. (AAPL.US) has dropped nearly 1% in early trading.

On Wednesday, Apple (AAPL.US) fell nearly 1% in early trading, with its stock price weakening for three consecutive days, currently reported at $313.32.

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