A-share Pre-market Briefing | Oil price surge combined with U.S. Treasury storm; U.S. stocks continue to adjust; commercial space sector welcomes another key catalyst.

Pre-market Briefing 1. Oil price surge intensifies inflation concerns, 10-year U.S. Treasury yield stands above 5%! Probability of a Fed rate hike this week rises to 95% Type: Market Sentiment impact: Negative U.S. stocks extended their decline on Tuesday. Under the dual pressure of a sharp oil price rise and the 10-year U.S. Treasury yield breaking above 5%, the market shifted fully into risk-off mode. As the geopolitical situation in the Middle East continued to deteriorate, WTI crude oil closed up 4.4%, breaking through $106. Inflation pressure further transmitted to the bond market, with the 10-year U.S. Treasury yield touching 5.04% intraday, the highest level in nearly 20 years. The market-implied probability of a 25 basis point Fed rate hike this week has now risen to 95%. 2. Gravity-1 Y3 carrier rocket launches successfully, commercial space sector welcomes a new round of launch window Type: Industry Sentiment impact: Positive China's Taiyuan Satellite Launch Center used the Gravity-1 Y3 carrier rocket in the eastern waters off Shanghai to successfully send a total of 9 satellites, including the Qianfan polar-orbit 26th group satellites and the EUHT technology test satellite, into their planned orbits. The flight test mission was a complete success. This mission set new highs for China in single-launch payload weight and orbital altitude at sea. Entering mid-September, domestic commercial space is ushering in a new round of high-density launches: within the week from September 14 to 20, China will have six rockets launch one after another. 3. China Iron and Steel Association advocates comprehensive self-disciplined production control and inventory reduction in the steel industry, calls for strict implementation of output regulation Type: Industry Sentiment impact: Positive The China Iron and Steel Association issued a proposal for the steel industry to comprehensively carry out self-disciplined production control and inventory reduction. It mentioned strictly implementing output regulation, adhering to self-disciplined production control and inventory reduction, and fully leveraging the role of the industry's price supervisors. Steel enterprises should resolutely resist behavior that undercuts costs to grab market share at low prices and consciously regulate market behavior. 4. National Development and Reform Commission: Hopes private enterprises will increase investment layout in emerging industries, new infrastructure, and other fields Type: Macro Sentiment impact: Positive Zheng Shanjie, Director of the National Development and Reform Commission, chaired a symposium with private enterprises. Heads of five companies attended the symposium, including Delixi Group, Range Intelligent Computing Technology Group, Qingming Shanghe Garden, Ruizhi Health, and Blue Arrow Aerospace, from the fields of electrical equipment, computing infrastructure, cultural tourism services, elderly care services, and commercial space. Zheng Shanjie said he hopes that the vast number of private entrepreneurs will actively increase investment layout in emerging industries, new infrastructure, consumption upgrading, and other fields. Investment Calendar The Federal Reserve will announce its interest rate decision early tomorrow morning. Investment Tip When prices begin to rise, the smaller the trading volume of this stock, the more optimistic the situation. [Germany] Andr Kostolany Institutional Views 1. Founder: Adopt a barbell-style balanced allocation, wait for the Fed interest rate meeting and Q3 earnings to land, and dynamically adjust positions. 2. Orient: The market's major upward cycle has not changed, and the technology main line is expected to become the focus again. 3. EB SECURITIES: After overseas uncertainties are gradually cleared, market risk appetite is expected to recover and usher in a phased turning point. Positive and Negative Outlook 1. Guidelines for the construction of the standard system for the power battery recycling industry are open for public comment Type: Policy Focus CITIC SEC: The battery recycling industry is seeing positive changes. Lithium recovery rate is the core variable. Leading lithium battery recycling enterprises are continuously improving their recycling processes, and lithium recovery rates are gradually increasing, which will bring greater growth opportunities. 2. Huawei releases the world's first 3D data center: four-layer architecture, delivery cycle shortened to 3 months Type: Market Hot Topic Western: 2026 is expected to officially become the first year of large-scale implementation of domestic super nodes. Among them, high-speed connectors and liquid cooling systems, as the core links supporting high-density computing, will see significant market increments. 3. The "Double Festival" is approaching, travel market booking rises! Flight and hotel bookings increase 119% month-on-month Type: Market Hot Topic Wanlian Securities: The current valuation of the social services sector has fallen back to a historical bottom. The three major signals of business travel, inbound tourism, and restaurant same-store performance have clear data verification windows in Q3-Q4. Once marginal improvement is realized, the elasticity of valuation repair will be considerable. Announcement Express Positive Announcements 1. Bestechnic (Shanghai) Co., Ltd.: Plans to repurchase company shares for RMB 50 million to RMB 100 million 2. M-Grass Ecology And Environment: Subsidiary wins bid for a RMB 142 million ecological restoration project 3. Metallurgical Corporation of China: New contract value from January to August was RMB 478.79 billion; 5 major contracts signed in August Negative Announcements 1. Caissa Tourism Group: Wholly owned grandson company suffers contract fraud of RMB 26.95 million 2. Baotou Tianhe Magnetics Technology: Shareholder Nantong Yuanlong plans to reduce holdings by no more than 3% of the company's shares 3. Shaanxi Kanghui Pharmaceutical: Shareholders and directors plan to collectively reduce holdings by no more than 1.01% of the company's shares Overseas Markets Editor's note: The three major U.S. stock indexes extended their decline. U.S. Treasury yields continued to climb, market concerns over the debt issue intensified, and crude oil prices surged, keeping investors on the sidelines. Most large technology stocks fell, cryptocurrency concept stocks declined broadly, the energy sector rose broadly, and the Nasdaq Golden Dragon China Index closed down 1.14%. This article is reprinted from "Tencent Zixuangu". GMTEight editor: Chen Siyu.