Morning News

# Market Overview

Source: Wall Street News

Weak U.S. JOLTS job openings data has strengthened market expectations for interest rate cuts, driving the Nasdaq up by 1%. Although the Dow Jones Industrial Average staged a sharp late-session rally, it still closed down 0.05%.

U.S. tech giants led the gains: Apple rose 3.8%, and Google soared 9% after a U.S. court ruled that Google does not need to sell its Chrome browser. American Bitcoin, a Bitcoin mining company in which the Trump family holds stakes, made its U.S. stock market debut. Its stock price doubled at one point during intraday trading and closed with an increase of over 16%.

Affected by the weak labor market data, U.S. Treasury yields fell across the board, with the 10-year Treasury yield dropping by more than 4.2 basis points. The 30-year Treasury yield fell sharply after touching 5% intraday, declining by over 10 basis points from the intraday high. The U.S. dollar once fell by more than 0.6% from its intraday high. Ethereum rose 3.6%, outperforming Bitcoin.

Gold recorded a seven-day winning streak, climbing by more than 1.2% intraday and setting a new all-time high again. Silver broke through the $41 mark for the first time in 14 years. Crude oil fell by over 2.5% as reports indicated that OPEC+ would consider a new round of production increases during its weekend meeting.

During the Asian trading session, A-shares showed a divided trend throughout the day. The ChiNext Index rose nearly 1%, with AI hardware stocks rebounding again. Treasury bonds saw a sharp late-session rally. The Hang Seng Index fell 0.6%, while pharmaceutical stocks remained actively traded against the trend.

# Top News

China's military equipment has reached the Next Level! The DF-61 missile and J-20S made a stunning appearance, along with robotic wolves, unmanned underwater vehicles, and high-energy laser weapons. The DF-5C has a global strike range.

Donald Trump reaffirmed that tariffs might replace income taxes. It was revealed that the U.S. used tariffs as a leverage to oppose the UN shipping emissions agreement. When appearing publicly at the White House, Trump addressed the "health issue," stating, "If I take two days off, they start wondering 'what's wrong'."

Federal Reserve Governor Christopher Waller stated that interest rate cuts should start this month, and multiple cuts could be made in the next 3-6 months, with the pace depending on data. Federal Reserve Governor nominee Adriana Kugler (note: original text mentions "Miran," which may be a typo; the common name for the Fed Governor nominee around that period is Adriana Kugler) said that the Fed's main responsibilities are to prevent economic depression and high inflation, and it plans to maintain its independence. The Fed's Beige Book indicated that consumer spending was flat or declining, and price increases were seen in all districts.

U.S. JOLTS job openings in July dropped to a 10-month low, a rare low level since the pandemic.

U.S. tariffs in August exceeded $31 billion, hitting a record high.

The final value of the Eurozone's August PMI was slightly revised downward, and Germany's service sector unexpectedly contracted.

In addition to the Pro model, Wall Street expects the iPhone 17 to "not see a price increase," with the thinnest iPhone 17 Air being the key highlight. Citi stated that the iPhone 17 is unlikely to trigger an Apple upgrade cycle, and next year's "three core products" will be the key. Apple plans to launch an AI-powered web search tool for Siri next year, competing with OpenAI.

Google has accelerated the deployment of TPUs, and competition with NVIDIA in the AI chip sector has intensified.

OpenAI expanded the scale of its secondary share sale to $10.3 billion, with its valuation surging to $500 billion.

Tesla CEO Elon Musk's xAI saw another round of top management turbulence, as its CFO resigned only three months after taking office.

AI products are still underperforming. Salesforce's revenue in the last quarter exceeded expectations, but its guidance for the current quarter was weak, leading to a post-market plunge in its stock price.

OPEC+ may lift production cuts ahead of schedule on Sunday, potentially bringing 1.65 million barrels per day of new supply.

# Market Closing Quotes

U.S. and European Stock Markets:

- S&P 500: Rose 0.51%, closing at 6,448.26 points.

- Dow Jones Industrial Average: Fell 0.05%, closing at 45,271.23 points.

- Nasdaq Composite Index: Rose 1.03%, closing at 21,497.727 points.

- European STOXX 600 Index: Closed up 0.66%, at 546.78 points.

A-shares:

- Shanghai Composite Index: Fell 1.16%, closing at 3,813.56 points.

- Shenzhen Component Index: Fell 0.65%, closing at 12,472.0 points.

- ChiNext Index: Rose 0.95%, closing at 2,899.37 points.

Bond Market:

- U.S. 10-year benchmark Treasury yield: Fell 4.46 basis points, closing at 4.2168%.

- U.S. 2-year Treasury yield: Fell 2.26 basis points, closing at 3.6166%.

Commodities:

- COMEX Gold Futures: Rose 0.82%, closing at $3,621.80 per ounce.

- WTI October Crude Oil Futures: Closed down 2.47%, at $63.97 per barrel.

- Brent November Crude Oil Futures: Closed down 2.23%, at $67.60 per barrel.

# Details of Top News

## Global Highlights  

China's military equipment has reached the Next Level! The DF-61 missile and J-20S made a stunning appearance, along with robotic wolves, unmanned underwater vehicles, and high-energy laser weapons. The DF-5C has a global strike range. A total of 45 formations participated in the military parade, with three major arms—military aerospace forces, cyberspace forces, and information support forces—making their debut. Key equipment on display includes: the stunning launch of the DF-61 missile and J-20S twin-seat stealth fighter jet; land, sea, and air unmanned combat equipment such as the "robotic wolf" quadruped unmanned combat vehicle and unmanned underwater vehicles; anti-drone systems including high-energy laser weapons and microwave weapons; and the DF-5C intercontinental missile, which has a global strike range and demonstrates the triad nuclear deterrence capability.  

The "robotic wolf" combat group stood out. Currently, the "robotic wolf" combat unit has achieved a key tactical upgrade from individual intelligence to swarm intelligence. Its core combat architecture is based on a modular design, relying on a generalized "robotic wolf" platform that can quickly and flexibly mount professional combat modules for reconnaissance, strikes, and other purposes according to specific mission requirements. The core advantage of this swarm combat system lies in its ability to dynamically restructure and flexibly form combat units of different types and functions within the swarm based on real-time battlefield conditions and mission objectives, achieving optimal mission adaptation and collaborative effectiveness.  

Authoritative interpretation of the 45 formations/columns is here! The Navy Formation is the one with the youngest average age among all participating formations/columns; the Electronic Warfare Formation uses "electromagnetic sharp swords" to gain the initiative in defeating enemies; the First Nuclear Missile Formation is the strategic "trump card" for safeguarding national sovereignty and defending national dignity.  

Donald Trump reaffirmed that tariffs might replace income taxes, and it was revealed that the U.S. used tariffs as leverage to oppose the UN shipping emissions agreement. Trump stated that tariffs are "crucial" to the U.S. achieving success. Media reports indicate that the U.S. has demanded other countries reject a UN agreement to reduce shipping fuel emissions, otherwise they will face tariffs, visa restrictions, and port fees; the U.S. has recently contacted members of the International Maritime Organization (IMO), warning them not to adopt the so-called "net-zero framework," and the Netherlands stated that it has received a verbal warning from U.S. representatives.  

When appearing publicly at the White House, Trump addressed the "health issue," saying, "If I take two days off, they start wondering 'what's wrong'." After a long cabinet meeting held last Tuesday, Trump did not make any public appearances or interact with the media for nearly a week, which triggered extensive discussions on social media and various speculations about whether his health had deteriorated or even whether he had passed away. Photos showing bruises on his hands further fueled such rumors.  

Federal Reserve Governor Christopher Waller: Interest rate cuts should start this month, with multiple cuts possible in the next 3-6 months, and the pace depends on data. Federal Reserve Governor Christopher Waller stated that the Federal Reserve should begin cutting interest rates this month and implement multiple cuts in the coming months, but he remains open to the specific pace of rate cuts, noting that it will depend on future economic data. He revealed that he had communicated with Yellen in the past, but has not yet interviewed for the position of Federal Reserve Chair, nor has he scheduled any related interviews.  

Federal Reserve Governor nominee Stephen Miran: The Fed's main responsibilities are to prevent economic depression and high inflation, and it plans to maintain its independence. Stephen Miran, the nominee for Federal Reserve Governor appointed by U.S. President Trump, vowed to safeguard the central bank's independence and its "dual mandate"—price stability and maximum employment. In his opening statement submitted in advance to the Senate Banking Committee, Miran said, "In my view, the most important responsibility of a central bank is to prevent Great Depressions and hyperinflation. The independence of monetary policy is a key element of its success."  

Fed Beige Book: Consumer spending flat or down; price increases seen across all districts. In its latest Beige Book survey released on Wednesday (local time), the Federal Reserve stated that economic activity in most parts of the U.S. has remained largely unchanged in recent weeks. Due to the fact that wages for many households have failed to keep up with rising prices, consumer spending has been flat or declining. Price increases were observed in all districts, with 10 districts reporting "moderate or slight" inflation and the other two experiencing "strong input price growth." In this Beige Book, the number of mentions of inflation remains near a four-year low, and the number of mentions of "slowdown" has dropped significantly compared to July.  

U.S. JOLTS job openings in July fell to a 10-month low, a rare low since the pandemic. U.S. JOLTS job openings in July stood at 7.181 million, the lowest since September 2024 and only the second time below 7.2 million since the end of 2020. Job openings in the healthcare sector, a key driver of employment growth this year, dropped to the lowest level since 2021. The number of hires rebounded from a one-year low, while the number of layoffs reached the highest level since September last year. This data has strengthened market expectations for a Fed rate cut in September.  

U.S. tariffs in August exceeded $31 billion, hitting a record high. As of August 29, U.S. tariff revenue in August reached $31.37 billion, with a cumulative total of $183.56 billion in the current fiscal year. U.S. Treasury Secretary Yellen said, "As tariff revenue continues to grow, the Trump administration is working to address the fiscal predicament it inherited."  

Eurozone August PMI final value slightly revised down; German services sector unexpectedly contracted. The Eurozone's overall composite PMI edged up to 51 in August, revised down by 0.1 percentage point from the initial value, indicating only moderate growth. Among them, Germany's services PMI was unexpectedly revised down to 49.3, reflecting weakness in its economic engine. At the same time, input costs and output prices in the Eurozone rose at an accelerated pace, and inflationary pressures have resurfaced.  

The global bond sell-off intensified, with the 30-year U.S. Treasury yield briefly breaking through 5%, while yields in the UK and Japan continued to climb. Due to growing market concerns about inflation, massive government debt, and fiscal discipline, the 30-year U.S. Treasury yield broke through the closely watched 5% psychological threshold on Wednesday; although yields later fell sharply, the 30-year UK Treasury yield hit its highest level since 1998, and the 20-year Japanese Treasury yield also reached its highest level since the 21st century. Against this backdrop, the "steepening trade" is gaining popularity in the market.  

Before the Fed decision, the U.S. long-term Treasury yield briefly broke through 5%—what signal does this send? Before the Fed's decision, market concerns about inflation and the government's fiscal situation intensified, pushing the 30-year U.S. Treasury yield above 5%, a new high since July, and dragging down U.S. stocks. This key signal has forced investors to re-examine the high valuations of the stock market, particularly interest rate-sensitive technology stocks. At the same time, the market is also closely monitoring the upcoming employment data to find new clues about the Fed's policy direction.  

The global long-term bond sell-off spreads; Japan's 30-year Treasury yield hits a record high. Japan is facing dual pressures from a global sell-off of government debt and domestic political uncertainty. On Wednesday, Japan's 30-year Treasury yield briefly rose to 3.28%, a record high since data began to be recorded, and the yen exchange rate fell. Investors are worried about the increase in Japanese government spending and the possible implementation of loose fiscal policies by the new prime minister. The global market is closely watching Thursday's 30-year Japanese government bond auction.  

Beyond the Pro model, Wall Street expects the iPhone 17 to "not raise prices," with the thinnest iPhone 17 Air being the key highlight. JPMorgan predicts that except for the Pro model, which may see a price increase of $100 due to doubled storage capacity, the starting prices of other models will remain unchanged. The newly launched iPhone 17 Air model, which replaces the "Plus" version with a thin and light design, will become the thinnest iPhone. The final pricing of this model is crucial—whether it can lower the price below the key RMB 6,000 subsidy threshold in the Chinese market will directly determine the product's sales performance.  

Citi: The iPhone 17 is unlikely to trigger an Apple upgrade cycle; next year's "three core drivers" will be the key. Citi pointed out that the iPhone 17 series represents incremental updates, and shipments in 2025 are expected to be only 82 million units, a slight increase from the 81 million units of the iPhone 16. The real long-term catalyst will be the "three core drivers" in 2026: advanced Siri, foldable smartphones, and Vision Pro 2. These innovative products will drive a stronger upgrade cycle.  

Apple plans to launch an AI-powered web search tool for Siri next year, competing with OpenAI. According to media reports, Apple is developing a new system codenamed "World Knowledge Q&A" internally, which will be integrated into the Siri voice assistant. The new search function and Siri upgrade are planned to be launched in a software update called "Luck E," corresponding to iOS 26.4, and are expected to be released as early as March next year.  

Google accelerates TPU deployment; competition with NVIDIA in the AI chip sector intensifies. Google has reached an agreement with third-party cloud service providers for the first time to deploy its self-developed AI chip TPU in their data centers, marking that Google is directly challenging NVIDIA's dominant position in the AI chip market. Analysts believe that this move may reduce the reliance of these facilities on NVIDIA GPUs and also reflects Google's long-term strategic intention to expand its TPU business and reduce dependence on NVIDIA.  

OpenAI expands secondary share sale to $10.3 billion, with valuation surging to $500 billion. OpenAI has significantly increased the scale of its secondary share sale from the original $6 billion to $10.3 billion, with a valuation reaching $500 billion, significantly higher than the $300 billion at the beginning of the year. The transaction is expected to be completed in October.  

Elon Musk's xAI sees another top management upheaval; CFO resigns only three months after taking office. According to people familiar with the matter, Mike Liberatore, Chief Financial Officer of xAI, an artificial intelligence company owned by Elon Musk, resigned at the end of July, only three months after taking office. It is reported that he has found a new job. In recent weeks, a number of senior executives at xAI have resigned one after another.  

AI products still underperform; Salesforce's last-quarter revenue exceeds expectations but current-quarter guidance is weak, leading to a post-market plunge. In the second fiscal quarter, Salesforce's revenue increased by nearly 10% year-on-year, marking the first time in six quarters that the growth rate was close to double digits; its EPS significantly exceeded expectations, rising by nearly 14% year-on-year, which was more than twice the growth rate of the previous quarter. However, the revenue growth rate for the third fiscal quarter is expected to slow down, with the highest guidance for revenue growth at 9%, and the midpoint of the guidance range is lower than analysts' expectations. The EPS guidance for the quarter is in line with expectations, and the full-year guidance range has been slightly raised. The stock price fell by more than 6% at one point after the market closed.  

OPEC+ may lift production cuts ahead of schedule on Sunday—will 1.65 million barrels per day of new supply arrive soon? OPEC+ countries will hold an online meeting on Sunday to decide on oil production for October. If a further production increase plan is approved, OPEC+ will start revoking production cuts of approximately 1.65 million barrels per day, equivalent to 1.6% of global demand.  

## Domestic Macroeconomics  

China's S&P Services PMI rose to 53 in August, continuing to hit a new high since May last year. The growth rate of new orders accelerated for the second consecutive month, also reaching the highest level since May last year. Among them, the growth rate of new export business was the fastest since February.  

Second meeting of the leading groups of the Ministry of Finance and the People's Bank of China: Jointly ensure the better implementation of fiscal and monetary policies. The two sides agreed that the coordinated efforts of fiscal and monetary policies have provided strong support for responding to the current complex and changing market environment and promoting sustained economic recovery and improvement. In the next step, they will continue to actively play the role of the joint working group mechanism between the Ministry and the Bank, deepen cooperation, strengthen coordination, continuously promote the stable and healthy development of China's bond market, and jointly ensure the better implementation of fiscal and monetary policies.  

China's Ministry of Commerce rules to impose anti-dumping duties on U.S. optical fiber companies including Corning from September 4, with a maximum rate of 78.2%. The Ministry of Commerce ruled that U.S. optical fiber producers and exporters exported G.654.C optical fibers (cut-off wavelength-shifted single-mode optical fibers) to China by changing their trade patterns, which lacks sufficient commercial rationality, undermines the implementation effect of existing anti-dumping measures, and constitutes circumvention of the anti-dumping measures on imported non-dispersion-shifted single-mode optical fibers originating from the United States. Starting from September 4, China will apply the current anti-dumping duty rates on U.S. non-dispersion-shifted single-mode optical fibers to the relevant U.S. cut-off wavelength-shifted single-mode optical fibers.  

Goldman Sachs executive: China's stock market still has room for growth. Kevin Sneader, President of Goldman Sachs Asia Pacific, stated that sentiment in China's A-share market has improved significantly, and he believes that this round of upward trend is sustainable. At the same time, the inflow of funds from hedge funds into the A-share market has also improved. He specifically mentioned that retail investors with a large amount of idle savings remain an important force driving the stock market up. According to July data, the scale of Chinese residents' deposits reached RMB 160.9 trillion.  

## Overseas Macroeconomics  

Will the Friday non-farm payrolls data prevent a September rate cut? Bank of America Merrill Lynch: The key lies in the unemployment rate and revisions to previous values. Bank of America believes that stronger-than-expected employment growth may hardly shake the market's pricing for a September rate cut, as underlying weak signals and Powell's dovish stance have already paved the way for policy easing. It is expected that the unemployment rate will become a key variable: if the unemployment rate drops to 4.1%, the requirement for the number of jobs will be lowered; but if the unemployment rate rises to 4.3%, the requirement will increase significantly.  

Barclays: U.S. stocks are not cheap, but tech stocks are not expensive. Barclays stated that although the overall valuation of the S&P 500 has reached a price-to-earnings ratio of 22-22.5 times, it is not overly bubbly. This is because the valuation of tech stocks, which are the main growth engine of the market, is relatively reasonable. Large-cap tech stocks are trading at a forward price-to-earnings ratio of approximately 29 times, which is still lower than the level at the end of 2024 and below their long-term average premium relative to the S&P 500.  

In the last four months of this year, these key events will shape the trend of U.S. tech stocks. Bank of America stated that there will be more than 140 important events affecting the trend of tech stocks in the remaining four months of this year. Artificial intelligence remains the most important theme in the industry. Meta's upcoming Connect conference is expected to showcase new smart glasses with display functions and elaborate on its AI vision. Amazon will host the AWS re:Invent conference in December, and investors are looking forward to new infrastructure capacity driving accelerated growth in cloud service revenue and remain optimistic about AI spending in 2026.  

Judge rules Trump administration's cut to Harvard funding unconstitutional, orders restoration of $2.2 billion. A federal judge ruled on Wednesday that the Trump administration's cut to $2.2 billion in research funding for Harvard University is unconstitutional and ordered the federal government to restore the funding. The ruling stated that the government used anti-Semitism as a pretext to suppress Harvard out of political motives, violating its freedom of speech and right to due process. Trump previously stated "no negotiations" and threatened to appeal immediately if he lost the case, and the media expects the case to enter the appeal process soon.  

A barometer for global retail investors? South Korean retail investors "change their stance": Ditching Tesla, embracing the digital currency sector! The large group of South Korean retail investors, once among Musk's most loyal supporters, is selling Tesla stocks on an unprecedented scale. In August, their net sales of Tesla stocks reached $657 million, a monthly high. At the same time, their funds have begun to flow into cryptocurrency-related assets on a large scale. In August, BMNR, the "Ethereum proxy stock," attracted a net inflow of $253 million.  

Is "digital gold" coming soon? The World Gold Council plans to pilot "Pooled Gold Interests" (PGIs) next year, allowing banks and investors to buy and sell fractional ownership of physical gold stored in independent accounts. The CEO of the World Gold Council stated that gold must be digitized to expand market coverage. Gold remains a static, non-income-generating asset on balance sheets; digitized gold can be used to meet margin requirements and serve as collateral, enabling profitable use cases.  

Vietnam's stock market faces the largest foreign sell-off in history due to dong depreciation and high valuations. Due to increasing currency depreciation pressure and profit-taking triggered by high stock market valuations, global funds sold a net $1.5 billion worth of local stocks from Vietnam's stock market in August, the largest single-month outflow since data began to be recorded in 2009. Vietnam's benchmark VN Index fell by 0.7% at one point on Wednesday. The Vietnamese dong exchange rate against the U.S. dollar fell again on the same day.  

# Overseas Companies

Google has launched the official ultimate guide for Nano Banana. This model supports functions such as text-to-image generation, image editing, and multi-image synthesis. The core principle of the official guide is to describe scenarios rather than list keywords. The six key techniques include: creating photo-realistic scenes, stylized illustration design, precise text rendering, commercial product photography, minimalist white space design, and sequential artistic creation. Detailed templates and examples are provided for each technique, which can be directly experienced on Google AI Studio.

Another case of AI "devouring" software? Google's Nano Banana gains popularity, while Meitu's stock plunges. Morgan Stanley believes that Meitu's growth trajectory has not been affected by the AI model Nano Banana, and its true value lies in providing "last-mile" solutions that basic AI models cannot match. Meitu has built a solid moat relying on its profound accumulation in vertical fields, proprietary data, and focus on core paid functions.

Will AI disrupt SaaS? Citi: The software industry will enter an era of great differentiation with a "winner-takes-all" pattern. Citi argues that the impact of AI on the software industry is not an overall disruption, but rather an acceleration of industry differentiation, ushering in a "winner-takes-all" era. The traditional SaaS model that relies on "per-seat pricing" faces severe challenges, while companies that can embrace AI and achieve commercialization will see their valuations continue to rise. Cloud service providers and data infrastructure companies will be the main beneficiaries.

Tesla's sales in Europe have declined across the board except in Norway. Tesla's new car registrations in Germany plummeted by 39% last month, with a cumulative drop of as high as 56% in the first eight months of this year. Sales in France, Belgium, Denmark, and Sweden also recorded significant declines. The Norwegian market has become Tesla's only bright spot: last month, Tesla's registrations in Norway increased by 21% against the trend, with a cumulative growth rate of 26% so far this year.

With Buffett's support, are the stock prices of Japan's "Big Five Trading Companies" already too high? Since Buffett disclosed his holdings in 2020, the stock prices of Japan's Big Five Trading Companies have risen by an average of 320%. Mitsubishi Corporation's forward price-to-earnings ratio has hit a new high since 2005, and Itochu's price-to-book ratio has reached a peak since 2008. Analysts warn that profit growth is slowing down, and Trump's tariff policies, the strengthening of the yen, and the decline in commodity prices may pose pressures. Currently, it is not an appropriate time for active buying.

Betting on "super brains", BMW has invested 10 billion euros to develop the Neue Klasse platform to challenge Chinese electric vehicle competitors. BMW has invested over 10 billion euros in the development of its ambitious Neue Klasse platform. The new platform will provide 20 times more computing power than current vehicles and be equipped with four "super brain" systems, significantly enhancing in-vehicle communication, infotainment displays, autonomous driving, and other vehicle functions. Analysts believe that BMW's move is equivalent to betting the entire company on the success of the Neue Klasse.

# Industries/Concepts

1. Cleaning Robots | According to the *Global Smart Home Cleaning Robot Device Market Quarterly Tracking Report* released by the International Data Corporation (IDC) on September 3, the global smart home cleaning robot market shipped 15.352 million units in the first half of the year, a year-on-year increase of 33%, indicating strong market demand. Among them, lawn-mowing robots shipped 2.343 million units in the first half, a year-on-year surge of 327.2%; window-cleaning robots shipped 809,000 units, a year-on-year increase of 52.1%. Shipments of floor-cleaning robots and pool-cleaning robots rose by 16.5% and 18.7% year-on-year respectively.  

  - Commentary: IDC predicts that the global smart home cleaning robot market will ship 32.1 million units in 2025, a year-on-year increase of 28.2%, with a five-year compound annual growth rate (CAGR) of 26% by 2028. IDC also expects that Chinese manufacturers will continue to consolidate their high-end advantages through technological iteration and omni-channel strategies in the second half of the year, driving the annual market scale to a new high.

2. Electric Power | According to the Polaris Power Market Network, the Development and Reform Commission of Zhejiang Province issued a notice on September 3 to publicly solicit opinions on the *Zhejiang Province New Energy Grid-connected Tariff Market-oriented Reform Implementation Plan (Draft for Comments)* and supporting implementation rules. The draft for comments proposes that all grid-connected electricity from new energy projects (wind power and photovoltaic power) should enter the electricity market. The mechanism-based tariff for existing projects is clearly set at 0.4153 yuan per kilowatt-hour, and the grid-connected tariffs formed through competitive allocation shall be implemented in accordance with the current prices. The draft also clarifies the bidding principles for mechanism-based tariffs of incremental new energy projects.  

  - Commentary: Cinda Securities believes that the key to participating in electricity market transaction operations lies in the ability to forecast (including short-term weather changes, power supply and demand conditions, line congestion, etc.) and optimize (including optimizing quotations and power output, and optimizing various medium- and long-term contracts and spot electricity positions). Achieving high-precision forecasting of weather, electricity prices, load, and market demand will enable market entities to gain an industry advantage in market transactions and business operations.

3. Brain-Computer Interface | According to the Securities Times, the Shanghai Stock Exchange recently held the 6th Future Industry Salon with the theme of "Brain-Computer Interface: Exploring the Digital Intelligent Era". A total of 6 listed companies, 12 enterprises in the brain-computer interface industry chain, and 12 financial institutions including commercial banks, securities companies, and venture capital firms attended the event.  

  - Commentary: The Shanghai Securities News points out that brain-computer interface is a new interdisciplinary technology that creates an information channel between the brain and external devices to achieve direct information interaction, and has formed two major technical routes: invasive and non-invasive. Brain-computer interface has a wide range of application fields, covering healthcare, education, consumption, intelligent driving, etc. The market estimates that its potential market size exceeds 100 billion US dollars.

4. Gene Editing | According to Xinhua News Agency, as a revolutionary breakthrough in the field of life sciences, genome editing technology can already accurately modify short DNA segments like pruning tree branches, but editing large DNA segments remains a challenge. It is reported that a research team from the Chinese Academy of Sciences has successfully developed a new programmable chromosome-level large-segment DNA precise manipulation technology called PCE (Programmable Chromosome Engineering), which realizes "precise editing" of DNA at the kilobase to megabase level in eukaryotic genomes. This is not only expected to lead the innovation of genetic manipulation technology, but also provides new possibilities for technological breakthroughs in fields such as disease treatment and crop improvement.  

  - Commentary: China Securities Journal points out that the core of gene editing therapy technology lies in its accuracy and efficiency. By targeting specific gene sequences, gene editing technology can insert, delete, or replace genes, thereby repairing diseases caused by gene mutations or deletions. With the continuous maturity of technology and the expansion of applications, gene editing is expected to bring revolutionary changes and business opportunities in the fields of medicine, agriculture, and bioengineering. In the future, gene editing technology will be deeply integrated with technologies such as artificial intelligence and big data. AI-assisted gRNA design, off-target site prediction, and editing efficiency optimization will accelerate the development of new therapies. China has included gene editing technology in the "14th Five-Year Plan" for the development of biomedicine to promote the research and development of innovative therapies.

5. Gold | According to the *Financial Times*, the World Gold Council (WGC) is planning to pilot a form of digital gold next year. This move may completely transform the ecology of London's physical gold market, which has a scale of up to 900 billion US dollars, by creating a new method for gold trading, settlement, and collateralization. David Tait, CEO of the World Gold Council, stated that this new form will realize the digital circulation of gold within the gold ecosystem for the first time and expand market coverage.  

  - Commentary: China Securities Journal points out that digital gold allows investors to participate in gold investment with smaller amounts, greatly lowering the investment threshold and enabling more ordinary investors to participate in the gold market. Digital gold breaks geographical restrictions, allowing investors around the world to participate in the gold market, which will help increase the overall scale of the gold market. Through digital gold, investors can achieve global allocation of gold assets while enjoying low-cost and efficient transaction experiences. Traditionally, gold is a static, non-income-generating asset on banks' balance sheets. Digitized gold can be used to meet margin requirements and serve as collateral for profitable purposes. Digital gold upgrades gold from a "safe-haven asset" to "financial infrastructure".

# Today's Key News Preview

- U.S. ADP Employment Report for August  

- U.S. Initial Jobless Claims for the Previous Week  

- U.S. ISM Non-Manufacturing Index for August  

- U.S. Trade Balance for July  

- Eurozone Retail Sales for July  

- U.S. Senate Banking Committee Hearing on the Nomination of Stephen Miran as Federal Reserve Governor  

- Director Pulte of the U.S. Federal Housing Finance Agency to Brief on the Latest Information of the Federal Reserve Governor Cook's Mortgage Fraud Case  

- Speech by John Williams, President of the Federal Reserve Bank of New York  

- Earnings Reports of Broadcom and Lululemon  

- Huawei Mate XTs Ultimate and All-Scenario New Product Launch Event  

- U.S. EIA Crude Oil Inventory Change for the Previous Week  

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