Morning News

Source: Wall Street CN

# Market Overview

On the eve of the crucial Nonfarm Payrolls Report, the significant slowdown in U.S. ADP employment growth and the higher-than-expected number of initial jobless claims both indicated a cooling labor market, further strengthening the market's expectations of interest rate cuts. The S&P 500 Index hit a new high, and the small-cap stock index rose by 1.26%, outperforming the broader market.

Amazon climbed over 4.2%, recording its best single-day performance since May. Salesforce fell by 4.88% after releasing a gloomy revenue guidance for the third fiscal quarter overnight. Broadcom rose approximately 3.7% following the release of its earnings report. Lululemon lowered its full-year revenue guidance, leading to a 15% drop in its stock price after hours. Chinese concept stocks declined by more than 1%, with Alibaba falling over 4%.

Amid expectations of interest rate cuts, U.S. Treasury yields fell across the board, with the 10-year Treasury yield dropping by 5.6 basis points. Ethereum fell by about 4%, underperforming Bitcoin. Gold ended its seven-consecutive-day rally, plunging by more than 1.4% from its daily high at one point.

Rumors of OPEC+ increasing production continued to escalate, pushing WTI crude oil below $64.

During the Asian trading session, A-shares and H-shares continued to adjust. The ChiNext Index fell by over 4%, Cambricon dropped nearly 15%, while bank stocks rose against the trend - Agricultural Bank of China surged by 5%, with its total market value exceeding that of Industrial and Commercial Bank of China for the first time. Treasury bonds rebounded.

# Key News

The U.S. ISM Services PMI expanded at the fastest pace in six months, but employment remained weak and prices stayed high. U.S. ADP employment growth slowed sharply to 54,000 in August. The number of initial U.S. jobless claims last week stood at 237,000, rising to the highest level since June. The U.S. Challenger Report for August showed that corporate hiring intentions fell to the lowest level for an August since 2009, and layoffs surged.

A surge in imports widened the U.S. trade deficit to the largest in four months.

An advisor to Trump, who is temporarily serving as a Federal Reserve Governor, was questioned. Nominee Miran stated: "No one has asked me to commit to supporting interest rate cuts." Reports indicated that the U.S. Department of Justice has launched a criminal investigation into Federal Reserve Governor Cook. The third-ranking official at the Federal Reserve said that a gradual interest rate cut is appropriate, while a voting member for next year reaffirmed opposition to an interest rate cut in September.

Trump signed a U.S.-Japan trade executive order, imposing a maximum 15% tariff on most Japanese products, including automobiles and auto parts.

Trump hosted a dinner for U.S. tech giants, with Tim Cook, Mark Zuckerberg, and Sam Altman in attendance, while Elon Musk was the only one absent.

Nasdaq took action to tighten regulation on crypto-related concept stocks, requiring shareholder approval for new stock issuances used to purchase cryptocurrencies. Nasdaq also tightened rules for small-cap stocks to prevent "pump-and-dump" scams.

Goldman Sachs warned: If the Federal Reserve's credibility is damaged, gold prices may soar to nearly $5,000. Goldman Sachs also stated that the world is entering a "commodity control cycle."

Japan's 30-year government bond auction performed moderately. The combination of high debt and high inflation has put the UK in trouble.

Broadcom's AI chip revenue in Q3 exceeded expectations, rising by 63%. A mysterious new customer placed an order worth $10 billion, and the company expects a "significant" improvement in AI prospects in the next fiscal year.

Huawei launched its new triple-fold Mate XTs, enabling PC applications to run on mobile phones, with a starting price of 17,999 yuan. The Kirin chip reappeared after a four-year gap. As Huawei's new generation of triple-fold mobile phones saw price reductions, Samsung "could not sit still."

Is Optimus 3 coming? Information about Tesla's new "Golden Optimus Prime" was leaked, with its human-like hands becoming the focus.

# Market Closing Quotes

## European and U.S. Stock Markets

- S&P 500: Rose by 0.83% to close at 6,502.08 points, barely exceeding the all-time closing high set on August 28.

- Dow Jones Industrial Average: Rose by 0.77% to close at 45,621.29 points.

- Nasdaq Composite Index: Rose by 0.98% to close at 21,707.694 points.

- European STOXX 600 Index: Closed up by 0.61% at 550.09 points.

## A-Shares

- Shanghai Composite Index: Fell by 1.25% to close at 3,765.88 points.

- Shenzhen Component Index: Fell by 2.83% to close at 12,118.70 points.

- ChiNext Index: Fell by 4.25% to close at 2,776.25 points.

## Bond Market

- U.S. 10-year benchmark Treasury yield: Fell by 5.60 basis points to 4.1607%.

- U.S. 2-year Treasury yield: Fell by 2.88 basis points to 3.5878%.

## Commodities

- WTI Crude Oil Futures (October contract): Closed down by 0.76% at $63.48 per barrel.

- Brent Crude Oil Futures (November contract): Closed down by 0.90% at $66.99 per barrel.

- COMEX Gold Futures: Fell by 0.95% to close at $3,601.00 per ounce.

# Details of Key News

## Global Highlights

### U.S. ISM Services PMI Expands at Fastest Pace in Six Months, with Weak Employment and Persistently High Prices

The U.S. ISM Services PMI stood at 52 in August, compared with an expected 51 and a previous reading of 50.1. In August, the U.S. services sector was mainly driven by the strongest growth in new orders in nearly a year. The employment index remained almost unchanged at 46.5, contracting for the third consecutive month and marking one of the weakest readings since the pandemic. Although the price index declined slightly, it still ranked as the second-highest since the end of 2022, reflecting the impact of tariffs.

### U.S. ADP Employment Growth Slows Sharply to 54,000 in August, Strengthening Expectations of Fed Rate Cuts

U.S. ADP employment increased by 54,000 in August, significantly lower than the market expectation of 68,000 and a notable slowdown from the revised 104,000 gain in July. This report aligns with other recent indicators showing a gradual cooling of the labor market, including a decrease in job openings and a slowdown in wage growth. Following the release of the data, market pricing indicated that the probability of a Fed rate cut had risen to as high as 97%.

### U.S. Initial Jobless Claims Reach 237,000 Last Week, Highest Since June

The number of initial U.S. jobless claims last week was 237,000, rising to the highest level since June and exceeding the expected 230,000. The four-week moving average of initial jobless claims also climbed to 231,000, the highest since July.

### U.S. Challenger Report for August: Corporate Hiring Intentions Drop to Lowest August Level Since 2009, Layoffs Surge

U.S. companies announced only 1,494 new job openings in August. The number of layoff announcements in August increased significantly, with nearly 85,980 layoffs—this figure not only rose sharply from the same period last year but also hit the highest level for an August since 2020.

### Surge in Imports Widens U.S. Trade Deficit to Four-Month High

The U.S. trade deficit in goods and services widened by nearly 33% from the previous month to $78.3 billion in July, reaching a four-month high. Import values in July rose by 5.9%, the largest increase since the start of this year, while exports edged up slightly. A "stockpiling spree" by enterprises ahead of the implementation of tariffs was the core driver behind this import surge.

### Trump Advisor Temporarily Serving as Fed Governor Grilled; Nominee Miran: No One Asked Me to Commit to Supporting Rate Cuts

Miran stated that the Fed's independence is "vital" to the economy, and Trump has the right to express views on interest rates. He acknowledged that he was nominated by Trump due to his policy views but emphasized that he would act independently if confirmed. Miran said he would take an unpaid leave from the White House during his tenure as a Fed Governor, as the nomination term ends in January next year—some lawmakers criticized this arrangement as "absurd." He added that if he were to serve as a Governor for a long term, he would resign from his position as an economic advisor to the White House. Miran argued that the Bureau of Labor Statistics (BLS) has become "complacent" and failed to prevent the gradual "deterioration" in the quality of released employment data. He noted that tariffs have not led to a significant overall price increase, though prices may fluctuate in the short term due to them. Miran refused to answer whether the President should dismiss Fed Governors over policy differences, clearly stating that the Fed needs to operate independently of politics. He predicted that the bond market would not resist interest rate cuts.

### Trump Administration Steps Up Pressure; Report: U.S. DOJ Launches Criminal Investigation into Fed Governor Cook

Citing informed U.S. officials, media reports stated that the U.S. Department of Justice (DOJ) has launched a criminal investigation into Federal Reserve Governor Lisa Cook and issued a subpoena as part of an inquiry into whether she submitted false information in a mortgage application. The DOJ's investigation is coordinated by Ed Martin, a senior DOJ official and a staunch supporter of Trump.

### Fed's Third-Ranking Official Says Gradual Rate Cuts Appropriate; Next Year's Voter Reaffirms Opposition to September Rate Cut

John Williams, the "third-in-command" at the Fed, said that if the economy evolves as expected, it would be "appropriate" to lower interest rates over time. Hammack, a voting member for 2026, reaffirmed opposition to a September rate cut, arguing that inflation remains too high and is trending in the wrong direction. Additionally, she warned that threatening the Fed's independence is equivalent to threatening a low-inflation environment.

### Trump Signs U.S.-Japan Trade Executive Order, Imposing Up to 15% Tariff on Most Japanese Products, Including Automobiles and Auto Parts

The White House issued a statement saying that the U.S. will impose a 15% baseline tariff on almost all Japanese imports entering the U.S. As part of its commitments under the agreement, Japan has agreed to establish a $550 billion investment fund. Japan will purchase U.S.-made commercial aircraft and U.S. defense equipment, increase its procurement of U.S. rice by 75%, and buy U.S. agricultural products including corn, with a total annual value of $8 billion.

### Trump Hosts Dinner for U.S. Tech Giants; Cook, Zuckerberg, Altman in Attendance, Only Musk Absent

This event was not only the first appearance of the Rose Garden after its renovation but also a key signal of the Trump administration's attempt to reshape its relationship with the tech industry. The dinner guests included core figures in the U.S. tech and artificial intelligence (AI) sectors such as Tim Cook, Mark Zuckerberg, Bill Gates, Sam Altman, and Sundar Pichai. Musk's absence attracted particular attention.

### Nasdaq Takes Action to Tighten Regulation on Crypto-Related Stocks; Shareholder Approval Required for New Stock Issuance to Buy Cryptocurrencies

Most crypto-related concept stocks are traded on Nasdaq. The exchange wants companies to slow down before transforming into crypto-focused stocks to ensure investors fully understand the associated risks. If companies fail to comply with relevant regulations, Nasdaq has the right to delist them or suspend their trading.

### Nasdaq Tightens Small-Cap Stock Rules to Prevent "Pump-and-Dump" Scams

According to the latest proposal, under Nasdaq's net income standards, newly listed companies must have a public float of at least $15 million. For companies with listing deficiencies and a market capitalization of listed securities below $5 million, the process of suspension and delisting will be accelerated. Companies from "restricted markets" must raise at least $25 million in their initial public offerings (IPOs).

### Goldman Sachs Warns: Gold Could Surge to Nearly $5,000 If Fed's Credibility Is Damaged

Goldman Sachs issued a new warning, stating that if the Fed's credibility is undermined, even a small shift of investors' U.S. Treasury holdings to gold could push gold prices to a staggering nearly $5,000 per ounce. Goldman's baseline forecast is that gold prices will rise to $4,000 by mid-2026, reaching $4,500 in a tail-risk scenario and approaching the $5,000 mark in an extreme case.

### Driver Behind Gold's "New Highs": Trump Wants to "Make the Fed and the Dollar Obey"

As Trump attempts to make the Fed and even the U.S. dollar serve his will, market expectations that gold's relative attractiveness will continue to grow are rising. Investors are viewing Trump's intervention in the Fed as the core logic behind gold's rise. Analysts point out that gold has become a "tool to guard against currency weakening or policies specifically designed to undermine the dollar."

### Goldman Sachs: The World Is Entering a "Commodity Control Cycle"

Goldman Sachs believes that against the current backdrop of stagnant globalization and heightened geopolitical tensions, traditional stock-bond portfolios are particularly vulnerable to two stagflation risks: erosion of institutional credibility and supply shocks. A four-stage "commodity control cycle" consisting of "insulation-expansion-concentration-leverage" is taking shape. Therefore, commodities are becoming an indispensable core asset for hedging future risks.

### "Unbreakable" "Debt Addiction"

Overseas long-term bond yields have repeatedly hit new highs, driven by both cyclical factors and profound structural reasons. From a cyclical perspective, inflation is the key determinant of short-term interest rate trends. Currently, two structural factors make it extremely difficult to cut fiscal spending: first, social welfare expenditures driven by population aging tend to rise easily but are hard to reduce; second, high debt itself brings heavy interest payment costs.

### Japan's 30-Year Government Bond Auction Performs Moderately; When Will the Global Long-Term Bond Sell-Off End?

The bid-to-cover ratio for Japan's 30-year government bond auction was 3.31, slightly lower than the 12-month average of 3.38 but basically in line with the 12-month average. This provided a temporary respite for the global bond market, which has recently been hit by the impact of increased government spending. However, analysts warned that this is only a tactical relief rather than a trend reversal.

### High Debt Meets High Inflation: UK in Trouble

Nomura Securities believes that the UK's inflation rate reached 3.8% in July, exceeding expectations for four consecutive months, and service sector inflation hit 5.0%—both figures rank first among developed economies. Stubborn inflation may force the Bank of England to pause its rate-cutting cycle. Since the 2007 financial crisis, the UK government's debt-to-GDP ratio has increased more than that of all other major developed economies. Under the dual blow of high inflation and a sharp rise in government bond yields, debt interest payments have surged, which will force the Chancellor of the Exchequer to raise taxes in the autumn budget.

### Broadcom's Q3 AI Chip Revenue Surpasses Expectations with 63% Growth; Mysterious New Customer Places $1 Billion Order; AI Prospects Expected to "Significantly" Improve Next Fiscal Year

Broadcom's Q3 revenue hit a new high for the same period, increasing by 22% year-on-year. The revenue guidance for Q4 is a year-on-year increase of nearly 24%, stronger than expected. AI chip revenue is expected to accelerate by 19% month-on-month to $6.2 billion, which is more than 6% higher than analysts' expectations. The CEO said that in the last quarter, a potential customer of AI accelerators placed a production order worth $1 billion with Broadcom. The company now expects that the AI revenue outlook for fiscal 2026 will be significantly improved compared with the forecast made last quarter, and shipments will be strong starting from 2026. Broadcom's stock price rose by more than 4% in after-hours trading at one point.

### Kirin Chip Returns After Four Years! Huawei Launches New Triple-Fold Mate XTs: PC Apps on Mobile Phones, Starting Price at 17,999 Yuan

Huawei Mate XTs Ultimate Master Edition has a starting price of 17,999 yuan, a decrease of 2,000 yuan compared with the previous generation product. Notably, the Kirin 9020 chip reappeared at Huawei's press conference after four years, improving the overall device performance by 36% while reducing power consumption by 20%. At the same time, PC-level applications were installed on mobile phones for the first time. Yu Chengdong specifically mentioned that this phone is the first to install PC-version financial software on a mobile phone, stating that "the triple-fold screen is a perfect tool for stock trading" and wishing everyone to make big profits from stock trading.

### Huawei's New Generation Triple-Fold Phone Prices Drop to 17,999 Yuan; Samsung "Can't Sit Still"

The new generation Mate XTs continues the "Z"-shaped triple-fold design, pre-installs the latest HarmonyOS 5.1 system, supports three-split-screen multi-tasking, and enables real-time file transfer with Huawei tablets, laptops, and other devices. According to sources, Samsung may launch its first triple-fold phone in the second half of this year, becoming the second manufacturer in the world after Huawei to mass-produce triple-fold phones.

### Is Optimus 3 Coming? Information About Tesla's New "Golden Optimus Prime" Leaked; Human-Like Hands Become the Focus

Tesla's new "Golden Optimus Prime" made a stunning appearance, with its human-like hand design—comparable in sophistication to that of humans—becoming the biggest highlight. It is widely speculated to be the prototype of Optimus 3. The founder of Salesforce praised it as "the beginning of the physical intelligence revolution," which is expected to replace jobs with annual salaries ranging from $200,000 to $500,000. Musk further stated that 80% of Tesla's future value will come from Optimus, marking the company's comprehensive transformation into an AI and robotics giant.

## Domestic Macroeconomics

### State Council: Encourages Qualified Regions to Issue Digital RMB Sports Consumption Red Packets; Supports Eligible Sports Enterprises in Going Public

The "Opinions" propose that local governments can introduce preferential measures such as sports consumption vouchers, spending rebates, and point redemption rewards based on local conditions. Qualified regions are encouraged to issue digital RMB sports consumption red packets. Eligible sports enterprises will be supported in going public, refinancing, issuing bonds, and conducting asset securitization. The full use of re-lending and rediscount policies will be encouraged to steadily reduce comprehensive financing costs and ensure that business entities related to the sports industry can timely enjoy policy preferential treatment.

### Two Ministries: Launch Adaptability Testing for AI Chips and Large Models; Firmly Promote "Domestic Products for Domestic Use"

The plan proposes to firmly promote the "domestic products for domestic use" initiative and increase policy support for key enterprises in the industrial chain. It encourages the launch of adaptability testing for AI chips and large models, and encourages local governments to promote innovative applications of AI terminals and advance technological research on key components, chips, and modules for 5G/6G.

### 6 Bull Markets, 99 Tests: How Did A-Shares Perform After Corrections?

GF Strategy stated that in the past 6 bull markets, periodic breaks below the 20-day moving average were not uncommon, occurring a total of 99 times. After breaking below the 20-day moving average, the market's winning rates at T+5, T+20, T+60, and T+180 were 60%, 67%, 79%, and 92% respectively. That is, after short-term digestion, the market mostly returned to an upward trend. The average correction period was 6.4 days, with an average adjustment range of 2.9%, and the probability of facing a relatively large correction (over 8%) was not high.

## Domestic Companies

### New "Cosmic Bank" Emerges: Agricultural Bank of China's Stock Price Hits New High, Total Market Value Exceeds ICBC for the First Time

Based on the combined A-share and H-share market value, the total market value of Agricultural Bank of China (ABC) reached 2.55 trillion yuan, surpassing that of Industrial and Commercial Bank of China (ICBC)—which currently has a market value of 2.49 trillion yuan—for the first time. ABC's stock price increase this year is significantly higher than that of ICBC. Coupled with its steady performance growth and improved asset quality, it has attracted a large amount of stable capital allocation.

### Zijin Gold International Plans to List in Hong Kong to Raise Over $3 Billion, Potentially Becoming the World's Largest Listing This Year After CATL

Zijin Mining, China's largest gold miner, has reportedly been splitting off its overseas gold business—Zijin Gold International—to seek an IPO in Hong Kong and raise more than $3 billion. This is expected to become the world's largest listing project this year after Contemporary Amperex Technology Co., Limited (CATL). Investors have shown unusually strong interest in this IPO, highlighting the great appeal of high-quality gold assets against the backdrop of gold prices repeatedly hitting new highs.

## Overseas Macroeconomics

### When the Market Realizes Trump Wants to Control the Fed: Nomura Says U.S. Will Face "Triple Kill" of Stocks, Bonds, and Exchange Rate

Currently, the financial market seems to believe that political intervention will not have a significant impact on Fed policies. However, Trump's intention to control the Fed is obvious. Nomura stated that if the financial market begins to recognize this, capital outflows may occur, pushing stocks, bonds, and the U.S. dollar to weaken across the board—this will deal a major blow to the stability of the global financial market.

### Another President of a Well-Known U.S. University Resigns: Northwestern University's Schill Steps Down Under Trump's Pressure

Northwestern University President Schill announced his resignation on Thursday, ending his three-year term. Prior to this, the university was under strong pressure from the Trump administration over its handling of anti-Semitic controversies and had $790 million in federal research funds frozen, affecting hundreds of research projects. Following the successive departures of the presidents of Harvard University and Columbia University, Schill's resignation is seen as the latest sign that universities are under continued pressure amid political intervention and campus unrest.

## Overseas Companies

### Key Points of Hot Chips 2025 Conference: Google TPU Performance Surges, Meta's Computing Power Investment, Optical Modules, and Ethernet Drives Scale-Up

JPMorgan stated that the Hot Chips 2025 Conference indicated strong growth in demand for AI infrastructure. Google's TPU performance has increased by 10 times compared with the previous generation, rapidly narrowing the gap with NVIDIA's GPUs. Meta is expanding its GPU cluster to over 100,000 units, with an expected 10-fold growth in the next decade. Ethernet technology is expanding into the Scale-Up field, becoming a key growth driver for networks. Optical integration technology is developing rapidly to address power consumption constraints.

# The Rise of Google AI: A Comeback Journey from Nano Banana, Genie 3, Veo 3 to Gemini 2.5

Once seen as a follower in the AI field, Google has now achieved a stunning turnaround with blockbuster products. Gemini 2.5 Pro dominates the rankings, Nano Banana revolutionizes image generation, Veo 3 understands the physical world, and Genie 3 builds virtual spaces. This breakthrough stems from the efficient transformation of its profound technological accumulation — the former AI giant has strongly returned to the center of the game. The "AI Google Era" has begun.

# After Losing the Lawsuit, U.S. DOJ Vows to Continue Pushing for Google's Breakup: "We're Not Done Yet!"

The head of the DOJ's Antitrust Division emphasized that the case is of historic significance and will continue to advance antitrust lawsuits against Google and other tech giants. Although Google temporarily avoided the harshest breakup measures in the latest ruling, the tough stance of the DOJ and relevant officials has shattered external expectations that the government might ease regulation.

# AI Server Business Booms, but All Profits Go to NVIDIA

Despite considerable revenue, the profit margin of HPE's server division dropped from 10.8% in the same period last year to 6.4%. This trend of "rising revenue without increasing profits" is spreading across the industry. The fundamental reason behind this is that the core of AI servers — high-performance GPU chips — is almost monopolized by NVIDIA. These expensive chips account for most of the server costs, squeezing profit margins.

# NVIDIA GPUs Capture 94% Market Share

According to the latest report, the GPU market performed strongly in the second quarter of 2025. Global PC graphics AIB (Add-in Board) shipments reached 11.6 million units, a month-on-month increase of 30%. NVIDIA's market share further expanded to 94%, while AMD's share dropped to 6%, and Intel remained at 0%. The AIB allocation rate for desktop computers rose to 154%, indicating strong user demand for upgrades.

# "Trump Family Core Token" Plummets After Listing as Circulating Tokens Far Exceed Original Plan

It is reported that the Trump family's core token "WLFI Token" announced at the last minute before its launch that 25 billion tokens would enter circulation — approximately five times the 5 billion tokens expected by investors earlier. This triggered a shake in market confidence, and the token price has now dropped by about 25% from its issuance price. To stabilize the market, the project team has destroyed 47 million tokens and proposed a continuous destruction mechanism. Analysts believe that the long-term value of the project depends on the actual application of its ecosystem rather than speculative trading.

# Industries/Concepts

## 1. Foldable Screens

According to Tencent Technology, on September 4, Huawei's press conference for the Mate XTs Ultimate Master and full-scenario new products was held in Shenzhen. At the conference, Yu Chengdong, Huawei's Executive Director and Chairman of the Consumer BG, officially launched Huawei's new triple-fold smartphone — the Huawei Mate XTs Ultimate Master. Yu Chengdong stated that this phone is equipped with the Kirin 9020 chip and HarmonyOS, achieving synergy between hardware, software, chips, and cloud services, with an overall performance improvement of 36%. Notably, after a four-year absence, the Kirin chip reappeared at Huawei's press conference, triggering cheers from the audience. Yu Chengdong revealed that the number of terminal devices equipped with HarmonyOS 5 has exceeded 14 million.

**Commentary**: A report released by IDC shows that in the first half of 2025, China's foldable smartphone shipments reached 4.98 million units, a year-on-year increase of 12.6%. During this period, Huawei accounted for 75% of the market share with 3.74 million units shipped, setting a historic high. Since launching its first foldable smartphone in 2019, Huawei has become the first Chinese brand to achieve a cumulative shipment volume of over 10 million foldable phones.

## 2. Sports Industry

According to the Securities Times, recently, the General Office of the State Council issued the *Opinions on Unleashing the Potential of Sports Consumption to Further Promote the High-Quality Development of the Sports Industry*. The *Opinions* propose that by 2030, a number of sports enterprises and sports events with global influence will be cultivated, the development level of the sports industry will be significantly improved, with a total scale exceeding 7 trillion yuan, playing an important role in building a new development pattern. Special policies for the development of the event economy will be introduced; a multi-event and multi-level event system will be built, and event rating will be carried out relying on institutions such as sports associations to guide the standardized development of events. The development level of professional events will be enhanced, and a number of brand events with independent intellectual property rights and international influence will be nurtured.

**Commentary**: Research institutions believe that driven by the strategy of building a leading sports nation, China's sports event industry has transcended the traditional scope of competitive sports and evolved into a multi-dimensional economic ecosystem integrating culture, tourism, and technology. From policy-driven to market-initiated, and from professional leagues to community events, sports events, with their unique industrial cohesion, have become an important engine for activating consumption potential, shaping urban brands, and promoting technological innovation. Driven by both top-level policy guidance and the release of industrial momentum, the sports industry is gradually becoming a key force for economic development, with broad growth prospects in the future.

## 3. Robotics

According to the announcement on the China Tendering and Bidding Public Service Platform, the bid evaluation results of the robot procurement and installation project of the Hubei Humanoid Robot Innovation Center show that DeepRobotics has become the first successful bid candidate, with a bid price of 31.0161 million yuan. In July this year, DeepRobotics successfully won the bid for the humanoid biped robot OEM service procurement project of China Mobile (Hangzhou) Information Technology Co., Ltd. Since the beginning of this year, companies such as DeepRobotics, Unitree Robotics, UBtech, and Tiantai Robotics have successively won bids for humanoid robot procurement projects, marking that China's humanoid robot industry has entered a new stage of large-scale mass production.

**Commentary**: Jensen Huang, CEO of NVIDIA, once stated publicly that the era of robotics has arrived, embodied intelligence is the next wave of artificial intelligence, and humanoid robots will become as popular as cars in the future. GGII predicts that the market size of China's humanoid robot industry will reach nearly 38 billion yuan by 2030, with a compound annual growth rate of over 61% from 2024 to 2030, and the sales volume of humanoid robots in China will increase from approximately 4,000 units to 271,200 units.

## 4. Beidou Navigation System

According to China News Service, on September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly released the *Action Plan for Stabilizing Growth of the Electronic Information Manufacturing Industry (2025-2026)*. The *Plan* clearly proposes to build a precise spatiotemporal information service system based on Beidou, promote the in-depth integration of Beidou with fields such as artificial intelligence, intelligent connected vehicles, and low-altitude economy, and empower the digital transformation of thousands of industries. It will expand large-scale application scenarios, focusing on industries, cultural tourism, education, health, and smart cities. Beidou solutions will be promoted in fields including intelligent transportation, unmanned agricultural machinery, low-altitude monitoring, and emergency rescue. The integration and innovation of Beidou technology will be advanced, supporting the combination of Beidou with 5G, AI, and IoT technologies to develop integrated applications such as high-precision positioning and short-message communication.

**Commentary**: China Securities Journal pointed out that as China's independently controllable spatiotemporal information infrastructure, the Beidou industry shows three major development trends in its market prospects: scale, intelligence, and globalization. Data shows that the total output value of the Beidou industry is expected to reach 500-600 billion yuan in 2025, an increase of nearly 50% compared with 2020, with an average annual compound growth rate of over 10%. The industry scale is expected to exceed 1.5 trillion yuan by 2030, among which emerging fields such as high-precision positioning services, low-altitude economy, and metaverse will become core growth drivers. The Beidou industry is in a critical period of deepening large-scale applications and enhancing global competitiveness. Benefiting from policy dividends, independent and controllable technology, expanded application scenarios, and deepened international cooperation, it will continue to achieve breakthroughs in fields such as mass consumption, low-altitude economy, and smart cities in the future, becoming a core support for the digital economy and industrial upgrading.

# Preview of Today's Key News

- U.S. Nonfarm Payrolls for August

- Eurozone Q2 GDP

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