Morning News

**Source**: Wall Street CN 

# Market Overview

On Friday, the dismal U.S. nonfarm payrolls data triggered recession concerns and heightened expectations of interest rate cuts. Investors bet that the Federal Reserve would cut interest rates three times within the year, and the probability of a 50-basis-point rate cut in September also increased.

The three major U.S. stock indexes opened higher in early trading and hit new all-time highs. However, worries that the Federal Reserve's actions might lag behind the curve led the risk of an economic recession to outweigh the positive impact of interest rate cut expectations. As a result, U.S. stocks opened high but moved lower, with the Nasdaq once falling more than 1.5% from its daily high.

AMD plummeted 6.58%, and NVIDIA dropped 2.7% to its lowest level in nearly two months. Broadcom soared by more than 9%, while Lululemon plummeted 18%. Robinhood was finally included in the S&P 500, and its stock rose nearly 8% in after-hours trading on Friday.

Driven by interest rate cut expectations and safe-haven demand, U.S. Treasury yields fell across the board. The 10-year Treasury yield dropped by more than 8 basis points, and the 2-year Treasury yield fell to its lowest level since 2022.

The U.S. Dollar Index once fell more than 0.9% compared with Thursday's New York closing. Cryptocurrencies rose sharply and then pulled back; Ethereum once dropped 5.2% from its daily high.

Gold rose 1.16%, hitting a new record high of $3,600 during the session. U.S. oil fell 2% to a three-month low.

During the Asian trading session on Monday, Brent crude oil futures rose 0.8% to above $66 per barrel.

# Top News

- China's foreign exchange reserves in July increased by 0.91% month-on-month, and the central bank has increased its gold holdings for the 10th consecutive month.

- Yi Huiman is under investigation! He is suspected of serious violations of disciplines and laws and once led the China Securities Regulatory Commission for more than five years.

- Major news from Shenzhen's property market: Purchase restrictions have been lifted in multiple districts including Luohu; non-Shenzhen registered residents can buy two houses. The scope of restricted purchase areas has been significantly expanded, and the scope of people subject to purchase restrictions has been historically relaxed.

- The U.S. added 22,000 nonfarm jobs in August, far below expectations, and the unemployment rate hit 4.3%, a new high in nearly four years. U.S. Treasury Secretary Janet Yellen stated that the 2024 nonfarm payrolls data may be revised downward by 800,000. The "New Fed Wire" (a term referring to a journalist who is closely followed for insights on the Federal Reserve) said: The nonfarm report has almost confirmed a rate cut in September, but the debate over subsequent rate cuts will be more complicated.

- Yellen "urged" the Federal Reserve: It should be "people-oriented", and quantitative easing (QE) should only be used in emergency situations. She also mentioned the need for appropriate long-term interest rates for the first time by name. Bank of America's Hartnett said: We are returning to the "Nixon era"; go long on gold, digital currencies, and U.S. Treasuries, and short the U.S. dollar!

- Trump adjusted the global tariff policy, with key commodities such as gold, tungsten, and uranium being exempted.

- Trump threatened to launch a Section 301 investigation against the European Union (EU), following the EU's fine on Google.

- Details of the U.S.-Japan tariff agreement were disclosed: Japan will invest $550 billion, and Trump decided that the U.S. will get "90% of the long-term profits".

- On the eve of a crucial vote, Japanese Prime Minister Shigeru Ishiba decided to resign.

- OpenAI's multi-billion-dollar bet: Its cash burn is expected to surge to $115 billion in the next four years, and its revenue is targeted to reach $200 billion by 2030.

- OPEC+ "agreed in principle" to increase production in October.

# Market Closing Quotes

## European and U.S. Stock Markets

- S&P 500: Fell 0.32% to close at 6,481.50 points, with a cumulative weekly increase of 0.33%.

- Dow Jones Industrial Average: Fell 0.48% to close at 45,400.86 points, with a cumulative weekly decline of 0.32%.

- Nasdaq Composite Index: Fell 0.03% to close at 21,700.388 points, with a cumulative weekly increase of 1.14%.

- European STOXX 600 Index: Closed down 0.16% at 549.21 points, with a cumulative weekly decline of 0.17%.

## A-Shares (Chinese Mainland Stock Market)

- Shanghai Composite Index: Closed at 3,812.51 points, up 1.24%.

- Shenzhen Component Index: Closed at 12,590.56 points, up 3.89%.

- ChiNext Index: Closed at 2,958.18 points, up 6.55%.

## Bond Market

- U.S. 10-year benchmark Treasury yield: Fell 8.65 basis points to 4.0742%, with a cumulative weekly decline of 15.42 basis points.

- U.S. 2-year Treasury yield: Fell 7.86 basis points to 3.5092%, with a cumulative weekly decline of 10.75 basis points.

## Commodities

- COMEX Gold Futures: Rose 0.96% to close at $3,641.40 per ounce, with a cumulative weekly increase of 3.58%.

- WTI October Crude Oil Futures: Closed down 2.53% at $61.87 per barrel, with a cumulative weekly decline of 3.34%.

- Brent November Crude Oil Futures: Closed down 2.22% at $65.50 per barrel, with a cumulative weekly decline of 2.93%.

# Details of Top News

## Global Highlights

- China's foreign exchange reserves in July increased by 0.91% month-on-month, and the central bank has increased its gold holdings for the 10th consecutive month. The State Administration of Foreign Exchange stated that in August, affected by factors such as the monetary policy expectations of major economies and macroeconomic data, the U.S. Dollar Index declined, and the prices of global financial assets generally rose. Driven by the combined effects of factors such as exchange rate conversion and changes in asset prices, the scale of foreign exchange reserves increased in the month. Since November last year, China has purchased a total of 1.22 million ounces of gold (approximately 38 tons).

- Yi Huiman is under investigation! Suspected of serious violations of disciplines and laws, he once led the China Securities Regulatory Commission (CSRC) for more than five years. Yi Huiman, Deputy Director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) (14th National Committee), is suspected of serious violations of disciplines and laws and is currently under disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

- What changes have been made to Shenzhen's new property market policies?

 - The scope of purchase-restricted areas has been significantly expanded, with the restricted areas further narrowed down to three locations: Futian, Nanshan, and Xin'an Sub-district of Bao'an.

 - The scope of people subject to purchase restrictions has been historically relaxed. Registered residents of Shenzhen and non-registered residents with 1 year of social security can "buy freely" in non-restricted areas, and the policy of a maximum of 2 housing units per household has officially withdrawn from the stage of history.

 - Most importantly, the age restriction on single individuals has been relaxed. As long as they are adults, they can be treated in accordance with family conditions - they can buy as many as they want in non-restricted areas and a maximum of 2 units in restricted areas.

- Major property market news: Purchase restrictions lifted in multiple districts including Luohu in Shenzhen; non-registered residents can buy 2 houses. Starting from Saturday, eligible registered resident families in Shenzhen can purchase commercial housing without restrictions on the number of units in six districts including Luohu; non-registered resident families can purchase 2 housing units in these districts. Adult single individuals are subject to the housing purchase policy as resident families. The pricing of mortgage interest rates no longer distinguishes between first and second homes.

- U.S. Treasury Secretary Janet Yellen: 2024 nonfarm payroll data may be revised downward by 800,000. When talking about the nonfarm data, Yellen said that economic policies should not be changed based on a single figure. The employment data shows that Trump is correct in criticizing the Federal Reserve for acting slowly.

- The U.S. added 22,000 nonfarm jobs in August, far below expectations, and the unemployment rate hit 4.3%, a new high in nearly four years. The employment data for June was revised downward to negative growth, marking the first monthly decline in employment since 2020. Interest rate swaps show that traders expect the probability of the Federal Reserve cutting interest rates by 25 basis points at its September meeting to reach 96%, and also expect the Federal Reserve to possibly cut interest rates by 50 basis points this month. "The New Fed Wire" (a term referring to a journalist who is closely followed for insights on the Federal Reserve): The nonfarm report has almost confirmed a rate cut in September, but the debate over subsequent rate cuts will be more complicated.

- Yellen "urges" the Federal Reserve: It should be "people-oriented", QE only for emergencies, and mentions "appropriate long-term interest rates" for the first time. In a signed article, Yellen stated that the Federal Reserve's independence stems from public trust, and the central bank must re-commit to maintaining the confidence of the American people. Notably, Yellen for the first time listed "appropriate long-term interest rates" alongside maximum employment and stable prices as the three statutory responsibilities that the Federal Reserve must focus on to rebuild its credibility. In addition, Yellen clearly pointed out that the use of unconventional policies such as QE must be limited to "genuine emergencies" and carried out in coordination with other departments of the federal government.

- Yellen calls for "appropriate long-term interest rates"; Bank of America's Hartnett: Return to the "Nixon era", go long on gold, digital currencies, U.S. Treasuries, and short the U.S. dollar! As U.S. Treasury Secretary Yellen made a rare public call for interest rate control, top Wall Street strategist Hartnett believes that history is repeating itself, and the current market environment is very similar to the "Nixon era". He predicts that in response to debt pressure, strong interventions similar to Yield Curve Control (YCC) are coming, which will completely change the asset landscape, create opportunities for gold, digital currencies, and bonds, while suppressing the U.S. dollar.

- Trump adjusts global tariff policy; key commodities such as gold, tungsten, and uranium are exempted. Gold and a series of minerals used in high-tech and key industries have been exempted from tariffs, including key materials such as graphite and tungsten, which are widely used in aerospace, consumer electronics, medical equipment, and other technology fields. Uranium has also been included in the exemption list.

- Trump's tariff war goes to the U.S. Supreme Court; what will happen next? What are the key timelines? A U.S. appeals court ruled that most of Trump's global tariffs are illegal, but suspended the ruling until October 14. The White House has appealed to the Supreme Court, and the outcome of the case depends on whether the Supreme Court intervenes. If it takes no action, the relevant tariffs will automatically expire on October 14. However, even if there are legal obstacles, the Trump administration may still use other legal tools such as Section 232 of the Trade Expansion Act to maintain tariff pressure on strategic industries such as steel and semiconductors.

- Trump threatens to launch a Section 301 investigation against the EU, following the EU's fine on Google. The EU imposed a fine of nearly $3.5 billion on Google, stating that Google abused its dominant market position by giving its own advertising trading platform a competitive advantage over rivals. Trump immediately posted on social media: "If this happens, I will be forced to launch the Section 301 procedure to abolish these unfair fines imposed on tax-paying U.S. companies."

- Details of the U.S.-Japan tariff agreement disclosed: Japan to invest $550 billion; Trump decides the investment direction, "90% of long-term profits" to the U.S. Analysis points out that Japan has promised $550 billion in strategic investments in the U.S., but the decision-making power is almost entirely controlled by the U.S. - Trump has the "final decision-making power" on projects, and if Japan refuses to contribute, it will face U.S. tariff retaliation. The profit distribution mechanism is even more unequal: profits will be split equally until Japan recovers its principal, after which 90% of the ultra-long-term profits will go to the U.S. and 10% to Japan. The investments will focus on key areas such as semiconductors, energy, AI, and quantum computing.

- On the eve of a crucial vote, Japanese Prime Minister Shigeru Ishiba decides to resign. At a press conference, Ishiba stated that he has completed his phased tasks, and given that the U.S.-Japan trade agreement has been reached, now is the right time to resign, and he does not cling to his position. Analysis suggests that Ishiba's decision to announce his resignation voluntarily before the crucial vote on September 8 is a strategic move. If he waits until the vote results show that most people demand his resignation, it will be a public trust crisis.

- How will Japan elect a new prime minister after Ishiba's resignation? The Liberal Democratic Party (LDP) first needs to elect a new party leader to replace Ishiba. However, since the LDP has lost its majority in the Diet, there are uncertainties as to whether the new party leader can automatically become the prime minister. A vote in both the House of Representatives and the House of Councillors is required, and if there is a disagreement between the two houses, the opinion of the House of Representatives shall prevail. After taking office, the new prime minister may dissolve the Diet for an early general election. The reorganization of political party alliances and government stability will directly affect Japan's economic policies and market expectations.

- Broadcom surges, NVIDIA falls; "AI chips" drive the entire U.S. stock market. According to reports, Broadcom will design and produce AI chips for OpenAI starting from 2026. Boosted by this news, its stock price soared by 9.4% on Friday. In contrast, NVIDIA came under pressure and fell by 2.70% due to market concerns about increased competition, dragging down the technology sector.

- OpenAI's $100 billion bet: Cash burn to surge to $115 billion in the next four years, with revenue targeting $200 billion by 2030. This marks the most capital-intensive bet in the history of technology.

- Silicon Valley can't hold on, and Wall Street is leveraged; the "AI arms race" begins to spread, and so do the risks! Three "financial methods" for tech giants to share risks have emerged, from Meta's joint ventures, Oracle's syndicated loans, to Google's backup guarantees. The core of these methods is to cleverly "externalize" risks and liabilities.

- OPEC+ "agrees in principle" to increase production in October. This move marks OPEC+'s complete shift to a strategy of pursuing market share rather than defending prices. Saudi Arabia is eager to regain the sales volume lost to competitors such as U.S. shale oil producers. However, for the global oil market, this move by OPEC+ weakens the long-standing safety net of idle production capacity, which could originally provide a buffer in the event of unexpected supply shocks.

## Domestic Macroeconomics

- CSRC seeks opinions: Plans to reduce the subscription fees, purchase fees, and sales service fees of public funds, and expand the direct sales channel. Under this fee reduction, the upper limit of subscription fees and purchase fees for equity funds will be reduced from 1.2% and 1.5% to 0.8% respectively; the upper limit of subscription fees and purchase fees for hybrid funds will be reduced from 1.2% and 1.5% to 0.5% respectively; the upper limit of subscription fees and purchase fees for bond funds will be reduced from 0.6% and 0.8% to 0.3% respectively.

- With the new fund fee rules in place, who will suffer the most and who will benefit the most? CITIC Securities analysis shows that the impact of this new fee reduction rule on channel revenue is more moderate than market expectations. The impacts on bank/brokerage/independent third-party channels are 21.4%, 17.6%, and 20.1% respectively, with an overall impact of approximately 20%. Based on the average data of fund sales-related fees over the past three years, the third-phase fee reform is expected to reduce overall fees by approximately 30 billion yuan, with an estimated reduction of about 34%, benefiting investors.

- Three recent characteristics of market liquidity. CITIC Securities stated that:

 - Characteristic 1: The flow of ETF funds is clearly differentiated - outflows from broad-based ETFs while inflows into industry/theme ETFs, and outflows from A-share ETFs while inflows into Hong Kong stock ETFs.

 - Characteristic 2: The market has entered the final phase of intensive subscription and redemption turnover of active public fund products since 2021.

 - Characteristic 3: The coexistence of high debt capital interest rates overseas and the central bank's passive interest rate cut pressure, and the relative attractiveness of RMB assets continues to increase.

## Domestic Companies

- Which sub-sectors have seen earnings revisions after the release of interim reports, and which have hit record highs? According to CICC's strategy research, stocks with upward earnings revisions are mainly concentrated in pharmaceuticals, TMT, medium and high-end manufacturing, as well as securities, copper, pesticides, other chemical products, and thermal power; stocks with record-high revenue/profit for the same period are concentrated in TMT, medium and high-end manufacturing, as well as chemical preparations, gold, small household cleaning appliances, and beer.

- Which industries have seen continuous improvement in orders? GF Securities stated that in the first quarter, the improvement in A-share orders was mainly driven by computers, basic chemicals, national defense and military industry, power equipment, and automobiles. Industries with high year-on-year growth in order growth in H1 2025 include: wind power (cables/wind turbines/tower piles), lithium batteries, lithium battery equipment, motorcycles, semiconductors (equipment), CXO, automation equipment, other power equipment, IT services, and computer equipment.

- How have car companies fulfilled their accounts receivable period commitments? There are still many obstacles in actual operations. According to the Securities Times, recently, reporters interviewed more than a dozen auto parts companies in Beijing, Tianjin, Jiangsu, Zhejiang, Anhui, Hubei, Guangdong and other places. Most of the interviewed companies said that although some car companies have begun to adjust the accounts receivable period, there is still no obvious change in the actual accounts receivable period for some cooperative projects. Industry experts said that car companies need to overcome multiple difficulties to fulfill their accounts receivable period commitments. To fundamentally ease the pressure on the upstream and downstream of the industrial chain and address "involutionary" competition, more transparent and detailed institutional designs are needed to form rigid constraints and urge car companies to implement their accounts receivable period commitments.

- Muxi Thread's half-year revenue exceeds that of the previous 3 years; H20 does not pose competition, and it is expected to be profitable as early as 2027. Muxi Thread expects that its overall gross profit margin will show a downward trend from 2025 to 2027, and the gross profit margin in 2027 will increase slightly compared with 2026.

- Tencent Hunyuan Translation Model tops the global trending list on HuggingFace.

- China's first open AI computing architecture released. At the 2025 World Intelligent Industry Expo, Sugon, in collaboration with more than 20 upstream and downstream enterprises in the industrial chain including AI chips, AI complete machines, and large models, jointly released China's first open AI computing architecture, launched an AI super-cluster system, opened up a number of technical capabilities, and announced the launch of the "AI Computing Open Architecture Joint Laboratory" relying on the National Advanced Computing Industry Innovation Center. According to reports, Sugon's AI super-cluster supports 96 accelerator cards per cabinet and 100-Pflop-level AI computing power, with a maximum scalable capacity of one million cards.

- CATL globally launches NP3.0 battery safety technology and Shenxing Pro battery.

- Hesai Group launches global offering; Hong Kong offering price up to HK$228 or US$29.04 per share.

- Chery Automobile Co., Ltd. passes the Hong Kong Stock Exchange listing hearing.

- Akeso: OS in the HARMONi study further improves, and the survival benefit shows a significant improvement trend compared with the previous analysis results in May.

## Overseas Macroeconomics

- Goldman Sachs market survey: Entering September, U.S. stock bulls continue to bet on AI, bears worry about growth and concentration, and everyone is bullish on gold. The survey shows that institutional investors are seriously divided on the direction of U.S. stocks. Optimists continue to bet on AI, while pessimists are worried about the risk of economic growth slowdown and market concentration. However, regardless of their stance, going long on gold has become a common choice, with bullish sentiment reaching a record high and the ratio of bullish to bearish views approaching 8:1. In addition, investors' interest in the Chinese market remains strong, with more than 60% of respondents planning to maintain or increase their positions in Chinese stocks.

- After a turbulent week, Goldman Sachs' top trader: Still bearish on the U.S. dollar, bullish on U.S. stocks and "store of value" assets. After a week of hustle and bustle and volatility, the market is left with many questions, with controversies ranging from consumption data to AI prospects. However, senior traders at Goldman Sachs still reaffirm that investors should ignore short-term fluctuations, go long on U.S. stocks and "store of value" assets such as gold, and resolutely short the U.S. dollar, which is at a key technical level. In an extreme scenario where AI capital expenditure and growth expectations slow down, U.S. stocks may face a downside risk of 15%-20%, but this scenario is considered unlikely.

- More and more clients are asking Goldman Sachs: Is the U.S. stock market "too optimistic"? What's next for the "AI trade"? Goldman Sachs believes that although the current AI-driven market has high valuations, it has not yet reached the level of an irrational bubble, and the overall tone is cautiously optimistic. However, it also warns that the market's rally is highly dependent on the capital expenditure of tech giants. Once this "infrastructure boom" slows down in the future, it will put pressure on valuations, and in extreme cases, even lead to a 15-20% correction in U.S. stocks. Whether the market can successfully transition from the infrastructure phase to the profit phase is the key to determining the future trend.

- What is the global long-term bond market worried about? Recently, the global long-term bond market has experienced violent fluctuations, with the 30-year U.S. Treasury yield once exceeding 5%. The market attributes the fluctuations to various possibilities, including U.S. tariffs, concerns about the Federal Reserve's independence, and Europe's political and pension reforms. However, none of these potential explanations can fully explain the market dynamics. Analysis suggests that although there is no single clear reason, these factors collectively point to a trend: the market's demand for long-term bonds may be weakening.

# Overseas Companies

The White House dinner set clear targets for the AI industry, focusing on three key areas over the meal: energy, computing power, and implementation. Tech companies proactively presented their investment plans: Microsoft will invest approximately $75 billion to $80 billion annually; Google will add $250 billion in investment over two years; Meta has committed $600 billion over four years; and Apple has pledged $600 billion in investments back in the United States. From the White House to Silicon Valley, and from policies to products, the core concept conveyed at this dinner is: the next phase of AI will no longer be about technical competitions or parameter comparisons, but about three practical questions: whether it is affordable, usable, and reliable.

Robinhood and AppLovin have been included in the S&P 500 Index, with the inclusion taking effect in late September. S&P Dow Jones Indices announced that starting from September 22, Robinhood, AppLovin, and Emcor will be added to the S&P 500 Benchmark Index together. After the news was announced, Robinhood's stock price surged by more than 6% in after-hours trading. The stock has risen by a cumulative 156% this year, with its market value climbing to approximately $90 billion. Meanwhile, AppLovin had a market value of about $165 billion before being included in the index, making it the largest U.S. company previously not part of the S&P 500. Its stock price also rose by more than 6% in after-hours trading.

Tesla launched its official Weibo account "TeslaAI" to showcase the appearance of its humanoid robot.

# Industries/Concepts

## 1. Artificial Intelligence (AI)

According to Xinhua News Agency, the 2025 Global Industrial Internet Conference opened in Shenyang on September 6. With the theme "Data Opens a New Chapter, Intelligent Manufacturing Creates New Drivers", the conference brought together guests from politics, business, academia, research, and enterprise sectors to discuss the innovative development of the industrial Internet. This year's conference will run until September 8. During the event, leading enterprises from both the supply and demand sides of the industrial Internet gathered at the Shenyang Industrial Museum to demonstrate the application scenarios of cutting-edge technologies and equipment such as artificial intelligence and large models in the industrial field.

**Commentary**: China United Securities believes that as one of the key elements for China's economic and social development in the next phase, artificial intelligence is expected to drive the vigorous development of more industries and bring more investment opportunities across sectors. Combining the direction of policy guidance and the logic of industrial development, China United Securities suggests focusing on key areas such as computing power infrastructure, AI applications, and end-side equipment.

## 2. In Vitro Diagnostics (IVD)

According to Jiemian News, recently, the State Administration for Market Regulation approved the establishment of the National Metrology and Testing Center for the Medical Device In Vitro Diagnostic Industry, relying on the Jilin Provincial Institute of Metrology. Centering on the localization and high-endization of in vitro diagnostic reagents and equipment, the center will focus on the research of key generic technologies in the industry. It will adopt advanced intelligent and digital technologies to carry out research on 15 innovative metrology and testing methods (such as the traceability of semi-quantitative test results of serum indexes) in the R&D, production, and application links of the industry. Additionally, it will develop special metrology and testing equipment (such as rapid temperature measurement equipment for polymerase chain reaction (PCR) analyzers) to solve a number of metrology and testing bottlenecks that restrict the safety of the key raw material supply chain in the industry.

**Commentary**: Shanghai Securities News points out that the approval for the establishment of the National Metrology and Testing Center for the Medical Device In Vitro Diagnostic Industry will promote technological innovation and upgrading of the medical device in vitro diagnostic industry, provide reliable technical support for precision medicine, and boost the high-quality development of this industry.

## 3. Consumption

According to Shanghai Securities News, China's Retail Climate Index (CRPI) hit a new high in nearly 8 months, showing a clear recovery trend. Released by the China General Chamber of Commerce on September 6, the CRPI for September stood at 50.6%, up 0.5 percentage points from the previous month. It has risen for two consecutive months, reaching a new high in nearly 8 months.

**Commentary**: Analysts believe that with the end of the summer vacation, September has ushered in the new school year nationwide, leading to increased demand for commodity consumption among students and parents. Offline commodity retail has entered a peak season, and policies for subsidies on trade-ins have been adjusted and updated in various regions, resulting in a significant improvement in various prosperity indicators of commodity-operating enterprises. Against the backdrop of moderately loose macro monetary policies, factors such as the new school year, festive events, and the launch of autumn clothing have driven a substantial increase in the average transaction value per customer for commodity-operating enterprises.

## 4. Quantum Computing

According to The Paper, against the backdrop of the accelerated development of global quantum technology, NVIDIA's venture capital arm has made its first investment in Quantinuum, a quantum computing company controlled by Honeywell International, with the investment valued at $10 billion. According to a relevant statement, NVIDIA's investment is part of Quantinuum's ongoing $600 million financing round, and existing shareholders such as JPMorgan Chase and Mitsui & Co. have also made additional investments. This financing will support Quantinuum's progress in large-scale quantum computing, including accelerating R&D to launch its next-generation quantum computing system "Helios" later this year. At the same time, this fund will also help the company take the lead in achieving universal fault-tolerant quantum computing.

**Commentary**: China Securities Journal points out that as the core driver of the next generation of information technology, quantum computing is moving from the laboratory to industrial application. Technological breakthroughs, policy support, and market demand are jointly driving the rapid development of the industry. Its application scenarios are expanding from dedicated computing to general computing, promoting in-depth transformations in fields such as finance, medicine, and energy. The quantum computing industry is in a critical transition period from "technology-driven to application-led". The period from 2025 to 2030 will be a golden window for commercial implementation, and the industry is expected to reach a market scale of 100 billion U.S. dollars. China's "14th Five-Year Plan" has listed quantum technology as a core strategy. Relying on policy support and engineering capabilities, China is expected to achieve partial breakthroughs in fields such as quantum communication and photonic quantum computing.

## 5. Pork

According to Jiemian News, the Ministry of Commerce announced the preliminary ruling on the anti-dumping investigation into imported pork and pork by-products originating from the European Union (EU). The investigating authority preliminarily determined that the imported pork and pork by-products from the EU are dumped, causing material injury to the domestic industry, and there is a causal relationship between the dumping and the material injury. In accordance with Articles 28 and 29 of the Anti-Dumping Regulations, the investigating authority decided to implement provisional anti-dumping measures in the form of cash deposits. Starting from September 10, 2025, when importing the products under investigation, importers shall provide the corresponding cash deposits to the Customs of the People's Republic of China in accordance with the cash deposit rates for each company determined in this preliminary ruling.

## 6. AI Large Models

According to Securities Times, on September 6, Alibaba officially released Qwen3-Max-Preview, a large model with one trillion parameters. Its performance has comprehensively surpassed that of previous generations and international competitors. With over one trillion parameters and support for a 262K context length, it has demonstrated extremely high accuracy in scenarios such as multi-modal analysis (e.g., chess game interpretation), code generation (e.g., front-end web page and mini-game development), and step-by-step execution of complex tasks, further driving the continuous surge in demand for computing power.

**Commentary**: Institutions believe that as the first closed-source large model with one trillion parameters to date, Qwen3-Max-Preview marks a major breakthrough in the parameter scale, performance, and commercial layout of domestic large models. It helps China's large model technology rank among the first echelon in the global large model competition pattern. Capabilities in Chinese and multilingual processing, in-depth integration of vertical industry solutions, and more cost-effective commercial paths have enhanced the global competitiveness of Chinese AI enterprises.

## 7. AI Glasses

According to revelations from industry websites, due to the continuous strong sales of smart glasses in the first half of the year, Meta has raised its overall sales forecast for smart glasses. In August, it increased orders from core suppliers such as Qualcomm by 20%. It is expected that the total procurement volume of Qualcomm AR1 chips will increase to over 12 million units this year, which is significantly higher than the market's previous estimate of Meta's sales volume of approximately 5 million units in 2025. Meta will release its first AI smart glasses equipped with a display screen, named "Celeste", in September.

**Commentary**: According to the latest financial report released by Essilor at the end of July, the sales volume of Ray-Ban Meta smart glasses has more than tripled year-on-year. If this growth trend continues, the annual shipment volume of Ray-Ban Meta smart glasses in 2025 may reach nearly 4 million to 5 million units. Meta has jointly developed smart glasses products with the well-known eyewear brand Oakley. It is highly likely that the overall sales volume of AI smart glasses launched by Meta will exceed 5 million units in 2025. If the high-speed growth continues in 2026, the annual shipment volume is expected to reach over 10 million units.

# Today's News Preview

- The 17th Session of the Standing Committee of the 14th National People's Congress will be held in Beijing from September 8 to 12.

- China's import and export data for August.

- Japan's real GDP for the second quarter.

- Deadline for the Liberal Democratic Party of Japan to submit written applications for an early election.

- The French government holds a confidence vote on the budget issue.

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