News

Morning News

Source: Wall Street CN

# Market Overview

The three major U.S. stock indexes rebounded, with the Nasdaq closing at a record high and the S&P approaching its all-time peak. Robinhood, which is set to be included in the S&P index, surged nearly 16%. Eightco announced the purchase of Worldcoin, a digital currency backed by Altman, sending its stock price soaring nearly 50-fold at one point, while Worldcoin itself jumped 45%. The China Concept Stock Index rose more than 2%, outperforming the broader market, with Baidu up over 6% and Alibaba gaining more than 4%.

Argentina's President suffered an unexpected heavy defeat in a key provincial election, leading to a triple meltdown in the country's stocks, bonds, and currency.

U.S. and European government bond prices rose for four consecutive days, with the 10-year U.S. Treasury yield hitting a new five-month low. OPEC+ decided to increase production slightly in October, reversing crude oil's three-day decline and pulling it out of a three-month trough, with intraday gains exceeding 2%. Gold continuously set new intraday all-time highs, with spot gold rising more than 1%.

During the Asian trading session, the Shanghai Composite Index fluctuated and rose 0.4%, China Unicom gained over 4%, while AI hardware stocks such as CPO plummeted again. The Hang Seng Tech Index climbed more than 1%, with Baidu surging over 9% to a new high for the year and Alibaba's Hong Kong-listed shares rising more than 4%.

# Key News

- In August, China's exports denominated in U.S. dollars increased by 4.4% year-on-year, and imports rose by 1.3% year-on-year. Exports of integrated circuits and automobiles saw significant growth; imports of bulk commodities recovered seasonally, with crude oil, iron ore, and copper imports picking up. Soybean imports hit a record high, while rare earth imports decreased in volume but increased in price, with the export value rising 51% month-on-month.

- Trump stated that he is prepared to impose the second phase of sanctions on Russia.

- The U.S. Treasury Secretary said that if the Supreme Court upholds the ruling, it will be forced to refund half of the tariffs; Besent provided "forward guidance": the U.S. economy will "accelerate significantly" in the fourth quarter, and manufacturing "cannot build factories overnight".

- The third French Prime Minister stepped down within a year. Beru failed to pass the confidence vote and submitted his resignation on Tuesday.

- Argentina's President suffered a heavy defeat in the key provincial election, triggering a triple collapse in the country's stocks, bonds, and currency. The stock index fell by more than 10%, and the Argentine peso depreciated by 7% against the U.S. dollar at one point.

- New variables have emerged in the electric vehicle supply chain. U.S. law enforcement actions have raised concerns among South Korean enterprises, and LG Energy may delay the commissioning of its battery factory.

- The iPhone 17 is about to be released, with U.S. versions manufactured in India. Five factories including Foxconn are ensuring supply, and the workers' salary is 1,250 yuan. Report: The iPhone 17's first release will not have domestic AI functions in China, and the new Air model may be absent from the Chinese market this year.

- Musk's xAI self-developed inference chip was exposed, codenamed X1, using TSMC's 3nm process and scheduled for mass production next year.

# Market Closing Quotes

- U.S. and European Stocks: The S&P 500 rose 0.21% to close at 6,495.15 points. The Dow Jones Industrial Average gained 0.25% to end at 45,514.95 points. The Nasdaq Composite Index climbed 0.45% to 21,798.699 points. Europe's STOXX 600 Index closed up 0.52% at 552.04 points.

- A-Shares: The Shanghai Composite Index increased by 0.38% to 3,826.84 points; the Shenzhen Component Index rose 0.61% to 12,666.84 points; the ChiNext Index fell 0.84% to 2,933.25 points.

- Bond Market: By the end of the bond market session, the yield on the 10-year U.S. benchmark Treasury note was approximately 4.04%, down about 3 basis points intraday; the yield on the 2-year U.S. Treasury note was around 3.49%, decreasing by about 2 basis points intraday.

- Commodities: WTI October crude oil futures closed up 0.63% at $62.26 per barrel. Brent November crude oil futures rose 0.79% to $66.02 per barrel. COMEX December gold futures closed up 0.66% at $3,677.4 per ounce.

# Details of Key News

## Global Highlights

In August, China's exports denominated in U.S. dollars increased by 4.4% year-on-year, and imports rose by 1.3% year-on-year. Exports of integrated circuits and automobiles saw significant growth; imports of bulk commodities recovered seasonally, with crude oil, iron ore, and copper imports picking up. Soybean imports hit a record high, while rare earth imports decreased in volume but increased in price, with the export value surging 51% month-on-month.

In the first eight months of this year, the cumulative growth rate of China's imports and exports accelerated by 0.6 percentage points compared with the first half of the year. Among them, both exports and imports in August achieved growth, marking three consecutive months of double growth. In the first eight months, China's exports of integrated circuits and automobiles increased by 23.3% and 11.9% respectively. Mechanical and electrical products accounted for over 60% of total exports. Imports and exports with countries along the "Belt and Road" reached 15.3 trillion yuan, up 5.4%, accounting for 51.7% of China's total import and export value.

In August, iron ore imports exceeded 105 million tons again, and soybean imports hit a new monthly record of 12.28 million tons. Imports of crude oil and copper concentrate both achieved year-on-year growth. On the export side, automobile exports soared by 25% year-on-year to 763,000 units. Rare earth exports were characterized by reduced volume but increased price, with the export value surging 51% month-on-month to 55 million U.S. dollars, reflecting China's pricing power in the rare earth industry chain.

China Galaxy Securities believes that the decline in export growth in August was affected by the high base effect on the one hand, and on the other hand, the moderate recovery of the global economic prosperity, as well as the rush for exports and entrepot trade, still supported the export growth rate. Exports to the United States continued to decline significantly, while ASEAN and the EU were the main supports. The growth rates of exports of integrated circuits and mobile phones recovered and rose. The export situation may gradually come under pressure in the follow-up.

CICC (China International Capital Corporation) believes that the main factor contributing to the expanded decline in exports to the United States in August may be the fading of the export front-loading effect. On the import side, the contribution of prices has declined marginally, and domestic demand still awaits policy support. It is expected that with the decline of the base in September, the year-on-year growth of exports may improve.

The U.S. Treasury Secretary stated that if the Supreme Court upholds the ruling, it will be forced to refund half of the tariffs. If the Supreme Court does not intervene by October 14, the relevant tariffs will automatically expire; if the Supreme Court decides to hear the case, oral arguments may be held in the fourth quarter of 2025, and a final ruling is expected to be made in the first quarter of 2026.

Trump said he is prepared to impose the second phase of sanctions on Russia. Trump did not elaborate on the specific content of the "second phase of sanctions", while Besent stated that the United States is prepared to cooperate with European partners to impose more sanctions and secondary tariffs on countries that purchase Russian oil, in an attempt to "undermine" the Russian economy.

Besent provided "forward guidance": the U.S. economy will "accelerate significantly" in the fourth quarter, and manufacturing "cannot build factories overnight". Besent questioned the reliability of employment data, saying that recent data contains noise and may face revisions. He pointed out that August is the "noisiest month" for employment data and criticized the lag of the Federal Reserve's policies. He expects that the upcoming annual revision of non-farm payrolls may reduce 800,000 jobs. Faced with the fact that the manufacturing industry has lost 42,000 jobs, Besent admitted that the recovery of the manufacturing industry will take time.

The third French Prime Minister stepped down within a year. Beru failed to pass the confidence vote and submitted his resignation on Tuesday. In the confidence vote of the French National Assembly on Monday, there were 364 opposing votes, accounting for more than 60% of the total votes, far exceeding the 280-vote threshold for dismissing the cabinet. Beru's proposed 44 billion euro austerity budget plan was opposed by cross-parties, and the result of his defeat in the confidence vote was completely within Wall Street's expectations. Media reported that after Beru's resignation, Macron tends to seek an agreement among various parties to appoint a new prime minister, rather than dissolving the parliament for re-election.

Expectations of fiscal expansion heated up. Ishiba Shigeru's resignation triggered a sharp drop in Japanese long-term government bonds, and the 30-year government bond yield soared to a record high. Ishiba Shigeru's resignation triggered market concerns about the relaxation of fiscal discipline. On Monday, the yield of 30-year Japanese government bonds jumped by 6 basis points, matching the record high set last week, and the steepening of the yield curve intensified. The market now expects the probability of the Bank of Japan raising interest rates in October to drop from more than 50% last week to 21%.

A heavy defeat in the key provincial election! On the eve of Argentina's mid-term elections next month, Milei is trapped in the controversy of "reform and corruption". Last Sunday, in the election of a key province with nearly 40% of Argentina's voters, Milei's political party only won 33.9% of the votes, far lower than the Peronist coalition's 47%. This result was quite unexpected and cast a shadow over the mid-term elections next month.

Argentina's stocks, bonds, and currency suffered a triple meltdown: On Monday, Argentina's Merval stock index closed down by more than 13%, the yield of Argentina's U.S. dollar-denominated bonds maturing in 2035 once approached 13%, and the Argentine peso depreciated by 7% against the U.S. dollar at one point.

New variables have emerged in the electric vehicle supply chain. U.S. law enforcement actions have raised concerns among South Korean enterprises, and LG Energy Solution may delay the commissioning of its battery factory. On the 4th, U.S. federal law enforcement agencies raided a joint venture battery factory of South Korea's Hyundai Motor and LG Energy Solution in Georgia, arresting hundreds of South Korean workers. In response, LG Energy Solution has initially decided to delay the commissioning of the joint venture factory from the second half of this year to the first half of next year. Hyundai Motor has banned all employees from traveling to the United States on business. This has raised concerns about the investment prospects and production efficiency of South Korean enterprises in the United States.

The U.S. raid on South Korean enterprises shocked South Korea: "Is this not a betrayal after making large-scale investments?" According to the Global Times, U.S. federal law enforcement agencies raided a joint venture battery factory of South Korea's Hyundai Motor and LG Energy Solution in Georgia, taking away 475 people, among whom more than 300 are South Korean citizens. Industry insiders said that this raid is actually putting pressure on South Korean enterprises to hire more American workers.

Citi lowered NVIDIA's target price: Broadcom's XPU poses a substantial threat to GPU. Citi analysts lowered NVIDIA's target price to $200 due to increased TPU competition, and expected that GPU sales will decrease by about $12 billion in 2026. Specifically, the XPU market will achieve a year-on-year growth of 53% in 2026, significantly exceeding the 34% year-on-year growth rate of AI GPU sales. This growth is mainly driven by the capacity ramp-up of Google, Meta, and Amazon.

The iPhone 17 is about to be released, with U.S. versions manufactured in India. Five factories including Foxconn are ensuring supply, and the workers' monthly salary is 1,250 yuan. Foreign media reported that nearly 80% of iPhones in the U.S. market are currently imported from India, with an estimated 18.6 million units in the first half of the year, accounting for a significant increase from 53% a year ago. Apple's India manufacturing project has employed about 150,000 employees, among whom the proportion of female employees is as high as 70%-80%, mainly undertaking assembly positions. The monthly salary of assembly workers is about 15,000 rupees (equivalent to 1,250 yuan), and they enjoy benefits such as free meals, transportation, and insurance.

Report: The iPhone 17's first release will not have domestic AI functions in China, and the new Air model may be absent from the Chinese market this year. According to well-known tech journalist Gurman, Apple Intelligence will not be launched until the end of this year at the earliest, meaning that this function will not be available in the first release of the iPhone 17 in the Chinese market; the new lightweight model "iPhone 17 Air" is expected to completely eliminate the physical SIM card slot and fully switch to eSIM, which will make its sales in Chinese mainland difficult, and it cannot be ruled out that it may be "restricted or delayed".

The reshuffle is accelerating, and Tesla's U.S. market share has dropped to the lowest level since 2017. Data from Cox Automotive shows that in August this year, Tesla's share of total U.S. electric vehicle sales fell to 38%. This is the first time since October 2017 that the company's market share has fallen below the 40% mark. Currently, Tesla has shifted its strategic focus to the development of robotaxis and humanoid robots.

Musk's xAI self-developed inference chip was exposed, codenamed X1, using TSMC's 3nm process and scheduled for mass production next year. Musk's xAI is developing a self-developed inference chip codenamed "X1", which is expected to adopt TSMC's 3nm process and be mass-produced in 2026. This move aims to solve xAI's "chip shortage" problem and achieve Musk's grand goal of "having 50 million H100 computing power within five years". Companies such as Google, Meta, and OpenAI are all actively deploying self-developed chips.

MIT Report 2.0? Apollo: The adoption rate of AI by large enterprises is on a downward trend. Based on a survey of 1.2 million enterprises by the U.S. Census Bureau, Apollo's chief economist found that enterprises with more than 250 employees are slowing down the application of AI. Three weeks ago, an MIT report stated that up to 95% of enterprises have gained zero return from generative AI investment.

## Domestic Macroeconomics

China's President delivered an important speech at the BRICS Leaders' Online Summit. He put forward three suggestions: First, adhere to multilateralism and safeguard international fairness and justice. Multilateralism is the aspiration of the people and the general trend of the times, and it is an important guarantee for world peace and development. Second, adhere to openness and win-win results and maintain the international economic and trade order. Economic globalization is an irreversible historical trend. Third, adhere to unity and cooperation and pool the joint efforts for common development. To forge iron, one must be strong oneself. Only by doing one's own things well can we better respond to external challenges.

## Domestic Companies

Alibaba Cloud made its first layout in embodied intelligence and led a 1 billion yuan financing round for the robot startup company Zibianliang. In addition to Alibaba Cloud and Guoke Investment, which led the investment, this round of financing also attracted the participation of Sequoia China (HSG), INCE Capital, and Lenovo Capital & Incubator Group. Existing investors Meituan and Lenovo Star also continued to follow up with investments. Since its establishment in 2023, this is the eighth round of financing completed by Zibianliang in less than two years. After this round of financing, the company's cumulative financing amount has reached approximately 2 billion yuan.

At Putin's residence, Lavrov asked "Where is Labubu?" According to media reports such as RIA Novosti and Russia Today (RT), when Russian Foreign Minister Lavrov accompanied Russian President Putin on a visit to China recently, he saw a variety of decorative items with different styles at Putin's residence and hurriedly asked "Where is Labubu?" Later, Russian Finance Minister Siluanov also gestured the shape of Labubu on the spot, causing laughter among the people present.

The chairman of the stock trading software company iFinD announced: I will moderately reduce my shareholding to "transfer opportunities for market participation"! He is expected to make a huge profit of nearly 200 million yuan through buying low and selling high. iFinD announced that its chairman Yi Zheng will reduce his holdings of the company's shares by a total of no more than 138,310 shares, aiming to transfer opportunities for market participation and release liquidity. The 68,400 shares he plans to reduce are from his previous increase in holdings, which he purchased in April 2022 at a cost of 50.099 million yuan. Since September last year, the stock price of iFinD has increased by more than 260% cumulatively. Based on this calculation, the shares he increased his holdings in have earned nearly 200 million yuan.

## Overseas Macroeconomics

Fed Survey: Consumers' inflation expectations in August were relatively stable, and confidence in successfully changing jobs dropped to a record low. The latest survey by the New York Fed shows that U.S. one-year inflation expectations in August were 3.2%, compared with the previous value of 3.1%; three-year inflation expectations remained stable at 3%; five-year inflation expectations remained stable at 2.9%. However, the survey shows that Americans' confidence in successfully changing jobs has dropped to a historical low. The proportion of people expecting the unemployment rate to rise in a year has increased to 39.1%, an increase of 1.7 percentage points from July. The survey highlights the latest signs of distress in the U.S. labor market.

Why is Wall Street quietly allocating safe-haven assets? BofA Hartnett: "Nixon Repeat" under U.S. debt pressure. BofA's Hartnett compared the current market environment to the Nixon era from 1970 to 1974, and expected that the Federal Reserve will face huge political pressure to implement loose policies to create pre-election prosperity. He suggested that investors go long on gold, bonds, and small-cap stocks to prepare for the upcoming YCC (Yield Curve Control) policy.

A heavy defeat in the key provincial election. On the eve of Argentina's mid-term elections next month, Milei is trapped in the controversy of "reform and corruption". In the election of a key province with nearly 40% of Argentina's voters, Milei's political party only won 33.9% of the votes, far lower than the Peronist coalition's 47%. This result was quite unexpected and cast a shadow over the mid-term elections next month. Analysts expect the market to respond negatively on Monday, with bonds and stocks falling and national risks rising.

Behind OPEC+'s production increase: Saudi Arabia abandons the high oil price strategy and shifts to competing for market share. Despite the weak global demand outlook and the potential risk of oversupply in the market, OPEC+ still unexpectedly decided to increase production slightly in October. This move marks a major shift in Saudi Arabia's core strategy, from prioritizing the support of high oil prices in the past to increasing revenue and regaining global market share by restoring idle production capacity.

## Overseas Companies

AI pioneer Hinton never expected that his ex-girlfriend would break up with him using ChatGPT. In an interview with British media, Hinton revealed that his ex-girlfriend used ChatGPT to "write a breakup letter" to him. Although he was not affected, it also revealed that AI has penetrated into personal life. He believes that the future relationship between humans and AI should be as close and symbiotic as that of "mother and child", which is the only hope for humans. Despite being vigilant about AI, he still uses ChatGPT daily.

Musk's space territory expands again. SpaceX bids $17 billion for EchoStar's precious spectrum resources. Musk's SpaceX agreed to acquire EchoStar's AWS-4 and H-block spectrum licenses for approximately $17 billion in cash and stock. After the news was released, EchoStar's stock price soared by 64% in pre-market trading on Monday, and has soared by nearly 200% since the beginning of the year.

# Industries/Concepts

1. Semiconductors | According to data from Qichacha (a Chinese enterprise information platform), Changcun Phase III (Wuhan) Integrated Circuit Co., Ltd. was established on September 5 with a registered capital of 20.72 billion yuan. Chen Nanxiang, Chairman of Yangtze Memory Technologies Co., Ltd. (YMTC), serves as the legal representative. In terms of shareholding, YMTC holds a 50.19% stake, while Hubei Changsheng Phase III Investment and Development Co., Ltd. holds a 49.81% stake. Established in September 2025, Hubei Changsheng Phase III Investment and Development Co., Ltd. has a registered capital of 15.12 billion yuan, with shareholders including Wuhan Optics Valley Financial Holding Group Co., Ltd., Jiangcheng Industrial Investment Fund (Wuhan) Co., Ltd., and Yangtze River Industrial Investment Group Co., Ltd.

Commentary: Research institutions believe that YMTC currently has a total production capacity of approximately 140,000 wafers per month, accounting for about 12% of the global 3D NAND market share. Based on historical environmental impact assessment data, YMTC has a planned production capacity of 300,000 wafers per month, with the project to be constructed in three phases, each with a capacity of 100,000 wafers per month. Currently, demand for memory chips is recovering, and SanDisk recently announced a price increase, providing strong motivation for YMTC to expand production. The establishment of Changcun Phase III Company is a key milestone for YMTC's Phase III capacity expansion, and the localization rate of semiconductor equipment is expected to further increase. Semiconductor equipment is the core high-tech supporting domestic computing power; driven by the implementation of domestic computing power and independent controllability, the equipment sector is expected to undergo a revaluation of its value.

2. Digital Assets | The "2025 Inclusion. Bund Summit" will open in Shanghai from September 10 to 13. With the theme of "Reshaping Innovative Growth", this year's summit will focus on areas such as AI and digital currencies.

Key forum agendas include embodied intelligence, AI + cybersecurity, Robotaxi, and Ant Group's token economy on September 11; and central bank digital currency innovation, AGI, AI open source, and AI in healthcare on September 13. Additionally, Ant Digital Technology and Ant Group Research Institute will jointly host a forum on September 11 to conduct in-depth discussions on digital assets, Web3.0, and token economy. Attendees will include the Director of the National Financial Technology Laboratory and the Chairman of Ant Group.

Commentary: Research institutions note that the RWA (Real-World Assets) registration platform has been officially launched in Hong Kong. Initiated by the Hong Kong Web3.0 Standardization Association, the platform will integrate the entire service system for the digitalization, assetization, and financialization of RWA tokenization. Through a three-in-one model of "regulatory sandbox + hybrid blockchain + international mutual recognition", it will open up a compliant channel for RWA asset circulation. Compliance is the core issue for the large-scale expansion of RWA; the launch of the compliant platform in Hong Kong is expected to accelerate asset on-chain processes and drive rapid growth in the industry scale.

3. Controlled Nuclear Fusion | On September 8, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Implementation Opinions on Promoting the High-Quality Development of 'AI +' Energy", proposing that intelligent control of controlled nuclear fusion become one of the typical application scenarios of "AI + Nuclear Power". Combined with the multi-physics field coupling characteristics of controlled nuclear fusion devices, research on intelligent control systems for controlled nuclear fusion will be carried out based on AI technology. An intelligent model for real-time prediction of plasma configuration and adaptive regulation of magnetic confinement parameters will be developed to achieve intelligent control of the steady-state operation of tokamak plasma.

Commentary: Research institutions believe that nuclear fusion is expected to become the ultimate energy source in the field of civil power generation, with growing industry momentum. Against the backdrop of relatively clear technological paths and continuous increased investment from various countries, the pace of commercialization of fusion reactors is expected to exceed market expectations. It is estimated that the global market size of nuclear fusion devices will reach 2.26 trillion yuan between 2030 and 2035. Western Securities points out that China has outstanding R&D capabilities in nuclear fusion, with a large number of research institutions covering all fields of nuclear fusion. China's nuclear fusion experimental devices are expected to maintain technological leadership through the coordinated development of the three major devices: EAST, HL-2M, and CFETR.

4. Traditional Chinese Medicine (TCM) | On September 8, the National Medical Products Administration (NMPA) released the "Special Provisions on the Supervision and Administration of TCM Production", which will take effect on March 1, 2026. The Provisions fully implement the requirements of the "Opinions of the General Office of the State Council on Further Deepening the Reform of Supervision over Drugs and Medical Devices to Promote the High-Quality Development of the Pharmaceutical Industry" (Guobanfa [2024] No. 53) and the "Opinions of the General Office of the State Council on Improving the Quality of TCM to Promote the High-Quality Development of the TCM Industry" (Guobanfa [2025] No. 11), and improve the whole-life-cycle supervision system that conforms to the characteristics of TCM.

Commentary: Analysts believe that driven by three factors—policy dividends, consumption upgrading, and technological breakthroughs—the TCM industry is expanding from traditional medical care to the large health sector, with a continuously growing market scale. The TCM market scale is expected to exceed 1 trillion yuan in 2025 and reach 1.2 trillion yuan by 2030. TCM decoction pieces, dispensing granules, and large health products have been included in the medical insurance scope, directly driving a surge in demand. The state has issued a number of policies to promote the high-quality development of TCM, such as the "Opinions on Promoting the Inheritance, Innovation, and Development of TCM" and the "Opinions on Improving the Quality of TCM to Promote the High-Quality Development of the TCM Industry", which clearly identify innovative TCM drugs as key support targets.

5. Commercial Aerospace | Recently, the Ministry of Industry and Information Technology (MIIT) issued a satellite mobile communication service operation license to China Unicom. China Unicom may legally carry out services such as direct satellite connection for mobile phones, deepen the application of scenarios including emergency communications, maritime communications, and communications in remote areas, and enrich the supply of communication services and products. The MIIT stated that the commercialization process of China's satellite mobile communication industry chain is accelerating, which will help form a market pattern of moderate competition and positive interaction, and make satellite mobile communication services more accessible to ordinary users.

Commentary: The MIIT indicated that it will promote the development of satellite communication services in an orderly manner by business, phase, and step—supporting state-owned satellite communication enterprises to accelerate the development of low-orbit satellite internet, supporting telecom operators to launch direct satellite connection services for terminals such as mobile phones, and supporting private enterprises to explore new satellite communication businesses like satellite IoT. Data shows that the market scale of China's satellite internet industry is expected to reach 44.7 billion yuan in 2025; according to estimates by the CCID Think-tank, China's satellite internet market scale will reach the 100-billion-yuan level by 2030.

6. Hydrogen Energy | According to the Securities Times, the Beijing Municipal Bureau of Economy and Information Technology and the Beijing Municipal Administration for Market Regulation recently issued the "Beijing Hydrogen Energy Industry Standard System". This standard system includes 5 first-level sub-systems, 22 second-level sub-systems, 73 third-level sub-systems, and several fourth and fifth-level sub-systems, covering the entire industrial chain of hydrogen energy "production, storage, transportation, and application". Innovations and supplements have been made in multiple aspects, such as expanding industrial chain technology routes, innovating application scenarios, and removing application barriers. It also seizes the technological high ground and discourse power in future industrial competition through forward-looking standard setting. The standard system covers 338 standards, of which 202 have been released and 136 are to be formulated, initially forming a hydrogen energy industry standard ecosystem with Beijing characteristics and providing "Beijing Experience" for the development of the national hydrogen energy industry.

7. Film and Television | According to Caijing Toutiao (a financial news outlet), OpenAI aims to prove through a film that generative AI can make film production faster and more cost-effective than Hollywood's current methods. To this end, OpenAI is providing tools and computing resources to participate in the production of a feature-length animated film mainly completed by AI. Titled "Critterz", the film has a budget of less than 30 million US dollars—far lower than the cost of most feature-length animated films—and is expected to be released in global theaters next year.

Commentary: Chad Nelson, a creative expert at OpenAI, pointed out that if "Critterz" succeeds, it will prove that AI can support theater-level works and drive Hollywood to adopt this technology more quickly.

The integration of AI technology has enhanced film and television production capabilities: it can assist screenwriters in creating scripts, help artists optimize visual effects, and generate realistic virtual creatures and scenes. More importantly, AI technology expands the boundaries of artistic creation, provides more diverse creative methods, shortens production cycles, and promotes the diversification of the form and content of film and television works. AI technology will become a core driving force for the development of the film and television production field, gradually realizing its great potential in improving creative efficiency, optimizing technical processes, and leading artistic innovation.

# Preview of Today's Key News

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

- Release of China's financial data for August.

- The U.S. Bureau of Labor Statistics releases annual benchmark revisions to nonfarm payroll data.

- Apple holds the iPhone 17 new product launch event.

- Oracle releases its financial report.

- The EIA releases the Monthly Short-Term Energy Outlook Report.

# Disclaimer

The views expressed in this article are solely those of the author and do not constitute investment advice on this platform. This platform makes no guarantees regarding the accuracy, completeness, originality, or timeliness of the information in the article, nor does it assume any liability for any losses arising from the use or reliance on the information in the article.