Morning News

Source: Wall Street CN  

# Market Overview  

A significant downward revision to annual nonfarm payroll data has bolstered expectations of Federal Reserve (Fed) interest rate cuts, driving gains in large-cap tech stocks and pushing the Nasdaq to a new all-time high. Among the "Magnificent Seven" tech giants, all advanced except Apple, which fell 1.48% as its product launch event lacked highlights. Oracle surged over 27% after releasing its earnings report. The Chinese concept stock index closed up 1.48%, outperforming the broader market once again, with Alibaba rising more than 4%.  

Markets are awaiting the release of U.S. PPI data on Wednesday and CPI data on Thursday. U.S. Treasuries ended a four-session winning streak, with the 2-year yield climbing 7.4 basis points. The U.S. dollar first declined then rose, gaining 0.58% from its daily low.  

Spot gold soared to a record high of $3,674 before dropping sharply, falling more than 1.3% from its daily peak. Affected by Israel’s attack on Doha, U.S. oil prices rose by over 1.9% at one point, though the gains narrowed significantly afterward.  

During the Asian trading session, the ChiNext Index fell more than 2%, with over 4,000 stocks declining. SMIC (Semiconductor Manufacturing International Corporation) fell more than 10% after resuming trading. Gold and real estate stocks bucked the trend to rise. The Hang Seng Index hit a nearly four-year high, with Alibaba climbing over 3%.  

# Key News  

- The annual revision to U.S. nonfarm payrolls was worse than expected, with a downward adjustment of 911,000, increasing pressure on the Fed to cut interest rates. The Trump administration launched a full-scale attack, criticizing the Bureau of Labor Statistics (BLS), Biden, and Powell.  

- Apple unveiled the iPhone 17 equipped with the A19 chip. The thinnest iPhone in history starts at $999, while the Pro model sees its first price increase in eight years. The domestic version of the iPhone 17 Air starts at 7,999 yuan. Apple also released its first self-developed N1 Bluetooth chip; the AirPods Pro 3 is priced at $249, and the Apple Watch SE 3 starts at $249.  

- NVIDIA launched the Rubin CPX, targeting ultra-long context processing. Jensen Huang stated that it can handle millions of tokens in a single inference.  

- Oracle surged over 27% in after-hours trading. While its Q1 earnings fell short of expectations, its AI growth prospects were outstanding.  

- The U.S. Supreme Court will expedite the hearing of Trump’s tariff case.  

- Emmanuel Macron appointed France’s 5th prime minister—39-year-old Defense Minister Sébastien Lecornu—amid the country’s ongoing 3 trillion euro debt crisis.  

- Crude oil prices rose more than 2% intraday. Israel stated that it carried out a precise strike on senior Hamas officials in Qatar, with Trump’s "approval." Hamas confirmed that five members were killed in the Israeli air strike, though Khalil al-Hayya was not assassinated.  

- Hong Kong companies are increasingly investing in cryptocurrencies: A company in which Jack Ma holds shares spent 300 million yuan, and China Renaissance invested $100 million. "Wall Street influencers" are rushing to enter the market, and "digital currency treasury companies" are emerging "like mushrooms after rain." Is the crypto market’s "altcoin season" still far off?  

- A new phase of the "food delivery war" begins! Alibaba’s press conference on Wednesday: It may relaunch Koubei (a local life service platform) and launch Gaode’s self-operated group buying service.  

# Market Closing Quotes  

- U.S. & European Stocks: The S&P 500 rose 0.27% to close at 6,512.61. The Dow Jones Industrial Average gained 0.43% to 45,711.34. The Nasdaq Composite climbed 0.37% to 21,879.489. Europe’s STOXX 600 Index closed up 0.06% at 552.39.  

- A-Shares: The Shanghai Composite Index closed at 3,807.29, down 0.51%. The Shenzhen Component Index ended at 12,510.6, falling 1.23%. The ChiNext Index dropped 2.23% to 2,867.97.  

- Bond Market: The yield on the 10-year U.S. Treasury note rose 3.05 basis points to 4.0703%. The yield on the 2-year U.S. Treasury note increased 5.34 basis points to 3.5398%.  

- Commodities: WTI Crude Oil Futures for October closed up 0.59% at $62.63 per barrel. Brent Crude Oil Futures for November gained 0.56% to $66.39 per barrel. COMEX Gold Futures fell 0.28% to $3,667.20 per ounce.

# Details of Key News

## Global Highlights  

The annual revision of U.S. nonfarm payrolls was worse than expected, with a downward adjustment of 911,000, increasing pressure on the Federal Reserve (Fed) to cut interest rates. According to the preliminary benchmark revision data released by the U.S. government on Tuesday, the number of nonfarm payrolls in the year ending March was revised down by 911,000, equivalent to an average monthly reduction of nearly 76,000. This marks the largest downward revision since 2000. More signs of weakness in the job market will add new grounds to Trump’s argument for pushing the Fed to cut interest rates. This annual revision has heightened concerns about the health of the economy and cast doubt on the credibility of labor statistics. After the data release, gold prices first rose and then fell, while U.S. Treasury yields moved higher afterward.  

Following the significant downward revision of annual nonfarm payroll data, the Trump administration launched a full-scale attack, criticizing the BLS, Biden, and Powell. After the U.S. government released the sharply revised annual nonfarm payroll data, the White House responded quickly by attacking three common targets of U.S. President Trump: the Bureau of Labor Statistics (BLS), former U.S. President Biden, and Fed Chair Powell. White House Press Secretary Levitt, U.S. Treasury Secretary Bezos, Vice President Pence, and Labor Secretary Chavez-Deremer took turns to speak out.  

Apple unveiled the iPhone 17 equipped with the A19 chip. The thinnest iPhone in history starts at $999, and the Pro model sees its first price increase in eight years.  

The iPhone 17 features the largest front camera sensor and is the first model to be equipped with the A19 chip, with the standard version starting at $799. The iPhone Air is 5.6mm thick and, along with the 17 Pro, uses Apple’s most advanced A19 Pro chip. The Pro starts at $1,099 and the Max at $1,199, equipped with Apple’s best camera system and professional video recording capabilities. The Air is also equipped with Apple’s self-developed N1 Bluetooth chip and C1X modem, offering "all-day battery life," and will go on sale in China, the U.S., and other countries next Friday, with the domestic version starting at 7,999 yuan.  

The AirPods Pro 3 is priced at $249, featuring heart rate monitoring and real-time AI translation by Apple.  

The Apple Watch SE 3 starts at $249, and the Watch 11 starts at $399, which can monitor data to identify high blood pressure and provide sleep scores. The Watch Ultra 3 starts at $799, and both the Ultra 3 and Watch 11 support 5G networks.  

NVIDIA launched the Rubin CPX, targeting ultra-long context processing. Jensen Huang stated that it can handle millions of tokens in a single inference. The Rubin CPX enhances AI video generation and software development capabilities, providing 30 petaflops of computing power. Compared with the GB300 NVL72 system, its attention acceleration is 3 times faster, and it will be launched at the end of 2026. Huang said that the Rubin CPX is the first CUDA GPU built specifically for large-scale context AI, allowing models to perform inference on millions of knowledge tokens simultaneously. NVIDIA stated that deploying $100 million worth of new chip hardware will bring customers up to $5 billion in revenue.  

Oracle surged over 27% after releasing its earnings report. Although its Q1 results fell short of expectations, its AI growth prospects were outstanding. Oracle released its first fiscal quarter results after the market closed on Tuesday. While revenue and earnings per share missed expectations, its AI business showed strong and remarkable growth prospects. A huge deal signed by the company with OpenAI led to a significant increase in order volume. Its "remaining performance obligations" reached $455 billion, a year-on-year surge of approximately 359%. Cloud business is expected to grow by 77% in this fiscal year, and revenue over the next four years will far exceed expectations.  

The U.S. Supreme Court will expedite the hearing of Trump’s tariff case. The U.S. Supreme Court stated that it will hear oral arguments in the first week of the November debate session and agreed to hear this major trade dispute under an accelerated procedure.  

Macron appointed France’s 5th prime minister, still facing a 3 trillion euro debt crisis. French President Macron appointed 39-year-old Defense Minister Sébastien Lecornu to replace Berset as Prime Minister. Lecornu will face the same challenge as his predecessor: pushing through cost-cutting budgets without a parliamentary majority. France’s public debt has reached 3.3 trillion euros, accounting for 114% of GDP.  

Is a "New PIIGS" emerging? France’s borrowing costs have historically surpassed Italy’s, shifting the storm center of Eurozone bonds to Paris. For the first time, France’s borrowing cost indicator exceeded Italy’s, marking a historic shift in the structure of the Eurozone bond market. Although this change involves technical factors, the trend of convergence in the debt yields of the two countries has persisted for several years. French Prime Minister Berset is expected to resign on the same day after losing a parliamentary confidence vote, further exacerbating investors’ concerns about the scale of France’s fiscal deficit.  

Crude oil prices rose more than 2% intraday. Israel stated that it carried out a precise strike on senior Hamas officials in Qatar, with Trump’s "approval." After an explosion in Doha, the capital of Qatar, media reported that senior Hamas officials were attacked while holding a meeting in Doha. Israel’s statement said that the targeted members were "directly responsible" for the large-scale attack on Israel in October 2023 and had been planning and directing operations against Israel. Israel claimed to have carried out the attack on senior Hamas officials in Qatar alone. White House officials said that Israel had notified the U.S. before the attack.  

Hamas confirmed that five members were killed in the Israeli air strike, and Khalil al-Hayya was not assassinated. According to CCTV News, Hamas issued a statement saying that the five members killed in the Israeli air strike included the son of senior Hamas official Khalil al-Hayya and his office director. Another member of Qatar’s security forces also died. The statement said that the attack occurred while the Hamas delegation was discussing U.S. President Trump’s latest ceasefire proposal.  

Hong Kong companies are increasingly investing in cryptocurrencies: A company in which Jack Ma holds shares spent 300 million yuan, and China Renaissance invested $100 million. Hong Kong’s financial sector is witnessing a "cryptocurrency hoarding" boom, with listed companies increasingly including cryptocurrencies in their balance sheets, forming a new trend of "crypto-stock linkage." Driven by the DAT (Digital Asset Treasury) model, enterprises including Yunfeng Financial (in which Jack Ma holds shares) and China Renaissance have entered the cryptocurrency market, with investments often reaching hundreds of millions or even billions of dollars. Industry leaders such as Binance founder Changpeng Zhao are actively deploying, believing that this model can connect traditional finance with digital assets.  

"Wall Street influencers" are rushing to enter the market, and "digital currency treasury companies" are emerging "like mushrooms after rain." Is the crypto market’s "altcoin season" still far off? On Monday, well-known analyst Dan Ives took office as Chairman of Eightco, and the company plans to raise $270 million specifically for hoarding Worldcoin. Last week, BitMine, led by Tom Lee, increased its Ethereum holdings by $167 million. This institutionalized "cryptocurrency hoarding" model led by Wall Street elites is becoming a new force in the market. Bloomberg analysts believe that the "altcoin season" driven by this trend has already arrived, and it is the Bitcoin ETF that is injecting momentum into the current altcoin market.  

A new phase of the "food delivery war" begins! Alibaba’s press conference on Wednesday: It may relaunch Koubei and launch Gaode’s self-operated group buying service. According to reports, on the morning of September 10, Alibaba will hold a major business press conference at its headquarters in Hangzhou. The relevant project has been operated internally with a high level of confidentiality for several months, but Alibaba has not disclosed the specific content of the press conference. Media reports indicate that this business adjustment includes relaunching Koubei (a local life service platform) and launching Gaode Maps’ self-operated group buying service, aiming to restructure the local life consumption decision-making system and compete with industry giants such as Meituan Dianping.  

## Domestic Macro  

Major food delivery platforms were interviewed by the State Administration for Market Regulation (SAMR)! According to the Financial Times, Wang Qiuping, spokesperson of the SAMR, stated that the SAMR has promptly interviewed major food delivery platforms. The relevant platforms responded quickly, made collective statements, and promised to strictly abide by laws and regulations, eliminate unfair competition, resist vicious subsidies, and promote the standardized and orderly development of the industry.  

## Domestic Companies  

Internet giants "gather" at the Goldman Sachs conference, with the focus on the "food delivery war" and "AI opportunities." Goldman Sachs predicts that the "food delivery war" among internet giants will severely hit profits in the third quarter, and the adjusted EBIT of Meituan, Alibaba, and JD.com is expected to decline significantly. The long-term market share ratio is expected to be 5:4:1, and the scale of the instant retail market has been raised to 2.2 trillion yuan. In the second quarter, Alibaba Cloud’s revenue increased by 26%, and Tencent Cloud’s international market revenue grew significantly. With the application of multi-chip strategies among cloud computing service providers, more models and AI assistants are expected to be launched in the next 3-6 months, bringing new investment opportunities. The data center sector will also benefit from the growth in AI demand.  

Cambricon plans to issue A-shares to specific targets, raising no more than 4.98 billion yuan, and the China Securities Regulatory Commission (CSRC) has approved the plan. Cambricon announced that the approval for the company’s registration application to issue shares to specific targets has been granted, with a validity period of 12 months. The funds will be used for chip platform projects for large models, software platform projects for large models, and supplementary working capital.  

SMIC (Semiconductor Manufacturing International Corporation) resumed trading with a low opening of 11.12% after announcing plans to acquire a 49% stake in SMIC North through share issuance. SMIC’s A-shares resumed trading on Tuesday with a low opening of 11.12%, while its H-shares fell by more than 4% during the suspension period. Earlier, the company planned to acquire a 49% stake in its subsidiary SMIC North through share issuance to achieve 100% ownership. This acquisition aims to enhance SMIC’s profitability, strengthen business synergy, and meet the exit needs of some major shareholders.  

Ant Group has "chained" 60 billion yuan worth of energy assets. Ant Digital Technology is transforming energy assets into tradable digital forms through blockchain technology. It has connected energy equipment worth over 60 billion yuan to the "Ant Chain" and completed 300 million yuan in tokenized financing. This innovative attempt not only improves asset liquidity and financing efficiency but also provides an important model for the integration of the traditional energy industry with blockchain.  

CATL (Contemporary Amperex Technology Co., Ltd.) held a meeting on the resumption of production at the Jianxiawo lithium mine, expecting production to resume soon, even faster than the most optimistic market expectations.  

Pop Mart’s stock plummeted, but Morgan Stanley "stands firm": "Second-hand market prices" may be misleading. Morgan Stanley believes that fluctuations in Pop Mart’s stock price are driven more by technical and emotional factors rather than a deterioration in fundamentals. The secondary market accounts for only a small part of total supply and demand, and second-hand transaction prices cannot effectively reflect the true supply and demand situation. Especially as Pop Mart is actively increasing production capacity and cracking down on scalper speculation, over-reliance on this indicator may be misleading.  

## Overseas Macro  

Could U.S. Treasury Secretary Bezos really "hit colleagues"?  

According to reports, at a private dinner held in Georgetown, Washington, Bezos and Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), had a fierce conflict. Witnesses said that Bezos, in a rant filled with profanities, threatened Pulte, saying "I’ll punch you in the face," which embarrassed dozens of Trump administration officials and advisors present. When someone tried to intervene to mediate, Bezos also issued an ultimatum of "either him or me" and even proposed that the two "go outside" to resolve the issue.  

In an environment that demands absolute loyalty, public conflicts are often a sign of behind-the-scenes power struggles. Whether it is Bezos’ toughness behind the scenes or Pulte’s aggressiveness in the foreground, both are essentially demonstrating their value and loyalty to Trump.  

The "dual rise of U.S. stocks and bonds" corresponds to "two narratives": U.S. bonds price in "slowing employment," while U.S. stocks price in "accelerating economy." Pasquariello, Head of Hedge Fund Business at Goldman Sachs, believes that the recent decline in U.S. Treasury yields reflects the market’s bet on slowing employment and Fed rate cuts, while the resilience of U.S. stocks, especially tech stocks, reflects an optimistic outlook for cyclical economic acceleration. Before the release of key data and the Fed’s decision, the market is making multiple bets to cope with uncertainty. He also warned that the market has already priced in a large number of rate cut expectations; if the growth outlook deteriorates, stocks face downside risks; if employment is stronger than expected, bonds face a correction.  

JPMorgan traders: The Fed’s "September rate cut date" will be the time when "good news is fully priced in." JPMorgan believes that although the current U.S. stock bull market seems unstoppable, its internal support is weakening. If the Fed cuts interest rates as scheduled at its meeting on September 17, this positive news, which has already been fully digested by the market, may instead become a catalyst for investors to take profits and exit temporarily.  

Morgan Stanley: The "U.S. dollar bear market" is only halfway through. Morgan Stanley believes that the U.S. dollar bear market is far from over. Although the market is optimistic about the resilience of the U.S. economy and the performance of U.S. stocks, these views ignore the long-term downward risks of the U.S. dollar. The Fed’s tolerance for high inflation will erode real yields. Coupled with slowing U.S. economic growth, policy divergence among global central banks, and increased demand for foreign capital hedging, the U.S. dollar faces multiple pressures.  

Goldman Sachs interprets "U.S. dollar stablecoins": If they put pressure on exchange rates, foreign governments are expected to impose "capital controls." Goldman Sachs believes that any transaction of U.S. dollar stablecoins will eventually need to be completed through foreign exchange conversion. Once such transactions reach a certain scale, they will put downward pressure on the exchange rates of foreign currencies. In response, foreign governments are likely to intervene and "implement capital controls similar to those restricting foreign capital through traditional channels."  

Nasdaq is pushing hard; "tokenized securities" may be approved for trading on major U.S. exchanges for the first time. Nasdaq submitted a proposal to the SEC on Monday, hoping to allow the trading of tokenized securities on major markets. This move will be a key step in integrating blockchain technology into the core U.S. financial system. The proposal comes at a time of changing U.S. regulatory environment, and Nasdaq plans to integrate this technology within the existing framework to ensure that tokenized securities enjoy the same rights as traditional securities.  

The Bank of Japan may raise interest rates as early as October; political changes will not alter the pace of monetary tightening. Bank of Japan officials told the media that despite the political uncertainty caused by the Prime Minister’s resignation, against the backdrop of solid economic data and sustained inflation meeting targets, another interest rate hike may still be possible within this year, possibly as early as October. At the same time, the U.S.-Japan trade agreement reduces external risks, and the Bank of Japan will continue to observe the policies of the new government and the impact of U.S. tariffs to determine the timing of the rate hike.  

The Indonesian Finance Minister was dismissed, leading to a sharp drop in Indonesia’s bond market and a 1.1% plunge in the Indonesian rupiah. After the sudden dismissal of Indonesia’s Finance Minister, the rupiah fell by more than 1%, marking its largest decline since April, and sovereign bonds also fell. The central bank was forced to intervene in the market urgently to stabilize the exchange rate. Overseas investors have sold approximately $845 million worth of Indonesian assets this month, and the pressure of capital outflows has increased. The new Finance Minister promised to promote economic growth to 6%-7% through more proactive fiscal policies, but the market is worried that the policy will shift towards populism, and investor confidence has been hit.  

As gold prices hit new highs, Goldman Sachs: Market sentiment bullish on gold is unprecedented. Gold prices have continued to surge, breaking through $3,500 last week and setting a new high by breaking through $3,600 this week. Goldman Sachs stated that gold has surpassed developed market stocks this month to become the most popular long trade. Both bulls and bears in the market regard going long on gold as their preferred trade. The ratio of investors bullish on gold is nearly 8:1, a record high. The bank reaffirmed that gold is its "strongest bullish recommendation" in the commodity sector.  

# Overseas Companies

The "sense of surprise" has faded, and investors are in urgent need of seeing substantial evidence of AI progress from tech giants. Tech giants are under immense pressure to translate their AI commitments into actual performance, and it is unlikely that NVIDIA will replicate the "stunning" quarterly results that shocked the world two years ago anytime soon. Additionally, supply chain constraints and insufficient power infrastructure are emerging as structural factors limiting further explosive growth.

Goldman Sachs also cools down the hype around AI: the trend of AI adoption is slowing. A Goldman Sachs report shows that although AI capital expenditure is still accelerating, the growth rate of AI adoption among U.S. enterprises in the third quarter is decelerating, with the adoption rate edging up slightly from 9.2% in the previous quarter to just 9.7%. A more worrying signal is that the AI adoption rate among large enterprises has started to decline. Earlier, a market-shaking report from the Massachusetts Institute of Technology (MIT) pointed out that as many as 95% of enterprises have failed to gain any returns from their generative AI investments.

Cryptocurrency exchange Gemini launched its IPO this week, aiming to raise over $300 million, with Nasdaq taking a strategic stake. Gemini's IPO can raise a maximum of $317 million, of which Nasdaq will invest $50 million to purchase shares through a private placement during Gemini's IPO. Under the agreement, Nasdaq's clients will gain access to Gemini's custody and staking services. Meanwhile, Gemini's institutional clients will also be able to use Nasdaq's Calypso platform to manage and track trading collateral.

Elon Musk's "trillion-dollar compensation package" opens up "imaginative space" for Tesla's robotics business and leaves room for a potential merger with xAI. Morgan Stanley stated that the performance target of adjusted EBITDA reaching up to $400 billion in the package actually implies that Tesla's future core lies in robotics and artificial intelligence. Setting "delivering 1 million robots" as an operational goal may indicate that Tesla's ambitions extend far beyond humanoid robots, covering a "wide range of robot types". Furthermore, the package mentions that performance targets can be adjusted in the event of a "major" acquisition, which reserves the possibility of a potential merger between Tesla and xAI.

How will Tesla achieve its $8.5 trillion market value target? The compensation package deeply ties Musk's remuneration to the company's performance. The core focus is no longer on automobiles, but on achieving a profit leap through the large-scale promotion of the robotaxi network and Optimus humanoid robots. The success of this package will depend on Tesla's commercialization capabilities in the robotics field and whether investors are willing to continue paying for its future potential.

# Industries/Concepts

## 1. AI Programming

According to IT Home, Tencent released a new AI CLI tool named CodeBuddy Code today and announced the public beta of the international version of CodeBuddy IDE, which is open to all users without the need for an invitation code. With this launch, Tencent Cloud has become the first vendor in the industry to support three forms of AI programming tools—plugins, IDE, and CLI—covering the full-scenario needs of users ranging from professional developers to those with zero foundation. Users can use the full range of domestic versions of CodeBuddy for free and seamlessly call large models such as DeepSeek; the international version supports mainstream models like GPT and Gemini, with shared quotas between the IDE and CLI.

**Commentary**: Analysts believe that since the start of this year, with the global popularity of the overseas AI programming tool Cursor, internet giants such as Alibaba and ByteDance have accelerated their layout in the AI programming track. AI programming products have relatively high user willingness to pay and also have the potential to replace high-salary programmers, making the market optimistic about their promising commercial prospects. Industry insiders pointed out that AI programming is one of the most mature application scenarios for AI. Currently, companies like Microsoft and Google have already achieved 30% of their code generation through AI. With the accelerated evolution of AI technology, the AI programming market is expected to experience rapid growth. A research report released by ResearchAndMarkets shows that the global market size of generative AI programming assistants was $25.9 million in 2024 and is expected to reach $97.9 million by 2030.

## 2. Commercial Aerospace

According to Jiemian News, China Mobile is applying for a business license for satellite mobile communication services, laying a policy foundation for the legal and compliant launch of direct mobile phone-satellite communication services. Currently, the application has entered the review process. Earlier, the Ministry of Industry and Information Technology (MIIT) issued a satellite mobile communication business license to China Unicom. It is reported that China Unicom can legally carry out businesses such as direct mobile phone-satellite communication and deepen the application of such services in scenarios including emergency communication, maritime communication, and communication in remote areas.

**Commentary**: Research institutions believe that the MIIT recently issued the "Guiding Opinions on Optimizing Business Access to Promote the Development of the Satellite Communication Industry", which proposes that by 2030, the satellite communication management system and policies and regulations will be further improved, the industrial development environment will be continuously optimized, the innovation vitality of various market entities will be fully unleashed, the comprehensive development level of infrastructure, industrial supply, technical standards, and international cooperation will be significantly enhanced, new models and formats such as direct mobile phone-satellite communication will be applied on a large scale, and the number of satellite communication users will exceed 10 million. The satellite communication industry is a key field of future industries, an important engine for promoting high-quality economic and social development, and also the forefront of current international technological competition. The International Telecommunication Union (ITU) predicts that the global satellite communication market size will exceed $40 billion by 2030. At present, China's satellite internet industry chain has initially taken shape. The upstream satellite manufacturing and launch segments are expected to benefit first, and communication network construction equipment and application terminals will also be gradually implemented. Attention can be paid to the core suppliers in all links of the industry chain.

## 3. Silicon Carbide (SiC)

According to China Securities Journal, Beijing Jingfei Semiconductor Technology, a company transformed from the scientific and technological achievements of the Institute of Semiconductors of the Chinese Academy of Sciences, has made a major breakthrough in silicon carbide wafer processing technology. It has successfully realized the peeling of 12-inch silicon carbide wafers using independently developed laser peeling equipment. This breakthrough marks an important step for China in the field of key manufacturing equipment for third-generation semiconductors and provides a new solution for cost reduction and efficiency improvement in the global silicon carbide industry.

**Commentary**: Research institutions believe that as a core material for third-generation semiconductors, silicon carbide (SiC), with its characteristics of wide bandgap, high thermal conductivity, and high voltage resistance, is reshaping the global energy and electronics industry landscape. The year 2025 is regarded as a key node for the silicon carbide industry to shift from "technological catch-up" to "large-scale application". After 2025, China is expected to become a core growth pole of the global silicon carbide industry by virtue of its complete industrial chain, market advantages in new energy vehicles, and policy support. A report from an internationally renowned semiconductor industry consulting institution shows that the market size of silicon carbide power devices will exceed 100 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 20% in the next five years.

## 4. Optical Fiber

At a press conference held by the State Council Information Office, Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology (MIIT), stated that in the next step, the MIIT will steadily advance the construction and development of new-type infrastructure, further consolidate China's global leading advantage in basic networks, promote 5G network coverage in key cities and hot areas, guide 10G-PON (10 Gigabit Passive Optical Network) to move from technical pilots to deployment and application, further improve the comprehensive supply capacity for strategic implementation, guide the optimization of computing power layout, strengthen the coordinated development of computing power and networks, build a computing power ecosystem, further accelerate the upgrading of integrated infrastructure construction, establish new-type industrial networks, promote the deployment of the Internet of Vehicles (IoV), and accelerate the construction of a modern information infrastructure system.

**Commentary**: Analysts believe that 10G-PON is the upgrade and evolution direction of the next-generation optical network, featuring ultra-broadband, low latency, and high reliability. As the core direction of next-generation optical communication technology, 10G-PON is accelerating its evolution from pilots to large-scale application. In the future, the deployment and application of 10G-PON will reshape various fields such as home entertainment, industrial manufacturing, and social governance. It is expected that after 2025, 10G-PON will become the core foundation of new digital infrastructure and support the implementation of emerging applications such as the metaverse and low-altitude economy.

## 5. Gene Editing

According to IT Home, the U.S. Food and Drug Administration (FDA) recently approved biotech company eGenesis to conduct clinical trials of pig kidney transplants into humans, marking a new stage in the research on xenotransplantation. The company used CRISPR gene-editing technology to knock out the "alpha-galactose" gene in pigs, which triggers rejection reactions in the human body, significantly improving organ compatibility.

**Commentary**: Analysts believe that the core of gene-editing therapy technology lies in its precision and efficiency. By targeting specific gene sequences, gene-editing technology can insert, delete, or replace genes, thereby repairing diseases caused by gene mutations or deletions. With the continuous maturity of technology and the expansion of applications, gene editing is expected to bring revolutionary changes and business opportunities in fields such as medicine, agriculture, and bioengineering.

# 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 8th to 12th.

- China's CPI and PPI for August.

- U.S. PPI for August.

- The U.S. Senate Banking Committee will vote on the nomination of Milan as a Federal Reserve Governor.

- U.S. Treasury Secretary Bezos will chair a meeting of the Financial Stability Oversight Council (FSOC).

- Alibaba's press conference may release major business updates.

- U.S. EIA crude oil inventory changes for the previous week.

<End of Full Text>

# Disclaimer

The views expressed in this article are solely those of the author and do not constitute investment advice for 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 responsibility for any losses arising from the use of or reliance on the information in the article.