Morning News

# Market Overview

Source: Wall Street News

## Market Overview

Federal Reserve Chairman Jerome Powell stated that U.S. stock valuations are quite high, reaffirming the dual challenges of rising inflation and declining employment, while not clearly stating whether there will be an interest rate cut in October.

Affected by Powell's remarks, the upward trend of the three major U.S. stock indexes came to an end. The Nasdaq fell nearly 1%, with U.S. tech stocks and consumer discretionary leading the decline. All of the "Magnificent Seven" tech giants declined across the board, with Amazon falling more than 3% and NVIDIA dropping over 2.8%. Micron rose slightly after releasing its financial report. The energy sector bucked the trend and rose. The China stock index fell 2.22%, and Baidu dropped 8%.

U.S. Treasury bond yields generally declined, with longer-term bond yields falling more sharply, and the 10-year Treasury bond yield dropping more than 4 basis points. The U.S. dollar fell for two consecutive sessions. Cryptocurrencies consolidated at a low level, with Bitcoin falling 0.7%.

Spot gold hit a new high again, rising 1.2% at one point and approaching $3,800. Affected by the tense situation between NATO and Russia, crude oil ended its four - consecutive decline. U.S. oil once rose more than 3.2% from the daily low. In terms of domestic futures, fuel oil closed up nearly 4%.

During the Asian session, the ChiNext Index rebounded after bottoming out, rising 0.2%, the semiconductor sector surged in the late trading session, the Hang Seng Tech Index fell more than 1%, Baidu dropped over 5%, and both national bonds and commodities declined simultaneously.

## News Highlights

Wang Yi met with a delegation of members of the U.S. House of Representatives.

Powell stated that interest rates are "still moderately restrictive", monetary policy is facing "two - way challenges", and the stock market is overvalued. "The New Fed Wire Service" said: Powell's interest rate judgment shows that the door is open for interest rate cuts.

Differences over the Federal Reserve's interest rate cut path have intensified: Michelle Bowman warned that the Fed has "fallen behind the curve", while Austan Goolsbee called for caution. Three senior Federal Reserve officials sent an important signal: they support changing the inflation target from 2% to a range system.

The U.S. Markit Manufacturing and Services PMIs in September declined but still remained in the expansion zone, with prices moderating. Germany and France held back the euro zone. The initial value of the euro zone's September Manufacturing PMI was 49.5, which unexpectedly fell back into the contraction range. India's September PMI declined from the August high, and the growth rate of the service sector slowed to a six - month low.

A dramatic change in attitude! Trump said that the Ukrainian border is expected to "return to its original state".

OpenAI and Oracle are expanding data centers in Texas, the United States. OpenAI is expanding StarGate and adding five new data center locations in the United States. Despite "controversial perceptions", Bank of America stated that NVIDIA's "$100 billion investment" in OpenAI will bring a profit of 3 to 5 times.

Driven by strong AI demand, Micron's revenue in the last quarter surged 46%, and the guidance for this quarter exceeded expectations and reached a new high.

A wave of chip price increases is coming. It is reported that TSMC will increase the price of 2nm chips by at least 50%, and Samsung and SK Hynix have already raised prices first.

DeepSeek - V3.1 "Ultimate Version" was released. The maximum improvement is over 36%. Alibaba released three large models at one time: the multimodal Qwen3 - Omni, the image editing large model Qwen - Image - Edit - 2509, and Qwen3 - TTS.

HarmonyOS Intelligent Travel Launch Conference: The price of Shangjie H5 starts at 159,800 yuan, with the initial orders exceeding 160,000 units. The new AITO M7 EREV starts at 279,800 yuan.

## Market Closing Quotes

European and American stock markets: The S&P 500 Index fell 0.55% to close at 6,656.92 points. The Dow Jones Industrial Average declined 0.19% to close at 46,292.78 points. The Nasdaq Composite Index dropped 0.95% to close at 22,573.473 points. Europe's STOXX 600 Index closed up 0.28% at 554.95 points.

A - shares: The Shanghai Composite Index fell 0.18% to close at 3,812.83 points. The Shenzhen Component Index declined 0.29% to close at 13,119.82 points. The ChiNext Index rose 0.21% to close at 3,114.55 points.

Bond market: The yield on the U.S. 10 - year benchmark Treasury bond fell 4.05 basis points to 4.1061%. The yield on the U.S. 2 - year Treasury bond dropped 1.69 basis points to 3.5860%.

Commodities: WTI November crude oil futures closed up 1.81% at $63.41 per barrel. Brent November crude oil futures rose 1.59% to close at $67.63 per barrel. COMEX gold futures increased 0.58% to close at $3,796.90 per ounce.

# Detailed News Highlights

## Global Headlines

### Wang Yi Meets with U.S. House of Representatives Delegation  

According to CCTV News, Wang Yi stated that this visit marks the first delegation of U.S. federal House members to China since 2019. It brings the voices of both U.S. political parties and the expectations of the American people for China-U.S. relations, and can be called a "ice-breaking trip". He expressed the hope that this visit will help the U.S. side gain an accurate understanding of China, view China objectively, look at differences rationally, engage in friendly interactions, and actively explore cooperation. This will contribute to the stable, healthy, and sustainable development of China-U.S. relations, and ultimately help the two major countries find the right way to coexist on this planet, bringing benefits to both countries and the world.

### Powell Says Interest Rates "Remain Moderately Restrictive", Warns of No Risk-Free Policy Path and Overvalued Stock Market  

Powell noted that the U.S. faces dual risks of rising inflation and falling employment, and the increased employment risks prompted the interest rate cut last week. He reaffirmed that the reasonable expectation is that tariffs will push up prices in a one-time manner, and emphasized the need to ensure tariffs do not have a sustained impact on inflation. He did not indicate whether he would support an interest rate cut next month. During the Q&A session, he stated that stock valuations are "quite high" based on many indicators, which caused the three major stock indexes to hit new daily lows, with the Nasdaq falling more than 1%. "The New Fed Wire Service" commented that Powell's judgment on interest rates shows the door is open for rate cuts; he also indirectly responded to Bessent's criticism, stating that the U.S. economy remains robust after the financial crisis and the COVID-19 pandemic.

### Divisions Over Fed's Rate Cut Path Intensify: Bowman Warns of Falling "Behind the Curve", Goolsbee Calls for Caution  

In an interview, Michelle Bowman said the labor market is deteriorating, and she supports three 25-basis-point rate cuts within the year, adding that she had urged her colleagues to start taking action at the June meeting. In a separate interview, Austan Goolsbee stated that given inflation is above the target and on an upward trend, the Federal Reserve should remain cautious about further interest rate cuts.

### Three Senior Fed Officials Send Major Signal: Support Shifting Inflation Target from 2% to a Range System  

This week, multiple Federal Reserve officials, including Governor Milan, Michelle Bowman, and Atlanta Fed President Raphael Bostic, expressed support for replacing the current 2% fixed inflation target with an inflation target range. Although the five-year policy framework assessment in August this year ruled out adjusting the inflation target, discussions on this topic continue among officials. As Fed Chair Powell's term expires in May next year and Trump will appoint a new leader, the market expects the Federal Reserve may undergo structural changes under the new leadership.

### U.S. September Markit Manufacturing and Services PMIs Edge Down but Remain in Expansion; Price Pressures Ease  

The preliminary reading of U.S. September Markit Manufacturing PMI hit a two-month low, while the preliminary readings of Services PMI and Composite PMI both fell to three-month lows. However, all three indicators remained above the 50 expansion-contraction threshold. From a monthly perspective, growth has slowed from the recent peak in July, and businesses also scaled back hiring in September. There are increasing signs of softening demand, which has weakened enterprises' pricing power—this suggests profit margins are being squeezed, while also helping to ease inflationary pressures.

### Germany and France Drag Down Euro Zone; September Manufacturing PMI Preliminary Reading at 49.5, Unexpectedly Falling Back into Contraction  

The preliminary reading of the Euro Zone's September Manufacturing PMI stood at 49.5, returning below the 50 threshold, which was lower than analysts' expectations and the previous reading of 50.7. By country, Germany's Services PMI jumped to 52.5, a new eight-month high, while its Manufacturing PMI dropped to 48.5, a four-month low. France's manufacturing and services sectors both declined, with the Composite PMI contracting at the fastest pace since May.

### India's September PMI Pulls Back from August High; Services Growth Slows to Six-Month Low  

After the U.S. imposed a 50% tariff on India, India's economy slowed moderately, with services growth falling to the lowest level since March 2025. Private enterprises maintained an optimistic outlook on future output, and overall confidence rose to a seven-month high. The reduction in the Goods and Services Tax (GST) rate was one of the factors contributing to the optimism.

### Dramatic Shift in Stance! Trump Says Ukraine's Borders Are Expected to "Return to Original State"  

Since returning to the White House in late January this year, Trump has been pressuring Ukraine to make concessions in peace talks with Russia. His changed stance on the 23rd has attracted widespread attention from all parties. Analysts believe this is related to the deadlock in Russia-Ukraine negotiations following the U.S.-Russia leaders' summit in Alaska on August 15.

### OpenAI and Oracle Expand Data Centers in Texas, U.S.  

OpenAI is expanding its "Stargate" project and adding five new data center locations in the United States. The company's first data center under the $500 billion Stargate project is located in Texas, U.S., and construction will start in New Mexico and Ohio in the future.

### Despite "Perceptual Controversy", Bank of America: NVIDIA's "$100 Billion Investment" in OpenAI Will Yield 3-5 Times Returns  

Bank of America believes that NVIDIA's investment in OpenAI is a strategic equity investment aimed at locking in OpenAI as a priority partner and consolidating NVIDIA's dominant position in the AI computing and network fields. In essence, this move is a strategic deployment of the company's massive free cash flow. Since investing in other listed assets lacks strategic alignment and involves complex regulatory issues, investing in its own ecosystem has become the best option besides cash returns to shareholders.

### Perfect Closed Loop: OpenAI Buys Cloud Services → Oracle Buys Chips → NVIDIA Reinvests in OpenAI  

This cooperation does not conflict with Oracle's agreement with Broadcom; instead, it forms a layered locking mechanism: NVIDIA provides hardware systems, Oracle is responsible for power and data center infrastructure, and Broadcom offers cost optimization solutions. Through an "option puzzle" strategy, OpenAI has simultaneously secured three constraints—computing power, power supply, and cost—to provide supply guarantees for its ultra-large-scale expansion from 2026 to 2028.  

### Is NVIDIA's $10 Billion Investment in OpenAI a Real Gamble or a Capital Show?  

Both parties can benefit from the perception that "the AI race is entering a higher level". For OpenAI, this huge investment supports its grand narrative of general artificial intelligence; for NVIDIA, this move intensifies competition in the AI field, prompting other companies to seek similar cooperation and consolidating its market leadership.  

### a16z Interviews SemiAnalysis Founder: NVIDIA's Strategy and Future  

Dylan Patel, founder of SemiAnalysis, stated that the core of NVIDIA's strategy lies in "company-betting" radical decisions and outstanding execution capabilities. Facing cloud giants, NVIDIA maintains cooperation with major clients through unified pricing and control over allocation rights, while also investing in and supporting emerging cloud service providers such as CoreWeave. This builds a complex ecosystem of both competition and cooperation, solidifying its dominant position in the AI market.

### Strong AI Demand Drives Micron's Last-Quarter Revenue Up 46%; This Quarter's Guidance Crushes Expectations to Hit New High  

In the fourth fiscal quarter, Micron's EPS doubled, exceeding analysts' expectations by 6% and surpassing Micron's own significantly raised guidance range (which was increased by at least 10%). Its HBM revenue hit a new high. For the first fiscal quarter, the revenue guidance indicates a year-on-year increase of over 40%, and the EPS guidance expects another doubling, exceeding analysts' expectations by more than 20%. Micron's stock price rose more than 4% in after-hours trading. Micron raised its demand growth expectations for DRAM and NAND this year. The CEO said Micron's HBM clients have expanded to six, and orders for next year's HBM products will be fully booked in the next few months.

### Wave of Chip Price Hikes Arrives! TSMC Reportedly to Raise 2nm Chip Prices by At Least 50%; Samsung and SK Hynix Have Already Raised Prices First  

TSMC's 2nm process chip prices will increase by at least 50% compared to 3nm chips, while the price of the final-generation 3nm CPUs has already risen by approximately 20% compared to the previous generation. Meanwhile, storage chip giants such as Samsung and SK Hynix have taken the lead in raising product prices, accelerating the fermentation of semiconductor inflation.

### Tesla, Meta, and Figure: A "Photon Battle" Is Underway  

Morgan Stanley stated that visual data has become a new "gold mine" for AI training, and companies with data collection capabilities will gain an advantage in the AI robot competition. Currently, Tesla has shifted to a "pure vision" training method; Meta collects daily activity data through smart glasses; and Brookfield has partnered with Figure AI to deploy data collection in its massive real estate portfolio.

### DeepSeek-V3.1 "Ultimate Version" Released! Maximum Improvement Exceeds 36%; Is V4/R2 Far Away?  

DeepSeek's latest model, DeepSeek-V3.1-Terminus, has been launched. Previously, the issue of random insertion of the Chinese character "极" (extreme) in outputs has been significantly alleviated, and its score in the "Humanity's Last Exam" has increased by 36.48% compared to V3.1. Does the name "Terminus" imply that DeepSeek-V4 is also approaching?

### Alibaba Releases 3 Large Models at Once: Multimodal Qwen3-Omni, Image Editing Model Qwen-Image-Edit-2509, and Qwen3-TTS  

The open-source multimodal model Qwen3-Omni-30B-A3B adopts a MoE architecture and can process four types of data: text, images, audio, and video. It ranked first in 22 out of 36 evaluations. The upgraded image editing model Qwen-Image-Edit-2509 adds new features such as multi-image processing and ControlNet support. The paid speech synthesis model Qwen3-TTS-Flash supports 17 voices and 10 languages, priced at 0.8 yuan per 10,000 characters.

### HarmonyOS Intelligent Travel Launch Event: Shangjie H5 Starts at 159,800 Yuan, Initial Orders Exceed 160,000 Units; New AITO M7 EREV Starts at 279,800 Yuan  

Since Shangjie H5 opened for initial orders on August 25, the number of initial orders has exceeded 160,000 units in less than a month, with top-equipped versions accounting for over 75%. In terms of pricing, the extended-range version ranges from 159,800 to 179,800 yuan, and the pure electric version ranges from 165,800 to 179,800 yuan. This is the first HarmonyOS Intelligent Travel model priced below 200,000 yuan.

## Domestic Macroeconomics

### Fujian Aircraft Carrier Gets "New Upgrades"; West Pacific Strategic Pattern to Be Reshaped  

According to an article by Yuyuantan Tian, as China's first catapult-type aircraft carrier, the Fujian has three key highlights: First, its electromagnetic catapult system enables carrier-based aircraft to take off with "full fuel and full armaments", covering the second island chain with its combat radius. Second, the coordination of multiple aircraft types significantly enhances systematic combat capabilities. Third, joint operations of multiple aircraft carriers will reshape the West Pacific strategic pattern and form a strong deterrent against separatist forces.

### PPI as a Signal for Stock Market Bull Runs  

China Securities Co., Ltd. (CSC) believes that the bottoming out of non-ferrous metal PPI indicates the start of a stock market bull run, while the peaking of ferrous metal PPI signals the end of a bull run. Based on this signal, the current round of non-ferrous metal PPI has bottomed out, while ferrous metal PPI is still far from peaking. This means a stock market bull run that started in September 2024 (924) has definitely begun, and the bull run has not ended—greater market trends can still be expected.

## Domestic Companies

### NIO's "Self-Salvation": After Improving Sales, the Next Focus Is on Finances  

Nomura Securities believes that NIO has successfully reversed its declining sales trend with strong sales of new models; however, its financial situation remains fragile. NIO is expected to achieve full-year break-even in 2027, which is earlier than market expectations, but this requires the company to make more efforts in cost control and operational efficiency to cope with profit pressures from the "volume-for-price" strategy.

## Overseas Macroeconomics

### Trump Administration Plans to Overhaul H-1B Lottery System, Prioritizing High-Salary and High-Skilled Workers; Industry Insiders: Legal Challenges Loom  

The Trump administration's H-1B proposal will not allocate visas entirely based on the highest salary. Instead, the selection probability for each potential employee will be based on their assigned salary level: employees in the highest of the four salary levels (with an average annual income of approximately $162,528) will receive four entries in the lottery pool, while those in the lowest level will receive only one entry. However, industry insiders point out that both the salary-based visa allocation process and the previous $100,000 visa fee may face legal challenges.

### "U.S. Government Likely to Shut Down on October 1, and It May Last a Long Time"? This Means "October Nonfarm Payrolls, CPI and Other Data Will Be Delayed", and the Fed Can Only "Follow the September Plan"  

Due to the growing deadlock between the two parties over spending issues, the risk of a U.S. government shutdown has increased. Nomura stated that if the government shuts down, a series of data originally scheduled to be released in October—including the employment report, CPI, PPI, and retail sales—will not be published on time. This will significantly increase the Fed's difficulty in assessing the economic situation, greatly reducing the possibility of it deviating from the established path in the September SEP (Summary of Economic Projections) at the October meeting.

### "U.S. Economic Growth + Fed Rate Cuts" = Risk Assets "Keep Rising"? "The Best Is Yet to Come."  

HSBC strategists believe that the combination of U.S. economic recovery and expectations of Fed rate cuts will provide strong upward momentum for risk assets. Although the U.S. faces risks such as a weak labor market and rising default rates, they argue that these issues are concentrated among low-income groups and are not sufficient to trigger an overall economic recession, as high-income households contribute to the majority of consumption.

### Race for "Japan's Next Prime Minister": For the Market, Sanae Takaichi Is the Biggest Variable  

Bank of America Merrill Lynch believes that the five candidates have significant differences in tax, monetary, and fiscal policies. Sanae Takaichi insists on prioritizing the debt-to-GDP ratio over strict fiscal discipline and tends to favor loose monetary policies. If she wins the election, it will trigger a weaker yen and a steeper government bond yield curve. In contrast, Shinjiro Koizumi and Yoshimasa Hayashi will continue the stable policy path, and the market reaction may be more moderate.

### Argentina's "Zero-Tax Grain Sales": A Gamble to Earn Foreign Exchange That Shakes the Global Soybean Market  

The Argentine government has launched a "zero-tax grain sales" policy in a bold gamble to urgently raise $7 billion in foreign exchange. This measure aims to incentivize farmers to accelerate exports through tax exemptions, thereby stabilizing the precarious exchange rate before the general election. However, this drastic measure has immediately shaken the global market: U.S. soybean prices are under downward pressure, Brazil faces increased competition, and Argentine local farmers may suffer losses due to concentrated sales by grain merchants.

## Cryptocurrency Sector

### "Bloodbath" in the Crypto Market: Monday's Plunge Was "the Largest-Scale Liquidation This Year"  

On Monday, the cryptocurrency market experienced a sharp sell-off, triggering the largest-scale leveraged long-position liquidation this year. Over 370,000 traders were liquidated, with a total amount of up to $1.8 billion, and the total market capitalization evaporated by more than $150 billion. Most analysts believe this does not mark the end of the bull market, but referencing the historical pattern of market corrections in September, more volatility may occur in the future.

## Overseas Companies

### Stablecoin Giant Tether Seeks Up to $20 Billion in Financing; Valuation Surges to $500 Billion  

Reportedly, Tether, the world's largest stablecoin issuer, is in talks with investors to raise $15 billion to $20 billion in exchange for approximately 3% equity. The financing will be conducted through the issuance of new shares rather than the sale of existing shares by current shareholders. If the transaction is completed, the company's valuation will reach approximately $500 billion, ranking it among the world's most valuable private companies.

### The "Strongest Family Office in the Crypto Sector": Zhao Changpeng's YZi Labs, with a Scale of $10 Billion  

YZi Labs' investment portfolio consists of approximately 70% digital asset investments, with布局 in crypto "treasury companies". However, its interest in artificial intelligence and robotics technology is growing. The company adopts an "ultra-long-term" investment approach, and most of its invested projects are not in a hurry to exit.

# Industries/Concepts

## 1. Electric Power

On September 23, the National Energy Administration released data including the total social electricity consumption in August. The data showed that the total social electricity consumption in August reached 1.0154 trillion kilowatt-hours, a year-on-year increase of 5.0%. Jiang Debin, Deputy Director of the Statistics and Digital Intelligence Department of the China Electricity Council, stated that following July this year, China's total social electricity consumption exceeded 1 trillion kilowatt-hours again in August, setting a historical high for two consecutive months.

**Commentary**: CITIC Securities believes that electricity consumption will continue to operate at a high level. Allocating long-duration assets such as hydropower and nuclear power is advisable, as these assets feature stable operations and potential for valuation expansion. Meanwhile, attention should be paid to leading thermal power enterprises listed on the Hong Kong Stock Exchange (H-shares) that have both earnings flexibility and low valuations, as well as deeply undervalued green power enterprises whose valuations have already factored in grid connection pressures. In addition, new scenarios and models emerging from the increasing integration of digitalization and the new-type power system—such as virtual power plants, microgrids, integrated energy services, and power forecasting—are expected to benefit.

## 2. New Energy Vehicles (NEVs)

On September 23, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA) Branch, stated in an article that China's NEV exports reached 315,000 units in August 2025, with a year-on-year growth of 83%, representing a strong performance. From January to August 2025, NEV exports totaled 2.02 million units, a year-on-year increase of 51%, which was significantly higher than the 24% growth rate recorded in the same period of 2024. China's NEV export performance from January to August 2025 exceeded expectations, mainly driven by plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) replacing pure electric vehicles (BEVs) as the new growth driver for exports. In particular, exports of PHEV pickup trucks performed strongly, becoming a highlight in the export of commercial NEVs. China's NEV exports to the Middle East and developed markets are moving toward high-quality development, with major export destinations including Western Europe and Asian markets.

**Commentary**: Kaiyuan Securities indicated that the European Parliament has voted to pass an amendment to the carbon emission assessment rules. The original plan to tighten carbon emission assessment targets in 2025 has been adjusted to assessing the average over the three-year period from 2025 to 2027. Although the timeline has been delayed, the overall trend remains unchanged. Furthermore, in response to the upcoming tightened assessment requirements, various automakers have successively launched new-generation pure electric platforms. These new vehicle models are expected to drive volume growth in the European electric vehicle market.

## 3. Solid-State Batteries

From September 23 to 24, the 7th High-Energy Density Solid-State Battery Key Materials Technology Conference was held in Suzhou. This conference focused on hot topics such as solid electrolytes, cathode and anode materials, interface engineering, intelligent manufacturing, and industrialization progress, and conducted in-depth discussions on the future development trends and challenges of high-energy density solid-state batteries. It provided an information exchange platform for enterprises engaged in solid-state battery technology development, research institutions and universities, as well as end-user enterprises in fields such as NEVs, energy storage, and consumer electronics. The conference also promoted industry-academia-research cooperation to accelerate the industrialization of solid-state batteries.

**Commentary**: Guotai Haitong Securities believes that the industrialization progress of solid-state batteries has been accelerating since 2025. At present, the development of solid-state batteries in China is characterized by the collaboration between "automakers and battery manufacturers". On the material side, R&D and improvements are being accelerated for key materials such as batteries, cathode/anode materials, solid electrolytes, and current collectors, as well as auxiliary materials including binders and additives. Based on the solid-state battery mass production plans announced by multiple automakers and battery manufacturers, it is expected that 2027 may mark the first year of industrialization for all-solid-state batteries, and the industrialization process of solid-state batteries will further accelerate.

## 4. Copper Foil

According to the Securities Times, on September 22, Japan's Mitsui Kinzoku announced that it would increase the price of its high-grade electrolytic copper foil by approximately 15%. Against the backdrop of Taiwanese manufacturers having already raised prices in August and September, this move marks further confirmation by core suppliers of the logic that the supply of high-end upstream materials—driven by demand from AI servers—is in short supply.

**Commentary**: Reports pointed out that demand for HVLP (High Voltage Low Profile) copper foil in AI servers has surged (with the usage per unit being 8 times that of traditional servers). NVIDIA's new-generation Rubin platform explicitly adopts HVLP Gen 5 copper foil matched with PTFE (Polytetrafluoroethylene) substrates, which is driving an increase in value. This round of price hikes led by industry leaders has strengthened the expectation that the supply-demand gap in the high-end copper foil (HVLP) segment—caused by capacity transformation and surging demand—will persist until the middle of next year. The trend of industrial chain profits shifting to the upstream material segment is clear. Domestic copper foil manufacturers have made breakthroughs in the field of high-end PCB (Printed Circuit Board) copper foil. Manufacturers with high-end production capacity are expected to share in the industry's growth dividends and enter a period of earnings realization characterized by both volume and price growth.

## 5. Nanorobots

According to the China Securities Journal, the research team led by Han Shuo from the CAS Center for Excellence in Molecular Cell Science has applied proximity labeling technology, commonly used in chemical biology research, to disease treatment. By constructing an engineered nanozyme responsive to deep red light or ultrasound, the team has successfully developed a "nanolabeling robot" capable of accurately identifying cancer cells. This "nanolabeling robot" can carry antibodies or ligands that recognize cancer cells, accumulate on the surface of cancer cells through the bloodstream, and then receive instructions via deep red light or ultrasound to mark cancer cells with a clear label, turning them into "artificial targets".

**Commentary**: Reports indicated that this technological breakthrough is reshaping the R&D landscape in the field of cancer immunotherapy. It transforms proximity labeling technology— a common "observation tool" in chemical biology research—into a "therapeutic tool" for accurately targeting cancer cells. Compared with traditional immunotherapy, this new method has multiple advantages: accurate identification of cancer cells, activation of the systemic immune system, and formation of a long-term memory effect. This means more precise and effective treatment, and may also help prevent cancer recurrence. With the growing demand for minimally invasive surgery and the rising incidence of chronic diseases, the application scale of nanorobots in the medical field is expected to expand continuously.

## 6. Manufacturing Metrology

According to People's Daily Online, recently, the State Administration for Market Regulation and the Ministry of Industry and Information Technology jointly issued a notice to publicly solicit projects for metrology supporting the development of new productive forces in industries for 2025. This initiative aims to thoroughly implement the requirements outlined in the "Action Plan for Metrology Supporting the Development of New Productive Forces in Industries (2025-2030)", give full play to the fundamental and strategic role of metrology in technological innovation and industrial upgrading, accelerate the resolution of key metrology technology bottlenecks restricting industrial development, and promote high-quality industrial development.

**Commentary**: The China Securities Journal pointed out that in 2024, China's total industrial added value reached 40.5 trillion yuan, and the overall scale of its manufacturing industry has ranked first in the world for 15 consecutive years. China has taken a leading position globally in the output of products such as NEVs, 5G equipment, and solar panels, and the demand for high-precision metrology and testing in these industries has surged. Policies emphasize the promotion of low-energy-consumption, low-emission metrological instruments and carbon metrology technologies, while also advancing the networking and digitalization of metrology services. This is highly aligned with the trend of manufacturing transformation toward green and low-carbon development and has become a key support for industrial upgrading. It is expected that the scale of China's manufacturing metrology market will exceed 150 billion yuan by 2025, with a compound annual growth rate (CAGR) of over 10%.

## 7. Superconductivity

It was learned from the Institute of Electrical Engineering of the Chinese Academy of Sciences that researchers at the institute have developed a new technology for preparing iron-based superconducting wires and successfully produced a new type of high-current-carrying iron-based superconducting wire, whose current-carrying performance indicators have set a new record. Experimental results show that the performance of this material has achieved a major breakthrough: under a medium-intensity magnetic field, its critical current density significantly exceeds the previous highest level; under an extremely strong magnetic field, the performance improvement is even more remarkable, reaching several times the original level, thus setting a world record for the current-carrying performance of iron-based superconducting wires.

**Commentary**: The China Securities Journal noted that iron-based superconducting materials have advantages such as strong magnetic field tolerance, high stability, and low preparation costs, and show broad application potential in fields such as next-generation high-energy particle accelerators, controllable nuclear fusion devices, and high-field magnetic resonance imaging (MRI) systems. Superconducting materials possess properties such as zero electrical resistance and perfect diamagnetism, enabling applications such as large-capacity lossless power transmission and ultra-strong magnetic fields that cannot be achieved with conventional materials. They are advanced materials of great economic and strategic significance.

# Preview of Today's Key News

- Alibaba 2025 Yunqi Conference

- U.S. New Home Sales in August

- Speech by Mary Daly, President of the Federal Reserve Bank of San Francisco

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

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# Risk Warning and Disclaimer

The market is risky, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Any investment made based on this article shall be at the user's own risk.