A[Review: The GEM index rose slightly after rising, and AI application concept stocks collectively strengthened] On September 22, the market rose and fell, and the three major indexes collectively fell in late trading. The GEM index once rose by more than 2%. The turnover of Shanghai and Shenzhen stock markets was 2.14 trillion, which was 104 billion higher than the previous trading day. More than 3,000 stocks across the market fell. On the market, the subject matter is partially strong, AI application Nanwei Software has a 2-game board, Zhidu Shares, Xinju Network, and Sino-Singapore are on the daily limit; the concept of computing power chips is active, with Spinpole Information closing the daily limit of 20cm, Hesheng New Materials and Variety Show stocks are on a daily limit; Pharmaceutical Nanhua Biotech is on a 4-game board, Harbin Pharmaceutical Co., Ltd., Xinhua Pharmaceutical, and Huaren Pharmaceutical are out of the 2-game board; Media China Publishing and Hua Media Holdings are on a daily limit; terminal-side AI Broadcom integration is on a 3-game board, and Rockchip is on the daily limit. On the downside, the shipping concept weakened, with China Merchants Shipping, China Merchants Nanyou, Air China Ocean Shipping, etc. falling one after another. As of the close, the Shanghai Stock Exchange Index rose 0.06%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index rose 0.01%. A[Afternoon Commentary: The Mass Entrepreneurship and Innovation Index collectively surged higher and fell back. AI applications and computing power chip concepts strengthened] On September 22, the Shanghai Stock Exchange Index fluctuated red in early trading. The Mass Entrepreneurship and Innovation Index surged higher and fell back. The ChiNext Index once rose by more than 2% during the session. The volume can be enlarged. The half-day turnover of the Shanghai and Shenzhen stock markets was 1.43 trillion, which was 100.4 billion compared with the previous trading day. More than 2,800 stocks across the market rose. On the market, the subject matter is partially strong, AI application Nanwei Software 2 consecutive boards, Zhidu Shares, Guangyun Technology, and Xinju Network have reached daily limit; the concept of computing power chips has strengthened, Xianji Information has closed the 20cm daily limit, China Great Wall, Hesheng New Materials, and Variety Show shares have risen Halt; Pharmaceutical Nanhua Biotech has 4 consecutive boards, Harbin Pharmaceutical Co., Ltd. and Xinhua Pharmaceutical both have 2 consecutive boards, Yiqiao Shenzhou has a daily limit of 20CM; terminal AI Rockchip and Broadcom Integrated have a daily limit; PCB concepts have differentiated in the market, and Guanghe Technology and Acer Technology have fallen back. On the downside, the shipping concept weakened, with China Merchants Shipping, China Merchants Nanyou, Air China Ocean Shipping, etc. falling one after another. As of the close, the Shanghai Stock Exchange Index rose 0.22%, the Shenzhen Component Index rose 0.62%, and the ChiNext Index rose 0.93%. B[The concept of on-device AI fluctuates and rises, Rockchip has reached its daily limit] On September 22, the concept of on-device AI fluctuated and rose during the session, and Rockchip and Rockchip hit its daily limit. Rongqi Technology, Broadcom Integration, Hengxuan Technology, Xingchen Technology, Zhongke Lanxun, and Aojie Technology were among the top gainers. On the news, JPMorgan Chase’s latest report predicts that ASIC/XPU’s share of AI accelerator unit shipments will rise to 54% in 2027, surpassing GPU; it will further rise to 55% in 2028. It estimates that the customized AI ASIC market size will be approximately US$60 billion to US$70 billion in 2026, with a compound growth rate of more than 40% to 50% in the next few years. B[IDC: Global wrist-worn device market shipments in the second quarter were 48.01 million units, down 4.3% year-on-year] September 9, according to the latest "Global Wearable Devices Market Quarterly Tracking Report" released by International Data Corporation (IDC), the global wrist-worn device market shipments in the second quarter of 2026 were 48.01 million units, down 4.3% year-on-year. In the second quarter of 2026 and even the second half of 2026, the growth of the wrist-worn device market will still be under pressure. The three growth engines that have driven the rapid expansion of the industry in the past few years - first-time purchase bonuses for new users, replacement cycles driven by product iterations, and market expansion brought about by price sinking - have all entered a stage of slowdown. The industry is currently seeking breakthroughs in two major directions: First, relying on the blessing of end-side AI computing power to strengthen the device's real-time perception and active decision-making capabilities, and promote the upgrade of smart watches into intelligent hubs for personal health management. However, the commercial value of this set of health scenarios still needs to be further verified. The implementation of diversified physical sign monitoring functions such as blood sugar is expected to continue to stimulate actual user demand. Second, the industry continues to innovate in touchless interactions and product forms, minimizing the physical presence of wearable devices and instead relying on the value of continuously output data to build user stickiness. Taken together, the core logic of the next stage of market competition will be based on the comprehensive reconstruction of product value. B[Zhongtai Securities: After the shock in mid-to-early September, positions can still be gradually increased] On September 6, Zhongtai Securities pointed out that it maintains the judgment that the Shanghai Composite and Science and Technology Innovation 50 will strengthen again in the mid-term. After the shock in mid-to-early September, positions can still be gradually increased. (1) In the medium term, we will continue to increase allocations to Science and Technology 50, domestic semiconductor equipment and storage, and hard disks, while paying attention to non-ferrous metals and innovative drugs. After U.S. bond yields and interest rate hike expectations have turned, the flexibility of technology manufacturing and non-ferrous metals deserves more attention. (2) For the direction of liquidity elasticity, focus on CSI 2000 and CSI 2000. The resumption of high-level diplomatic contacts between China and the United States and the shift of long-term capital from a sharp decline to a continuous inflow will constitute a clearer right-side signal. (3) Balance and defend funds by prioritizing construction machinery, power equipment and other manufacturing dividends. The theme direction focuses on Hang Seng Technology's leading technology, device-side AI, and device-side storage needs. A[Overview of U.S. stock market pre-market news: Micron plans to double HBM production capacity within the year; Samsung and Arm develop next-generation end-side AI chips; IDC predicts that the average iPhone folding screen price may reach US$2,550] September 4th, the financial news of the U.S. stock market that investors need to focus on is as follows:
1. The three major U.S. stock index futures rose or fell mixedly. Dow Jones futures fell 0.04%, S&P 500 futures rose 0.11%, and Nasdaq 100 futures rose 0.55%.
2. International oil prices fell slightly. WTI crude oil futures prices fell 0.66% to US$90.698/barrel; Brent crude oil futures prices fell 0.45% to US$95.086/barrel.
3. International gold and silver spot prices fluctuated within a narrow range. Spot gold prices fell 0.09% to US$4,468.80 per ounce; spot silver prices rose 0.03% to US$66.98 per ounce.
4. Europe's three major stock indexes were mixed. Britain's FTSE 100 index rose 0.03%, France's CAC40 index fell 0.07%, and Germany's DAX30 index rose 0.39%.
5. Micron Technology plans to add up to 60,000 pieces/month of HBM production capacity (based on wafers) before the end of this year to enhance the supply capacity of the latest generation HBM4 12-layer products. This production capacity will be more than double last year's.
6. It is reported that Samsung Electronics and Arm have officially launched joint research and development of end-side AI chips. Arm has approved the allocation of one-time engineering costs for the development of next-generation end-side AI SoC chips at the end of August, and officially launched the project with Samsung Electronics.
7. IDC predicts that the average price of iPhone folding screen may reach US$2,550. By the end of 2027, Apple may sell more than 17 million folding screen mobile phones, with revenue exceeding US$45.7 billion.
8. Anthropic is close to finalizing an expansion of its revolving credit line to $15 billion in preparation for an IPO planned for later this year.
9. OpenAI officially released the new generation flagship model GPT-6 Astra. The pricing is higher than the previous generation GPT-5.6 Sol: billed per million Tokens, input is US$10, output is US$50, and cache reads and writes are billed separately.
10. The U.S. Bureau of Labor Statistics will release the August non-farm employment report at 20:30 Beijing time tonight. The current mainstream market forecast is that new non-farm employment in the United States will increase by 55,000 in August, and the unemployment rate is expected to remain at 4.1%. A[Black Sesame Intelligence’s revenue in the first half of the year was 458 million yuan, a year-on-year increase of 81.3%, achieving high year-on-year growth for four consecutive years] On August 31, Black Sesame Intelligence released a performance announcement for the first half of 2026. Revenue in the first half of the year reached 458 million yuan, a year-on-year increase of 81.3%, achieving high year-on-year growth for four consecutive years; embodied intelligence and solution revenue reached 47.2 million yuan, with full orders on hand; gross profit margin reached 49.5%, gross profit was approximately 227 million yuan, a year-on-year increase of 261.9%; the group's overall chip shipments reached more than 6 million pieces. In the second half of 2026, Black Sesame Intelligence will firmly develop the golden track of end-side AI inference, promote the pre-research and development of new generation chips, improve the computing power layout for the era of physical AI and agents, and regard the customized chip business as a mid- to long-term core incremental business model. Relying on the continuously iterative chip product matrix and open ecosystem, it will fully empower real-world intelligent scenarios. A[Afternoon Commentary: The GEM index fell more than 1% in half a day. Short drama, liquid-cooled server concept bucked the trend and strengthened] On August 31, the market was weak and volatile in early trading, and the GEM index fell more than 1% in half a day. The half-day turnover of the Shanghai and Shenzhen stock markets was 1.31 trillion, a decrease of 112.1 billion from the previous trading day. The hot spots on the market were relatively complex, with more than 3,000 stocks falling in the market. From the perspective of sectors, the liquid-cooled server concept continued to rise during the session, Rongyi Precision hit the daily limit of 30cm, Guanlong Energy Saving, Kangsheng Shares, Jinfu Technology, and Jindi Shares hit the daily limit. The concept of short dramas fluctuated and strengthened, with Mango Super Media, Zhongguang Natural Selection, and Huanrui Century hitting the daily limit. The coal sector was active, with Zhengzhou Coal and Electricity rising by the daily limit. The concept of on-device AI fluctuated and rose, with Rockchip and MeG Smart reaching their daily limit. The real estate sector was active during the session, with I Love My Home and Shenzhen Property A reaching their daily limit. The banking sector bucked the trend and rose, with Bank of China rising by more than 4% and China CITIC Bank rising by more than 2%. The stock price continued to hit a record high. On the downside, the concept of gold fell sharply, and Shengda Resources hit its limit. The CRO concept continues to adjust, and Baihua Pharmaceutical drops by the limit. As of the close, the Shanghai Stock Exchange Index fell 0.2%, the Shenzhen Component Index fell 1%, and the ChiNext Index fell 1.29%. A[Device-side AI concept is active in early trading, Rockchip has a slight daily limit] On August 31, the device-side AI concept is active in early trading, Rockchip has a slight daily limit, and Meig Intelligent, Fenda Technology, Quanzhi Technology, Broadcom Integration, Espressif Systems, and Fibocom followed the rise. According to the news, on August 27, the open source AI community Hugging Face launched Microduck, a bipedal robot priced at US$399, which aims to lower the threshold for robot use and support new skills in reinforcement learning, simulation and open source software development.
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