A[Afternoon Commentary: Both the mass entrepreneurship and innovation index fell by more than 1% and AI comic drama concept stocks collectively broke out] On October 14th, the three major indexes had mixed gains and losses, with the Shanghai Stock Exchange Index closing slightly in the red, and the ChiNext Index opening lower and rebounding, then fluctuating downwards again. Volume capacity has shrunk significantly. The half-day turnover of the Shanghai and Shenzhen stock markets was 852.8 billion, a decrease of 155.4 billion from the previous trading day. More than 3,600 stocks across the market fell. On the market, the media sector continues to rise, with AI comics leading the way. Ciwen Media and New Classics have gone out of 4 consecutive boards, Zhangyue Technology has 4 boards in 7 days, Decai shares have 4 boards in 6 days, Guomai Culture has 2 boards in 3 days, and Fuchun shares have reached their daily limit of 20cm. ; PCB concept continues to be strong, ultrasonic electronics 2-connected board, Aohong Electronics, Baoding Technology, and Watt shares have reached daily limit; Coal and Zhengzhou Coal and Electricity have reached daily limit, Shaanxi Coal Industry has reached a record high, and China Shenhua has reached a new high since November 2007. In terms of decline, the concept of wind power equipment weakened, and Daikin Heavy Industries, Weinig Transmission, Xinqianglian, etc. fell one after another; the automobile sector fluctuated and adjusted, with Jianghuai Automobile, Haima Automobile, and Thalys falling more than 5%. As of the close, the Shanghai Stock Exchange Index rose 0.01%, the Shenzhen Component Index fell 0.51%, and the ChiNext Index fell 1.15%. A[Selected evening news on October 12]
1. The Ministry of Finance and the State Administration of Taxation announced that starting from April 1, 2027, the export value-added tax rebate rate for new energy vehicles will be reduced from 13% to 9%.
2. Wu Qing, chairman of the China Securities Regulatory Commission, will attend the 2026 Financial Street Forum Annual Meeting and deliver a keynote speech. In addition, many leaders of the China Securities Regulatory Commission and heads of relevant departments and system units will also attend activities related to the forum’s annual meeting.
3. Wang Li, deputy director of the General Office of the China Securities Regulatory Commission, said that exploring systems and practices that are more suitable for innovative small and medium-sized enterprises will better support the construction of a financial power and high-quality economic development.
4. Goldman Sachs recently raised its December Brent crude oil price forecast by US$5 to US$90 per barrel, citing continued supply risks in the Middle East.
5. Company news: ① Yuanjie Technology: Net profit is expected to increase by 579%-660% year-on-year in the third quarter. ② Lianxun Instruments: Net profit in the first three quarters is expected to increase by 1866%-2073% year-on-year. ③ Xingyun Technology: Increased the total amount of the computing power service contract to 3.357 billion yuan, an increase of approximately 9.96% from the original contract. ④ Thalys: 17.5357 million shares have been repurchased, with a cumulative repurchase amount of 983 million yuan. ⑤Hongxin Electronics: The subsidiary signed a 2.983 billion yuan purchase contract for high-performance server computing power chips. ⑥JAC: Sales of new energy passenger vehicles fell by 18.85% year-on-year in September. ⑦ Ultrasonic Electronics: Q3 net profit is expected to increase by 181%-206% month-on-month, with sufficient orders for copper-clad laminate products and rising prices. B[Partial changes in the complete vehicle sector, Cyrus approaching the daily limit] On October 12, there was partial change in the complete vehicle sector in the afternoon, with Thaly approaching the daily limit, Yutong Bus, Great Wall Motors, King Long Motors, Sugon Motors, and Jiangling Motors surged higher. According to the news, reporters exclusively learned that Wenjie Automobile plans to enter the European market in 2027, and the WVTA EU vehicle type certification work has been fully launched. B[CATL and Thalys signed a long-term strategic cooperation agreement] On October 11, CATL and Thalys Group signed a long-term strategic cooperation agreement in Chongqing on Saturday. Xu Jian, member of the Standing Committee of the Chongqing Municipal Party Committee, Deputy Mayor of the Municipal Government, and Secretary of the Liangjiang New District Party Committee, Zheng Xiangdong, Deputy Mayor of the Chongqing Municipal Government, Zhang Xinghai, Chairman (Founder) of Thalys Group, and Zeng Yuqun, Chairman and CEO of CATL, attended and witnessed the signing. Since the establishment of the Wenjie brand, all models have been equipped with CATL batteries, and the cumulative delivery to date has exceeded 1.2 million units. B[Cyliss released a production and sales report for September, with new energy vehicle sales increasing by 20.7% month-on-month] On October 8, Cyrus released a production and sales report for September. Data show that sales of new energy vehicles in September were 29,271 units, a month-on-month increase of 20.7%. With the start of delivery of the extended version of the M9 Ultimate, the new generation of the M9 series has delivered more than 40,000 units in 16 weeks, continuing to rank first in sales of models with more than 500,000 units. In addition, Wenjie's high-end products continue to be refreshed. Wenjie's new M8 has started pre-sale on September 30, with a starting price of 389,800. All models of the series have ushered in a new round of OTA upgrades, which have completely refreshed the three-dimensional experience of assisted driving, Hongmeng cockpit and daily convenient car control, bringing users a more intelligent, safe, luxurious and comfortable travel experience. A[Wenjie Auto: Huawei and Cyrus reach a new five-year cooperation] Wenjie Auto announced that on September 30, the strategic cooperation signing ceremony for Hongmeng Zhixing Wenjie business upgrade was held in Shenzhen. Yu Chengdong, Huawei's Managing Director, Director of the Product Investment Review Committee, and Chairman of Terminal BG, and Zhang Xinghai, Chairman (Founder) of Thalys Group, attended the signing ceremony. Huawei and Cyrus stated that facing the new five years, the two parties will continue to anchor the core positioning of Wenjie high-end smart car brand, jointly establish a dedicated Wenjie business team, and further upgrade Wenjie business. B[Yu Chengdong made a public statement for the first time: Hongmeng Intelligent will allocate more resources to invest in the "Four Realms" and the rights and interests of Wenjie users will not be affected] On September 28, Yu Chengdong, Huawei's Managing Director, Director of the Product Investment Review Committee, and Chairman of Terminal BG, said today that the Wenjie brand is the first brand created by Hongmeng Intelligent. As the brand becomes increasingly mature, Wenjie will develop in the future under a new cooperation model, led by Cyrus and empowered by Huawei terminals. The existing rights and interests and follow-up services of all Wenjie users will not be affected. Yu Chengdong also said that Hongmeng Smart will allocate more resources and energy to further strengthen the investment of Zunjie, Xiangjie, Zhijie and Monk Shangjie, create more high-quality products for consumers, and create more successful paradigms for the development of China's automobile industry. (Reporter Zhang Yipeng) A[September 28 morning news selection]
1. From September 23 to 25, local time, Chinese President Xi Jinping paid a state visit to the United States. During the period, the two heads of state had an in-depth exchange of views on China-US constructive strategic and stable relations and major international and regional issues, and reached an eight-point consensus on outcomes.
2. A spokesman for the Ministry of Foreign Affairs stated that during the meeting between the heads of state of China and the United States, the issue of artificial intelligence was discussed in depth. Regarding the issue of artificial intelligence expression, China attaches great importance to the position of the United States and respects its formulation. Artificial intelligence technology is continuing to develop, and all parties can strengthen communication, in-depth discussions, and seek consensus based on the latest situation.
3. According to U.S. news on September 27, local time, U.S. President Trump said in an interview that negotiations with Iran are expected to continue this week.
4. The 2026 third quarter (total 114th) regular meeting of the Monetary Policy Committee of the People's Bank of China was held on September 19. The meeting believed that it is necessary to continue to implement a moderately loose monetary policy, increase countercyclical adjustments, better utilize the dual functions of monetary policy tools in terms of total volume and structure, strengthen the coordination of monetary and fiscal policies, and promote stable economic growth and a reasonable recovery in prices.
5. The derivatives clearing house of Hong Kong Exchanges and Clearing Limited will accept Chinese government bonds, policy financial bonds and Ministry of Finance bonds as non-cash collateral starting from November.
6. The reporter learned exclusively from the industry that a number of insurance companies have recently received the "Letter on Clarifying the Regulatory Criteria for Investment of Insurance Funds in Southbound Stock Connect ETFs", which clarifies the regulatory standards for investment of insurance funds in Southbound Stock Connect ETFs and shall be implemented with reference to the regulations on Southbound Stock Connect stocks.
7. On September 23, the U.S. International Trade Commission (ITC) voted to launch a 337 investigation (investigation code: 337-TA-1523) into specific dynamic random access memory (DRAM) equipment and its downstream products and components (III). Micron Technology and others are listed as defendants.
8. According to the website of the Shanghai Stock Exchange, the scheduled disclosure time for the third quarter quarterly report of 2026 for listed companies on the Shanghai Stock Exchange has been released. Among them, Youyan New Materials comes out on top and will disclose its third quarterly report on October 13. Jinpan Technology and Sichuan Investment Energy will follow closely and will be disclosed on October 14.
9. Yuexin Semiconductor announced that after the callback, the winning rate for this online issuance was 0.0423786759%, and the effective subscription multiple was 2359.67731 times.
10. The Shanghai Stock Exchange issued a regulatory work letter to Xinhua Wenxuan regarding the company’s stock price fluctuations. The target of the letter is a listed company, and the specific subject matter is a regulatory work letter regarding stock price fluctuations of Xinhua Wenxuan Publishing and Media Co., Ltd.
11. Huilu Ecology announced that it plans to invest 309 million yuan in the Junheng Technology R&D and production base project and add a new high-speed optical module production line with an annual output of 2 million units.
12. Zhongji InnoLight announced that the company reviewed and approved the repurchase plan on August 31, 2026, and plans to use its own funds or self-raised funds to repurchase shares for equity incentives or employee stock ownership plans.
13. China Life announced that it plans to invest no more than 4.5 billion yuan in establishing a partnership to invest in high-quality unlisted equity in the fields of artificial intelligence and semiconductors.
14. Thalys announced that Chongqing Xiaokang Holdings, the largest shareholder, and its persons acting in concert increased their holdings of 4.1501 million shares of the company from July 15 to September 24.
15. Hengtong Optoelectronics announced that it plans to raise no more than 6.636 billion yuan in additional capital for the research and development and production of new generation optical fibers and CPO advanced packaging research and development projects.
16. Montage Technology announced that WLT, the third largest shareholder, plans to reduce its holdings by no more than 2.33 million shares of the company, accounting for no more than 0.19% of the company’s total share capital. The reduction period is from November 2, 2026 to February 1, 2027.
17. Sanan Optoelectronics announced that the actual controller Lin Xiucheng was criminally detained on suspicion of official embezzlement and misappropriation of funds.
18. U.S. stocks opened higher last Friday, and the three major indexes collectively closed higher. The Dow Jones Industrial Average rose 0.93%, a cumulative gain of 0.28% for the week; the S&P 500 Index rose 0.51%, a cumulative gain of 1.22% for the week; the Nasdaq rose 0.48%, a cumulative gain of 2.06% for the week. Apple rose more than 1%, setting a new historical closing high, with a total market value approaching US$5 trillion.
19. The Wall Street Journal reported on the 25th, citing several U.S. officials, that U.S. President Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days and told his aides that he might resume bombing Iran after the midterm elections for the U.S. Congress in November.
20. Russian Presidential Press Secretary Peskov said on September 25 that a tripartite meeting between Russia, the United States, and Ukraine may be held in the near future, but there are currently no specific details.
21. The U.S. 30-year Treasury bond yield exceeded 5.5% intraday last Friday, continuing to hit a new high since 2004.
22. A federal jury in San Diego, USA, ruled that Apple must pay more than $5.7 billion in compensation for infringing Taction Technology’s patents related to vibration technology.
23. Goldman Sachs Group strategists predict that spending by the five largest U.S. hyperscale cloud service providers on AI infrastructure will increase by more than 50% next year, reaching $1.2 trillion. A[Selected evening news on September 24]
1. The Ministry of Commerce stated that under the China-US economic and trade consultation mechanism, the two sides held their first dialogue on artificial intelligence.
2. The central bank's third quarter regular meeting stated that it will strengthen financial support for key areas such as expanding domestic demand, technological innovation, small, medium and micro enterprises, and the construction of "six networks".
3. Beijing Municipal Housing and Urban-Rural Development Commission and other departments: Starting from August 28, 2026, pre-sale management will be comprehensively strengthened and the sales of existing homes will be promoted in an orderly manner.
4. New York Fed President Williams said the Fed may need to raise interest rates again within the year to mitigate inflation risks.
5. According to the China Trade Remedy Information Network, the U.S. ITC has officially launched a Section 337 investigation into dynamic random access memory (DRAM) equipment and its downstream products and components (III).
6. Company news: ① Halo New Network: Plans to invest an additional 1.265 billion yuan in the Helinger Intelligent Computing Center project. ②China Life: Plans to invest no more than 4.5 billion yuan in establishing a partnership to invest in high-quality unlisted equity in the fields of artificial intelligence and semiconductors. ③ Thalys: Chongqing Xiaokang Holdings, the largest shareholder, and persons acting in concert increased their holdings of 4.1501 million shares of the company from July 15 to September 24. ④Hengtong Optoelectronics: It is planned to raise no more than 6.636 billion yuan in additional capital for the research and development and production of new generation optical fibers and CPO advanced packaging research and development projects. ⑤Mengqi Technology: WLT, the third largest shareholder, plans to reduce its holdings by no more than 2.33 million shares of the company. ⑥Sanan Optoelectronics: The actual controller Lin Xiucheng was criminally detained on suspicion of official embezzlement and misappropriation of funds. B[Cylis responds to whether the new cooperation model will affect the "luxury content" of the industry: Huawei terminals continue to participate in empowerment] September 18th, today, regarding what Huawei's empowerment means under the new cooperation model and whether it will affect the "color content" of the industry, Kang Bo, director and vice president of Thalys Group, responded: The industry is jointly designed and built by Huawei and Cyrus, and it is also an important result of cross-border integration and industrial upgrading. Thalys and Huawei are firmly together to build good cars. Wenjie is still one of the core members of the Hongmeng family, and Huawei terminals continue to participate in empowerment. At the same time, Cyrus is also a shareholder of Shenzhen Yinwang Company, with a shareholding ratio of 10%. Yinwang has aggregated many core technologies of Huawei's smart car business. As a shareholder, Wenjie will have Huawei's latest, best, and most practical technologies, products, and supply guarantees. B[Hongmeng Zhixing: From now on, Wenjie’s product definition, product design, brand marketing, channel retail, and service system will be led by Cyrus, and Huawei terminals will participate in the empowerment] On September 15th, Hongmeng Zhixing’s official Weibo released a description of the Wenjie cooperation model. Wenjie is still a member of the Hongmeng Zhixing family. From now on, Wenjie will explore a new cooperation model under the cooperation framework of Hongmeng Zhixing: product definition, product design, brand marketing, channel retail, and service systems will be led by Cyrus, and Huawei terminals will participate in the empowerment. The existing rights and subsequent services of all Wenjie users will not be affected. This adjustment does not involve other Hongmeng Zhixing brands. Zunjie, Xiangjie, Zhijie, and Shangjie still adopt Huawei's full-process-led cooperation model. B[Exclusive | The cooperation between Huawei and Cyrus will be adjusted to an asset-light model] On September 15, reporters learned from people familiar with the matter today that the smart car selection cooperation model of Huawei and Cyrus will be adjusted this week. In the future, Huawei will adopt a light-asset approach to cooperate with Cyrus. Products, marketing, sales, services, etc. will be led by Huawei and adjusted to be led by Cyrus and empowered by Huawei. With this adjustment, Hongmeng Smart will focus on resources to accelerate the success of the Zhijie, Xiangjie, Zunjie and Shangjie brands, thereby further consolidating Hongmeng Smart’s industry and market position. (Reporter Zhang Yipeng) B[Sales: New energy vehicle sales in August were 24,244 units 43.96% year-on-year decrease] On September 1, Cyrus announced that in August 2026, the production of new energy vehicles was 24,742 vehicles, a year-on-year decrease of 42.55%; the sales volume was 24,244 vehicles, a year-on-year decrease of 43.96%; the cumulative output this year was 229,700 vehicles, a cumulative year-on-year decrease of 13.22%; the cumulative sales volume was 227,300 vehicles, a cumulative year-on-year decrease of 12.58%.
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