A[The Philadelphia Semiconductor Index fell 3.65% at the opening and stocks in the AI hardware sector plummeted] On October 15th, the Philadelphia Semiconductor Index fell 3.65% at the opening and is now at 11,257 points. NVIDIA's stock price fell 3.09%, TSMC's stock price fell 4.22%, Broadcom's stock price fell 2.55%, SK Hynix's stock price fell 5.7%, Micron Technology's stock price fell 4.05%, AMD's stock price fell 5.48%, ASML's stock price fell 2.25%, Intel's stock price fell 5.51%, Lam Group's stock price fell 4.66%, Applied Materials' stock price fell 3.59%, ARM's stock price fell 4.13%. B[The decline in U.S. chip stocks intensifies, and the total market value may evaporate by more than 1 trillion US dollars] October 15th, as the market’s concerns about rising interest rates, overvaluation, and the huge cost of AI infrastructure intensify, the total market value of the Philadelphia Semiconductor Index component stocks is expected to evaporate by more than 1 trillion US dollars. The Philadelphia Semiconductor Index has fallen by about 10% in the past six trading days, and is set to set its longest losing streak since May 2025. More than half of the index's components fell at least 10% during that time. Arm Holdings fell nearly 20%, Applied Materials fell about 15%, and Intel fell 11%. GlobalFoundries Semiconductor was the only component to gain. Ulrike Hoffmann-Burchardi of UBS's chief investment office wrote in a research report on Wednesday: "The pressure on global chip stocks has further intensified in recent days. Although intensified competition in the AI field, rising financing needs and higher interest rates may increase market volatility from time to time, we believe that this recent round of decline is more about the market's readjustment of expectations rather than a fundamental change in AI investment logic."
Global AI-themed trading, led by semiconductor stocks, has seen a sell-off over the past week. BOn October 13, the Philadelphia Semiconductor Index opened down 2.6% to 11,926 points. NVIDIA's stock price fell 0.93%, TSMC's stock price fell 1.46%, Broadcom's stock price fell 1.34%, SK Hynix's stock price fell 5.75%, Micron Technology's stock price fell 5.49%, AMD's stock price fell 3.27%, ASML's stock price fell 2.28%, Intel's stock price fell 2.33%, Lam Group's stock price fell 3%, and ARM's stock price fell 3.84%. B[India launches second anti-dumping sunset review investigation on China-related toluene diisocyanate] On October 10, according to the China Trade Remedy Information Network, on September 30, the Ministry of Commerce and Industry of India issued an announcement stating that in response to an application submitted by Indian domestic enterprise Gujarat Narmada Valley Fertilizers & Chemicals Limited, it initiated a second anti-dumping sunset review investigation on toluene diisocyanate originating in or imported from China, Japan and South Korea with an isomer ratio of 80:20. This case involves products under Indian Customs Code 29291020. The dumping investigation period in this case is from April 1, 2025 to March 31, 2026, and the damage investigation period is from April 1, 2022 to March 31, 2023, from April 1, 2023 to March 31, 2024, from April 1, 2024 to March 31, 2025, and from April 1, 2025 to March 31, 2026. B[Most U.S. AI hardware stocks rose before the market, ASML, Broadcom, and ARM rose more than 2%] On October 9, most U.S. chip stocks rose before the market opened. Lumentum rose 3.81%, Coherent rose 3.52%, ASML rose 2.71%, Arm Holdings rose 2.37%, Broadcom rose 2.10%, Micron Technology rose 2.05%, SanDisk rose 2.05%, and SK Hynix rose 2.22%. Nvidia rose 1.69%, TSMC rose 1.36%, and the Philadelphia Semiconductor Index remained unchanged. A[Philadelphia Semiconductor Index rose 3%] On October 2, US chip stocks rose, and the Philadelphia Semiconductor Index rose 3% to 13222.15 points. ARM rose more than 4%, NXP, Intel, AMD, Applied Materials, and Broadcom rose more than 3%, Nvidia rose 2.8%, Qualcomm rose 2.3%, and TSMC rose 2.2%. A[September 30 morning news selection]
1. The Ministry of Finance, the People's Bank of China, and the State Administration of Financial Supervision issued a notice that China will implement interest discounts for residents using newly issued commercial personal housing loans to purchase houses starting from October 1. The loan size that can enjoy discount interest can be up to 1 million yuan, and the financial department will provide an annual discount of 1 percentage point, with a maximum period of 5 years.
2. On the basis of giving full play to the effectiveness of various existing policies, the People's Bank of China decided to further adjust and improve several monetary policy tools, including lowering the mortgage supplementary loan (PSL) interest rate by 0.25 percentage points. The one-year mortgage supplementary loan interest rate was reduced from 1.75% to 1.5%; the mortgage supplementary loan support area was expanded to include the construction of "six networks" such as water network, new power grid, computing power network, new generation communication network, urban underground pipe network, and logistics network into the mortgage supplementary loan support area ; Increase the re-loan quota for scientific and technological innovation and technological transformation by 200 billion yuan, and increase the re-loan support ratio from 60% to 100%; increase the re-loan quota to support agriculture and small businesses by 500 billion yuan, of which the re-loan quota for private enterprises will increase by 300 billion yuan.
3. The spokesperson of the Ministry of Commerce responded to a reporter's question regarding media reports that relevant EU member states are pushing the European Commission to create a European version of the "301" tool. The spokesperson said that China will pay close attention to the EU's follow-up movements. If the EU insists on introducing discriminatory restrictions on Chinese companies or products, China will resolutely respond and defend the legitimate rights and interests of Chinese industries.
4. Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A reporter from TASS asked: The Kremlin spokesperson said that the APEC summit in Shenzhen provided a good opportunity for the heads of state of Russia, China and the United States to hold a trilateral meeting. What is China’s comment on this? Guo Jiakun said that as the host of APEC this year, China is willing to work with all parties to jointly promote the APEC China Year to achieve fruitful results and make new contributions to promoting economic growth in the Asia-Pacific and the world.
5. Cheng Fubo, Secretary and Director of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, published a signed article in "New Industrialization" stating that we will further develop key areas such as artificial intelligence and new materials, cultivate cutting-edge tracks such as quantum technology, nuclear fusion energy, and biological manufacturing in advance, and promote the development of emerging industries to "build momentum."
6. According to market tracking data, as of the close, the Shanghai and Shenzhen stock exchanges’ full-day turnover was 1,409.197 billion yuan, a decrease of 293.6 billion yuan from the previous day, a new low since July 8, 2025, and a shrinkage of more than 64% from the historical volume of 3,941.484 billion yuan set on January 14, 2026.
7. TrendForce research shows that HBM and traditional DRAM are still competing for limited advanced process and wafer production capacity. The HBM price outlook for next year has been revised upward, and the annual comprehensive average selling price is expected to increase by 121%.
8. Luchang Technology announced that the controlling shareholder Zoomlion plans to change its control rights and the stock will be suspended from trading. Huazhijie announced that it plans to acquire 83.5% of Greming’s shares and the stock will resume trading. The Institute of Construction Research announced that it is planning for major events and the stock will be suspended from trading.
9. Enhua Pharmaceuticals announced that it has granted Somnivera exclusive rights to an innovative drug under development for the treatment of sleep disorders, and is entitled to receive milestone payments of up to US$507 million.
10. Corson Technology announced that it plans to raise no more than 1.102 billion yuan in additional capital to acquire 53.26% of the equity of Zhangu Technology, a liquid-cooled precision metal structural parts company.
11. Shandong Gold announced that the chairman proposed to repurchase A shares worth 300 million to 400 million yuan. Dongyangguang announced that the controlling shareholder proposed to repurchase shares of 600 million to 1.2 billion yuan. China Automotive Research Institute announced that the controlling shareholder plans to increase its shareholding by 60 million yuan to 120 million yuan.
12. All three major U.S. stock indexes closed slightly lower, with the Dow Jones Industrial Average falling 0.26%, the S&P 500 Index falling 0.17%, and the Nasdaq Composite Index falling 0.09%. AI hardware stocks generally rose. Lumentum rose by more than 5%, Corning and Marvell Technology rose by more than 4%, ARM, Meta, Coherent, and Ciena rose by more than 3%, and SK Hynix rose by more than 2%.
13. Trump stated that he will sign a strong artificial intelligence order and rename "artificial intelligence" to "super intelligence" through an executive order. Trump said that he has signed an artificial intelligence document and is considering establishing a 10-member committee to oversee artificial intelligence.
14. Many Federal Reserve officials have called for continued interest rate increases. Federal Reserve Governor Barr said that it may be necessary to continue to raise interest rates; policies need to be recalibrated. The basic situation is that further policy adjustments may be needed. Fed's Williams said that if the economy meets expectations, it may raise interest rates again this year.
15. Traders have reduced their bets on the Federal Reserve raising interest rates in October. The market currently believes that the probability of the Federal Reserve raising interest rates in October is about 50%, which is lower than the previous expectation of about 70%.
16. The United States announced that it will provide up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to increase market supply.
17. U.S. Treasury yields continued to surge during the session on Tuesday. The 30-year Treasury bond yield rose to 5.6%, continuing to hit a new high since 2002. Barclays expects the U.S. 30-year Treasury yield to rise to 6%.
18. Samsung Electronics plans to start mass production of the third-generation 2nm process in 2028, and launch mass production of the 1.4nm process in 2029.
19. People familiar with the matter said that OpenAI’s annual recurring revenue (ARR) is reported to be close to US$70 billion, an increase of more than 70% from the beginning of the third quarter. OpenAI enterprise sales have more than doubled since July.
20. OpenAI launched the all-weather autonomous agent Dots and the GPT-6.1 Sol model, and will launch the GPT‑6.1 Sol ultra-fast version in the next few days. A[The three major U.S. stock indexes all closed slightly lower, AI hardware stocks generally rose] On September 30, the three major U.S. stock indexes all closed slightly lower, with the Dow Jones Industrial Average falling 0.25%, the S&P 500 Index falling 0.16%, and the Nasdaq Composite Index falling 0.09%. AI hardware stocks generally rose, with Lumentum rising by more than 5%, Corning and Marvell Technology rising by more than 4%, ARM, Meta, and Coherent rising by more than 3%, and SK Hynix rising by more than 2%. B[Philadelphia Semiconductor Index opened up 1.7%] On September 29th, the Philadelphia Semiconductor Index opened up 1.7%, NVIDIA's stock price rose 1.05%, TSMC's stock price fell 0.82%, Broadcom's stock price rose 2.39%, SK Hynix's stock price rose 1.78%, U.S. Optical Technology's stock price rose 1.84%, AMD's stock price rose 0.87%, ASML's stock price rose 2.05%, Intel's stock price rose 0.78%, Lam Group's stock price rose 2.96%, ARM's stock price rose 2.48%, and SanDisk's stock price rose 1.36%. B[Kangfang Biotech rose 11% to a new high in more than a month] On September 29, as of press time, Kangfang Biotech rose 11% to a new high in more than a month, with a transaction volume of HK$1.1 billion. Recently, the world's first cornerstone drug of tumor immunity 2.0, Ivosi, owned by Kangfang Biology, announced the latest overall survival data of the HARMONi-2 study at the 2026 World Conference on Lung Cancer (WCLC). According to Kangfang Biological News, compared with Merck & Co.'s pembrolizumab, Ivorosid significantly extended the median overall survival to 30.8 months, while pembrolizumab's median overall survival was 22.6 months. A[September 29 morning news selection]
1. Li Qiang presided over the executive meeting of the State Council. The meeting pointed out that a number of pragmatic and effective incremental policies should be launched, fiscal expenditure arrangements should be optimized, local government debt balance limits should be fully utilized, commodity market policy tools should be comprehensively used and adjusted in a timely manner, re-loan quotas should be increased for technological innovation and technological transformation, supporting agriculture and small businesses, etc., and policies and measures to stabilize the real estate market and promote employment and income should be studied and introduced.
2. The "15th Five-Year Plan" for the Development of New Battery Industry jointly formulated by seven departments including the Ministry of Industry and Information Technology. The "Plan" proposes that the goal is to initially achieve large-scale application of all-solid-state batteries by 2030. The "Plan" also proposes to build a gradient cultivation system for high-quality enterprises, cultivate and nurture leading enterprises in the new battery field, and support corporate mergers and reorganizations.
3. When answering questions at a regular press conference on the 28th, Foreign Ministry spokesperson Guo Jiakun stated that China has always advocated that the United Nations should continue to play its role as the main channel and build a fair and reasonable global artificial intelligence governance system. At the same time, we are also willing to maintain communication with the United States through channels such as the Artificial Intelligence Intergovernmental Dialogue.
4. Shanghai has issued local implementation opinions on the reform of the commercial housing sales system, which mainly include policy measures in six aspects, including strengthening pre-sale management, implementing existing home sales, promoting the host bank system, increasing financing support, optimizing land supply management, and improving quality supervision and market order.
5. The Guangdong Provincial Party Committee Comprehensively Deepening Reform Committee held a meeting on the morning of the 28th. The meeting emphasized the need to give full play to the demonstration and leading role of leading enterprises, vigorously develop new mechatronics industries, and accelerate the development of "artificial intelligence + robots" into a high-tech, high-growth, large-scale industrial cluster.
6. The Shanghai Stock Exchange and China Securities Index Co., Ltd. will officially release the Shanghai Stock Exchange Photovoltaic Technology Innovation Leading Index on October 9, 2026, providing the market with more abundant investment targets.
7. Some Chinese securities firms in Hong Kong have begun to clean up their existing business in the mainland. It is understood that on September 28, in order to implement relevant regulatory requirements, Guotai Junan International has made partial adjustments to the services available for existing investor accounts in mainland China starting from the 26th of this month.
8. It was learned from the National Medical Insurance Administration’s centralized purchasing results conference for oral medical consumables that after the first round of centralized purchasing, the price of a single dental implant dropped from about 15,000 yuan to about 7,000 yuan.
9. CITIC Securities announced that Zou Yingguang was elected as chairman of the board and will perform the duties of general manager on his behalf.
10. Changxin Technology announced that it plans to invest 24.1 billion yuan and 10.8 billion yuan respectively in the construction of technology research and development projects and the second phase of the memory wafer back-end test base project. Yuanlin Co., Ltd. announced that it plans to acquire 93.5% of the shares of memory chip and module company Hualan Micro, and the stock will resume trading.
11. Guangzhou Automobile Group announced that it plans to issue shares to purchase 50% of FAW Toyota's equity and the stock will resume trading.
12. Guoxuan High-tech announced that it plans to jointly invest approximately 3.222 billion euros with the Volkswagen Group to build three joint ventures and build a lithium iron phosphate cathode material project with an annual output of 100,000 tons. Three Gorges New Materials announced that it planned to purchase no less than 53.14% of the shares of Zhuhai Saiwei, a lithium battery electrolyte company, and the stock was suspended.
13. Bee Assistant announced that it signed a 5.717 billion yuan computing power service agreement and a 3.96 billion yuan computing power server purchase agreement.
14. Xinlian Integration announced that it expects operating income in the first three quarters to be approximately 7.766 billion yuan, a year-on-year increase of approximately 43.23%, and net profit to be approximately 681 million yuan, turning losses into profits compared with the same period last year.
15. TCL Zhonghuan announced that it plans to repurchase the company's shares for 400 million to 500 million yuan. Changhong Technology announced that it plans to repurchase shares for 100 million to 200 million yuan. Huaqin Technology announced that it plans to repurchase the company's shares for 300 million to 400 million yuan.
16. The three major U.S. stock indexes collectively closed down, with the Nasdaq falling 0.92%, the S&P 500 falling 0.77%, and the Dow Jones Industrial Average falling 0.67%. Optical communications and memory chip sectors were among the top decliners, with ARM falling by more than 8%, Qualcomm falling by more than 7%, and Intel and SK Hynix falling by more than 5%.
17. According to reports, US officials said that Trump is ready to relax sanctions on Iran and unfreeze its frozen assets in exchange for progress on the Iranian nuclear issue. But Trump said the report was untrue.
18. Sources say Iran has agreed to stop uranium enrichment in exchange for the relaxation of U.S. sanctions. Iranian officials stated that the nuclear issue is no longer the core or axis of negotiations, and that the Strait of Hormuz is now the focus of negotiations.
19. U.S. bond yields continued to surge during the session on Monday, with the 10-year U.S. Treasury bond yield rising to above 5.27%, a new high since 2007; and the 30-year Treasury bond yield setting a new high since 2002.
20. Nvidia’s board of directors approved an increase in the stock repurchase plan by US$150 billion, bringing the total to US$235 billion. The repurchase plan is expected to be implemented before fiscal year 2028.
21. Anthropic releases the Sonnet 5.5 model. Anthropic says Sonnet 5.5 runs significantly faster than Sonnet 5 and is a low-cost alternative to Opus 5.5. A[Most U.S. chip stocks fell, ARM fell nearly 10%, and the Philadelphia Semiconductor Index fell 3%] On September 28, most U.S. chip stocks fell during the session, with the Philadelphia Semiconductor Index falling 3.00%. In terms of individual stocks, Arm fell 9.77%, Qualcomm fell 7.21%, SanDisk fell 6.52%, SK Hynix fell 6.32%, Intel fell 6.11%, Lumentum fell 6.02%, Western Digital fell 5.21%, AMD fell 5.09%, and Micron Technology fell 4.56%. Nvidia bucked the trend and rose 1.68%, TSMC fell 1.61% and Broadcom fell 1.50%. B[AI hardware stocks rose almost across the board before the U.S. stock market opened] On September 25th, AI hardware stocks rose almost across the board before the U.S. stock market opened. Nvidia rose 0.29%, TSMC rose 0.46%, Broadcom rose 1.02%, and S K Hynix rose 1.23%, Micron Technology rose 0.89%, Advanced Micro Devices rose 1.94%, Intel rose 1.48%, ASML rose 1.00%, Lam Group rose 1.23%, Arm Holdings rose 2.85%, SanDisk rose 1.88%, Qualcomm rose 0.42%, Western Digital rose 1.37%, Seagate Technology rose 1.28%, Marvell Technology rose 1.61%, Lumentum rose 1.55%, Coherent rose 2.17%, and the triple long semiconductor ETF-Direxion rose 3.34%. A[The three major U.S. stock indexes closed mixed, with memory chip stocks leading the decline] On September 25, the three major U.S. stock indexes closed mixed, with the Dow Jones Industrial Average falling 0.31%, the S&P 500 Index falling 0.02%, and the Nasdaq Composite rising 0.01%. Memory chip stocks were among the top losers, with ARM falling nearly 8%, Western Digital falling nearly 5%, SanDisk falling more than 3%, and Seagate Technology and SK Hynix falling more than 1%. Meta rose more than 4% as the company released Muse Charm, a handheld AI device. B[U.S. chip and semiconductor stocks fell before the market opened Multiple stocks fell more than 2%] September 24th, U.S. chip semiconductor stocks fell before the market. Nvidia fell 1.25%, TSMC fell 1.42%, Broadcom fell 1.50%, SK Hynix fell 2.03%, Micron Technology fell 2.43%, Super Micro fell 2.07%, Intel fell 3.03%, ASML fell 2.12%, Lam Group fell 2.49%, Arm Holdings fell 4.07%, SanDisk fell 2.97%, Qualcomm fell 1.72%, Western Digital fell 3.15%, Seagate Technology fell 2.44%, Marvell Technology fell 3.39%, Lumentum fell 2.45%, Coherent fell 3.29%, and the triple long semiconductor ETF-Direxion fell 5.76%. B[Meta launches a handheld dedicated device to facilitate users to use Muse anytime, anywhere] On September 24th, MetaPlatforms Inc. released MuseCharm, a palm-sized device for using the company's artificial intelligence assistant Muse, equipped with a 2-inch display and a new operating system. The product was launched on stage by Meta's CEO. The device has features such as an OLED touch screen, 5G modem and camera, and can be navigated with the thumb, allowing users to customize and interact with virtual Muse characters. MuseCharm, which will be available in December and is expected to be priced about the same as a smartwatch, will allow users to access the Muse range without Wi-Fi and interact with other MuseCharm devices when nearby. The company initially planned to bring the device to market in 2027, but Zuckerberg pushed the team to bring it forward to 2026 and make it available for sale by the end of the year, according to people familiar with the matter. A[U.S. stocks closed: The three major indexes opened higher and the Nasdaq rose more than 2%. Many semiconductor chip stocks rose more than 10%] On September 22, U.S. stocks opened higher and the three major indexes collectively closed higher. The Nasdaq rose 2.26%, the S&P 500 rose 1.49%, and the Dow Jones Industrial Average rose 0.71%. Semiconductor chip stocks rose sharply, with ARM rising by more than 17%, Intel rising by more than 12%, Meta rising by more than 11%, and AMD and Qualcomm rising by more than 9%. Among them, AMD reached a new high, with its market value exceeding US$1 trillion for the first time, becoming the fourth US chip company to join the "Trillion Dollar Club". A[The three major U.S. stock indexes collectively opened higher, Intel rose more than 9%] On September 21, the three major U.S. stock indexes collectively opened higher, with the Dow Jones Index rising 0.62%, the S&P 500 Index rising 0.6%, and the Nasdaq Composite Index rising 0.82%. TSMC's stock price rose 0.95%, Broadcom's stock price fell 0.46%, SK Hynix's stock price fell 0.42%, Micron Technology's stock price rose 2.86%, AMD's stock price rose 4.84%, ASML's stock price rose 0.67%, Intel's stock price rose 9.53%, Lam Group's stock price rose 2.2%, ARM's stock price rose 9.05%, and SanDisk's stock price rose 0.97%.
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