B[Yesterday’s Market Review] On September 23, the market fell back throughout the day on the last trading day. The Science and Technology Innovation 50 Index, which once rose by more than 3% in early trading, fell back and turned green in the afternoon. The turnover of Shanghai and Shenzhen stock markets was 2.14 trillion, which was 104 billion higher than the previous trading day. 1) Meta’s Muse AI agent quickly topped Apple’s free app rankings after its launch at the beginning of this month, stimulating Meta’s stock price to surge by 11% overnight. Previously, on September 15, TypeSafe AI officially released its first System One model Jev, which quickly became popular among Silicon Valley AI developers. Since this month, the AI application side has been "exploding" frequently, stimulating the strength of related concept stocks throughout the day. Nanwei Software and Yanhua Intelligent have achieved consecutive promotions. Popular traditional stocks in the sectors such as Nanxing Co., Ltd., Xinju Network, and Gravity Media have all reached their daily limit. Guangyun Technology once closed the daily limit of 20 centimeters during the day. 2) With the popularity of Meta’s new AI agent Muse, the market has shifted its focus on the hardware side to changes in the computing power structure after the large-scale application of the agent.
Stimulated by the market's expectations for a surge in server CPU usage in the future, the concept of CPU surged sharply in early trading. Variety Show and Hesheng New Materials closed the daily limit for the whole day. However, as the Great Wall of China once again exploded downward in the afternoon and began to diverge, dragging down the entire domestic computing power chain to narrow the gains. 3) Moderna, a major U.S. vaccine concept stock, announced that three research summaries of intismeran autogene, an ongoing personalized mRNA neoantigen therapy jointly developed by the company and Merck, have been accepted for presentation at the 2026 European Society for Medical Oncology (ESMO) Congress in Madrid from October 23 to 27. This stimulated the stock to close up 12% overnight, and once exceeded the high on August 19 during the session. Innovative drugs and CXO-related industry chains have continued to gain momentum recently. Low-priced 20-centimeter stocks Huaren Pharmaceuticals recorded two consecutive gains, Yiqiao Shenzhou and Novozymes hit the 20-centimeter daily limit, and Nearshore Protein and Biopsis hit record highs within the day. Recently, the real estate industry has received multiple favorable policies and fundamentals. The Ministry of Housing and Urban-Rural Development has previously proposed that urban renewal will be vigorously implemented during the "15th Five-Year Plan" period. The next step will be to support housing provident funds for renting, purchasing, repairing and maintaining houses.
In terms of new home transactions, according to statistics from relevant agencies, in the first half of September, the number of new home transactions in first-tier cities increased by about 20% year-on-year. In Shanghai, 2,000 units were sold in the first week of September, a year-on-year increase of 50%. The real estate sector, which had continued to rebound in the past, bottomed out and rebounded throughout the day. I Love My Home, Huayuan Holdings, and Huali Family achieved two consecutive upgrades. Vanke A, which had closed at the daily limit for two consecutive days, once shot up by more than 6% in the afternoon. B[Foreign investment targets China’s ETF market, multiple institutions are investing in it] On September 15th, China’s ETF feast was in full swing, and institutional investors were vying to “take a seat.” According to reports, US quantitative trading giant Susquehanna International Group (SIG) is planning to expand its office space in Hong Kong to better enter the Chinese ETF market. At the same time, since this year, long-term allocation of insurance funds, bank financial management, and flexible institutional funds represented by securities firms, secondary private equity, and trusts have intensively appeared in the ETF market. Statistics from the private equity ranking network show that in the first half of the year, nearly a hundred private equity products appeared on the list of the top ten holders of ETFs established during the same period. An analysis report published by E Fund on the Asset Management Association of China in June showed that as of the end of 2025, the scale of equity ETFs held by insurance funds was nearly 370 billion yuan; from the end of the first quarter of 2022 to the end of the first quarter of 2026, the proportion of passive equity funds allocated to bank wealth management funds more than doubled. According to industry insiders, behind the competition among institutions for ETFs is the shift in the role of ETFs from institutional allocation to the expression of opinions. This is a "two-way rush" between capital demand and market supply. (Shanghai Securities News) B[Inner Mongolia: Accelerate the progress of African swine fever vaccine research and development] On September 11, the General Office of the People's Government of the Inner Mongolia Autonomous Region recently issued the "Action Plan for Accelerating the High-Quality Development of the Biomanufacturing Industry in the Inner Mongolia Autonomous Region." It is proposed to enhance the core competitiveness of biomedicine. Accelerate the establishment and operation of platforms such as the Hohhot Bio-Intelligent Manufacturing Valley, focus on nucleic acid drugs, cell and gene therapy, "AI + medicine" and other characteristic new tracks, and promote the biomedical industry to leapfrog from scale advantages to technology leadership. Consolidate and enhance the global market leading position of animal vaccine products such as foot-and-mouth disease vaccine, accelerate the research and development of African swine fever vaccines, strengthen the promotion and application of new vaccines and multi-linked multivalent vaccines in the region, and improve the prevention and control capabilities of major animal diseases. Leverage the platform advantages of the company's P3 laboratory to accelerate the development and industrialization of cutting-edge products such as mRNA vaccines and mucosal vaccines, and build a world-leading intelligent manufacturing benchmark for animal vaccines. Deepen the secondary development of traditional Chinese medicine (Mongolian medicine), use synthetic biology technology to enable the discovery and efficient preparation of functional components of characteristic Chinese medicine (Mongolian medicine), and create a modern traditional Chinese medicine (Mongolian medicine) industrial system with Inner Mongolian characteristics. A[September 2 morning news selection]
1. On the afternoon of September 1, Premier Li Qiang met with a visiting delegation led by John McCain, Chairman of the Board of Directors of the U.S.-China Business Council, at the Great Hall of the People in Beijing. Li Qiang said that China is willing to work with the United States to follow the strategic guidance of the two heads of state, strengthen dialogue and communication, expand mutually beneficial cooperation, properly manage differences, promote the construction of a constructive strategic and stable relationship between China and the United States, and strive for more pragmatic results.
2. The Ministry of Finance and the State Administration of Taxation issued an announcement clarifying that starting from September 1, foreign individuals shall pay individual tax at a rate of 20% on dividend income received from foreign-invested enterprises.
3. The 2025 annual report released by the National Council for Social Security Fund shows that in 2025, the investment income of the National Social Security Fund was 390.672 billion yuan, with an investment return rate of 13.22%. The average annual investment return rate since the fund's establishment is 7.62%, and the cumulative investment income is 2.291679 billion yuan.
4. The Ministry of Commerce, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation recently issued the "Guidelines for Overseas Competition and Compliance Construction in the Automotive Industry," emphasizing legal compliance, fair competition, and mutual benefit, which will help guide automobile industry companies to actively fulfill their social responsibilities overseas and better integrate into the economic and social development of the host country.
5. The exchange formulates L2 market usage specifications to strictly prevent the abuse and improper dissemination of market data, and eliminate the use of data advantages to "detour and jump ahead" to further maintain market fairness.
6. Samsung Electronics plans to increase the performance of the next-generation high-bandwidth memory (HBM) HBM5 to 2 times that of HBM4E, while the performance target of the subsequent generation product zHBM is 8 times that of HBM4E. Samsung will focus on 3D structure innovation to compete for dominance in the next-generation memory market.
7. Affected by rising energy prices, rising inflation expectations, and changes in major central bank monetary policy expectations, the world's major government bond yields have generally risen. The U.S. 30-year Treasury bond yield once rose to 5.28%.
8. BYD’s passenger car sales in August were 433,000 units, compared with 372,000 units in the same period last year, a year-on-year increase of approximately 16.66%.
9. Huachang Chemical announced that the controlling shareholder will be changed to Suzhou Xuanli and the stock will resume trading.
10. Sengke Communications announced that it plans to raise an additional capital of no more than 4.805 billion yuan to invest in the construction of next-generation high-performance switching chips and other projects. Sunshine Shares announced that its holding subsidiary signed a comprehensive service contract for server leasing worth 633 million yuan.
11. Huahong Grace announced that it plans to increase capital in the third phase of Wuxi Huahong Grace to build a 12-inch specialty process wafer foundry production line with a monthly production capacity of approximately 55,000 pieces/month.
12. The three major U.S. stock indexes collectively closed down, with the Dow Jones Industrial Average falling 0.79%, the Nasdaq Composite Index falling 1.03%, and the S&P 500 Index falling 0.71%. Cryptocurrency concept stocks and the optical communications sector generally fell; the pharmaceutical sector led the gains, with Moderna rising nearly 10%.
13. The US Central Command stated on September 1, local time, that Central Command troops successfully completed a wave of strikes against Iranian military targets on September 1.
14. The U.S. House of Representatives passed a temporary federal funding bill to avoid a government "shutdown" on October 1, and sent the bill to U.S. President Trump for signature.
15. Iran’s Islamic Revolutionary Guard Corps issued a statement stating that it launched a heavy ballistic missile at the U.S. Marine Corps camp on the coast of Jordan’s Gulf of Aqaba, “destroying several important facilities and enemy attack helicopters, causing a large number of U.S. military casualties.”
16. International oil prices rose sharply. WTI crude oil futures closed at US$90.22 per barrel, an increase of 5.20%; Brent crude oil futures closed at US$94.65 per barrel, an increase of 4.6%.
17. Musk is said to have made personnel changes to the team building the company's data center at SpaceX in recent weeks, replacing several leaders with executives from SpaceX's rocket and satellite Internet businesses. A[The three major U.S. stock indexes collectively closed down, with optical communications and cryptocurrency sectors generally falling] On September 2, the Dow Jones Industrial Average fell 0.79%, the Nasdaq fell 1.03%, and the S&P 500 Index fell 0.71%. Cryptocurrency concept stocks led the decline, with Circle falling more than 6%, Coinbase falling more than 6%, and Strategy falling more than 6%. The optical communications sector generally fell, with Lumentum falling more than 5% and AAOI falling nearly 4%. The pharmaceutical sector led the gains, with Moderna up nearly 10%, Novartis up more than 6%, and Novavax up 8%.
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