B[Zhipu responds to the question of "knowledge only after training": The next generation base model is already advancing GLM-6.0, aiming at "self-evolution"] September 1st, at the 2026 semi-annual performance communication meeting held on the evening of August 31, an analyst raised the market's doubts about Zhipu's "knowledge only after training" and asked why the company has been relatively restrained in parameter scale recently. Tang Jie, founder of Zhipu, said that the next generation model will still expand the base size, and at the same time control the activation parameters to avoid the decline in inference speed and increase in costs. In terms of computing power, Zhipu revealed that it has achieved large-scale inference with 100,000-level domestic chips, and the cost of inference per Token has dropped by 80% from the beginning of the year. GLM‑5.3‑Flash is Zhipu’s first model that fully relies on domestic chip clusters to provide services under ultra-large-scale real traffic. The company said that compared with the initial baseline of the same hardware, the end-to-end service performance of this model has been improved by 3 times. Tang Jie summarized one of the future directions of GLM-6.0 as self-evolution, "This is a big challenge. The biggest problem is that the model can judge by itself when to stop and when to correct itself. This is the biggest problem, rather than simply training the model to a larger size. In future models, this is a key research focus." (every sutra) B[UBS: You can now re-buy technology stocks, and you are more optimistic about A-shares than Hong Kong stocks] On September 1, Wang Zonghao, head of China equity strategy research at UBS, said at a media conference on Tuesday that you can now re-buy technology stocks, and taking into account factors such as funding, you are more optimistic about A-shares than Hong Kong stocks. Wang Zonghao said that the factors that previously triggered the correction of technology stocks include changes in the AI narrative, concentration of positions, and leverage reduction. All three factors have now changed. However, it is expected that investors will look for more non-AI sectors in the second half of the year, making the sector performance of the overall stock market less narrow than in the first half of the year. Compared with Hong Kong stocks, which have more IPOs and placements, A-shares have relatively abundant funds. At the same time, they are more optimistic about hardware stocks, and A-shares also account for a larger proportion of such stocks. Due to the dumbbell configuration, I am also optimistic about bank stocks, and recommend non-ferrous sectors that are not so closely related to AI, as well as overseas themes. A[GEM Index fell more than 1%, computing power hardware led the decline] On September 1, the index weakened, the GEM Index fell more than 1%, the Shanghai Index fell 0.05%, and the Shenzhen Component Index fell 0.54%. Computing hardware, semiconductor chips, robots and other directions were among the top losers, with nearly 2,200 stocks falling in Shanghai, Shenzhen and Beijing. B[Zhonghuan New Energy’s revenue in the first half of 2026 increased by 56.3% year-on-year, accounting for nearly 20% of AI computing power business] On September 1, Central New Energy (01735)’s 2026 interim results showed that it achieved revenue of approximately HK$6.33 billion in the first half of the year, a year-on-year increase of 56.3%; gross profit was approximately 130 million yuan, a year-on-year increase of 50.0%. The income structure has undergone a qualitative change. As the second growth curve, the AI computing power business has soared to 1.047 billion yuan in revenue during the period, accounting for nearly 20%. This marks that the company's growth logic is evolving towards a "new energy + AI + computing power" compound growth model. Relying on the clean power base of photovoltaics and energy storage, Zhonghuan New Energy has extended its business upwards to AI data centers and computing centers, and further deployed AI Token factories to make bidirectional efforts in the field of AI software and hardware. From green electricity production to computing power empowerment, the company has risen to become a "clean smart energy leader" with comprehensive capabilities in AI underlying energy infrastructure construction and upper-level strategic planning. Based on a series of layouts, Zhonghuan New Energy will build irreplaceable competitive advantages in key areas of the AI industry chain. B[Yesterday’s Market Review] On September 1st, the market opened lower and moved higher throughout the last trading day, with the Shanghai Stock Exchange Index closing above the previous year’s line. The turnover of Shanghai and Shenzhen stock markets was 2.13 trillion, which was 29.3 billion higher than the previous trading day. 1) As the first AIGC long-form drama in China, the mythological seasonal drama "Journey to the West" Season 1 "Huaguoshan Chapter" powered by AI technology provided by Seedance2.0 and Seedance2.5 will officially debut on the dual platforms of Hunan Satellite TV & Mango TV starting from 6 pm on August 31. The news directly stimulated the outbreak of the film and television media sector, led by the concept of short dramas. Chinese Online, Mango Super Media, Haikan Shares, and Rongxin Culture all reported a 20cm daily limit, which in turn drove the afternoon heat to spread to Vincent Video, IP copyright, AI corpus and other directions. Beijing Exchange Liujin Technology recorded a 30cm daily limit, and many AI application concept stocks such as Kunlun Wanwei rose by more than 10%. 2) Recently, the Ministry of Industry and Information Technology announced the list of nodes for the construction of national computing power interconnection regions. Previously, the National Data Bureau released data showing that as of the end of July, the total scale of national intelligent computing reached 2.45 million PFLOPS (FP16). Eight national computing power hubs and three computing and power collaborative development zones have built intelligent computing scale accounting for more than 85% of the country.
Domestic computing hardware stocks, represented by super nodes and liquid-cooled servers, shined in the afternoon. StarNet Ruijie and Haiou Co., Ltd. advanced to the triple board. Inspur Information, Rongyi Precision, Jinfu Technology and other stocks achieved reverse daily limit. 3) The United States and Iran exchanged fire again, causing energy and chemical futures to rise again. Domestic crude oil futures rose 7%, and many major contracts such as methanol, ethylene glycol, PVC, and propylene closed their daily limits. The chemical sector continued to be active last week. Luhua Technology, Chitianhua, and Jinniu Chemical all achieved consecutive promotions, and Lutianhua and Huajin once hit their daily limit. 4) Recently, the six major state-owned banks have all released their 2026 semi-annual reports. In the first half of this year, in terms of growth rate, the revenue growth rate of the six major banks was between 4% and 11%, and the net profit growth rate was between 4% and 6%. All achieved positive growth. This is also the first time since 2022 that the six major banks have collectively achieved double growth in revenue and net profit. The banking sector performed strongly throughout the day. Bank of China rose more than 5%, the total market value of A+H shares approached 2 trillion, and China CITIC Bank once rose 2.6%, all of which hit record highs. A[JP Morgan Zhang Xiaoning: Shanghai and Shenzhen 300 are expected to hit 5,200 points by the end of the year] On August 31, Zhang Xiaoning, JP Morgan China stock strategist, told reporters in an exclusive interview that AI hardware supply constraints will continue until at least 2028, the bond ratings of mainstream technology companies are all investment grade, and debt concerns are an "overreaction." The bank continues to overweight Chinese stocks and sets the benchmark target points for the MSCI China Index and the CSI 300 Index at the end of 2026 at 100 points and 5,200 points, with pessimistic scenarios at 80 points and 4,000 points. Zhang Xiaoning judged that AI technology is expected to remain the core theme of the Chinese market in the second half of the year; JPMorgan Chase expects AI to re-establish its market leadership, and the current correction is a healthy rotation rather than the end of the AI cycle. What foreign investors are most concerned about is still the underpinning strength of macro policies and the pace of implementation of the "Six Networks" investment. (21 Finance) A[Ministry of Industry and Information Technology: Organize service providers to take the lead in forming "artificial intelligence application service groups" such as digital resonance, computing and computer collaboration] On August 31, the General Office of the Ministry of Industry and Information Technology issued a notice on launching a special action to cultivate artificial intelligence application service providers. It pointed out that the level of service supply should be improved. Organize service providers to take the lead in forming "artificial intelligence application service groups" such as modeling and mathematical resonance, computing and computer collaboration, and work with upstream and downstream units to create integrated solutions. Coordinate and make good use of innovation carriers such as national artificial intelligence application pilot bases and technology business incubators in the region to provide service providers with basic conditions such as technology research and development, testing and verification, and pilot maturity, accelerate solution innovation, and support the development and growth of service providers who are "specialized, specialized, and innovative." Support service providers to carry out targeted research on key technical problems such as software and hardware adaptation and multi-model collaboration. Service providers are encouraged to improve their integrated application capabilities for basic software and hardware products such as safe and reliable operating systems, databases, and artificial intelligence training and reasoning chips. Promptly push various artificial intelligence software and hardware product security risk information and risk events to service providers. Guide service providers to embed network security, data security, ethical governance, business compliance and other management requirements into the entire process of research and development, deployment, and application, changing passive responses to proactive prevention and control. A[Review: A-shares come to an end in August! The three major indexes collectively closed up this month, and the agricultural sector performed well this month.] On August 31, the three major indexes collectively closed up this month. The CSI 2000 Index rose more than 13% this month, and the Shanghai Composite Index rose more than 4%. In terms of trading volume, market trading activity has declined, with a total of 4 trading days in which the Shanghai and Shenzhen stock exchanges’ trading volume was less than 2 trillion. In terms of sectors, hot spots are rotating rapidly, with the median increase of individual stocks exceeding 6%, mainly concentrated in agriculture, computing hardware and other directions. The agricultural sector collectively strengthened, with Jinjian Rice rising by over 110%, Qiule Seeds rising by over 85%, and Wanxiang Denong rising by over 80%. Pharmaceutical stocks Miracle Pharmaceuticals soared by more than 120%, and Nearshore Protein and Baihua Pharmaceuticals rose by more than 95%. Some computing hardware stocks performed actively. Hengdongguang's share price doubled, Changyingtong rose by more than 90%, Tengjing Technology rose by more than 80%, Taichenguang and Shijia Photonics rose by more than 70%. A[The world's first space computing power cloud built by China to provide on-orbit test services to the outside world has officially provided on-orbit computing power services on a regular basis] August 31, according to Beijing University of Posts and Telecommunications, the world's first space computing power cloud to provide on-orbit test services to the outside world, led by the school, has officially provided on-orbit computing power services on a regular basis. Since being put into on-orbit service, the space computing power cloud has been operating stably and has supported on-orbit test missions in key scenarios such as on-orbit big data computing, 6G communications, and distributed storage. It has supported hybrid key mission deployments, has completed hundreds of space computing power calls, and served more than 100 users. Based on the domestic native software and hardware ecosystem, the large model inference energy efficiency ratio has reached 10 Tokens/J, and the space computing power service coverage has exceeded 10%. It is understood that at present, the space computing power cloud has formed continuous service capabilities in real-time data processing, low-latency intelligent decision-making, and satellite network capability iteration, expanding new service boundaries and application scenarios for various satellite systems. Its value lies not only in "sending computing power into space", but also in establishing a set of schedulable, reusable and operable on-orbit digital infrastructure. This will promote the evolution of satellites from single mission carriers to networked intelligent nodes, accelerate the transformation of the space information industry from "delivery of hardware" to "continuous delivery of services", and cultivate new industry growth points for satellite Internet, 6G, commercial aerospace and emergency communications. (Science and Technology Daily) A[The U.S. ITC launches a Section 337 investigation into specific mobile devices, and Apple is the named defendant] August 31, according to the China Trade Remedy Information Network, on August 28, the U.S. International Trade Commission (ITC) voted to launch a Section 337 investigation into specific mobile devices with software and hardware used to exchange electronic content. On July 28, 2026, GG Technologies, Inc. d/b/a StayTouch of Santa Monica, California filed a Section 337 investigation application with the US ITC, claiming that the product exported to, imported from, and sold in the United States violated US Section 337 (infringement of US registered patent number 12,022,369), and requested the US ITC to issue a limited exclusion order and prohibition order. Apple Inc. of Cupertino, California, is the named defendant. The U.S. International Trade Commission will determine the end period of the investigation within 45 days after filing the case. Unless vetoed by the U.S. Trade Representative for policy reasons, the relief order issued by the U.S. International Trade Commission in Case 337 takes effect from the date of issuance and has final effect on the 60th day after the date of issuance. A[Yesterday’s Market Review] On August 31, the mass entrepreneurship and innovation index collectively rose and fell back on the last trading day. It had previously risen by more than 1%. The turnover of Shanghai and Shenzhen stock markets was 2.1 trillion, a decrease of 24.2 billion from the previous trading day. 1) Recently, many institutions issued reports raising the target stock price of Nvidia. Some analysts called out the "most optimistic target price" of US$550, corresponding to a total market value of US$13 trillion, which stimulated Nvidia's stock price to open higher and close up nearly 9% overnight. However, computing power hardware stocks continued to fall after rising rapidly in early trading. Optical module leader Zhongji Innolight, which once rose by more than 5% in early trading, fluctuated and turned green in the afternoon. 2) U.S. enterprise software giant Salesforce and cybersecurity giant CRWD released their latest quarterly financial reports. Both revenue and net profit performance exceeded market expectations. Overnight, Salesforce’s stock price surged 22%, and U.S. cybersecurity concept stock CRWD closed up 20%. The two major branches of software and network security drove the AI application side to rise sharply. Dingjie Digital, Qilin Xin'an, Tianrongxin, and Jiuqi Software hit the daily limit. Many stocks such as Qi'anxin, Foxit Software, and Sangfor once rose by more than 10% in early trading.
However, directions such as computing power and hardware have a significant drag on the mass entrepreneurship and innovation index, which also indirectly affects the performance of the entire application side. 3) The increase in agricultural product prices continues to catalyze the agricultural sector to gain momentum. Wanxiang Denong, the leader in corn seeds, has shrunk and upgraded to a 4-day limit. Xinsai shares, a cotton stock with a net profit gap, has hit the daily limit for 2 consecutive days. Forestry, fishery, palm oil, sugar and other branches have successively started to make up for the increase, which in turn has driven the downstream food processing industry to start making up for the increase. Black sesame and Zuming shares have both reached the limit. 4) The chemical industry sector continued its previous strength. The pesticide stock Xinnong Co., Ltd. closed after a huge shock and was upgraded to a three-day board. Fertilizer stocks such as Luhua Technology, Chitianhua, and Lutianhua hit their daily limit. Since the Strait of Hormuz carries one-third of the global seaborne fertilizer trade, the obstruction of passage in the strait has triggered a sharp shrinkage in shipping, causing overseas prices of urea and other fertilizers to remain high. A[A16z, a well-known venture capital firm in Silicon Valley, establishes a US$1.1 billion fund to deploy chips, memory and robots] On August 30, a16z, a well-known venture capital firm, is placing a heavy bet on the hardware field and has raised US$1.1 billion for its first fund focused on hardware infrastructure. The fund, called "Machine Age", will focus on investing in artificial intelligence processors, memory chips, network equipment, data storage, robots and other fields.
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