Macroeconomic Headlines

People's Bank of China Governor Pan Gongsheng, speaking at the G20 Finance Ministers and Central Bank Governors meeting, stated the central bank will continue advancing the transformation of its monetary policy framework, refining the interest rate system, and maintaining a moderately loose monetary policy. Pan also emphasized that all countries should formulate medium and long-term policy plans with clear commitments and firm implementation, avoiding policy reversals. The Chinese government remains committed to promoting economic structural transformation and upgrading, making it a strategic priority in the 15th Five-Year Plan.

Foreign Ministry Spokesperson Guo Jiakun addressed a regular press conference regarding concerns about glacial retreat in the Himalayas. Guo noted that China and Nepal have maintained good cooperation in meteorology, water resources, and disaster prevention. Following the glacial collapse in Nepal, China shared disaster imagery, satellite data, and hydrological information with Nepal, including early warnings about upstream barrier lakes, and will continue supporting Nepal's disaster relief efforts.

The UN Environment Programme's latest report indicates that global temperature rise exceeding 1.5°C is now unavoidable, with even the most optimistic scenario projecting at least 1.8°C of warming. The report warns that by 2100, global temperatures could rise 3°C above pre-industrial levels, potentially causing glacier losses exceeding one-quarter and sea level rise of up to 13 centimeters.

US President Trump stated that a new round of strikes against Iran would not "last too long," with Washington prepared to conduct another strike on Iran at any time.

US Treasury Secretary Bessent said the goal of buying back Treasury bonds is to eliminate "unfavorable outcomes," targeting illiquid, long-dated bonds, which could free up bank balance sheet capacity.

Industry Developments

FTSE Russell announced review changes to its FTSE China Index Series. The FTSE China A50 Index will add Advanced Micro-Fabrication Equipment Inc and Shengyi Technology Co Ltd, while removing Muyuan Foods Co Ltd and Wanhua Chemical Group Co Ltd. These changes take effect after market close on September 18.

Reports indicate that Taiwan Semiconductor Manufacturing Co Ltd (TSMC)'s CoWoS orders are booked through 2027, with some clients waiting over a year for delivery. With TSMC's supply bottlenecks continuing, Intel's alternative technologies are gaining attention. MediaTek Inc has announced plans to adopt both CoWoS and EMIB-T technologies for large-scale AI ASIC development.

The LLM Token Spending Index compiled by intelligence firm Silicon Data fell to 97 cents on Monday - the lowest reading since its launch late last year. This marks a decline of more than half from its peak earlier this summer, tracking average payment prices per million LLM tokens across the market.

Shanghai Stock Exchange data shows new A-share accounts opened in August 2026 reached 2.3973 million, down 10.0% from 2.6503 million in August last year. The cumulative new accounts for the first eight months of 2026 reached 25.214 million, up 46% year-on-year.

The "Securities Company Trading System Access Management Standards (Trial)" officially took effect on August 28. The rectification process will proceed in two phases, with existing non-compliant accounts to be cleared by the end of 2026.

The Equipment Industry Development Center under the Ministry of Industry and Information Technology conducted special research on electric vessel industry development in Fuzhou and Ningde, Fujian Province. The center will strengthen cooperation with the Fujian Provincial Department of Industry and Information Technology to promote high-quality development of the electric vessel industry.

Corporate Updates

Enflame Technology Co Ltd announced its final online lottery winning rate of 0.02455315% for its STAR Market IPO.

Zhongji Innolight Co Ltd disclosed that its actual controller pledged 728,000 shares for debt repayment. The company also announced that the top ten shareholders no longer include Zhang Jianping, who was previously the ninth-largest shareholder at the end of Q2.

Foxconn Industrial Internet Co Ltd announced cumulative share buybacks totaling 887 million yuan.

Sungrow Power Supply Co Ltd announced cumulative share buybacks of 325 million yuan.

Heilongjiang Agriculture Co Ltd announced that deputy general manager Li Dongguang has been placed under detention.

Xingrui Technology Co Ltd signed a strategic cooperation framework agreement with Zhendrive Technology, focusing on deep collaboration in robotics and solid-state transformer fields.

China State Shipbuilding Corp Ltd announced that its subsidiaries jointly signed shipbuilding contracts exceeding $1 billion.

Sanan Optoelectronics Co Ltd announced that controlling shareholder Lin Suzhen withdrew the bankruptcy restructuring application against Sanan Electronics and Sanan Group.

Shenzhen Zhongheng Huafa Co Ltd warned that if its stock price experiences further abnormal increases, the company may apply for trading suspension for verification.

Aili Home Co Ltd similarly stated it will apply for trading suspension if its stock price continues to rise abnormally.

Biwin Storage Technology Co Ltd announced that as of August 31, 2026, the company had not yet begun implementing its share buyback plan.

Midea Group Co Ltd announced cumulative A-share buybacks totaling 8.02 billion yuan as of August 31.

Global Markets

US stocks closed higher across all three major indices, ending a three-day losing streak. The Dow rose 0.56%, the Nasdaq gained 0.45%, and the S&P 500 advanced 0.46%. AI software stocks and utilities declined. Dell Technologies Inc surged over 15%, while NVIDIA Corp and Oracle Corp each rose more than 3%.

International oil prices climbed, with WTI crude settling at $91.01 per barrel, up 0.88%, and Brent crude closing at $95.63 per barrel, up 1.04%. Precious metals advanced, with spot gold up 1.39% to $4,389.36 per ounce and spot silver up 1.97% to $65.3440 per ounce.

The US White House indicated that crude oil from the Venezuela agreement could be injected into the US Strategic Petroleum Reserve in November.

Broadcom Inc reported Q3 fiscal 2026 revenue of $29.591 billion, up 86% from $15.952 billion a year earlier, exceeding market expectations of $29.362 billion. During the earnings call, Broadcom's CEO raised the fiscal 2026 AI business revenue guidance from $56 billion to $58 billion, representing 186% year-over-year growth. The company has secured supply to double AI revenue to approximately $115 billion by 2027, and expects AI semiconductor revenue to double again to $230 billion in fiscal 2028.

Investment Opportunities

Solid-State Battery Breakthrough Advances Industrialization

China FAW Group, in collaboration with Eastern Institute of Technology, has achieved a major breakthrough in low-pressure operation for sulfide-based all-solid-state batteries. The research, published in the international journal Advanced Energy Materials under the title "Ionic Elastomer Interface for Low-Pressure High-Stability Solid-State Batteries," marks a critical step toward commercialization. Solid-state batteries, offering high energy density and safety advantages, have become key development targets for new energy vehicles, low-altitude aircraft, and humanoid robots. According to Deutsche Bank Securities research, the inflection point for solid-state battery industrialization is approaching. Recommended upstream priorities include equipment segments such as dry electrode and isostatic pressing equipment with significantly increased value, and material segments including sulfide electrolytes and silicon-based anodes. Long-term attention should focus on battery integration leaders with strong technical reserves and deep partnerships with major automakers.

Dell Raises Fiscal 2027 Revenue Outlook on AI Server Momentum

Dell Technologies now expects current fiscal year revenue of $192 billion, significantly above analyst expectations of $173.76 billion and the company's previous guidance of $165-169 billion. The company raised its full-year AI-optimized server revenue expectation from $60 billion to $74 billion. AI servers drove the quarter's growth, with Q2 AI-optimized server revenue reaching $16.4 billion, up 100% year-over-year. AI server orders totaled $60.9 billion for the quarter, with backlog orders reaching $95 billion at quarter-end. According to Zheshang Securities research, the server OEM industry is entering a phase of AI infrastructure demand spillover, suggesting attention to valuation re-rating opportunities for server manufacturing, rack-level delivery, liquid-cooled servers, enterprise storage, and data center infrastructure companies. Recent results from Dell and Lenovo show sustained high AI server demand, with traditional servers, storage, PCs, and supply chain capabilities also improving, indicating industry momentum expanding from single points to the full stack.

Company Announcements Summary

Trading Suspensions and Resumptions

Suspensions: None

Resumptions: 300472 ST Xinyuan (rights protection)

Hot Stocks

Jingyeda Technology (4 consecutive limit-ups) clarified its main business does not involve film and television, embodied intelligence training, computing power leasing, or liquid cooling technology.

Xinpeng Co Ltd stated some liquid-cooling cabinet products have gradually formed sample orders with batch deliveries underway, though new liquid cooling products remain in market development stages.

Mingxin Xuteng confirmed its main business does not involve humanoid robot manufacturing.

Kangsheng Co Ltd noted its liquid cooling business remains in market expansion phase, with overall losses.

Share Reductions

Zhejiang Rongtai: Controlling shareholder, actual controller and their concerted action parties plan to reduce holdings by up to 1.68% of company shares.

Share Buybacks

Wuliangye Yibin Co Ltd: Repurchased 1.3908 million shares in August.

Sungrow Power Supply: Spent 325 million yuan repurchasing 3.0476 million shares cumulatively.

Contracts and Bids

China State Shipbuilding Corp Ltd: Controlling subsidiary jointly signed shipbuilding contracts exceeding $1 billion.

Xingrui Technology: Signed strategic cooperation framework with Zhendrive Technology for deep collaboration in new energy vehicle electronic control, robotics, and solid-state transformer fields.

M&A and Restructuring

Shenzhen Agricultural Products Group: Won the bid for 100% equity of Yuntong Cold Chain through public listing.

Other

Halo Microelectronics: Subsidiary Zinitix will be designated as a management stock by the Korea Exchange on September 3.