GMT EIGHT - OPPORTUNITIES IN CHINA

Bank of Americas Hartnett: Democratic landslide in midterms will crash the U.S. stock market and burst the AI bubble.

Global bond yields have soared to a 20-year high, becoming the biggest threat to the surge in AI capital expenditure, while the upcoming U.S. midterm elections may serve as the trigger for a market explosion.

Goldman Sachs Partner: Summer is over, and the market focus is on the "bond market storm," while the fear index for U.S. stocks has fallen to its lowest point during Trump's term.

The U.S. bond market and stock market are telling two completely different stories.

Guosen: External fluctuations do not change the bullish market atmosphere; the second wave of opportunities in technology hardware may be in the fourth quarter.

The fluctuations in the outside environment do not change the bullish atmosphere. The second wave of opportunities in tech hardware may occur in the fourth quarter, and balanced allocation is key, focusing on applications in AI, pharmaceuticals, and resource sectors.

Meeting with Trumps envoy for over 3 hours, Putin stated, The current situation is not simple.

The United States has restarted mediation between Russia and Ukraine, but the smoke of battle has not yet cleared, and core differences remain. The prospects for a ceasefire are full of uncertainties.

HUAYAN ROBOTICS (01021) has released a new generation HRC platform: building a general "cerebellum" for embodied intelligence and establishing a new infrastructure for the AI execution layer.

How robots reliably execute AI instructions has become the key to breaking the industry deadlock.

Morgan Stanley closed-door meeting: MiniMax (00100) and Z.AI (02513) both experience explosive growth in ARR, and the competition in models will enter a tiered elimination round.

Morgan Stanley recently held a closed-door meeting to conduct in-depth discussions on the latest developments of domestic AI large model companies and major internet firms.

Morgan Stanley: Microsoft Corporation (MSFT.US) reshapes its business architecture for the AI era, reiterating an "Overweight" rating.

Morgan Stanley maintains its judgment that Azure will accelerate in 1H27 relative to 2H26, and that the growth of Microsoft 365 commercial cloud will accelerate in FY27.

Shenwan Hongyuan Group: A rebound is expected in September, but the rebuilding of a major wave market will take longer.

The global stock market remains sensitive to disturbances related to U.S. Treasury bonds. The mid-term issues underlying high U.S. bond yields are objectively present and continue to pose a mid-term suppressive factor for the global stock market.

Will the U.S. CPI next week trigger an interest rate hike in September? Bank of America and Citibank provide two opposing scenarios.

The U.S. CPI data for August, which will be released next Friday, will directly determine whether the Federal Reserve can restart interest rate hikes at this month's meeting.

The U.S. military claims to have struck three Iranian oil tankers and confirmed that Iran has used ballistic missiles against an aircraft carrier.

The U.S. Central Command issued a statement saying that after Iran fired missiles at U.S. warships, it launched strikes against three Iranian oil tankers.

How to choose AI applications in Hong Kong stocks? DIAGENS-B (02526): A rare vertical AI target with high growth and strong barriers.

Deshi-B (02526) is a rare asset in the Hong Kong stock market's medical AI sector, perfectly aligning with the "high growth + strong barriers + clear catalysts" stock selection criteria.

Explosion sounds were heard near Hulk Island! Iranian oil tanker reported to have been attacked by U.S. missile.

Reports indicate that an Iranian oil tanker was hit by a missile fired by the U.S. military near Halk Island. As retaliatory strikes escalate between the two sides, the vital shipping lanes for global crude oil transport are facing their most severe security challenge since the conflict erupted in February of this year.

AI chips support half the economy, and South Korea is targeting a trillion-dollar export this year!

South Korea's export value has reached $709.4 billion so far this year, surpassing the total record for the entire year of 2025.

On the first day of the 2026 National Conference: Representatives from multiple companies couldn't hide their joy as traditional Chinese medicine and chronic disease medications took turns on stage.

The negotiation and pricing consultation for the 2026 National Basic Medical Insurance Drug List and the innovative drug catalog of commercial insurance officially kicked off at the National People's Congress conference center in Beijing.

The United States is experiencing a consumption downgrade, hedge funds are retreating, and Wall Street has fallen into a state of "indifference and caution" towards retail stocks.

Currently, the sales at discount stores in the United States are accelerating, while the growth momentum of Walmart and Costco is slowing down, which has sparked market discussions about consumer downgrading.

Valuation at $2 trillion! Anthropic may become the largest IPO in history, starting its roadshow in October and going public before the mid-term elections in November.

According to informed sources, Anthropic is expected to begin its IPO roadshow as early as mid-October and complete the listing a few days before the U.S. midterm elections in November.

Astrazeneca PLC Sponsored ADR (AZN.US) has received accelerated approval from the FDA for a new breast cancer drug, and Wall Street estimates that sales could reach $2.3 billion by 2032.

AstraZeneca's oral breast cancer medication has received approval from the U.S. Food and Drug Administration (FDA).

The U.S.-Japan $550 billion investment agreement has made new progress: the second batch of $73 billion projects has been implemented, with AI and semiconductors becoming the main focus of cooperation.

Japan's Minister of Economy, Trade and Industry, Akizawa Ryozo, stated that a $550 billion investment initiative is making progress as part of a trade agreement reached with the United States last year.

The S&P 500 Index undergoes quarterly restructuring: Bloom Energy (BE.US) stands out due to AI computing power demand, while Illumina (ILMN.US) and Everpure (P.US) are added.

S&P Dow Jones Indices announced on Friday that Bloom Energy Corp. (BE.US), Illumina Inc. (ILMN.US), and Everpure Inc. (P.US) will be added to the S&P 500 Index in the latest quarterly rebalancing.

Adarx, an emerging player in RNA, has submitted its application for IPO in the US, backed by Obo and Bain Capital.

Adarx Pharmaceuticals Inc. has filed for an IPO in the United States to help fund the development of a pipeline of drugs that treat various diseases by modulating gene expression.

Will oil prices experience a "big plunge"? Bessent: After the end of the Iran conflict, crude oil may fall to $40-50.

U.S. Treasury Secretary Besant stated that once the Iran conflict ends, international oil prices could see a significant drop, potentially falling to $40 to $50 per barrel.

AI investment drives a rebound in U.S. manufacturing jobs, and the strong non-farm payroll adds leverage for a rate hike in September. Cleveland Fed President turns hawkish again.

U.S. job growth in August was unexpectedly strong, with the manufacturing, construction, and other goods-producing sectors serving as important driving forces in this round of employment expansion.

The probability of an interest rate hike in September has surpassed 60%! The U.S. non-farm payrolls were unexpectedly strong, but the real "test" will come next week with the inflation data.

In August, U.S. non-farm employment growth unexpectedly exceeded market expectations, indicating that the labor market, previously thought to be clearly cooling, still exhibits strong resilience, further strengthening the case for the Federal Reserve to raise interest rates in September.

Cybercab's major event "a lot of noise but little action" leaves key issues unresolved, with Tesla, Inc. (TSLA.US) stock price plummeting nearly 6%.

Tesla's stock price fell about 6% on Friday, following the company's highly anticipated Cybercab update event, but the new information disclosed was limited, failing to meet investor expectations.

Overnight US stocks | August's non-farm payrolls significantly exceeded expectations, strengthening bets on a Fed interest rate hike. All three major indices fell, while SanDisk (SNDK.US) rose by 11.9%.

As of the close, the Dow Jones Industrial Average fell 272.51 points, a decrease of 0.51%, closing at 53,413.60 points; the S&P 500 index dropped 29.29 points, a decline of 0.38%, ending at 7,718.42 points; the Nasdaq Composite Index decreased by 77.07 points, a drop of 0.29%, closing at 26,506.99 points.

US Stock Market Move | Sales of Q2 core product yoga pants plummeted 20%, Lululemon Athletica (LULU.US) dropped over 18%.

As of the time of this report, the stock has fallen over 18%, priced at $99.79.

MeiG Smart Technology (03268) plans to invest 70 million yuan to establish a joint venture company, focusing on AI data center optical communication business.

Meige Intelligent (03268) announced that on September 4, 2026, the company, Zhaoge Chuangye, and Xingyuan Optoelectronics entered into a shareholders' agreement, whereby the parties agreed to establish a joint venture in Shanghai, China. The joint venture is intended to have a registered capital of 100 million yuan, with the company, Zhaoge Chuangye, and Xingyuan Optoelectronics contributing 70 million yuan, 20 million yuan, and 10 million yuan respectively.

JENSCARE-B(09877): LuX-ValvePlus has been approved by the Hong Kong Department of Health.

Jian Shi Technology-B (09877) announced that the company's percutaneous tricuspid valve replacement system, LuX-ValvePlus, has recently obtained approval from the Department of Health of the Hong Kong Special Administrative Region of the People's Republic of China. The company is actively promoting the commercialization of this product in the Hong Kong region.

REACH NEW HLDGS (08471) plans to increase its share capital and conduct a rights issue on the basis of 1 for 3.

Xinda Holdings (08471) announced that the company suggests increasing its statutory share capital and conducting a rights issue on the basis of issuing 3 rights shares for every 1 share held as of the record date.

Trump introduces a new strategy! Linking interest rates to trade deficits: If interest rates are not lowered, consider halting trade with countries that have trade deficits.

U.S. President Trump on Friday once again applied strong pressure on the Federal Reserve for significant interest rate cuts, and for the first time linked monetary policy directly to trade policy.

MABWELL-B(02493): 9MW1911 will present the latest clinical data in poster form at the 2026 European Respiratory Society Annual Meeting (ERS).

Maiwei Biotechnology-B (02493) announced that it will present the clinical research data from the Phase Ib/IIa study of 9MW1911 for patients with moderate to severe COPD who have a history of smoking in poster format at the 2026 European Respiratory Society (ERS) Annual Congress to be held in Barcelona from September 5 to September 9, 2026. The preliminary efficacy results indicate that 9MW1911 shows promising therapeutic signals in reducing acute exacerbations of COPD, with a significant downward trend in the annualized exacerbation rate observed in the moderate to severe COPD group receiving medium to high doses.

SHENZHEN INVEST (00604) subsidiary Shenye Wansheng has entered into a debt offset agreement.

Shenzhen Holdings (00604) announced that on September 4, 2026 (after the market closes), Shenye Wansheng (a non-wholly-owned subsidiary of the Company) will enter into a debt offset agreement. Shenye Wansheng shall, on behalf of and representing Shenye Group, transfer the ownership of the offset property to Zhongshan Wanye (which holds the equity to be sold immediately prior to the completion of the equity transfer) or its designated entity to settle the consideration of RMB 113 million owed by Shenye Group to Zhongshan Wanye under the equity transfer agreement (related equity transfer consideration). The transfer of the offset property will be used to offset the equivalent outstanding shareholder loans owed by Shenye Wansheng to Shenye Group.

BAMA TEA (06980) will distribute an interim dividend of HKD 1.3873506 per share on October 28.

Baima Tea Industry (06980) announced that it will distribute an interim dividend of HKD 1.3873506 per share on October 28, 2026.

US Stock Market Move | Apple Inc. (AAPL.US) fell over 2% as the mass production process of its first foldable iPhone is far below expectations.

On Friday, Apple (AAPL.US) dropped over 2%, closing at $320.91.

FOURSEMI (03625) has been included in the Hang Seng Composite Index constituent stocks and has also been added to the Stock Connect list.

Fourier (03625) announced that starting from September 7, 2026, the company's H shares will be included in the constituents of the Hang Seng Composite Index and will be added to the Southbound Trading Stock Connect list.

A-shares Evening Highlights | Non-farm Payrolls Greatly Exceed Expectations, Stocks and Bonds Both Under Pressure! The Market Bets on the Federal Reserve's Interest Rate Hike This Year.

In August, the United States added 162,000 non-farm jobs, compared to an expected increase of 55,000, leading the market to increase bets on an interest rate hike by the Federal Reserve in September.

US Stock Market Move | The Philadelphia Semiconductor Index surged over 3%, with NVIDIA Corporation (NVDA.US) stock price approaching its all-time high.

U.S. semiconductor stocks strengthened, with the Philadelphia Semiconductor Index's increase expanding to over 3%.

US Stock Market Move | Tesla, Inc. (TSLA.US) fell 5% as the Cybercab's no-steering-wheel design prompts regulatory scrutiny.

On Friday, Tesla (TSLA.US) fell by 5%, closing at $357.49.

UMP (00722) issues profit warning, expects an annual net loss of approximately HKD 76 million.

United Medical (00722) announced that although the group's revenue for the year ending June 30, 2026, is expected to remain relatively stable compared to the same period in 2025, it is anticipated that the group will incur a net loss of approximately HKD 76 million in the fiscal year 2026, compared to a net profit of approximately HKD 32 million for the year ending June 30, 2025.

US Stock Market Move | The concept stocks of storage chips saw a general rise, with SanDisk (SNDK.US) gaining over 5%.

On Friday, storage chip concept stocks surged, with SanDisk (SNDK.US) rising over 5%.

ALEBUND-B (09637) H shares have been included in the Hong Kong Stock Connect and the Hang Seng Composite Index.

Li Bang Pharmaceuticals-B (09637) announced that, according to the relevant arrangements and adjustments of the Hong Kong Stock Connect, the company's H-shares have been included in the list of eligible securities for the Hong Kong Stock Connect, effective from September 7, 2026 (Monday). From the effective date, eligible investors from Mainland China can directly buy and sell H-shares through the relevant mechanisms of the Hong Kong Stock Connect.

August non-farm payrolls exceeded expectations! Interest rate hike expectations rise, and the U.S. labor market is "accelerating again."

Data released by the U.S. Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 162,000 in August, significantly higher than the average monthly gain of only 31,000 over the previous 12 months and far exceeding the market expectation of 55,000.

JOLIMARK (02028) controlling shareholder plans to reduce the company's shares by 120 million shares to 445 million shares.

Yingmei Holdings (02028) announced that the company's board of directors was informed by Mr. Au Pak Hin, the executive director and chairman of the board, and Jiangyu Holdings Group Limited (the seller) (the controlling shareholder of the company, which is an indirect wholly-owned company controlled by Mr. Au Pak Hin), that the seller has entered into a placement agreement with a placement agent dated September 4, 2026 (after trading hours). Based on all reasonable inquiries made by the directors, they are fully aware, have understood, and are convinced that the placement agent and its ultimate beneficial owners are independent of the company, its subsidiaries, and its related parties, and that there are no connections between them.

Hedge fund giant Citadel accelerates entry into shale oil! Positioning physical energy assets amid geopolitical risks.

According to sources, hedge fund giant Citadel is seeking to acquire U.S. shale oil production assets.

Are dangerous signals emerging in the US stock market? Under the pressure of high interest rates, "canary in the coal mine" utility stocks are the first to turn around, and historical trends suggest the broad market may face pressure.

If historical data can serve as a reference, then the decline in the utility sector may also indicate that the broader stock market will suffer.

New Stock News | It is reported that Cloud Exile Technology secretly submitted an IPO application to the Hong Kong Stock Exchange, aiming to go public by the end of the year.

According to reports citing sources, Yunxi Technology has submitted a listing application to the Hong Kong Stock Exchange confidentially, aiming to go public by the end of this year, although the specific timing and fundraising amounts may change.

TRAD CHI MED (00570): The innovation drug for category 1 traditional Chinese medicine, Xingpi Jieyu Tablets, has been approved for market launch.

China Traditional Chinese Medicine (00570) announced that the National Medical Products Administration has accepted the registration application for the Class 1 innovative traditional Chinese medicine, Yushuda tablets, submitted by its subsidiary, China National Pharmaceutical Group Tongjitang (Guizhou) Pharmaceutical Co., Ltd. After completing a series of procedures including technical review, on-site inspection, and sample testing, the Class 1 innovative traditional Chinese medicine, Xingpi Jieyu tablets (previously referred to in the announcement as "Yushuda tablets," which is the approved official generic name granted by the National Medical Products Administration), has been approved for marketing. The holder of the drug's marketing authorization is Tongjitang Pharmaceutical.

KN HOSPITAL (02120) will distribute an interim dividend of HKD 2.081 per 10 shares on October 5.

Corning Hospital (02120) announced that it will distribute a mid-term dividend of HKD 2.081 per 10 shares on October 5, 2026.

SEER TECH (06106) is officially included in the Hong Kong Stock Connect.

Xian Gong Intelligent (06106) has officially been included in the Hong Kong Stock Connect.

Greentown China (03900) achieved a total contract sales amount of approximately 122.8 billion yuan in the first eight months.

Greentown China (03900) announced that in August 2026, Greentown Group achieved sales of 1,468 units from self-invested projects, with a sales area of approximately 200,000 square meters. The sales amount for the month was approximately RMB 7.5 billion, with an average sales price of about RMB 37,369 per square meter. From January to August 2026, Greentown Group achieved a contracted sales area of approximately 2.2 million square meters, with a contracted sales amount of approximately RMB 72.6 billion, of which the attributable equity amount for Greentown Group was about RMB 49.8 billion. As of August 31, 2026, there was also a cumulative amount of approximately RMB 1.6 billion in signed subscription agreements that had not yet been converted into sales contracts, with the attributable equity amount for Greentown Group being approximately RMB 1.1 billion.

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