A-share Pre-Market Report | The Federal Reserve's "Dovish" Stance Boosts U.S. Stocks, Impressive Release of the Most Powerful Model GPT-6

Pre-Market News 1. Fed's "Dovish" Statement Boosts the Market: US Stocks Surge, Cryptocurrencies Rise Type: Macro Sentiment Impact: Positive Thanks to signals of a dovish stance from Federal Reserve officials, expectations for interest rate hikes cooled, and US Treasury yields fell. The Dow Jones Industrial Average rose 1.18%, the Nasdaq increased by 1.4%, and the S&P 500 gained 1.06%, marking the largest rise for the S&P 500 index in nearly a month; Bitcoin's upward momentum boosted related stocks, with internet brokerage Robinhood up 16.57% and Bitcoin's largest corporate holder Strategy rising 17.56%. 2. OpenAI Releases Earth's Most Powerful Model GPT-6 and Proclaims "Welcome to the Age of AGI" Type: Industry Sentiment Impact: Positive The throne of the "Earth's Most Powerful Model" has changed hands once again in just two days. In the early hours of Friday, Beijing time, OpenAI officially released GPT-6 Astra, calling it "the most intelligent and aligned model in the world," achieving cutting-edge levels in computer operations, web browsing, software engineering, cybersecurity, scientific research, and professional work. 3. Good News! Ten Departments Announce the Establishment of Phase II of the National Small and Medium Enterprises Development Fund Type: Industry Sentiment Impact: Positive The Ministry of Industry and Information Technology and nine other departments issued a notice on the "14th Five-Year Plan for Promoting the Development of Small and Medium Enterprises," increasing direct financing support. They are vigorously developing venture capital by establishing Phase II of the National Small and Medium Enterprises Development Fund, encouraging social capital to invest early, in smaller amounts, long-term, and in hard technology. Galaxy Securities noted that relevant market entities are poised for development opportunities: one is for tech-based small and medium enterprises in their startup and growth phases, and the other is for VC and PE institutions with early investment and industry research capabilities. 4. Changstorage Holdings' Sci-Tech Innovation Board IPO New Progress: Status Changed to "Inquired" Type: Company Sentiment Impact: Positive On the evening of September 3, the Shanghai Stock Exchange updated its information, showing that Changjiang Storage Holdings Co., Ltd.'s IPO review status on the Sci-Tech Innovation Board has changed to "Inquired." The prospectus indicates that the company is expected to rapidly improve its profitability after turning a profit in 2024, with projected operating revenue of 47.042 billion yuan and a net profit attributable to the parent company of 33.379 billion yuan for January to March 2026. Investment Calendar US August Non-Farm Employment Data Investment Insights The economic cycle is an inevitable result of human nature. USJohn S. Gordon, "The Great Game: The Rise of Wall Street's Financial Empire" Institutional Opinions 1. Huatai: The market is shifting from an expansion narrative to the realization of capabilities and revaluation of profits, focusing on directions with higher earnings visibility. 2. Central China: Both internal and external factors suppressing the market are expected to improve marginally, creating conditions for a phase of market recovery. 3. Huajin Securities: Short-term technology stocks in CKH HOLDINGS may continue to rise due to certain cyclical industry trends. Outlook on Positive and Negative News 1. Spot Gold Tests 4,500 Mark as Wallers Speech Cools Fed Rate Hike Bets Type: Institutional Commentary Hua Chuang Securities: Currently, global ETF funds are in a net inflow state, and gold investment demand is gradually recovering. In the medium to long term, central bank gold purchases form a bottom, and the long-term logic of de-dollarization remains unchanged. Emerging economies still have room for gold allocation, and the upward momentum for gold is strong. 2. Tesla Announces Launch of Cybercab Operations in Austin, Texas Type: Market Hot Topic Aijian Securities: Robotaxi reshapes the value distribution among vehicles, networks, and computing, with the core value shifting to autonomous driving algorithms, AI computing power, vehicle chips, and operating networks. Leading car manufacturers that master full-stack algorithms and complete vehicle manufacturing will benefit from scaled delivery. 3. Major Analog Chip Maker Texas Instruments Announces New Round of Price Increases for Multiple Products Type: Institutional Commentary Kaiyuan Securities: Driven by AI servers and optical modules, the logic for simultaneous growth in volume and price of high-end analog products is clear, and leading manufacturers with layouts in frontier fields are likely to welcome a new round of growth. Announcement Dispatch Slightly Positive Announcements 1. Shenzhen SEICHI Technologies: Recently signed a semiconductor testing equipment procurement agreement worth 1.576 billion yuan with a customer. 2. Beijing Asiacom Information Technology: Subsidiary signed a computing power leasing agreement worth 922 million yuan. 3. Montage Technology: CXL3.2 chips introduced into next-generation products from Samsung and SK Hynix. Slightly Negative Announcements 1. Feilong Auto Components: Major shareholder Wanxi Holdings recently reduced its stake by 0.9% of the total share capital. 2. Hoshine Silicon Industry: Controlling shareholder completed a 3% share reduction; this reduction plan has been fully implemented. 3. Zhejiang Yingfeng Technology: Leading Investment reduced holdings by 3.9473 million shares. Overseas Markets Self-Selected Brother Reminder: Fed's Waller signaling a dovish stance and a decline in US Treasury yields led to all three major US stock indices rising over 1%. Cryptocurrency-related stocks and gold mining shares strengthened. Tesla rose over 5%, SpaceX over 6%, NVIDIA by 1.8%, and Apple by 1%; the Nasdaq Golden Dragon China Index closed down 0.81%. This article is reprinted from "Tencent Self-Selected Stocks," edited by GMTEight: Li Fo.