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.

Evening Heavy News Preview 1. Non-Farm Payroll Exceeds Expectations; Stocks and Bonds Both Under Pressure! Market Bets on Federal Reserve Rate Hike Within the Year Importance: The dovish remarks from Federal Reserve officials have led the market to reprice its expectations for rate hikes. In August, the U.S. non-farm employment figures increased by 162,000, surpassing the expected 55,000, prompting a greater market bet on a rate hike by the Fed in September. Following the release of the non-farm data, U.S. stock index futures and gold plummeted, while U.S. Treasury yields soared. 2. Ministry of Industry and Information Technology Issues Support Plan for AI Startup Enterprises Importance: Recently, the Ministry of Industry and Information Technology issued the "Support Plan for AI Startups (20262028)." The plan aims to cultivate a large number of innovative and high-potential AI startup companies over three years, nurturing over 10,000 new technology-driven and innovative SMEs, with more than 2,000 specialized and unique "little giant" enterprises emerging. Focused on the AI sector, the plan sets high standards for developing 10 technology incubators and 10 national public service demonstration platforms for small and medium enterprises (SMEs), and aims to establish 10 national-level characteristic industrial clusters for SMEs, thereby continuously releasing the entrepreneurial and innovative vitality of AI SMEs and forming a preliminary pattern for high-quality development empowered by AI. 3. Seven Departments Jointly Issue Document to Explore 800V High-Voltage DC Power Supply Architecture for Computing Power Facilities Importance: Recently, seven departments including the Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology jointly released the "Implementation Plan for Promoting Coordinated Transformation Development of Digitalization and Greenization (20262030)." Key points include: Expanding the supply of products such as AI terminals, smart wearables, green home appliances, green building materials, and new energy vehicles to support the consumption of green intelligent goods; Continually promoting the establishment of smart and green factories; Exploring the 800V high-voltage DC power supply architecture for computing power facilities, advancing deployment exceeding 100kW per single cabinet; Promoting energy-saving and carbon reduction in communication base station construction by adopting low-power chips, efficient amplifiers, and gradually introducing cooling technologies such as liquid cooling and natural cooling sources to enhance the energy efficiency of communication base stations. 4. Significant Catalyst for Commercial Space; China Launches International Lunar-Cube Constellation Major Scientific Plan Importance: At the 2026 Deep Space Exploration (Tiandu) International Conference, it was announced that China has officially launched the International Lunar-Cube Constellation Major Scientific Plan, intending to collaborate with several countries to deploy satellite clusters in the Earth-Moon space. This will involve a three-dimensional network for conducting space environment monitoring, gamma-ray burst detection, lunar resource exploration, and other tasks, with a preliminary plan to complete the launch and deployment of all satellites by around 2030, bridging the gap in global systematic observation of the Earth-Moon space. 5. Central Bank to Conduct 500 Billion Yuan Reverse Repurchase Operation on Monday; What Does This Signal? Importance: According to a news release from the People's Bank of China on September 4, in order to maintain ample liquidity in the banking system, on September 7, the People's Bank of China will conduct a fixed-quantity, interest-rate tendering, multi-price bidding reverse repurchase operation totaling 500 billion yuan, with a term of three months (89 days) and an expiration date of December 5 (adjusted for holidays). Regarding the reasons for this equal volume operation, Ming Ming, chief economist at CITIC SEC, stated that this is a flexible adjustment of monetary tool operations based on the current balance of liquidity in the interbank market under the proactive liquidity management framework of the central bank. Considering that short-term funds have stably remained below the 7-day reverse repo rate at the beginning of the month, and the one-year time deposit rate has long been stable around 1.48%, this operation aligns with the current liquidity supply and demand situation. 6. Strengthening "Seller Responsibility" Requirements Related to Private Equity; CSRC Seeks Public Opinion Importance: On the evening of September 4, the China Securities Regulatory Commission (CSRC) released the "Supervisory Management Measures for Private Investment Fundraising (Draft for Comments)," which comprises seven chapters and 45 articles, clearly stipulating the fundraising methods for private equity funds and the criteria for determining the asset scale of qualified investors. The main contents of the "Fundraising Measures" include: 1) clarifying the basic principle of "seller responsibility, buyer risk," specifying fundraising methods, and detailing prohibitive behavior norms; 2) improving standards for the asset scale, income level, and investment experience of qualified investors, reinforcing penetration supervision requirements; 3) clarifying the fundraising process, fundraising documents, and supervisory requirements, and solidifying the obligations of private equity fund managers and sales institutions for appropriate management and risk disclosure; 4) enhancing mechanisms to ensure the safety of raised funds, specifying requirements for special accounts for fundraising settlements, supervisory bodies for settlement funds, etc., and strengthening internal control system requirements for private equity fund managers; 5) clarifying supervisory management and legal responsibilities. 7. Five Consecutive Trading Limits on Bull Stock Subjected to Regulatory Warning by Shanghai Stock Exchange Importance: On September 4, the Shanghai Stock Exchange announced that it has been determined that Heilongjiang Publishing & Media Holdings did not adequately explain the specific revenue scale, proportion, and actual impact of its AI video business in its previously disclosed semi-annual report, with information disclosures failing to accurately reflect the actual operations of the related business; inconsistency was observed in the revenue information disclosed regarding the AI video business in announcements of abnormal stock trading fluctuations and risk alerts. The Shanghai Stock Exchange has issued a regulatory warning to Sun Fujiun, the then-secretary of the board of directors of Heilongjiang Northern United Publishing & Media Co., Ltd. 8. CSRC Issues Document to Regulate the Cooperation Between Securities and Fund Institutions and Internet Platforms for Transferring Channels Importance: The regulatory authority has issued new requirements regarding the pre-assessment mechanism and continuous tracking matters related to securities and fund institutions entrusting third-party Internet platforms to provide transfer channels. This release of institutional supervisory information is a refinement of the requirements of the "Internet Marketing Management Measures for Financial Products." Sources indicate that regulatory authorities will include the cooperation between industry institutions and third-party Internet platforms for transfer channels in their daily supervisory focus, initiating on-site inspection procedures for high-risk collaborations, and taking lawful and regulatory action upon discovering any illegal or non-compliant activities. Opportunities to Watch Early Zixuan Ge has identified emerging investment opportunities in the market, particularly in agricultural planting. 1. Global Food Prices Reach Highest Level Since 2022 Global food prices surged to their highest level since the end of 2022 in August, driven by escalating geopolitical tensions and extreme weather, raising concerns about supply from major producing areas. According to a report released by the United Nations Food and Agriculture Organization last Friday, the UN Food Commodity Price Index rose by 1.9% compared to July, with the most significant increases seen in the prices of grains, sugar, and dairy products. The global food market is closely monitoring challenges related to supply and weather, amplifying the pressures faced by farmers. CITIC SEC explicitly stated in its investment strategy for the second half of 2026 that 2026 is the starting year for the price stabilization and upward momentum of bulk ShenZhen Agricultural Power Group; amidst international conflicts and climatic disruptions, prices for planting-chain crops such as corn and soybeans are expected to rise first, emphasizing food security attributes and signaling an imminent revaluation of the seed industry. Moreover, the following sectors are also worth noting: 2. Edge AI | Reports indicate that Samsung Electronics is collaborating with Arm to develop the next generation of edge AI chips. 3. Benefiting from RMB Appreciation | Goldman Sachs: The RMB is expected to appreciate 3% to 5% annually, potentially reaching 5.5 to 1 USD by the end of 2031. 4. Real Estate | Wuhan: Employees contributing to the housing fund nationwide can apply for housing fund loans to buy self-occupied homes in Wuhan. Positive and Negative Announcements from Listed Companies On the positive announcement side, Zixuan Ge highlights the pending 2.9 billion yuan project for State Grid Information & Telecommunication and other opportunities; on the negative side, note that Anhui Fuhuang Steel Structure has had 280 bank accounts frozen and will face additional risk warnings. Positive Announcements 1. State Grid Information & Telecommunication: Expected to win a bid for a project with the State Grid amounting to approximately 2.9 billion yuan. 2. Clenergy Technology: Plans to repurchase company shares worth 32.5 million to 65 million yuan. 3. Inner Mongolia First Machinery Group: Its wholly-owned subsidiary has signed a railway freight car procurement contract amounting to 207 million yuan. 4. Jiangsu Tongguang Electronic Wire & Cable: Expected to win a bid for a procurement project with the State Grid worth 129.5 million yuan. Negative Announcements 1. Anhui Fuhuang Steel Structure: 280 bank accounts frozen, and other risk warnings will be implemented starting from September 8. 2. Kangxin New Materials: Under investigation by the CSRC for suspected violations of information disclosure laws in regular reports. 3. Inventronics: The controlling shareholder and actual controller plan to reduce their holdings by no more than 2.98%. 4. Weihai Honglin Electronic: Shareholders plan to collectively reduce their holdings by no more than 1%. This article is reproduced from "Tencent Stock Selection," edited by Xu Wenqiang.