A-share Pre-market Briefing | China-U.S. economic and trade consultations begin in New York, USA. CXMT Corporation (688825.SH) puts its fifth-generation technology platform into mass production.

Pre-market Briefing 1. China-U.S. economic and trade teams begin consultations in New York, USA Type: Macro Sentiment impact: Positive According to Xinhua News Agency, on the morning of September 20 local time, the Chinese and U.S. economic and trade teams began holding China-U.S. economic and trade consultations in New York, USA. China Securities Co.,Ltd. said that what the market really needs to focus on now is the China-U.S. high-level meeting. This China-U.S. high-level meeting can release more information on improvement in risk appetite. Therefore, it is possible that in the next one to two quarters, the market will enter a very favorable period of risk appetite improvement. 2. CXMT Corporation announces official mass production of its fifth-generation technology platform, with a substantial increase in storage density Type: Company Sentiment impact: Positive On September 20, at the 2026 World Manufacturing Convention, ChangXin Memory Technologies announced that its fifth-generation DRAM technology platform had achieved mass production. It also exhibited a new high-capacity LPDDR5X product built on this platform. The storage density of the fifth-generation process platform has increased substantially. Under the same conditions, the output per wafer has increased by more than 50% compared with the previous-generation platform. 3. Major SCIO press conference! State Administration for Market Regulation speaks out, using a combination of measures to rectify "involution-style" competition Type: Macro Sentiment impact: Positive A relevant official of the State Administration for Market Regulation said that it will comprehensively use means such as standards leadership, price enforcement, and quality supervision to rectify "involution-style" competition; for enterprises that take the lead in malicious low-price competition and disrupt production and business order, it will conduct cost investigations and price inspections and deal with them strictly according to law; and it will continue to promote the updating and upgrading of standards for the ten major traditional industries and advance the formulation of standards for emerging industries and future industries. 4. LPR unchanged for 16 consecutive months, central bank-affiliated media publishes commentary saying "the necessity of directly lowering policy rates is not high" Type: Macro Sentiment impact: Positive China's LPR in September remained unchanged at 3.0% for the 1-year tenor and 3.5% for the 5-year tenor, having stayed unchanged for 16 consecutive months. Financial News, citing analysts' views, pointed out that the actual interest rate on newly issued loans had already edged down in August, and "the necessity of directly lowering policy rates is not high." Analysts judge that the LPR is highly likely to remain unchanged in the short term. If downward pressure on the economy intensifies, a reserve requirement ratio cut may land before a rate cut, and at that time the LPR will still have room to follow with a reduction. Investment Calendar SCIO holds press conference on food security Investment Tips The higher the retail participation rate, the lower the market efficiency, and the more easily stock prices deviate far from fundamentals. Zhang Huaqiao, "A Investor's Reading, Thinking, and Observations" Institutional Views 1. CITIC SEC: The market has the soil for active capital to attack new technologies and new themes, and it is advisable to actively seize the offensive window. 2. CMSC: Macro suppression is gradually being lifted, and a catch-up rally in technology heavyweights can be expected; focus on the AI computing power chain within technology growth. 3. Shenwan Hongyuan Group: The rebound window in late September is materializing; focus on storage, high-end CCL, and capacitors. Positive and Negative Outlook 1. National Medical Products Administration: Strive to cultivate 3 to 5 internationally competitive biomedical industry clusters Type: Policy focus Sinolink: Marginal improvement in domestic innovative drug investment and financing and increased BD transaction activity are driving a recovery in preclinical outsourcing demand for drug discovery, pharmacology and toxicology, and safety evaluation. Orders in the sector are improving first, and it is gradually entering a channel of volume-price repair. 2. State Council executive meeting: Cultivate new scenarios for elderly consumption to better meet the consumption needs of older people Type: Policy focus Ping An Securities: China's aging is fast and deep, the second baby boom cohort is about to retire en masse, the turning point in the total dependency ratio has passed, the urgency of demand in the elderly care industry is continuously rising, and the trillion-yuan market space of the silver economy is opening up. 3. Ministry of Industry and Information Technology: Vigorously develop open-source foundations and vertical models to consolidate the foundation of intelligent manufacturing Type: Institutional hot comment Soochow: The first round of commercialization of physical AI will occur in high-value, semi-structured scenarios such as process industries, engineering simulation, automobiles, warehousing and logistics, and construction. Focus on three main lines including autonomous operation in process industries. Announcement Express Positive announcements 1. Anhui Honglu Steel Construction: A wholly owned subsidiary signs a major operating contract worth 281 million yuan 2. Shanghai Shen Lian Biomedical Corporation: Phase II clinical trial of UB-221 for chronic spontaneous urticaria reaches primary endpoint 3. Xuchang KETOP Testing Research Institute: Wins bid for a 33.4 million yuan new energy power station grid-related testing project Negative announcements 1. Shenghe Resources Holding clarifies: The controlling shareholder does not have any plan to transfer control of the company to an external party 2. Cubic Sensor And Instrument Co.,Ltd: Zhigan Technology and the employee stock ownership platform plan to reduce holdings by no more than 3% in total 3. CASIN Real Estate Development Group: 31.5 million shares of controlling shareholder Caixin Real Estate will be judicially auctioned Overseas Markets Editor's note: A broad rise in semiconductor concept stocks pushed the Nasdaq Index and the S&P 500 higher, but overall market weakness dragged the Dow Jones Industrial Average to a lower close. Storage concept stocks rose broadly, with SanDisk surging about 11%, and cryptocurrency concept stocks led the gains; large technology stocks were mixed, with Nvidia up 1.34% and Amazon up 1%. This article is reprinted from "Tencent Zixuangu". Edited by GMTEight: Feng Qiuyi.