Group 1 - The U.S. Treasury Secretary Scott Becerra expressed confidence that President Trump's tariff plan will prevail in the Supreme Court, but warned that if deemed illegal, the Treasury would have to issue substantial refunds, potentially returning about half of the tariff revenue, which would be catastrophic for the Treasury [1][4] - The Trump administration has requested the Supreme Court to expedite a ruling to overturn a previous appellate court decision that deemed most of the tariffs imposed on various imported goods as illegal [2][4] - If the Supreme Court ruling is delayed until June 2026, the amount of tariffs collected could reach between $750 billion to $1 trillion, and the cancellation of these tariffs would lead to significant chaos [3][4] Group 2 - The possibility of having to refund such large tariff amounts could provide unprecedented unexpected income for businesses and institutions that have paid these tariffs [4] - The U.S. Tax Foundation indicated that before the court's intervention, Trump's tariff plan was set to cover nearly 70% of imported goods, but if overturned, the affected import goods ratio would drop to about 16% [4] - Despite confidence in a favorable Supreme Court ruling, the government is preparing alternative plans in case of a loss, which may include imposing tariffs under other legal provisions, such as the Trade Expansion Act of 1962 [5] Group 3 - The Trade Expansion Act of 1962 allows the President to impose tariffs after investigating trade practices to ensure imports do not threaten national security, with recent expansions of tariffs on steel and aluminum covering over 400 product categories [5] - The judicial dispute will not affect tariffs on low-priced goods, as the government has officially eliminated the "de minimis" exemption for U.S. imports valued at $800 or less [5] - Following the removal of the tariff exemption for low-priced imports, the U.S. inbound postal volume has reportedly dropped by over 80% due to postal operators awaiting compliance guidance on the new rules [5]

Group 1 - Robinhood Markets has been added to the S&P 500 index, marking a significant milestone for the company [1] - The inclusion is expected to enhance the company's reputation and potentially boost its stock price, as funds tracking the index will need to purchase its shares [1] - Robinhood's market capitalization is approximately $90 billion, exceeding the minimum requirement of $22.7 billion for inclusion in the index [1]

Group 1 - The China Securities Regulatory Commission (CSRC) held a meeting on September 6 to discuss the disciplinary review and investigation of Yi Huiman for serious violations of discipline and law, reflecting the central government's strong commitment to anti-corruption efforts [1][2] - The meeting emphasized the importance of maintaining a high-pressure stance against corruption and the need for continuous self-revolution within the party, highlighting the necessity of enhancing political judgment, understanding, and execution [1][2] - The CSRC is tasked with implementing the central government's decisions regarding capital market work, strengthening regulation, effectively preventing risks, and promoting high-quality development of the capital market to better serve the economic recovery and modernization efforts [2]

美国总统特朗普周五（9月5日）表示，目前美联储主席候选人的名单已缩小至三人。 当天，美国劳工部公布的就业数据大幅弱于市场预期：非农就业人数仅增加2.2万；失业率较前月上升 0.1个百分点至4.3%，创近4年来新高。 前一天，沃勒表示，美联储应当在本月开始降低利率，并且要在接下来的几个月进行多次降息。在7月 会议上，沃勒与另一名理事米歇尔·鲍曼（Michelle Bowman）反对该行维持利率不变。 预测平台Polymarket最新数据显示，沃勒是下任美联储主席提名人选的最大热门，概率为29%；哈西特 和沃什分列二三，分别为17%和11%。 | OUTCOME | % CHANCE C | | --- | --- | | No announcement by December ... | 39% -1% | | $894,481 VoL fff | | | Chris Waller | 29% | | $282,587 Vol. fff | | | Kevin Hassett | 17% -6% | | $293,526 Vol. fff | | | Kevin Warsh | 11% -1% | | $383 ...

Group 1 - OPEC+ has agreed to accelerate the return of previously idle oil production capacity to the market, prioritizing market share over price [1] - Starting from October, OPEC+ will increase supply by 137,000 barrels per day, which is part of the previously idle 1.65 million barrels per day that was set to remain offline until the end of next year [1] - The decision reflects a cautious optimism among members regarding market conditions, despite expectations of an impending oversupply [1][2] Group 2 - OPEC+ has restored 2.2 million barrels of production ahead of schedule in recent months to regain market share, surprising the oil market without causing a price crash or an increase in Western inventories [1] - The organization plans to gradually restore the previously reduced production of 1.65 million barrels, with specific timelines and volumes to be determined based on market conditions [1] - The next meeting is scheduled for October 5, where further details on production adjustments may be discussed [1]

Group 1 - The market is facing increased instability as investors prepare for the resignation of Japanese Prime Minister Shinzo Abe and speculate on his successor [1] - The Japanese yen has weakened, dropping 0.7% against the US dollar, making it one of the weakest G-10 currencies last week [1] - Concerns over government spending are leading to potential sell-offs in long-term Japanese government bonds, while US Treasury bonds have seen an increase [1] Group 2 - Analysts suggest that the Bank of Japan may not raise interest rates this year due to the current political situation, leading to increased volatility in the yen and higher trading risks for rate traders [2]

Core Viewpoint - The market is approaching the end of a short-term adjustment and entering a "slow bull" consolidation phase, with structural opportunities still present despite recent volatility [1][5][10]. Market Characteristics - Recent market liquidity features include a clear divergence in ETF fund flows, with a shift from broad-based to sector-specific investments, indicating a high-cut low strategy among institutional investors [2][3]. - The market is likely entering the last round of intensive subscription and redemption for actively managed public funds since 2021, with core assets expected to gradually absorb redemption pressures [2][4]. - The coexistence of high debt funding rates and passive interest rate cuts in overseas markets is reducing competitive pressure on Chinese manufacturing, which may lead to improved profit margins in the long term [2][4]. Investment Strategy - Investors are advised to focus on structural opportunities in sectors such as consumer electronics, innovative pharmaceuticals, new energy, and high-dividend stocks while adjusting their portfolio structures [1][2][3]. - Emphasis on growth themes like AI computing power, solid-state batteries, and humanoid robots is recommended, as these areas are expected to perform well in the current market environment [1][3][4]. - The strategy of "embracing low penetration sectors" is highlighted as a core response to the current market adjustments [3][10]. Sector Focus - Key sectors to watch include new energy, innovative pharmaceuticals, non-bank financials, and high-quality cyclical industries, which are expected to benefit from ongoing structural changes in the economy [4][9][12]. - The attractiveness of RMB assets is increasing, supported by favorable policies and the influx of long-term capital from insurance and pension funds [5][10]. - The market is expected to see a rotation within sectors, with a focus on high-quality growth and cyclical stocks as the market stabilizes [11][12].

Core Viewpoint - The price of gold jewelry in China has surpassed 1060 CNY per gram, indicating a rising trend in gold prices within the domestic market [1] Price Movements - On September 6, the price of gold jewelry from various brands reached new highs, with Chow Sang Sang's gold jewelry priced at 1068 CNY per gram, an increase of 9 CNY from the previous day's price of 1059 CNY per gram [1] - Lao Miao's gold jewelry is reported at 1062 CNY per gram, also reflecting a 9 CNY increase from the previous day's price of 1053 CNY per gram [1] - Other brands of gold jewelry are generally maintaining prices around the high level of 1060 CNY per gram [1]

Major Events - Robotech plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Leo Group plans to issue H-shares and list on the Hong Kong Stock Exchange [1] Performance - Tianji shares gain high market attention for solid-state battery concept; subsidiary has obtained patents for lithium sulfide materials and their preparation methods [1][1] - Weiguang Bio has successfully acquired land use rights and signed a transaction confirmation [1] - Gansu Energy's Changle Company has officially put the 5th unit of the 2×1000 MW coal-fired unit expansion project into commercial operation [1] - Zhaoxin shares' largest shareholder did not trade company stocks during abnormal trading fluctuations [1] - Electric Alloy's shareholder plans to acquire indirect shares through block trading, involving no more than 2.4 million shares [1] - Nanchin Technology plans to issue convertible bonds to raise no more than 1.933 billion yuan for research and industrialization of power management chips in the intelligent computing field [1] - Ningbo Ocean plans to invest in the establishment of two overseas companies [1] - Jidian shares received 913 million yuan in national renewable energy subsidy funds in August [1] - Shennong Group sold 166,400 pigs in August, generating sales revenue of 285 million yuan [1] - Tianbang Food sold 529,700 commercial pigs in August, with sales revenue of 621 million yuan [1]

Core Viewpoint - The revised 2024 employment figures may indicate a reduction of 800,000 jobs according to U.S. Treasury Secretary Becerra [1] Group 1 - The potential job reduction highlights concerns regarding the labor market and economic outlook for 2024 [1]