Xuan Gu Bao·2025-09-08 00:05Economic Overview - US non-farm payroll data was disappointing, raising recession concerns and increasing expectations for interest rate cuts, with investors betting on three cuts by the Federal Reserve this year and a 50 basis point cut in September [1] - US stock indices opened high but closed lower due to fears that the Fed's actions may lag behind the economic situation, with the S&P 500 down 0.32%, Dow Jones down 0.48%, and Nasdaq down 0.03% [1] Market Performance - Nasdaq Golden Dragon China Index rose by 1.16%, with notable gains in Chinese concept stocks such as Fangdd up approximately 33%, Canadian Solar up 15%, and Daqo New Energy up over 8% [2] - US Treasury yields fell across the board, with the 10-year yield dropping over 8 basis points and the 2-year yield reaching its lowest level since 2022 [3] - Gold prices increased by 1.16%, reaching a record high of $3600 per ounce, while US oil prices fell by 2% to a three-month low [3] Corporate Developments - OpenAI is projected to consume $115 billion in cash over the next four years, aiming for $200 billion in revenue by 2030 [3] - NAND manufacturer SanDisk announced a 10% price increase across all channels for consumer products [6] - Nvidia plans to switch to silicon carbide substrates for its Rubin processors by 2027 to enhance performance [7] Domestic Events - The People's Bank of China reported that gold reserves increased to 74.02 million ounces at the end of August, marking the tenth consecutive month of gold accumulation [8] - The China Securities Regulatory Commission is seeking public opinion on the draft of the "Special Preventive Measures for Anti-Money Laundering" [9] Market Strategy Insights - Analysts remain optimistic about the A-share market, suggesting that recent adjustments are mainly due to profit-taking and structural trading, with significant support from the 20-day and 60-day moving averages [10] - The market is expected to benefit from the Fed's interest rate cut expectations, which may strengthen the RMB and attract foreign investment into Chinese assets [10] - The strategy team at Xingsheng suggests that the market will gradually shift from extreme differentiation to a more diversified performance across sectors [10] Industry Trends - The commercial space industry is expected to expand significantly over the next 1-5 years, focusing on low Earth orbit and deep space resource utilization [13] - Tesla's new compensation plan for CEO Elon Musk could be worth up to $1 trillion, contingent on the company's market value reaching $8.5 trillion, with a focus on robot deliveries [14] - Nvidia's shift to silicon carbide for advanced packaging is anticipated to improve thermal performance in high-power GPU chips [15] - Meta has raised its sales forecast for smart glasses due to strong demand, increasing orders for Qualcomm's AR1 chips by 20% [16]