Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - Short - term macro uncertainties are rising, and the stock index may shift from smooth upward movement to volatile upward movement. The market style temporarily maintains an overweight on the technology growth sector, while also paying attention to opportunities in the consumer and cyclical style leading sectors [4]. 3) Summary by Related Content Domestic Macroeconomic Situation - Financially, credit factors are steadily recovering, and the growth rate of securities net investment - type assets has been rising since hitting the bottom in July last year, which supports the equity market in the medium term. The implementation of the long - cycle assessment mechanism for insurance funds in July helps improve the investment enthusiasm of insurance funds and the stability of the capital market. Since August, the capital side has been positive, and the return of various types of funds may continue [2]. - The current inventory cycle in China is at a low level but lacks driving factors. The real - estate short - cycle indicators are still weak, and the inventory cycle is expected to oscillate at a low level waiting for drivers. The implementation of anti - involution and domestic demand expansion policies is a key point [2]. Overseas Macroeconomic Situation - The game between Trump and the Federal Reserve has intensified, increasing the uncertainty of the Fed's interest - rate cut path. Although it is currently in a stable period for Sino - US risk management, most positive factors have been priced in, so more attention should be paid to risks. The US may need to refund billions of dollars in tariffs, which will worsen its fiscal situation. Trump will appeal the ruling, and the follow - up development is worth watching [3]. - After the global financial conditions reached a high, there have been small fluctuations in US dollar liquidity in recent days, and the long - term bond yields in developed markets have risen significantly [3]. Market Structure and Allocation - In terms of valuation, there is a structural differentiation in the market. The trading congestion of technology stocks is relatively high in the short term, while the valuation of the consumer sector is relatively low. Macro - liquidity is concentrated in the financial market and has not effectively reached the real economy. Attention should be paid to policy support for the real economy and the matching of valuation and corporate earnings [4]. - With the entry of incremental funds and the position - adjustment behavior of on - market funds, the previous dominant style may be further exaggerated. The market style temporarily maintains an overweight on the technology growth sector and also focuses on opportunities in the consumer and cyclical style leading sectors [4]. Market Performance on a Specific Date - On September 4, the market weakened unilaterally throughout the day. The ChiNext Index fell more than 5% during the session, and the STAR 50 Index closed down more than 6%. The large - consumer sector strengthened against the trend, while the new - energy industry chain rose and then fell, and sectors such as the semiconductor industry chain, AI hardware, and GPU concepts回调 significantly [1].

Group 1 - The core viewpoint of the article is that Dongxin Co., Ltd. (688110.SH) announced a temporary suspension of its stock trading due to abnormal price fluctuations, with a resumption expected on September 3, 2025 [1][2] - The company indicated that the actual price volatility of its stock, after excluding overall market factors, was significant, suggesting potential irrational speculation [2] - It was noted that there have been no major changes in the company's fundamentals, main business, or external operating environment [2]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) is increasing its investment in Shanghai Lishuan Technology, a domestic GPU manufacturer, aiming to strengthen its position in the GPU market and enhance its core competitiveness [1][5]. Group 1: Investment Details - Dongxin Co. plans to invest approximately 500 million yuan in Shanghai Lishuan, with Dongxin contributing about 211 million yuan to acquire around 35.87% of Lishuan's shares, making it the largest shareholder [1][5]. - The investment is part of Dongxin's strategy to advance its "storage, computing, and networking" integration strategy and create more value for shareholders [5]. Group 2: Company Performance and Market Reaction - Following the announcement of the investment, Dongxin's stock price surged by 207.85% from July 29 to August 28, with an average turnover rate of 11.77% [1][4]. - Shanghai Lishuan has not generated revenue in 2024 and the first seven months of 2025, reporting losses of 210 million yuan and 156 million yuan, respectively [3]. Group 3: Product Development - Shanghai Lishuan launched its first GPU chip, the "7G100" series, and the Lisuan eXtreme series graphics cards in July 2023, with plans for mass production starting in September 2025 [3][4]. - The 7G100 series is designed with a fully self-developed architecture and aims to compete with NVIDIA's DLSS technology [3]. Group 4: Market Interest and Future Prospects - The domestic GPU sector has gained significant attention in the capital market, with Dongxin's stock performance reflecting this interest [4]. - Dongxin has engaged with numerous institutional investors regarding Lishuan's product developments and market strategies, indicating strong market interest [4].

Core Insights - Dongxin Semiconductor Co., Ltd. has recently disclosed its latest research meeting minutes, highlighting significant interest from 162 institutions, including China Electronics Technology Group and Point 72, regarding its GPU subsidiary, Lishuan Technology [1][2] Group 1: Company Overview - Dongxin Semiconductor participated in a teleconference with major institutions, showcasing its strategic partnerships and investment in Lishuan Technology, a GPU manufacturer [1] - The company holds a 37.88% stake in Lishuan Technology after a capital increase of 200 million yuan in 2024 [2] Group 2: Product Development - Lishuan Technology's 7G100 series GPU is undergoing testing with promising results, demonstrating strong performance in benchmarks and potential for commercial viability [2][3] - The 7G100 series GPU has achieved scores of 26,800 in FireStrike and 2,268 in Steel Nomad, outperforming NVIDIA's RTX 4060 in certain tests [3] Group 3: Market Response - Following the product launch event on July 26, Dongxin's stock price surged, reaching a market capitalization exceeding 50 billion yuan, with a more than 200% increase since July 29 [5] - The company announced a trading suspension for its stock starting August 29 due to abnormal trading fluctuations [6][8]

Core Viewpoint - The A-share market opened with all three major indices rising, driven by a strong performance in the AI industry chain, while the consumer sector experienced a general pullback [3]. Group 1: A-share Market Performance - The Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index increased by 0.08%, and the ChiNext Index gained 0.2% [3]. - The AI industry chain saw significant gains, particularly in computing power, intelligent agents, and GPU concepts, with Cambrian rising nearly 4% [3]. - In contrast, the consumer sector faced a widespread decline, with agriculture, duty-free, and automotive stocks leading the losses, while photovoltaic and stablecoin concepts saw slight decreases [3]. Group 2: Hong Kong Market Performance - The Hang Seng Index opened up by 0.4%, with the Hang Seng Technology Index rising by 0.55% [4]. - NIO experienced a notable increase of 8%, while other stocks like Kangfang Biotech and Jingtai Holdings rose over 4% [4]. - China Resources Mixc Lifestyle Holdings opened lower by 1% after its earnings report [4].

Market Overview - A-shares opened with all three major indices rising, with the Shanghai Composite Index up 0.03%, Shenzhen Component Index up 0.08%, and ChiNext Index up 0.2% [1] - The AI industry chain showed strong performance, particularly in computing power, intelligent agents, and GPU concepts, with Cambrian rising nearly 4% [1] - Consumer sectors experienced a general pullback, with agriculture, duty-free, and automotive stocks leading the declines, while photovoltaic and stablecoin concepts saw slight decreases [1] A-share Performance - The Shanghai Composite Index is at 3869.61, up 1.23 points (0.03%) [2] - The Shenzhen Component Index is at 12483.19, up 10.02 points (0.08%) [2] - The ChiNext Index is at 2747.50, up 5.37 points (0.20%) [2] Hong Kong Market - The Hang Seng Index opened up 0.4%, with the Hang Seng Tech Index rising 0.55% [3] - NIO saw a significant increase of 8%, while other stocks like Kangfang Bio and Jingtai Holdings rose over 4% [3] Central Bank Operations - The central bank conducted a 7-day reverse repurchase operation of 379.9 billion yuan at an interest rate of 1.40% [5] - A total of 616 billion yuan in reverse repos matured on the same day, resulting in a net withdrawal of 236.1 billion yuan [5] Currency Exchange - The central parity rate of the RMB against the USD was raised by 80 basis points to 7.1108, marking the highest level since November 6, 2024 [6] - The previous day's central parity rate was 7.1188, with the onshore RMB closing at 7.1621 and the night session closing at 7.1518 [6]

Market Overview - The three major indices in the A-share market opened mixed, with the Shanghai Composite Index up by 0.01% and the Shenzhen Component Index down by 0.06% and the ChiNext Index down by 0.37% [1] - The overall market saw 2,237 stocks rising, 1,031 remaining flat, and 2,151 declining [2] Sector Performance - Popular sectors experienced adjustments, with stock trading software, fiberglass, and GPU concepts showing significant declines [1] - Conversely, the rare earth, machinery, and media sectors performed well [1] Company Highlights - China Shipbuilding Industry Company resumed trading with a high opening, gaining over 6% [1] Hong Kong Market - The Hang Seng Index opened up by 0.26%, with the Hang Seng Tech Index rising by 0.24% [3] - Pharmaceutical stocks remained active, with Rongchang Bio rising nearly 5% after reaching a licensing agreement with Santen China for RC28-E injection [3] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 580.3 billion yuan at an interest rate of 1.40% [5] - A total of 114.6 billion yuan in reverse repos is set to mature today [5] Currency Exchange - The central parity rate of the RMB against the USD was set at 7.1359, depreciating by 37 basis points [6]

Market Overview - The Shanghai Composite Index has surpassed the 3700-point mark, increasing by 0.43% [1] - The index opened at 3712.5 points, with the Shenzhen Component Index rising by 0.48% to 11690.94 points, and the ChiNext Index up by 0.6% to 2549.55 points [2] Sector Performance - The photovoltaic sector showed strong performance, alongside active trading in GPU, electronic fabrics, and copper-clad laminates [2] - The film and theater sector surged by 43.19%, while the new energy metal sector increased by 2.31% [3] Stock Highlights - Longcheng Securities opened with an 8% increase [2] - Notable gains were observed in tech stocks, with NIO rising over 5% and Bilibili increasing by more than 2% [4] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 266.5 billion yuan, with an interest rate of 1.40% [5] - The central bank adjusted the RMB to USD exchange rate, raising it by 49 basis points to 7.1322 [6]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The central bank conducts large - scale reverse repurchase operations to inject liquidity, and the market expects the central bank to increase the volume of MLF roll - over. The Fed's September interest - rate cut expectation is frustrated due to high PPI data [10]. - For stock index futures, consider taking profits on the covered strategy and pay attention to July's macro data. For Treasury bond futures, there may be a short - term rebound, and the curve - steepening strategy can still be held in the medium - term [12][13]. - Steel and ore prices are expected to remain volatile, and double - coking prices may enter a high - level shock stage. For ferroalloys, consider long - short spreads or reverse spreads, and short on rebounds [14][15][17]. - For soda ash and glass, maintain a short - on - rallies strategy for soda ash and stay on the sidelines for glass. For non - ferrous metals and new materials, aluminum prices may be weakly volatile, and alumina prices may be strong in the short - term but weak in the long - term. Zinc prices are expected to weaken, while lithium carbonate, industrial silicon, and polysilicon prices will be in a wide - range shock [18][20][21]. - For agricultural products, cotton prices may be shorted on rallies in the long - term, sugar prices are restricted by increasing supply, egg prices may have limited upside during the Mid - Autumn Festival, and apple prices can be long - short spread. Corn prices can be shorted on the far - month contract, and hog prices can be shorted cautiously on the near - month contract [27][30][33]. - For energy and chemicals, crude oil may enter a supply - surplus pattern, and fuel oil and asphalt prices follow crude oil. Plastic prices are expected to be weakly volatile, and rubber prices may have limited downside. Methanol prices are expected to be weak, and LPG prices are prone to fall [40][42][43]. Summary by Relevant Catalogs Macro Information - The central bank conducts 500 billion yuan of 6 - month outright reverse repurchase operations on August 15, and the cumulative outright reverse repurchase operations this month have exceeded the maturing amount by 30 billion yuan. The market expects the central bank to increase the volume of 30 billion yuan of MLF roll - over [10]. - The Fed's September interest - rate cut expectation is frustrated as the US July PPI soars to 3.3% year - on - year, far exceeding the expected 2.5%. San Francisco Fed President Daly and Chicago Fed President Goolsbee oppose large - scale interest - rate cuts [10]. - Ping An Insurance increases its holdings of CPIC H - shares, reaching the threshold for a mandatory public announcement. This year, there has been a third wave of insurance companies' share - buying sprees [10]. - US Treasury Secretary Yellen clarifies that she is not pressuring the Fed to cut interest rates. The number of initial jobless claims in the US last week decreased by 3,000 to 224,000, while the number of continued jobless claims decreased to 1.953 million [11]. Stock Index Futures - The strategy is to take profits on the covered strategy and pay attention to July's macro data. On Thursday, the A - share market rose and then fell, with over 4,600 stocks declining. The market turnover increased to 2.31 trillion yuan. The central bank's reverse repurchase operations have a net injection of 30 billion yuan, and the market is affected by insurance companies' share - buying and US PPI data [12]. Treasury Bond Futures - There may be a short - term rebound, and the curve - steepening strategy can still be held in the medium - term. The money market was loose in the morning and tightened slightly in the afternoon. The bond market was under pressure when the Shanghai Composite Index broke through 3,700 points. The central bank's reverse repurchase operations have a net injection of 30 billion yuan, and attention should be paid to the MLF roll - over [13]. Steel and Ore - From a policy perspective, it is relatively mild. From a supply - demand perspective, the contradiction is not prominent. The demand is seasonally weak, but the mid - term supply - demand is balanced. The supply is expected to remain strong, and steel and ore prices are expected to remain volatile. The prices of steel products and imported iron ore have fluctuated, with the iron ore trading volume decreasing by 31.71% on a daily basis and increasing by 15.72% on a weekly basis [14][15]. Coal and Coking - Double - coking prices may enter a high - level shock stage. The strict inspection of coal mine over - production and coke - enterprise production restrictions have led to price adjustments. The supply of coking coal may be tight in the short - term, but the possibility of a decline in steel mill's molten iron output and sufficient imported Mongolian coal supply still put pressure on prices [15][16]. Ferroalloys - The current spot - futures pressure of ferrosilicon and ferromanganese is high, but the basis has not widened significantly during the price decline. The steel - tendering price is high. Consider long - short spreads (ferrosilicon - ferromanganese) or reverse spreads of ferromanganese's near - far months. Short on rebounds if there is an upward movement [17]. Soda Ash and Glass - For soda ash, maintain a short - on - rallies strategy and exit flexibly if the positive feedback continues. For glass, stay on the sidelines. The production of soda ash has increased, and the inventory is under pressure. The inventory of glass has increased, and the spot market is weak [18]. Non - Ferrous Metals and New Materials - Aluminum prices may be weakly volatile in the short - term due to weak demand in the off - season, but may rise in the long - term with the approaching peak season. Alumina prices may be strong in the short - term but weak in the long - term due to high supply and increasing inventory. Zinc prices are expected to weaken due to increasing inventory and supply. Lithium carbonate prices are supported by short - term supply - demand gaps and will be in a wide - range shock. Industrial silicon prices will be volatile, and polysilicon prices will be in a wide - range shock due to policy and supply - demand factors [20][21][22]. Agricultural Products - Cotton prices may be shorted on rallies in the long - term due to weak downstream demand and potential future production increases. Sugar prices are restricted by increasing supply, but attention should be paid to the Mid - Autumn and National Day stocking demand. Egg prices may have limited upside during the Mid - Autumn Festival due to large supply pressure. Apple prices can be long - short spread. Corn prices can be shorted on the far - month contract, and hog prices can be shorted cautiously on the near - month contract [27][30][33]. Energy and Chemicals - Crude oil may enter a supply - surplus pattern, and attention should be paid to US sanctions on Russia and the peak - season demand. Fuel oil and asphalt prices follow crude oil. Plastic prices are expected to be weakly volatile. Rubber prices may have limited downside. Methanol prices are expected to be weak. LPG prices are prone to fall due to sufficient supply and weak demand [40][42][43]. Pulp and Logs - Pulp fundamentals are turning to inventory accumulation, which restricts the price, but there is still support from the price - holding and production - cut of broad - leaf pulp. Consider spread trading opportunities. Log prices are affected by capital, and short - term observation is recommended [51][52]. Urea - In a weak fundamental environment, urea futures prices are expected to be weak. The spot price may decline further over the weekend, with weak new orders and downstream rigid demand [52]. Synthetic Rubber - Synthetic rubber prices are turning weakly volatile in the short - term, with limited downside. Consider short - term long - on - dips with a stop - loss and be cautious about chasing high prices [53].

Market Performance - A-shares showed mixed performance with the Shanghai Composite Index up by 0.2% while the Shenzhen Component Index and the ChiNext Index fell by 0.15% and 0.23% respectively [1] - The total market turnover reached 1.43 trillion yuan, with over 4,200 stocks declining [1] Sector Performance - Insurance stocks performed strongly, with China Pacific Insurance rising over 4% [1] - GPU concept stocks surged, with Cambricon Technologies increasing by over 9%, reaching a new high [1] - Sectors such as brain engineering, digital currency, servers, and financial technology saw significant gains [1] - Conversely, sectors like CPO, circuit boards, and cultivated diamonds experienced notable declines [1]