Core Viewpoint - The article discusses the emerging trend of AI hardware development by leading tech companies like OpenAI and ByteDance, highlighting their strategies and potential market impacts. Group 1: OpenAI's Hardware Strategy - OpenAI is shifting focus towards hardware development, integrating design expertise from Jony Ive's team and collaborating with manufacturers like Luxshare Precision and GoerTek for AI product components [5][11][12] - The first product from OpenAI is expected to be a "screenless smart speaker" with potential future products including glasses and wearable devices, aiming for a release by late 2026 or early 2027 [6][12] - OpenAI's hardware team is led by former Apple executives, indicating a strong background in hardware design and manufacturing [11][12] Group 2: ByteDance's AI Hardware Plans - ByteDance is also venturing into AI hardware, planning to launch self-developed AI smart glasses and expanding its robotics efforts, having already produced over 1,000 logistics robots [6][16] - The company has previously launched AI headphones, but the market response was lukewarm, indicating challenges in establishing a strong hardware presence [16][18] - ByteDance's AI glasses are expected to focus on voice interaction and photography, similar to Meta's Ray-Ban products, but with a different approach to display technology [19][20] Group 3: Meta's Market Position - Meta has successfully established itself in the AI glasses market with the Ray-Ban series, achieving over 2 million units sold and aiming for an annual production of 10 million by 2026 [7][25] - The collaboration with EssilorLuxottica has allowed Meta to leverage existing retail networks for product trials and sales, enhancing consumer acceptance [20][22] - Meta's strategy emphasizes integrating AI into familiar product designs rather than creating entirely new categories, which has contributed to its market leadership [22][26] Group 4: Industry Challenges and Comparisons - Both OpenAI and ByteDance face significant challenges in hardware development, particularly in establishing effective distribution channels and consumer engagement [20][27] - The article suggests that learning from Meta's approach could be beneficial for both companies, as they navigate the complexities of the hardware market [28]

Core Insights - The article emphasizes the growing importance of AI hardware in 2025, highlighting three main segments: AI learning machines, smartphones, and AI glasses [1][5][10] - AI education hardware is identified as a stable demand driver, while AI glasses are rapidly emerging as a new product category, leading to a competitive landscape [1][18] - The integration of large models into various devices is transforming user experiences and opening new possibilities for future lifestyles [1][10] AI Hardware Landscape - AI hardware is evolving beyond mere computational power, focusing on user needs, technology, and application scenarios [4][6] - The concept of "remaking" products with AI is prevalent, addressing previously unmet needs in traditional solutions [4][5] AI Education Hardware - AI learning machines are experiencing a resurgence due to their ability to meet the personalized and interactive learning demands of parents and students [5][6] - Leading companies in the AI education sector, such as Haoweilai and Zuo Ye Bang, are collaborating with Alibaba Cloud to enhance educational experiences through AI [5][6] AI Ecosystem Development - The construction of AI ecosystems is becoming a common strategy across various smart hardware sectors, enhancing device collaboration and service integration [6][7] - Companies like Midea and Tuya Smart are integrating AI with IoT to create smarter home environments [6][7] Smartphone Evolution - Smartphones are positioned as the primary consumer entry point for AI, with major manufacturers collaborating with large models to enhance user experiences [10][12] - The trend of AI integration in smartphones is seen as a model for other industries to follow [11][12] AI Glasses Market - AI glasses are emerging as a significant product category, with brands like Thunderbird and Halliday innovating to capture market share [18][19] - The success of AI glasses will depend on their ability to demonstrate value in high-frequency, essential use cases [23][24] Development Efficiency - The introduction of Alibaba Cloud's multi-modal interaction development suite is significantly reducing development cycles for smart hardware manufacturers [24] - Over 100,000 smart terminal clients have integrated with the multi-modal model, indicating a shift towards a more interconnected and intelligent hardware ecosystem [24]

Core Viewpoint - The global robotics market is projected to exceed $1.2 trillion by 2030, indicating a significant growth opportunity despite previous uncertainties in business monetization paths [3][7]. Group 1: Industry Trends - The robotics industry has faced a period of unclear business paths, with companies focusing on long-term value creation rather than immediate financial returns [6][7]. - A shift is expected by 2025, driven by advancements in embodied intelligence and increased investment activity, leading to a more structured ecosystem [8][9]. Group 2: JD's Strategic Positioning - JD has launched its embodied intelligence brand, JoyInside, aiming to become a key player in the robotics market by providing both hardware and software solutions [12][14]. - JoyInside offers a comprehensive solution that integrates hardware, software, and ecosystem support, addressing the technical gaps faced by traditional robotics companies [18][39]. Group 3: AI Toy Market Dynamics - The AI toy market is anticipated to surpass $10 billion by 2030, with a growth rate exceeding 70%, attracting significant interest from major players [21][22]. - JoyInside enhances AI toys by providing intelligent interaction capabilities, making them more appealing to consumers and increasing user engagement [25][27]. Group 4: Competitive Advantages - JD's JoyInside platform leverages its extensive retail experience and data to optimize user interactions and improve the overall customer experience [39][41]. - The integration of JoyInside into various AI products has shown significant improvements in user engagement, with some products experiencing over 120% increase in interaction [31][43].

Group 1 - The core viewpoint of the reports suggests that the current bull market in A-shares is expected to evolve into a "mixed bull market," characterized by a "structural bull" phase followed by a "comprehensive bull" phase, similar to the market dynamics observed in 2013-2014 and 2016-2017 [1] - The report highlights that each bull market is driven by significant incremental capital, which allows the market to start independently of fundamental and liquidity constraints. The previous bull markets relied on different main channels for capital inflow, with the upcoming bull market expected to see insurance funds play a major role starting in the first half of 2025 [1] - Current data indicates that there has not been a significant increase in financing balances, insurance, actively managed equity fund issuance, or passive ETF issuance since August, suggesting that the main capital channels have not yet emerged [1] Group 2 - The current structural bull market in technology is driven by positive feedback from market funds towards the structural prosperity of AI hardware and strong industrial trends. The expectation is that the A-share market will transition into a "comprehensive bull" phase [2] - The report draws parallels to the market rotation structure observed during the macroeconomic U-shaped recovery from 2012 to 2017, indicating a potential shift from a technology-focused bull market to a cyclical blue-chip bull market, moving from small-cap to large-cap stocks [2] - As macroeconomic improvement signals emerge, the report anticipates further expansion into sectors characterized by "comprehensive bull" attributes, such as anti-involution and consumption [2]

Group 1: Investment Ratings - The investment rating for stock indices is bullish, and for treasury bonds, it is range - bound [1] Group 2: Core Views - The Fed cut interest rates by 25BP but was cautious, with internal differences on the path of rate cuts this year. The equity market showed mixed performance, and the market expects three rate cuts this year. In China, the demand - side indicators in August economic data declined slightly, indicating that the economy is still on the way to bottoming out. The current market rally is mainly driven by long - term policy expectations, with limited impact from current fundamentals. The implementation of the childcare subsidy system is expected to boost inflation through more fiscal support. As the important meeting in October approaches, the long - short game intensifies, and investors can reduce long positions [1] - Treasury bond futures showed mixed results. The central bank conducted large - scale open - market operations, resulting in a net injection of 2965 billion yuan. The short - term money market rates rose. The current economic fundamentals are mixed, and there is no obvious turning point signal in the bond market, so the range - bound trend continues [1][2] Group 3: Daily Price Changes Stock Index Futures - IH rose from 2,939.8 to 2,953.6, an increase of 13.8 or 0.47% [3] - IF rose from 4,530.0 to 4,562.2, an increase of 32.2 or 0.71% [3] - IC rose from 7,157.0 to 7,166.6, an increase of 9.6 or 0.13% [3] - IM fell from 7,303.2 to 7,281.8, a decrease of 21.4 or - 0.29% [3] Stock Indices - The Shanghai Composite 50 Index rose from 2,939.5 to 2,952.7, an increase of 13.2 or 0.45% [3] - The CSI 300 Index rose from 4,566.1 to 4,593.5, an increase of 27.4 or 0.60% [3] - The CSI 500 Index rose from 7,323.7 to 7,341.3, an increase of 17.6 or 0.24% [3] - The CSI 1000 Index fell from 7,534.2 to 7,506.5, a decrease of 27.7 or - 0.37% [3] Treasury Bond Futures - TS fell from 102.32 to 102.31, a decrease of 0.008 or - 0.01% [3] - TF fell from 105.57 to 105.53, a decrease of 0.04 or - 0.04% [3] - T fell from 107.65 to 107.61, a decrease of 0.04 or - 0.04% [3] - TL rose from 114.07 to 114.11, an increase of 0.04 or 0.04% [3] Group 4: Market News Overall Market - The Shanghai Composite Index fluctuated narrowly, the ChiNext Index rose by more than 1.5%, reaching a new high in over three years. Most stocks fell, with more than 3,800 stocks in the Shanghai, Shenzhen, and Beijing markets declining. The trading volume was 2.39 trillion yuan. At the close, the Shanghai Composite Index fell 0.01%, the Shenzhen Component Index rose 0.67%, and the ChiNext Index rose 1.58% [1][4] Industry Sectors - The controllable nuclear fusion concept rose during the session, with Shanghai Electric and Hefei Forging Intelligent Technology hitting the daily limit. The shipping sector adjusted, with Nanjing Port and Ningbo Marine falling by more than 5% [4] Popular Concepts - The AI hardware and AI application sectors strengthened, with Cambridge Technology and Inspur Information hitting the daily limit and reaching new highs [5] Group 5: Chart Analysis Stock Index Futures - There are charts showing the trends of IH, IF, IM, IC futures contracts, and their corresponding basis trends [7][8][9][10][11] Treasury Bond Futures - There are charts showing the trends of treasury bond futures contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and money market rates [14][17][18][19] Exchange Rates - There are charts showing the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, the US dollar index, and various currency pairs [22][23][24][26][27][28] Group 6: Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [30] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures [30]

Group 1 - The current bull market is expected to evolve into a slow and long bull market, characterized as a mixed bull market similar to the patterns observed in 2013-2014 and 2016-2017, transitioning from a structural bull to a comprehensive bull market [2][3] - Historical analysis of A-share bull markets from 2001 to 2025 reveals six distinct bull market phases, each driven by different macroeconomic conditions and profit dynamics, with valuation expansion being a common factor [9][12][45] - The current bull market is primarily driven by incremental capital, with insurance funds playing a significant role in the first half of 2025, while other funding sources such as retail investor accounts and public funds have not shown significant increases [3][45] Group 2 - The current "structural bull" market is driven by positive feedback from market participants towards AI hardware, but faces challenges related to the capacity of stocks that can be grouped together and the amount of incremental capital available [3][5] - The transition from a structural bull to a comprehensive bull market is anticipated, drawing parallels to the market rotations observed during the macroeconomic recovery phases from 2012 to 2017, where the focus shifted from technology to cyclical blue-chip stocks [3][5] - The report suggests a three-step expansion of the current bull market: first, a focus on AI hard technology; second, a broader technology growth phase; and finally, a comprehensive bull market driven by macroeconomic improvements [3][5][29]

Market Overview - The A-share market shows a mixed performance with the ChiNext Index reaching a three-year high, indicating a strong upward trend in the growth sector [1][4] - The Shanghai Composite Index closed at 3853.30, slightly down by 0.01%, while the ChiNext Index rose by 1.58% to 3235.76, reflecting a divergence in market sentiment [2][4] Sector Performance - The top-performing sectors include Media (up 2.23%), Communication (up 1.99%), and Non-ferrous Metals (up 1.87%), indicating strong investor interest in these areas [3] - Conversely, sectors such as Textiles and Apparel (down 1.45%) and Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.22%) faced declines, suggesting a rotation away from these industries [3] Future Outlook - The report highlights a "slow bull" market characterized by a stable capital market and a need for further policy support to sustain growth [5] - The trading volume in the A-share market reached 2.37 trillion, marking the 11th consecutive day above 2 trillion, which indicates robust liquidity and investor engagement [6] - The market is expected to maintain a volatile pattern in the short term, influenced by ongoing U.S.-China trade negotiations and domestic policy developments [6] Investment Recommendations - The report suggests focusing on sectors such as Technology, Media, Telecommunications (TMT), Public Utilities, Non-ferrous Metals, and Financials for potential investment opportunities [6]

Market Performance - The market experienced fluctuations in the early session, with the Shanghai Composite Index rising by 0.16%, the Shenzhen Component Index increasing by 1.14%, and the ChiNext Index climbing by 2.22% [1] Sector Highlights - AI hardware and application sectors saw significant gains, with Inspur Information hitting the daily limit and reaching a historical high, while Huajin Technology also touched the daily limit and set a new high [1] - The non-ferrous metal sector was active, with several stocks, including Northern Copper, reaching the daily limit [1] - Controlled nuclear fusion concept stocks experienced a rally, with Hezhong Intelligent achieving two limits in four days, and Haheng Huaton hitting the daily limit [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [3] Individual Stock Performance - Lixun Precision had a trading volume exceeding 15.2 billion yuan, leading the market, followed by Xinyi Sheng and Zhongji Xuchuang, with significant trading volumes as well [3]

Core Insights - OpenAI is intensifying its efforts in the AI hardware market, collaborating with major supply chain companies like Luxshare Precision and Goertek, aiming to create a closed-loop system of "model + hardware" to reshape the hardware entry point in the AI era [1][3]. Group 1: OpenAI's Hardware Strategy - OpenAI has established a strategic partnership with Luxshare Precision to co-develop a consumer-grade AI device, currently in the prototype stage, expected to launch by late 2026 or early 2027 [3]. - The planned AI hardware includes smart glasses, digital voice recorders, and wearable badges, designed to integrate deeply with OpenAI's AI models for enhanced human-computer interaction [3][4]. - OpenAI's shift from investment to self-designed hardware reflects its ambition to control the entire design ecosystem and leverage existing industrial design expertise through acquisitions [5][6]. Group 2: Market Dynamics and Challenges - Despite OpenAI's high-profile initiatives, the overall AI hardware industry remains in a challenging position, with many products failing to gain traction in the market [8]. - Previous attempts by companies like Meta to launch AI hardware have faced significant setbacks, highlighting the difficulties in achieving user acceptance and functionality [8][9]. - Analysts suggest that successful AI hardware must address user experience, energy consumption, and practical application scenarios to avoid the pitfalls of earlier products [9][10]. Group 3: Talent Acquisition and Ecosystem Building - OpenAI has actively recruited over 25 professionals from Apple, focusing on enhancing its hardware engineering capabilities and reducing bureaucratic barriers to foster innovation [6]. - The collaboration with Luxshare Precision is expected to leverage Asia's efficient supply chain to build technological barriers and enhance product development [6][7]. - OpenAI's strategy emphasizes creating an ecosystem that combines algorithms, hardware, and data to drive competitive advantage in the AI landscape [6].

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 1.24% at $3,768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce [3]. - U.S. EIA crude oil inventories unexpectedly decreased by 607,000 barrels. WTI crude oil futures rose 2.21% to $64.81 per barrel, and Brent crude oil futures rose 2.02% to $68.32 per barrel [4]. - London base metals all rose, with LME copper up 3.46% at $10,320 per ton, LME zinc up 1.18% at $2,922.5 per ton, LME aluminum up 0.63% at $2,654.5 per ton, and LME nickel up 0.53% at $15,435 per ton [4]. - As of 2:20, U.S. soybeans fell 0.35%, U.S. corn fell 0.53%, U.S. soybean oil fell 0.22%, U.S. soybean meal fell 0.50%, and U.S. wheat fell 0.19% [5]. - As of 23:00, most domestic futures contracts closed higher. Soybean No. 2, palm oil, soybean meal, low-sulfur fuel oil (LU), and fuel oil rose more than 1%, while cotton fell slightly [5]. 2. Important News Macroeconomic News - The People's Bank of China will conduct 600 billion yuan of MLF operations on September 25, 2025 [8]. - Zhengzhou Commodity Exchange will adjust the trading margin and price limit of certain futures contracts from September 29, 2025 [8]. - The Ministry of Housing and Urban-Rural Development announced that 25,000 old urban residential areas are planned to be renovated in 2025, and 21,700 have been started from January to August [8]. - U.S. Treasury Secretary Besent expressed disappointment that Fed Chair Powell did not set a clear agenda for interest rate cuts and called for a 100 - 150 basis point cut by the end of the year [8]. - The U.S. officially lowered tariffs on EU cars, effective August 1, 2025 [8]. - Fed's Daly fully supports the 25 - basis - point rate cut last week and said further policy adjustments may be needed [9]. Energy and Chemical Futures - Multiple departments issued the "Work Plan for Stable Growth in the Building Materials Industry (2025 - 2026)", aiming to control cement and glass production capacity [12]. - As of the week of September 24, the capacity utilization rate of 92 asphalt refineries in China was 42.0%, up 5.7% week - on - week, and the weekly output was 701,000 tons, up 15.5% [12]. - As of September 24, 2025, China's methanol port inventory decreased by 65,600 tons to 1.4922 million tons [12]. - As of the week of September 22, the total refined oil inventory at the Fujairah Port in the UAE increased by 1.833 million barrels to 14.922 million barrels [12]. - U.S. commercial crude oil inventories (excluding strategic reserves) decreased by 607,000 barrels to 415 million barrels in the week ending September 19, 2025, while strategic petroleum reserve inventories increased by 230,000 barrels to 406 million barrels [13]. - Eight international oil companies in the Kurdistan region of Iraq reached a preliminary agreement to resume oil exports [13]. Metal Futures - Xinjiang Dongfang Hope New Energy Co., Ltd. started annual maintenance on its first - phase polysilicon production line, and the third - phase project is ready for maintenance [16]. - The Shanghai Futures Exchange will adjust the trading margin and price limit of copper, aluminum, zinc, lead, gold, and silver futures contracts from September 29, 2025 [16]. - The Antamina copper mine in Peru expects zinc production to increase by 67% this year, offsetting a 12% decline in copper production [16]. - From January to July 2025, the global copper market had a surplus of 101,000 tons, compared with a surplus of 401,000 tons in the same period last year [17]. - An accident at the Grasberg Block Cave mine in Indonesia led to the suspension of operations, and the company lowered its copper and gold sales forecasts for the third quarter [17]. Black - Series Futures - In mid - September, the daily output of crude steel by key steel enterprises decreased by 0.6% month - on - month, while the daily output of iron and steel products increased [20]. - Beibu Gulf Port in Guangxi suspended manganese ore pick - up due to a typhoon, with limited impact on inventory [20]. - On September 24, the auction price of coking coal in Linfen market rose significantly, with an average increase of about 92 yuan per ton [20]. - Dalian Commodity Exchange will adjust the trading margin and price limit of iron ore, coke, and coking coal futures contracts from September 29, 2025 [21]. Agricultural Product Futures - The EU postponed the implementation of anti - deforestation regulations, providing a respite for palm oil exporters [23]. - As of September 20, the inventory of sugar in third - party warehouses in Guangxi decreased by about 300,000 tons compared with August [23]. - In August 2025, China's industrial feed output was 29.36 million tons, up 3.7% month - on - month and 3.8% year - on - year [25]. - Indonesia's palm oil exports in July were 3.54 million tons, with a production of 5.11 million tons and an inventory of 2.57 million tons [26]. - The CNF price of Argentine soybeans imported into China decreased, and the cost of imported soybeans declined [26]. - A senior analyst predicted that Malaysian BMD crude palm oil futures may rise 27% in the first quarter of next year [26]. - The average pig - to - grain ratio in Guangdong Province entered the second - level early - warning range of excessive decline, and the province will conduct frozen pork reserve purchases [26]. - Brazil's ANEC lowered its September soybean export forecast to 7.15 million tons and raised its corn export forecast to 7.61 million tons [27]. 3. Financial Markets Stocks - A - shares rose, with the ChiNext Index and the Sci - Tech Innovation 50 Index hitting new highs. The semiconductor industry chain was strong, while AI hardware and the banking sector declined. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, the ChiNext Index rose 2.28%, and the Sci - Tech Innovation 50 Index rose 3.49%. The total trading volume was 2.35 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 1.37%, the Hang Seng Tech Index rose 2.53%, and the Hang Seng China Enterprises Index rose 1.64%. Southbound funds had a net purchase of HK$13.7 billion [30]. - Chery Automobile's H - shares were listed on the Hong Kong Stock Exchange at a final offer price of HK$30.75 per share [31]. - Mercedes - Benz plans to acquire a minority stake in A - share listed Qianli Technology [32]. Industries - Six departments issued a work plan for stable growth in the building materials industry, aiming for green building materials revenue to exceed 300 billion yuan by 2026 [33]. - The State Administration for Market Regulation solicited opinions on a new standard for food delivery platform services [35]. - The National Press and Publication Administration approved 145 domestic and 11 imported game licenses in September [35]. - The transportation department issued a plan to promote the integrated development of container rail - water intermodal transport, aiming for a 15% annual growth in volume by 2027 [35]. - From January to August, China's railway passenger volume increased by 6.7% year - on - year, freight volume increased by 2.6%, and fixed - asset investment increased by 5.6% [35]. - The "Blue Book on the Development of the Beidou Industry (2025)" showed that the total output value of China's satellite navigation and location - based services industry reached 575.8 billion yuan in 2024, and the number of new Beidou - supported terminals is expected to exceed 400 million by the end of 2028 [36]. Overseas Markets - The U.S. and the EU finalized a tariff agreement, with the U.S. lowering tariffs on EU cars and the EU getting tariff exemptions for certain products [37]. - U.S. Treasury Secretary Besent criticized Fed Chair Powell for not setting a clear interest - rate - cut agenda and called for a 100 - 150 basis point cut by the end of the year. The Treasury is considering a $20 billion currency swap with Argentina [37]. - The U.S. government is negotiating to restructure a $2.3 billion energy department loan to Lithium Americas through equity investment [39]. - U.S. new home sales in August reached an annualized rate of 800,000 units, far exceeding expectations, and the inventory of new homes for sale decreased [39]. - Bank of England Governor Bailey said there is room for interest rate cuts, depending on inflation [40]. - Australia's CPI in August rose 3% year - on - year, reaching the upper limit of the RBA's inflation target range [40]. - Germany's September IFO business expectations and sentiment indices declined [41]. International Stock Markets - U.S. stocks fell slightly, with the Dow down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33%. Chinese concept stocks generally rose [42]. - European stocks closed mixed, with the German DAX Index rising 0.23%, the French CAC40 Index falling 0.57%, and the UK FTSE 100 Index rising 0.29% [42]. - Saudi Arabia is considering relaxing foreign ownership restrictions on listed companies, leading to a 5% rise in the Saudi All - Share Index [44]. - The Japanese Nikkei 225 Index rose 0.3% to a new high, while the South Korean KOSPI Index fell 0.45% after hitting a new high [44]. - South Korean securities companies may resume U.S. stock trading services in early November [44]. Commodities - Zhengzhou Commodity Exchange and Shanghai Futures Exchange will adjust the trading margin and price limit of multiple futures contracts from September 29, 2025 [45]. - International precious metal futures fell, international oil prices rose, London base metals rose, and global steel production in August increased slightly year - on - year [45][46][47]. Bonds - Yields of major interest - rate bonds in the inter - bank market generally rose, and bond prices fell. The central bank conducted 401.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1.7 billion yuan [48]. - Commercial banks can use certain bonds as collateral for treasury cash time deposits [48]. - The issuance scale of local government bonds from January to August reached 7.68 trillion yuan, a 41.9% year - on - year increase [48]. - U.S. Treasury yields rose, and the issuance of UK government bonds faced weak demand [48][50]. Foreign Exchange - The on - shore RMB against the U.S. dollar closed down 86 basis points at 7.1219, and the U.S. dollar index rose 0.65% [51]. 4. Upcoming Data Releases and Events Data Releases - A series of economic data from Germany, France, the UK, the U.S., and China Hong Kong will be released on September 25 [53]. Events - Multiple central bank meetings, policy announcements, corporate events, and international meetings are scheduled for September 25 [55].