Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - On Tuesday, growth - related indices adjusted significantly, while the Shanghai 50 Index stabilized the market. The trading volume was 2.87 trillion yuan with increased volume during the decline. The Shanghai 50 Index rose 0.39%, while the CSI 1000 Index dropped 2.50% [1]. - Central Huijin increased its holdings of 12 ETF products in the first half of the year, spending over 210 billion yuan. Since August, Chinese assets have been continuously "swept up" by global funds. Many overseas - listed Chinese ETFs have seen a surge in scale, and Chinese mainland stock funds attracted over $4 billion in the past week [1][2]. - Overseas funds showed a net inflow into the A - share market in the first half of 2025. As of the end of June 2025, overseas investors held 3.07 trillion yuan of A - shares. Northbound funds increased their A - share holdings in the first two quarters of 2025 [1][2]. - The market may enter a daily - level adjustment, which is a total adjustment since the rise in June. The probability of a sharp decline is low, and the adjustment is expected to be in the form of range - bound lateral fluctuations [2]. 3. Summary by Directory 3.1 Market Review - On Tuesday, growth - related indices adjusted deeply. The Shanghai 50 Index closed at 2992 points, up 11 points (0.39%); the CSI 300 Index closed at 4490 points, down 33 points (- 0.74%); the CSI 500 Index closed at 6961 points, down 148 points (- 2.09%); the CSI 1000 Index closed at 7313 points, down 187 points (- 2.50%) [1]. - Among industry and theme ETFs, the top - gainers were Robot 50 ETF, Bank ETF, etc., and the top - losers were New Energy Vehicle Battery ETF, etc. Among sector indices, the top - gainers were oil and gas exploration, forestry, etc., and the top - losers were communication equipment, components, etc. [1]. - Net inflows of settlement funds into CSI 1000, CSI 300, CSI 500, and Shanghai 50 stock index futures were 6.7 billion, 6.4 billion, 4.8 billion, and 2.8 billion yuan respectively [1]. 3.2 Important Information - The "Construction Plan for a High - Quality Standard System for Industrial Mother Machines" was issued, focusing on developing standards for the application of new - generation information technologies in industrial mother machines [1]. - Central Huijin increased its holdings of 12 ETF products in the first half of the year, covering Shanghai 50ETF, CSI 300ETF, etc., with a total cost of over 210 billion yuan [1][2]. - Overseas funds showed a net inflow into the A - share market in the first half of 2025. As of the end of June 2025, overseas investors held 3.07 trillion yuan of A - shares. Northbound funds increased their A - share holdings in the first two quarters of 2025 [1][2]. - Since August, Chinese assets have been continuously "swept up" by global funds. The scale of the KraneShares China Overseas Internet ETF exceeded $8.5 billion, and Chinese mainland stock funds attracted over $4 billion in the past week [1][2]. - UBS believes that overseas investors have sufficient room to increase their A - share holdings. With China's economic recovery and corporate profit growth, global investors may regain confidence in the A - share market [1]. - An idle US nuclear power plant in Iowa will be re - connected to the grid to meet the power demand of AI data centers [2]. - The eurozone unemployment rate dropped from 6.3% in June to 6.2% in July, with 170,000 fewer unemployed people, matching the historical low in November 2024 [2]. - Dutch pension funds are unwinding large - scale positions in long - term interest rate swaps, causing the yields of 30 - year German and French government bonds to reach multi - year highs [2]. - Retail giants such as Walmart and Target said that price increases related to tariffs have affected food, household goods, and electronics. The worst may be yet to come for consumers and businesses [2]. - The Trump administration is considering declaring a national housing emergency to address the US housing crisis and for political purposes [2]. 3.3 Market Logic - The deep adjustment of growth - related indices on Tuesday was accompanied by the Shanghai 50 Index stabilizing the market. Central Huijin's large - scale ETF purchases and the continuous inflow of global funds into Chinese assets are the main market - influencing factors [2]. 3.4 Market Outlook - The market may enter a daily - level adjustment, which is a total adjustment since the rise in June. The probability of a sharp decline is low, and the adjustment is expected to be in the form of range - bound lateral fluctuations [2]. 3.5 Trading Strategies - For stock index futures directional trading, expect the adjustment to be in the form of range - bound lateral fluctuations with a low probability of a sharp decline [2]. - For stock index option trading, stay on the sidelines as the market enters an adjustment period [2].

Market Overview - The market experienced fluctuations with the ChiNext index leading the decline, while the total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion yuan, an increase of 125 billion yuan compared to the previous trading day [1] - Over 4,000 stocks in the market saw declines, with sectors such as banking, precious metals, robotics, and oil showing the most significant gains [1] Industry News - The "High-Quality Standard System Construction Plan for Industrial Mother Machines" was officially issued by two departments, leading to a surge in the industrial mother machine concept stocks, with companies like Hengjin Induction, Huadong CNC, and Bojie Shares hitting the daily limit [1] - The robotics sector also experienced a boost from this news, with Zhejiang Rongtai reaching a historical high and other companies like Top Group, Longxi Shares, and Qin Chuan Machine Tool also hitting the daily limit [1] Company Updates - Kedi Shares announced that its robotics-related business is still in the development stage and will not generate revenue in the short term, which is not expected to significantly impact the company's performance [2] - Seres reported that its August new energy vehicle production reached 43,069 units, a year-on-year increase of 19.38%, while sales were 43,262 units, up 19.57% year-on-year [3] - Junshi Biosciences received approval for clinical trials of its JT118 injection, a "two-in-one" recombinant protein vaccine aimed at preventing monkeypox virus infection, marking a significant development as no such vaccine has been approved in China yet [4]

Core Viewpoint - The recent issuance of the "High-Quality Standard System Construction Plan for Industrial Mother Machines" by the National Standardization Administration and the Ministry of Industry and Information Technology aims to enhance the standardization and quality of the industrial mother machine industry, promoting its optimization and upgrade [1][2]. Group 1: Policy and Industry Impact - The plan emphasizes the need for a top-level design in standardization, aiming to strengthen the resilience and safety of the industrial supply chain [1]. - The plan outlines the establishment of a high-quality standard system by 2026, with at least 300 standards to be revised or created, including a minimum of 5 international standards, achieving a 90% conversion rate of international standards [2]. - By 2030, the standard system is expected to be fully formed, with technical levels and internationalization continuously improving, aiming for advanced standards in subtractive manufacturing and leading standards in additive manufacturing [2]. Group 2: Industry Response and Future Directions - Leading companies in the industry are actively accelerating their efforts to align with the new standards, contributing to the high-quality development of the machine tool industry [2]. - Companies like Qin Chuan Machine Tool are focusing on enhancing their standard supply across six key areas, including general basics, design support, manufacturing equipment, manufacturing processes, inspection and testing, and industry applications [2].

Core Viewpoint - The National Standardization Administration and the Ministry of Industry and Information Technology of China have jointly issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance product quality and promote equipment upgrades in the industry [4][5]. Group 1: Standard System Development - The plan requires the establishment of a high-quality standard system for industrial mother machines by 2026, with at least 300 standards to be formulated or revised, including at least 5 international standards, and a 90% conversion rate of international standards [4]. - The standard system will consist of six levels: basic general, design support, manufacturing equipment, manufacturing processes, inspection and testing, and industry applications, comprising 34 major categories and 17 subcategories [5]. - By 2030, a comprehensive standard system that adapts to the high-quality development of the industrial mother machine industry is expected to be fully formed, with technical levels and internationalization continuously improving [4][5]. Group 2: Current Industry Status in Jiangsu - Jiangsu province is a leading area in China's industrial mother machine industry, with significant achievements in industry scale, number of enterprises, and technological innovation [5][6]. - The province has the highest number of machine tool enterprises in China, covering six major upstream and downstream segments of the industrial chain, including cutting machine tools and additive manufacturing equipment [5][6]. - Key cities such as Nanjing, Suzhou, Wuxi, and Changzhou are central to the industrial cluster, with Suzhou housing over 500 supporting enterprises and Changzhou having more than 270 industrial enterprises in the sector [6].

Market Overview - The market experienced fluctuations with a total trading volume of 2.87 trillion yuan, an increase of 125 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index fell by 0.45%, the Shenzhen Component Index dropped by 2.14%, and the ChiNext Index decreased by 2.85% [1] - Despite the market's pullback, active trading indicates that many investors are seizing the opportunity to enter the market [1] Gold Market Insights - Gold prices are showing signs of upward momentum, driven by expectations of a Federal Reserve rate cut in September, with a nearly 90% probability according to CME Fed Watch data [3][5] - Recent geopolitical uncertainties and the potential impact of U.S. tariffs on inflation are contributing to the bullish outlook for gold [3][5] - The independence of the Federal Reserve may be compromised by recent actions from the Trump administration, which could further support gold prices in the long term [5] Robotics Industry Developments - The humanoid robot sector saw a rise, with the robotics industry ETF increasing by 0.45% [6] - Tesla's anticipated production of humanoid robots and its "Master Plan" to integrate AI into physical products are key developments in the industry [6][7] - The domestic robotics company Yushu Technology plans to submit an IPO application in Q4, which will provide more operational data [6] Industrial Machinery Sector - The industrial machinery sector showed positive performance, with the industrial mother machine index rising by 1.80% [8] - A new standardization plan aims to establish a high-quality standard system for industrial mother machines by 2026, which could enhance product quality and international competitiveness [8] - The machine tool industry is recovering, with a reported revenue of 578.9 billion yuan from January to July 2025, a slight decline of 1.0% year-on-year, but with significant growth in specific segments like metal cutting and forming machines [9]

Market Overview - On September 2, the A-share market saw a total of 55 stocks hitting the daily limit up, with 44 stocks remaining after excluding 11 ST stocks, resulting in a limit-up rate of 57.29% [1] Top Gainers - The stock with the highest limit-up order volume was Gongxiao Daji, with 1,098,200 hands, followed by Shanzi Gaoke (986,000 hands), Baiyin Youse (779,600 hands), and Zhaoxin Shares (501,000 hands) [2] - In terms of limit-up order funds, 16 stocks had order amounts exceeding 100 million yuan, with Tianpu Shares, Top Group, and Julun Intelligent leading at 1.06 billion yuan, 457 million yuan, and 398 million yuan respectively [2][3] Sector Highlights Robotics Sector - Multiple stocks in the robotics sector hit the limit up, including Top Group, Zhejiang Rongtai, Longxi Shares, Lushan New Materials, and Tail Shares [4] - Top Group is actively developing robotic body structure components and sensors, while Zhejiang Rongtai is expanding its humanoid robot product capacity [4] Precious Metals Sector - Baiyin Youse and Xibu Gold both saw limit-up, with Baiyin Youse producing 11,773 kg of gold in the first half of the year, a 73.31% increase year-on-year, and 270.54 tons of silver, a 20.49% increase [5][6] Industrial Machinery Sector - Stocks such as Huadong CNC and Qinchuan Machine Tool also hit the limit up, with Huadong CNC focusing on the R&D and production of CNC machine tools [7] Institutional Activity - Liou Shares saw a net buy of over 200 million yuan from institutions, with the top three net buying stocks being Julun Intelligent, Changchun Gaoxin, and Gongxiao Daji [8][9]

Market Overview - A total of 55 stocks hit the daily limit up in the A-share market, with 44 stocks remaining after excluding 11 ST stocks, resulting in a sealing rate of 57.29% [1] Top Performers - The highest sealing volume was recorded by Gongxiao Daji with 1,098,200 hands, followed by Shanzi Gaoke, Baiyin Yousheng, and Zhaoxin Co., with sealing volumes of 986,000 hands, 779,600 hands, and 501,000 hands respectively [2] - Tianpu Co. achieved an 8-day consecutive limit up, while Zhaoxin Co. had a 4-day consecutive limit up. Other notable stocks included ST Ruihe, Dexin Technology, and *ST Chuntian with 3 consecutive limit ups [2] Sector Highlights Robotics Sector - Stocks such as Top Group, Zhejiang Rongtai, Longxi Co., Lushan New Materials, and Tailor Co. experienced limit ups. Top Group is focusing on the development of robotic body structure components and sensors [3][4] Precious Metals Sector - Baiyin Yousheng produced 11,773 kg of gold in the first half of the year, a 73.31% increase year-on-year, and 270.54 tons of silver, a 20.49% increase [5][6] Industrial Machinery Sector - Huadong CNC and Qinchuan Machine Tool saw limit ups. Huadong CNC specializes in the R&D and production of CNC machine tools, while Qinchuan Machine Tool is a leading enterprise in China's machine tool industry [7] Institutional Activity - Liou Co. saw a net purchase of over 200 million yuan from institutions, with other notable stocks including Wolong Electric Drive and Huasheng Tiancai [8][9] - The top three net purchases by institutional special seats were Liou Co. (222 million yuan), Yingwei Ke (93.3 million yuan), and Giant Wheel Intelligent (91.1 million yuan) [10] ETF Performance - The Food and Beverage ETF (515170) saw a slight decline of 0.97% over the past five days, with a net outflow of 22.37 million yuan [13] - The Cloud Computing 50 ETF (516630) increased by 1.35% over the past five days, with a net outflow of 16.28 million yuan [14]

Group 1 - Institutional trading today featured 36 stocks, with 17 seeing net buying and 19 experiencing net selling [1] - The top three stocks with the highest institutional buying were: Liao Group (2.22 billion), Maiwei Bio (1.09 billion), and Yingweike (932.9 million) [1] - Liao Group's closing price on September 2 was 5.85 yuan, categorized as a low-priced stock [3] Group 2 - Liao Group's board approved a plan to use up to 3 billion yuan of its own funds for securities investment [3] - A leading robotics company reportedly had a meeting with Tesla, which provided optimistic production guidance for next year, indicating a potential weekly production of 10,000 units by Q3 [3] - The National Standardization Administration and the Ministry of Industry and Information Technology released a plan for establishing a high-quality standard system for industrial mother machines by 2026 [3]

Core Viewpoint - The industrial mother machine concept has shown a positive performance with a 0.62% increase, ranking third among concept sectors, indicating a strong interest and potential in this industry [1][2]. Group 1: Market Performance - As of September 2, the industrial mother machine sector saw 51 stocks rise, with notable performers including Hengjin Induction, Huadong CNC, and Qinchuan Machine Tool, all hitting the daily limit up [1]. - The top gainers in the sector included Kaiteng Precision (up 17.93%), Henggong Precision (up 10.02%), and Rongtai Co., Ltd. (up 9.99%) [1]. - Conversely, the sector also experienced declines, with Keg Precision Machine, Ruike Laser, and Hongfuhan dropping 11.56%, 7.41%, and 6.98% respectively [1]. Group 2: Capital Flow - The industrial mother machine sector experienced a net outflow of 378 million yuan, despite 47 stocks seeing net inflows, with 11 stocks receiving over 50 million yuan in net inflows [2]. - The leading stock in terms of net inflow was Giant Wheel Intelligent, which attracted 1.252 billion yuan, followed by Qinchuan Machine Tool and Huadong CNC with net inflows of 466.5 million yuan and 233.8 million yuan respectively [2]. - The net inflow ratios for leading stocks included Giant Wheel Intelligent at 43.30%, Bojie Co., Ltd. at 42.16%, and Huadong CNC at 40.47% [3].

Core Viewpoint - The article highlights a collective decline in major stock indices, with significant drops in various sectors, particularly in computing hardware and consumer electronics, while banking stocks showed resilience and gains [3][4][6]. Market Performance - Major stock indices closed lower: Shanghai Composite Index at 3858.13, down 0.45%; Shenzhen Component Index at 12553.84, down 2.14%; ChiNext Index at 2872.22, down 2.85% [3][4]. - Total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion [3]. Sector Performance - Notable declines were observed in computing hardware, consumer electronics, semiconductor chips, military industry, and digital currency sectors [6]. - Banking stocks performed well, with the banking sector up 1.68%, and specific banks like Chongqing Rural Commercial Bank rising over 4% [7]. - The industrial mother machine sector saw significant gains, with stocks like Hengjin Induction hitting a 30% limit up [7]. Individual Stock Movements - In the communication equipment sector, stocks like Dekeli and Dingtong Technology fell over 14% and 13% respectively [8]. - Major oil companies, referred to as "three barrels of oil," experienced gains, with China Petroleum up over 4% [8]. - Specific stocks with notable net inflows included Giant Wheel Intelligent and Industrial and Commercial Bank, with net inflows of 11.87 billion and 10.05 billion respectively [10][11]. - Conversely, stocks like New Yisheng and Dongfang Wealth faced significant net outflows, with 31.42 billion and 28.91 billion respectively [12].