Company News - Apple has received FDA approval for its blood pressure detection feature on the Apple Watch, set to launch next week, compatible with Series 9, Series 10, Series 11, Ultra 2, and Ultra 3 models [5] - Giorgio Armani's will designates LVMH, EssilorLuxottica, and L'Oréal as preferred buyers for the company's equity [6] - Google Cloud has signed a £400 million contract with the UK Ministry of Defence to provide sovereign cloud services, ensuring secure infrastructure for information processing and supporting AI and cybersecurity tools [7] - The European Commission has accepted Microsoft's commitments to address competition issues related to its Teams platform, which was found to have an unfair competitive advantage due to bundling with productivity applications [8] - Rivian is recalling 24,214 R1S and R1T electric vehicles in the U.S. due to a software defect that may cause misidentification of vehicles by its highway assistance system [9] - VinFast has signed a memorandum of understanding with Vietmap to jointly develop integrated digital mapping solutions and smart traffic services for its electric vehicles [10]

Group 1 - The core point of the article is the recent large transaction involving Qi Anxin-U, which occurred on September 12, with a transaction volume of 66,300 shares and a transaction amount of 2.48 million yuan, at a price of 37.46 yuan per share [2] - The buyer of the large transaction was CITIC Securities Co., Ltd., Shenzhen Shennan Middle Road, while the seller was an institutional special account [2] - In the last three months, Qi Anxin-U has recorded a total of 10 large transactions, amounting to 220 million yuan [2] Group 2 - On the same day, Qi Anxin-U closed at 37.46 yuan, down 1.37%, with a turnover rate of 2.87% and a total trading volume of 738 million yuan [2] - The net outflow of main funds for the day was 121 million yuan, and over the past five days, the stock has decreased by 0.72% with a total net outflow of 176 million yuan [2] - The latest margin financing balance for Qi Anxin-U is 551 million yuan, which has increased by 13.49 million yuan over the past five days, representing a growth of 2.51% [2]

Group 1 - The three major U.S. stock index futures are down, with Dow futures falling by 0.16%, S&P 500 futures down by 0.14%, and Nasdaq futures decreasing by 0.05% [1] - Cryptocurrency exchange Gemini's IPO is highly oversubscribed, with over 20 times the demand, leading to a fundraising cap of $425 million [1] - Microsoft shares rose over 1.5% in pre-market trading following a non-binding agreement with OpenAI to allow the latter to restructure into a for-profit entity while retaining significant shares [1] - Adobe's shares increased nearly 4.5% in pre-market trading after the company raised its revenue and profit forecasts for FY2025, indicating strong demand for its design software and enhanced monetization of AI tools [1] Group 2 - Supermicro shares rose nearly 6% in pre-market trading after announcing the delivery of high-capacity NVIDIA Blackwell Ultra systems [2] - Warner Bros Discovery shares increased over 4% in pre-market trading, following a previous day’s surge of over 28%, amid news of Paramount Global's interest in acquiring the company [2] - DA Davidson upgraded NVIDIA's stock rating from "neutral" to "buy," raising the target price from $195 to $210, citing optimism about growing demand for AI computing [2] - Rivian announced a recall of over 24,000 vehicles in the U.S. due to issues with its highway assist software [2] Group 3 - China's three major telecom operators, China Mobile, China Telecom, and China Unicom, will provide eSIM support for the iPhone Air, pending regulatory approval [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The global economy is moving upward. There is a significant influx of foreign capital into China's stock and bond markets, and the Chinese capital market is booming. The Fed is likely to increase the rate - cut amplitude in September, and different countries and regions show varying economic trends. In terms of asset allocation, it is advisable to be bullish on Chinese equity assets and gold and silver [4][5][8] - Summary by Related Catalogs Global Economic Outlook - China implemented the "Artificial Intelligence +" initiative, with an 8 - month export year - on - year increase of 4.4%. In August, a total of $39 billion flowed into Chinese bonds and stocks. The US significantly revised down 912,000 non - farm payrolls, and the Fed may increase the interest - rate cut amplitude in September. The US Court of Appeals ruled that "reciprocal tariffs" are illegal. In July, US capital goods imports reached $95.8 billion, a new record, indicating an acceleration of manufacturing reshoring. The Eurozone's manufacturing PMI in August broke above the boom - bust line for the first time since June 2022. Tesla plans to start mass - producing Optimus robots in 2026. Oracle signed a $300 - billion, 5 - year contract with OpenAI, accelerating AI infrastructure [7] - The global economy maintains an upward trend. The revision of US non - farm payrolls strengthens the Fed's decision to cut interest rates in September. The Fed's dovish stance and the strange balance in the labor market have been formed. In August, the US CPI increased year - on - year and month - on - month as expected, while the PPI increased year - on - year but decreased month - on - month, lower than expected. The decline in the US PPI year - on - year in August was mainly due to the unexpected decline in PPI services year - on - year. In July, US capital goods and intermediate goods imports showed positive trends, and the manufacturing PMI accelerated expansion [7][9][14][17] - The Eurozone's manufacturing PMI in August returned to the expansion range. India's manufacturing and service PMIs in August reached new highs, with continuous expansion for over three years. Japan's long - term government bond yields reached a new high [34][36][38] Asset Allocation - Be bullish on Chinese equity assets and gold and silver. The US significantly revised down non - farm payrolls, and the Fed may increase the interest - rate cut amplitude in September. The Shanghai Composite Index is approaching 3900 points again, with off - market funds accelerating into the market. In August, a total of $39 billion flowed into Chinese bonds and stocks, and global hedge funds' net purchases of Chinese stocks reached a new high since September 2024. Oracle's large - scale contract with OpenAI accelerates AI infrastructure. Bond funds are flowing into the stock market, causing a decline in 30 - year Treasury bond futures. Gold and silver in London are showing upward trends. After the Fed cuts interest rates, the Wenhua Commodity Index may have an upward opportunity [40][41][42] - The Shanghai Composite Index is approaching 3900 points for the third time, with the stock - market wealth effect spreading. The Sci - tech Innovation Board is strengthening, with related ETFs rising continuously. The market style is shifting towards mid - cap growth, and the CSI 500 index futures contract has reached a new high. The CSI 1000 and CSI 500 index 2512 contracts can continue the strategy of earning both index - rising and basis - spread returns [47][49][54]

Economic Data Summary - In August 2025, the annual inflation rate in the U.S. accelerated to 2.9%, the highest since January, compared to 2.7% in June and July, aligning with market expectations [1] - Food prices saw the largest increase at 3.2%, up from 2.9% the previous month, while used car and truck prices rose by 6%, compared to 4.8% last month [1] - Energy prices increased by 0.2% for the first time in seven months, contrasting with a decline of 1.6% last month [1] - The core inflation rate, excluding volatile food and energy prices, remained steady at 3.1%, with a monthly increase of 0.3% [1] Labor Market Insights - The first-time unemployment claims in the U.S. rose by 27,000 to 263,000, the highest since October 2021, significantly exceeding market expectations of 235,000 [3] - The number of continuing unemployment claims remained at 1.939 million, slightly below the expected 1.95 million but still above the average since 2021 [3] - The disappointing employment data has heightened expectations for a potential interest rate cut by the Federal Reserve, shifting the focus from "whether to cut" to "how much to cut" [3] Central Bank Actions - The European Central Bank (ECB) maintained interest rates for the second consecutive meeting, indicating that the process of reducing inflation has "ended," suggesting a potential end to the rate-cutting cycle [5] - The GDP growth forecast for the Eurozone in 2025 was revised upward from 0.9% to 1.2%, while inflation expectations were slightly adjusted upward for 2025 to 2.1% [5] Market Reactions - Gold prices reached a new high at $3,647.1 per ounce, driven by expectations of interest rate cuts, rising inflation, and geopolitical uncertainties [7] - U.S. stock markets saw gains, with the Dow Jones Industrial Average rising by 1.36%, while the Nasdaq and S&P 500 indices increased by 0.72% and 0.85%, respectively [9] - Chinese stocks and concepts received positive market sentiment, with the Nasdaq China Golden Dragon Index rising by 2.89%, outperforming the Nasdaq index [9] Conclusion - The combination of rising inflation and weakening labor market data in the U.S. has intensified expectations for an imminent interest rate cut by the Federal Reserve [10] - The ECB's decision to pause rate cuts and its upward revision of economic forecasts have strengthened the euro against the dollar, contributing to a decline in the dollar index [10] - The market is responding to these economic signals, with a notable increase in risk appetite and capital inflows into Chinese stocks [10]

Group 1 - The core inflation rate in the U.S. for August reached 2.9%, slightly above July's 2.7%, indicating that inflation remains above the Federal Reserve's 2% target but is trending moderately and not out of control [1] - The U.S. stock market reacted positively, with major indices rising significantly, including the Dow Jones Industrial Average surging over 610 points to surpass the 46,000 mark for the first time [2] - The S&P 500 index increased by 0.9%, while the Nasdaq achieved a record closing high, breaking the 22,000 point barrier for the first time [2][3] Group 2 - The anticipated confirmation of Stephen Miran as a Federal Reserve Board nominee is expected to influence the upcoming interest rate decision meeting on September 16-17 [2] - The European Central Bank maintained its interest rates, while the Turkish Central Bank announced another rate cut, highlighting increasing global monetary policy divergence [2] - The VIX index remained low at around 14.78, indicating a calm market environment compared to the volatility seen in the spring [5]

Market Performance - The Sci-Tech 50 Index opened slightly lower on September 12, quickly rose by approximately 2.47%, then gradually narrowed its gains, closing at 1338.02 points with a rise of 0.90% and a total trading volume of about 115.8 billion yuan [1] - The Sci-Tech Comprehensive Index also opened slightly lower, significantly rose before fluctuating, and closed at 1607.12 points with a gain of 0.67%, total trading volume reached approximately 286.6 billion yuan, showing an increase compared to the previous trading day [1] - Nearly 60% of stocks on the Sci-Tech Board closed lower on the same day, with semiconductor stocks leading the gains influenced by the strong performance of Chip Origin Co., Ltd. [1] Weekly Performance - For the week from September 8 to September 12, the Sci-Tech 50 Index increased by 5.48%, while the Sci-Tech Comprehensive Index rose by 4.07%, with the latter reaching a new high for the phase [1] Stock Performance - Chip Origin Co., Ltd. and Jingzhida both hit the daily limit with a 20% increase, while Anbotong experienced the largest decline at 9.30% [2] - Cambrian's trading volume was the highest at 28.695 billion yuan, while *ST Guandian had the lowest trading volume at 688.10 million yuan [3] - Lianyun Technology had the highest turnover rate at 18.95%, while Longteng Optoelectronics had the lowest turnover rate at 0.22% [4]

Core Insights - The 2025 China International Service Trade Fair opened in Beijing, showcasing the theme of "Invisible Champion Enterprises' Joint Innovation and Integrated Development" with 15 cutting-edge technologies and innovative products [1][2] - The participation of 9 companies in the Sino-German demonstration zone highlights a focus on "high precision and internationalization," including 4 resident companies and 5 European companies invited through the Sino-German (EU) Invisible Champion Forum [1][2] Group 1: Technology and Innovation - The showcased technologies include smart manufacturing and digital solutions from Epard, a product for intelligent decision-making from Danish company Stibo Systems, and recyclable logistics solutions from Volkswagen [1] - German company Haohanhai Recycling Technology presented recycled metals with a purity of 99.5%, emphasizing resource recycling standards [1] Group 2: Collaborative Development - The fair emphasized deep interaction and "integrated development," with European companies actively seeking collaboration in technology and market synergy [2] - The Sino-German (EU) Invisible Champion Forum serves as a crucial bridge connecting global invisible champions with the Chinese market, facilitating cooperation in technology innovation and market applications [2] Group 3: Strategic Expansion - Companies like Serbia's Miraj and Germany's Würth Group are looking to deepen their strategic presence in China, focusing on mutual empowerment of technology, products, and services [2] - The demonstration zone has been a "testing ground" for Sino-German (EU) economic and technological cooperation, leading to multiple joint R&D projects and cross-border investment cases [2]

Core Insights - Absci (ABSI.US) announced a collaboration with Oracle (ORCL.US) and AMD (AMD.US) to accelerate AI-driven drug development [1] - The partnership will utilize Oracle's AI infrastructure and AMD's hardware in Absci's generative AI Drug Creation Platform [1] - The CEO of Absci emphasized that this collaboration will enhance the efficiency of delivering new therapies to patients and establish a technological foundation for next-generation AI-driven drug development processes [1] Company Developments - Absci is based in Vancouver, Washington, and focuses on biotechnology [1] - The announcement coincided with the Oracle Health and Life Sciences Summit held from September 9 to 11 in Orlando, Florida [1] - At the summit, Oracle showcased advancements in healthcare technology, including AI capabilities in its Oracle Fusion Cloud Application, aimed at streamlining supply chain operations in the healthcare industry [1]

Core Insights - Hisense Group has partnered with Feishu to implement it as a unified collaboration platform for its 80,000 employees, marking a significant step in digital transformation for traditional manufacturing in China [1][2] - The collaboration is driven by the need for more efficient and intelligent digital office solutions, as traditional office models no longer meet employee demands [1] - Hisense's recognition of Feishu's AI capabilities, particularly in enhancing meeting efficiency, played a crucial role in the partnership [1][2] Company Overview - Hisense's revenue for 2024 reached 215.3 billion yuan, with nearly half coming from overseas markets [2] - In the global television market, Hisense ranked second with a shipment volume of 29.14 million units, capturing a 14% market share, despite a decline in the Chinese TV market [2] - Hisense is the only company in the Chinese TV sector to have achieved continuous growth for seven years [2] Implementation Details - Feishu is currently covering 80,000 employees in Hisense's China region, with pilot programs underway in some overseas areas [3] - Prior to the official rollout, many Hisense employees had already begun using Feishu, particularly younger staff who favored its efficient collaboration tools [2]