Report Industry Investment Rating No information provided. Core Views of the Report - The narrowing Sino-US interest rate spread will attract more global funds to focus on RMB assets. The current rise of the Chinese stock market is mainly driven by liquidity, with "reflation" expectations and AI autonomy as key catalysts. If the institutional shareholding ratio increases to the average level of emerging or developed markets, it may bring RMB 14 trillion to 30 trillion in potential capital inflows to the A-share market. The market is in a shock period with a phased style shift from growth to defense [23]. - In the context of downward export expectations and investment slowdown, consumption will become the main driving force for economic growth in the fourth quarter [46]. Summary by Relevant Catalogs Stock Market and Index - On Thursday, the Shanghai Composite Index attempted to break through 3900 points but faced large-scale selling pressure. In a bull market, there are often sharp drops [4]. - Foreign investors are buying Chinese concept stocks, driving up the Nasdaq Golden Dragon China Index, and pouring into the Hong Kong stock market, pushing up the Hang Seng Tech Index [18][20]. - As of September 17, the margin trading balance exceeded RMB 2.4 trillion. In August, there were 2.65 million new A-share accounts opened, indicating continuous capital inflow. In August, non-bank financial institutions had new RMB deposits of RMB 1.18 trillion, showing accelerated capital transfer to the stock market. The year-on-year growth rate of M1 in August reached 6.0%, indicating faster currency activation, which is beneficial for the stock market to rise [25][28][31]. Macroeconomic Data - The Fed cut interest rates by 25 basis points preventively, and its monetary policy focus is shifting towards employment. The Fed believes that the impact of tariffs on inflation may be short-term [7][8]. - In August, the year-on-year growth rate of core CPI was 0.9%, and the month-on-month growth rate of CPI for consumer goods was 0.1%, showing that anti-involution is helping to emerge from deflation [34]. - In August, the monthly value of fixed asset investment in the manufacturing industry was RMB 2.62 trillion, with a year-on-year growth rate of -0.3%, indicating a stall in investment. The monthly value of infrastructure investment was RMB 1.90 trillion, with a year-on-year growth rate of -6.4%, showing a stall in infrastructure investment and reflecting the financial difficulties of local governments. The year-on-year growth rate of the monthly value of real estate development investment completion in August was -19.9%, continuing to decline [37][40][43]. - In August, the monthly value of total retail sales of consumer goods was RMB 3.96 trillion, with a year-on-year growth rate of 3.4%. In the context of downward export expectations and investment slowdown, consumption will be the main driving force for economic growth in the fourth quarter [46]. Policy and Consumption - On September 16, nine departments including the Ministry of Commerce jointly issued policies and measures to expand service consumption, proposing 19 specific tasks in five aspects to stimulate the market vitality of service consumption [49]. US Economic Data - In August, the total retail and food sales in the US increased by 0.6% month-on-month, exceeding expectations, indicating strong US consumption [51]. - In July, the US capital goods import amount reached a record high of $96.1 billion, with a year-on-year growth rate of 15.1%, showing an acceleration of the US manufacturing industry's return and the "re-industrialization" process. In July, the US intermediate goods import amount was $60.8 billion, a month-on-month increase of 25%, indicating a recovery in the US manufacturing industry's prosperity [54][57]. Huawei's Technological Breakthroughs - At the Huawei Connect 2025 Conference, Huawei announced significant progress in AI chips. The Matrix 386 AI server cluster based on Ascend 910C in 2025 outperformed NVIDIA's mainstream products, and the planned Atlas 950 SuperCluster and Atlas 950 SuperPoD in 2026 will far exceed NVIDIA's products in terms of computing power. The computing power of Huawei's Ascend chips will double annually, and Huawei is also developing self - developed HBM, achieving full - process autonomy and controllability in semiconductor technology. The conference also released high - performance server processors such as Kunpeng 950 and Kunpeng 960, which may surpass Intel [9][10][12]. Trading Strategies - For stock index futures directional trading, during the shock period, the market has a phased style shift from growth to defense. For stock index option trading, during the shock period, with the style shift from growth to defense, it is advisable to wait and see. The portfolio should mainly consist of CSI 300 stock index futures [23][24][60].