Morning News

**Source**: Wall Street Journal

**Market Overview**

Technology stocks drove the S&P 500 and the Nasdaq to new highs. The S&P 500 and the Nasdaq achieved three consecutive gains, while the Dow Jones Industrial Average declined and temporarily left its record high. Oracle soared 36%, recording its largest one-day percentage gain since 1992, driving AI chip stocks higher. Broadcom rose nearly 10%, and Nvidia climbed nearly 4%. Gun manufacturer Smith & Wesson closed 6.7% higher. The China stock index bucked the trend and closed nearly 1% lower, with NIO falling nearly 9%.

The US PPI strengthened the expectation of interest rate cuts. US Treasury bond prices rebounded, and after the PPI was released, US Treasury bond yields declined at an accelerated pace. The auction of 10-year US Treasury bonds was strong, and the yield on 10-year US Treasury bonds reached a five-month low.

After the PPI was released, the US dollar index turned down and approached a more than two-month low. The offshore RMB rose more than 100 points intraday, breaking through 7.12 and approaching a ten-month high.

Crude oil rose for three consecutive sessions to a one-week high, rising more than 2% intraday for two consecutive days. Gold turned higher intraday, approaching a record high. The London copper price rebounded 1%, breaking through the $10,000-per-ton mark for the first time in two months.

During the Asian session, the ChiNext rose more than 1%, AI hardware stocks rebounded collectively, "trillion-dollar giant" Foxconn Industrial Internet hit the daily limit, the Hang Seng Index stood at 26,000 points for four consecutive gains, and technology and internet stocks were active.

**Top News**

Wang Yi had a phone conversation with US Secretary of State Rubio.

Zheng Shanjie, from the National Development and Reform Commission, said that efforts should be made to achieve the annual economic and social development goals and tasks, continuously unleash the potential of domestic demand in the second half of the year, and further promote the deep integration of scientific and technological innovation and industrial innovation.

Finance Minister Lan Fo'an said that strengthening the domestic big cycle should be placed in a more prominent position, continuously and timely increase efforts to implement more proactive and effective macro policies, and fully support employment stability and foreign trade stability.

China's August CPI turned down 0.4% year-on-year, and the core CPI increase rebounded to 0.9%, while the PPI year-on-year decline narrowed to 2.9%.

US inflation unexpectedly declined, with the August PPI falling 0.1% month-on-month, turning negative for the first time in four months, and the year-on-year growth rate of 2.6% was lower than expected. After the PPI was released, Trump said there is no inflation and Powell must immediately cut interest rates significantly.

Federal Reserve Governor Cook may participate in the Fed's meeting next week to vote. A judge blocked Trump from removing her, and the US Department of Justice quickly appealed. The nomination of Milan as a Federal Reserve governor was voted through by the Senate committee.

Kirk, the head of a conservative US political organization and an ally of Trump who opposes strict gun control, was shot and killed, causing US gun stocks to surge.

Oracle closed nearly 36% higher, recording its largest one-day percentage gain since 1992, and its market capitalization once exceeded $950 billion. The Bloomberg Billionaires Index shows that Oracle founder Ellison surpassed Musk to top the global rich list for the first time.

It is reported that Oracle signed a $300-billion computing agreement with OpenAI, with a power demand of 4.5 GW. Broadcom CEO said that AI revenue will exceed the sum of other revenues within two years, cloud giants dominate ASIC chips, and enterprises will continue to rely on GPUs. Google Cloud is expected to double its revenue in the next two years, with orders reaching $106 billion.

Musk said that the most difficult part of robot manufacturing is the hand, and Tesla's new-generation AI5 chip has a 40-fold performance increase.

Alibaba activates offline commerce. The first step in-store: Amap makes a list and rebuilds an offline credit system.

**Market Closing Report**

European and US Stocks: The S&P 500 rose 0.30% to 6,532.04. The Dow Jones Industrial Average fell 0.48% to 45,490.92. The Nasdaq rose 0.03% to 21,886.06. The European STOXX 600 index fell 0.02% to 552.29.

A-Shares: The Shanghai Composite Index rose 0.13% to 3,812.22. The Shenzhen Component Index rose 0.38% to 12,557.68. The ChiNext Index rose 1.27% to 2,904.27.

Bond Market: By the end of the bond market session, the yield on the 10-year US Treasury bond was about 4.05%, down about 4 basis points on the day; the yield on the 2-year US Treasury bond was about 3.54%, down about 2 basis points on the day.

Commodities: WTI October crude oil futures closed 1.66% higher at $63.67 per barrel. Brent November crude oil futures closed 1.65% higher at $67.49 per barrel. COMEX December gold futures closed slightly down by $0.2 at $3,682 per ounce. London copper closed about 1% higher at $10,013 per ton.

# Detailed Top News

## Global Highlights

Wang Yi had a phone conversation with U.S. Secretary of State Rubio. According to Xinhua News Agency, Wang Yi stated that for the two giant ships of China and the U.S. to move forward together without deviating from the course or losing speed, it is essential to firmly adhere to the strategic guidance of the two countries' heads of state and fully implement the important consensus reached by them without any compromise. The negative remarks and actions taken by the U.S. side recently have damaged China's legitimate rights and interests, interfered in China's internal affairs, and are not conducive to the improvement and development of China-U.S. relations, which China clearly opposes. Especially on issues involving China's core interests such as Taiwan, the U.S. side must speak and act with extreme caution. China and the U.S. fought side by side to defeat militarism and fascism during World War II, and they should also cooperate in the new era for world peace and prosperity, address various global challenges, and assume the responsibilities that major countries should undertake.

Strive to achieve the annual economic and social development goals and tasks - Key priorities of China's economic work in the second half of the year from the perspective of the plan implementation report. According to Xinhua News Agency, the report delivered by Zheng Shanjie, Minister of the National Development and Reform Commission, pointed out that efforts should be accelerated to stabilize employment, enterprises, markets, and expectations, and promote the implementation and effectiveness of relevant measures; fully implement a more proactive fiscal policy and a moderately loose monetary policy; continuously unleash the potential of domestic demand; further promote the in-depth integration of scientific and technological innovation and industrial innovation, unswervingly deepen reform and expand opening up, continue to make efforts to prevent and resolve risks in key areas, comprehensively advance coordinated regional development and integrated urban-rural development, promote green and low-carbon development through the comprehensive transformation of dual control over carbon emissions, take multiple measures to ensure and improve people's livelihood, and strengthen the construction of security capabilities in key areas.

Finance Minister Lan Fo'an: Place greater emphasis on strengthening the domestic circulation, and continue to make efforts and increase efforts in a timely manner to implement a more proactive and effective macro policy. The report submitted by Lan Fo'an to the Standing Committee of the National People's Congress clearly stated that a more proactive fiscal policy will be fully utilized. The report pointed out that the following key tasks will be focused on in the next step: fully supporting the stabilization of employment and foreign trade; accelerating the cultivation and expansion of new drivers of development; further safeguarding and improving people's livelihood; continuing to make efforts to prevent and resolve risks in key areas; continuously improving the efficiency and level of fiscal governance; and strictly implementing the requirement of practicing frugality.

China's CPI in August turned negative by 0.4% year-on-year, core CPI growth rebounded to 0.9%, and PPI decline narrowed to 2.9% year-on-year. The year-on-year increase of core CPI in August expanded for the 4th consecutive month. Among them, the prices of gold jewelry and platinum jewelry rose by 36.7% and 29.8% year-on-year respectively, collectively contributing to an increase of approximately 0.22 percentage points in CPI year-on-year. The year-on-year change of CPI in August from flat to negative was mainly due to the higher comparison base in the same period of the previous year, combined with the fact that the increase in food prices this month was lower than the seasonal level.

Minsheng Macro believes that the inflation situation in August can be described as "uneven", which is not only reflected in the divergence between CPI and PPI, but also penetrates into the internal structure of CPI and PPI respectively. Different from the year-on-year decline of CPI, core CPI continues to show a stable upward trend, demonstrating a certain degree of resilience; while PPI has initially stabilized under the leadership of upstream industries, reflecting that under the background of "anti-involution", the earlier production restriction measures of upstream state-owned enterprises are taking effect. With the successive arrival of the remaining national subsidy funds within the year and the further implementation of the "Special Action Plan to Boost Consumption", the year-on-year growth of core CPI will remain relatively resilient.

Guosheng Securities believes that the year-on-year CPI in August turned negative again and the month-on-month growth was weaker than the seasonal level, mainly affected by the weak food prices, and the rising base also exerted a drag; the year-on-year decline of PPI narrowed, and the month-on-month decline stopped, ending the consecutive 8-month downward trend, and the price support effect of "anti-involution" began to appear.

U.S. inflation fell unexpectedly. The U.S. PPI dropped by 0.1% month-on-month in August, turning negative for the first time in four months, and the year-on-year growth rate of 2.6% was lower than expected. Wall Street expected the U.S. PPI to increase by 0.3% month-on-month in August, while the month-on-month growth rate in July was revised down to 0.7%. The decline in service costs offset the increase in commodity prices, but the rise in intermediate demand prices indicates future pressure. After the data was released, traders increased their bets on the Federal Reserve's interest rate cuts.

After the release of PPI, Trump: There is no inflation, and Powell must cut interest rates significantly immediately.

Federal Reserve Governor Cook may participate in the Fed's decision-making vote next week. A judge blocked Trump's attempt to remove her, and the case will go to the U.S. Supreme Court. The judge pointed out that Cook's side has strongly proved that the removal violates the "for-cause removal" clause in the Federal Reserve Act. Analysts pointed out that unless the appellate court sets aside the ruling, Cook will be able to participate in the Fed's meeting next week. As soon as the judge blocked the removal of Cook, the U.S. Department of Justice appealed. Many observers believe that the final battlefield of this lawsuit will be the U.S. Supreme Court.

Milan's nomination for Fed governor was approved by the Senate committee. The U.S. Senate Banking Committee voted to approve Trump's nomination of Stephen Milan, a senior White House economic adviser, as a Federal Reserve governor, with a term of at least several months. The nomination was passed with a partisan split of 13 votes to 11 votes. Milan's appointment is expected to be confirmed by the full Senate next Monday. Republicans are taking quick actions to secure Milan's assumption of office before the Fed's FOMC meeting next week.

Trump's ally was shot and killed, and U.S. gun stocks surged. Charlie Kirk, head of a U.S. conservative political organization that opposes stricter gun control, was shot and killed on Wednesday. After the shooting incident, gun stock Smith & Wesson closed up 6.7%, American Outdoor rose nearly 5.3%, and Sturm Ruger increased by 3%.

Huge orders shocked the market! Oracle, Broadcom, and even Google were "driven by" OpenAI. It signed a huge cloud infrastructure contract with Oracle, became Broadcom's fourth major customer for custom AI chips, and reached a computing power cooperation with Google Cloud. OpenAI, in the posture of "the most capital-intensive startup in history", is drawing the entire technology supply chain into a high-speed "arms race".

Ellison surpassed Musk to become the world's richest person. By the close of trading, according to the Bloomberg Billionaires Index, the personal net worth of Oracle founder Ellison surged by 89 billion U.S. dollars in a single day, setting the largest single-day increase in personal assets on record. Ellison's personal wealth increased to 383.2 billion U.S. dollars, surpassing Musk and topping the list of the world's richest people for the first time.

Oracle closed up nearly 36%, recording the largest single-day increase since 1992, and its market value once exceeded 950 billion U.S. dollars. During the trading session, Oracle's market value surpassed that of JPMorgan Chase, Walmart, Eli Lilly, and Visa, becoming the 10th largest market capitalization company in the S&P 500 Index, approaching Berkshire Hathaway owned by Buffett.

Report: Oracle signed a 300-billion-U.S.-dollar computing agreement with OpenAI, with a power demand of 4.5 GW. OpenAI has signed a contract to purchase computing power worth 300 billion U.S. dollars from Oracle over the next approximately five years. The agreement will take effect from 2027, and the required 4.5 GW power capacity is equivalent to the power generation of two Hoover Dams, which is sufficient to supply electricity to about 4 million households.

Broadcom CEO: AI revenue will surpass the sum of other revenues within two years. Cloud giants dominate ASIC chips, and enterprises will continue to rely on GPUs. Broadcom CEO Hock Tan expects that the company's AI-related revenue will exceed the sum of software and non-AI business revenues within two years. At the same time, it has set a target of AI revenue reaching up to 120 billion U.S. dollars by the fiscal year 2030, which is directly linked to the CEO's compensation. He pointed out that the future AI chip market will see differentiation - large cloud service providers will dominate the application of customized ASIC chips, while the majority of enterprise-level customers will continue to rely on general-purpose GPUs.

Google Cloud expects its revenue to double in the next two years, with orders reaching 106 billion U.S. dollars! Google Cloud CEO Thomas Kurian revealed that the growth rate of these outstanding orders even exceeds the revenue growth, which means that Google Cloud is not only expanding its revenue scale but also accumulating more guarantees for future revenue. This strong growth is mainly driven by the surge in demand for AI processing, as major technology giants compete to expand data center capacity. Google Cloud's revenue in the second quarter increased by 32% year-on-year to 13.6 billion U.S. dollars.

Musk: The most difficult part in robot manufacturing is the hand, and the performance of the new-generation AI5 chip has surged by 40 times. Musk claimed that the Optimus robot will be "the greatest product in human history", and the V3 version will solve the three major difficulties of hand flexibility, AI brain, and mass production; Tesla's AI5 chip has achieved a 40-fold performance improvement compared with AI4, with an 8-fold increase in computing power and a 9-fold increase in memory; AI that is smarter than a single human in all aspects will appear as early as next year; SpaceX will demonstrate the full reusability of Starship next year.

After three months of planning, Alibaba launched a blockbuster move to activate offline commerce.

Alibaba's first step in offline store business: Amap creates rankings and rebuilds an offline credit system. Following its entry into the food delivery competition, Alibaba has once again invested heavily in the offline store business. Amap announced on Wednesday the launch of the "Amap Street-Sweeping Rankings", which ranks based on four factors: the number of people navigating to the store, repurchase rate, special trips, and crowd diversity. It is mainly divided into three categories: food, hotels, and scenic spots. The scoring basis is fully open, aiming to create a "true and reliable ranking" and cultivate Amap into an "offline entrance comparable to Taobao".

Why does Alibaba spend 1 billion yuan to let Amap "sweep the streets"? Facing the market leadership of Meituan and competition from Douyin, Alibaba is in urgent need of breaking through the bottleneck of its online business. Amap has 120 million daily active users and rich geographical location data, making it naturally suitable for undertaking the offline store business. By launching the "Amap Street-Sweeping Rankings" and the "Vibrant Store Support Program", Alibaba hopes to leverage the advantages of ecological synergy, integrate resources such as payment, e-commerce, and maps, build a complete business closed loop, and occupy a larger share in the 2.5-trillion-yuan local life service market.

AI demand remains strong, and TSMC's sales in August increased by 33.8% year-on-year. TSMC released data showing that the company's sales in August were 335.77 billion New Taiwan dollars, an increase of 33.8% year-on-year and 3.9% month-on-month; the cumulative sales from January to August were 2.43 trillion New Taiwan dollars, a year-on-year increase of 37.1%. TSMC's strong performance once again confirms the accelerated trend of AI infrastructure construction.

Nasdaq CEO details "transformation directions": Tokenized trading, tokenized IPOs, and 24/7 trading. Adena Friedman announced that Nasdaq will move towards stock tokenization, integrating blockchain technology directly into the core securities trading system, rather than being limited to over-the-counter or affiliated markets; it will actively promote "direct listings with financing functions". In addition, the trading hours will gradually move towards 24 hours a day for five days a week and even 24/7 trading in the future.

## Domestic Macro

German Chancellor mentioned China in a rare speech: "We will seek cooperation in all possible fields". According to the Global Times, when talking about China, Merz reaffirmed that the German Federal Government will seek cooperation as much as possible. "Regarding China policy, we will seek cooperation in all possible fields, whether it is on climate policy, global crisis response issues, or many other challenges." Analysts pointed out that this speech is rare, and the last similar speech occurred in 2000.

South Korean media: Lee Jae-myung calls for sanctions on anti-China rallies and criticizes participants for trying to deteriorate bilateral relations. According to the Global Times, South Korean President Lee Jae-myung strongly condemned the anti-China rally in Myeong-dong, Seoul, at the State Council meeting, calling it "not freedom of speech but trouble-making", and requested relevant departments to actively formulate sanctions plans. Lee Jae-myung criticized the rally participants for deliberately insulting Chinese tourists and deteriorating bilateral relations, believing that warnings alone are not enough, and it is necessary to study punishment measures within the framework of existing laws.

## Domestic Companies

Domestic Nano Banana is here. ByteDance's Seedream 4.0 is released, and this time it aims to make PS retire early. Compared with the previous version, Seedream 4.0 has super-strong theme consistency, flexible multi-image creation, high-definition 4K direct output, and very fast image generation speed, which can fully compete with Google's Nano Banana model. Its core breakthrough lies in integrating text-to-image (T2I) and image editing into a single DiT architecture. It adopts a high-compression ratio VAE and a carefully designed DiT architecture, achieving a more than 10-fold increase in training and inference speed.

## Overseas Macro

Annual non-farm payrolls revised down significantly, and Bessent calls on the Fed to cut interest rates as soon as possible. Bessent publicly called on the Federal Reserve to reevaluate its policy on Wednesday, citing that the latest revised employment data shows that the economic situation inherited by the Trump administration when it took office was much weaker than previously reported. He quoted Keynes' famous saying "When the facts change, I change my mind".

Does the market "not believe" in high inflation? JPMorgan Chase: For 5 years, it has been deceived continuously! JPMorgan Chase warned that central banks in developed markets have seriously underestimated the persistence of inflation for 5 consecutive years. The core inflation rate is expected to reach 3% in 2025, which will significantly exceed the central bank's 2% target for the fifth consecutive year. Despite repeated forecasting errors, the market still gives high marks to the central banks' ability to control inflation. JPMorgan Chase pays special attention to the risk of the "five-year curse". History shows that persistent inflation deviations may affect long-term expectations after five years. The bank gives a 45% probability of sticky inflation and warns that preparations should be made for "higher and longer" interest rates.

# Overseas Companies

Altman outlines a 10-year roadmap for AI: "Intelligence is like electricity" – any software can be generated in seconds, and a 10-person company can also earn $1 billion annually. Altman predicts that in ten years, the cost of AI will converge with the cost of electricity, and computing power and energy will become the core of value. Although AI will be capable of "almost all intellectual work", occupations that require deep emotional connection and empathy – such as teachers, nurses, and elderly caregivers – will become even more precious. "Biological programming is extremely difficult to overcome," he noted. He advised investors not to spend time searching for the next AI research laboratory, but instead to "devote 100% of their time to investing in new species made possible by AGI (Artificial General Intelligence)."

Klarna, the "European Buy Now Pay Later (BNPL) giant", saw its U.S. stock debut surge by over 40% at one point, with major investor Sequoia Capital reaping profits of over $3 billion. Klarna's IPO issue price was at least 8% higher than the guidance range, raising $1.37 billion through the IPO. It opened 30% higher, and based on the opening price, the company's valuation was close to $20 billion, with a closing gain of less than 15%. Before Klarna's listing, media reports stated that Sequoia Capital had invested a total of approximately $500 million in the company since 2010, and the listing would bring it an investment return of more than 6 times.

JPMorgan Chase comments on Apple's launch event: Mixed prospects – the Air is too expensive, the Pro offers better "cost-effectiveness", and the base model "qualifies for subsidies in China". JPMorgan Chase stated that the iPhone Air adopts an all-new design concept, but its hardware configuration is not cost-effective relative to its $999 price tag, which may hinder sales. In contrast, the Pro series features comprehensive upgrades and more attractive pricing, and will become the main driver of growth. The base model of the iPhone 17 maintains a price of $799 while increasing storage to 256GB, which aligns with China's subsidy policies and is expected to support Apple's recovery in the Chinese market. The bank maintains an "Overweight" rating on Apple's stock.

The iPhone's "minor tweaks" prop up the market – does Apple still need to hold back on its major AI moves? The core iPhone products unveiled at Apple's autumn launch event this year have seen some changes compared to last year: the Plus model was discontinued and an ultra-thin Air version was launched, while the base model "increases capacity without raising the price" with a starting storage of 256GB. However, both changes are merely "minor adjustments", with no major innovations in sight. Against the backdrop of surging AI investments by major manufacturers, Apple's launch event still had little focus on AI. If the company wants to break through its valuation ceiling, it still needs to demonstrate stronger AI innovation capabilities.

NVIDIA competes for dominance in the "Inference Era" – its new Rubin CPX GPU promises "$100 million investment, $5 billion in inference revenue, and a 50x return on investment"! Citi stated that NVIDIA has launched the Rubin CPX GPU, designed specifically for long-context inference, which promises a 50x return on investment for customers – far exceeding the 10x return of the GB200 NVL72. The chip's performance in terms of attention mechanisms is 3x higher than that of the GB300 NVL72. NVIDIA's GB300 NVL72 system has set a new record in the MLPerf Inference benchmark test. These launches indicate that the Inference Era has arrived.

Strong demand from cloud service providers prompts Goldman Sachs to significantly raise its forecast for the AI server market. Goldman Sachs stated that driven by robust demand from hyperscale and second-tier cloud providers, its forecast for the 2029 AI server market has soared from $386 billion to $581 billion, with a compound annual growth rate (CAGR) of 38%. This AI arms race is triggering drastic changes in the market structure: in the key second-tier cloud segment, Dell's market share has surged to 46%, making it the biggest winner; while Super Micro Computer, which was previously dominant, has seen its share drop to 29% and is facing severe challenges.

The "Digital Asset Treasury (DAT) company" model reaches a "crossroads" – pioneers face plummeting stock prices, while small companies "keep pouring in". The Digital Asset Treasury (DAT) company model is facing severe challenges. The average stock price of 15 tracked DATs fell by 15% last week, with individual companies seeing declines as high as 80%. Currently, over 100 companies have transitioned to this model, resulting in an over-saturated market with low differentiation. In August, such companies purchased only 14,800 Bitcoins, a significant drop compared to June. At the same time, complex financing tools increase operational risks, and stricter regulations (requiring shareholder approval for new share issuances) are disrupting their core financing model.

Amazon is reported to be developing AR glasses codenamed "Jayhawk" to compete directly with Meta. Amazon is developing a consumer-facing augmented reality (AR) glasses codenamed "Jayhawk", which will directly challenge Meta's position in the AR device market. Amazon's AR glasses will be equipped with a microphone, speaker, camera, and a single-eye full-color display. The company plans to launch this product by the end of 2026 or early 2027.

Intense competition in the weight-loss drug sector leads Novo Nordisk to cut 9,000 jobs globally, accounting for 11% of its total workforce, and revise down its profit forecast for the third time this year. The company expects its full-year operating profit to grow by 4% to 10%, far lower than its previous maximum growth forecast of 27%.

# Industries/Concepts

1. **Marine Economy**: According to a report by Securities Times, recently, multiple regions have held meetings to plan and promote the integration of "AI +" to empower the marine industry, and some provinces have issued relevant development action plans. Among them, on September 8th, the Qingdao Marine Artificial Intelligence Large Model Industry Alliance was officially launched, with Huawei and other companies serving as chairman units. This alliance will further aggregate resources in areas such as marine AI large model industry technology.

2. **Wearable Wristband Devices**: According to a report by Jiemian, data from market research firm Canalys shows that in the first half of 2025, the shipment volume of wearable wristband devices in Chinese mainland reached 33.9 million units, a year-on-year increase of 36%. Following a 33% growth in the second half of 2024, the market has continued to rise strongly. This growth momentum sets a new historical high for the first-half shipment volume of the wearable wristband device market in Chinese mainland, marking the market's entry into a new stage of development.

3. **AI Cloud**: Data shows that in the first half of 2025, the scale of China's AI cloud market reached 22.3 billion yuan. Alibaba Cloud ranks first in the industry with a 35.8% market share, which exceeds the total share of the second to fourth-ranked vendors, continuing to lead China's AI cloud computing market. Generative AI (GenAI) has driven the explosion of the AI cloud market – it is expected to grow by 148% to 51.8 billion yuan in 2025 and reach a scale of 193 billion yuan by 2030.

4. **Mass Consumption**: Shaoxing, Zhejiang Province, has launched a new round of consumption promotion policies. Subsidies will be given in tiers to banquets held in hotels that meet a certain number of tables and total amount, with a maximum subsidy of no more than 5,000 yuan. According to the detailed policy, subsidies can be claimed for banquets with more than 5 tables and a total cost of 10,000 yuan or more. This measure is known in the industry as the "reverse alcohol ban". As the impact of alcohol bans eases marginally, consumption scenarios in some regions have been relaxed, and the catering service sector – which previously experienced an excessive decline – is ushering in a recovery.

5. **3D Printing**: Recently, the Jiangsu Provincial Drug Administration issued China's first "Drug Production License" for pharmaceuticals produced using 3D printing technology. This marks a key step forward in China's R&D and industrialization of 3D printing-based pharmaceuticals, greatly boosting the confidence of pharmaceutical companies using 3D printing technology to continue innovating and developing. The license was issued to the 3D printing digital pharmaceutical production base of Nanjing Triastek Pharmaceutical Technology Co., Ltd. This base has an annual production capacity of 300 million 3D-printed pharmaceutical tablets, making it the world's largest commercial production base for 3D-printed pharmaceuticals to date. Currently, Triastek has submitted clinical trial applications for 6 products to regulatory authorities in China and the United States, marking the entry of 3D printing-based pharmaceutical manufacturing into a new era of scale.

6. **Platinum**: The World Platinum Investment Council (WPIC) recently released the Q2 2025 "Platinum Quarterly Report". The updated full-year forecast shows that the platinum market will face a significant shortage for the third consecutive year in 2025, with an expected shortage of 26 tons. On the supply side, the total global platinum supply in 2025 is expected to decrease by 3% year-on-year to 219 tons, a five-year low. Among this, mining supply will drop by 6% to 169 tons; although recycled supply will increase by 6% to 50 tons, it will still be below the historical average. Above-ground platinum stocks are expected to fall by 22% to 93 tons.

# Today's News Preview

- U.S. CPI for August

- U.S. Initial Jobless Claims for the previous week

- U.S. Government Budget for August

- European Central Bank (ECB) announces interest rate decision; ECB President Lagarde holds a monetary policy press conference

- OPEC releases Monthly Oil Market Report

- IEA releases Monthly Oil Market Report

- Adobe releases financial results

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