Morning News

# Market Overview

Source: Wall Street CN

Ahead of the Fed's crucial policy decision, the upward momentum of U.S. stocks paused temporarily. The S&P 500 and Nasdaq pulled back from record highs, with the Nasdaq ending its six-day winning streak. Tesla rose nearly 3%, extending its gains for six consecutive sessions; NVIDIA fell over 1%, declining for two straight days, while the semiconductor index climbed for nine consecutive days. Chinese concept stocks bucked the trend and strengthened, with the Chinese Concept Stock Index closing up nearly 2%. NIO surged over 8% and Baidu rose nearly 8%.

After the release of U.S. retail sales data, U.S. Treasury yields hit a new daily high before turning lower again, falling for two consecutive days.

The U.S. Dollar Index dropped for two straight days to a three-year low. The Euro rose 1% intraday to a four-year high. Offshore RMB gained over 100 pips intraday, breaking above the 7.11 level to a ten-month high. Bitcoin once jumped over 2,000 U.S. dollars, approaching the 117,000 U.S. dollar mark.

Crude oil rose for three consecutive days to a two-week high, with U.S. crude oil climbing over 2% intraday. Gold hit a new intraday all-time high for two consecutive days, and spot gold broke above 3,700 U.S. dollars intraday for the first time.

During the Asian trading session, the ChiNext Index rose 0.7%, with robot-related stocks surging collectively. The Hang Seng Tech Index gained 0.5%. Yaojaikang (Pharmajoy) plummeted suddenly. Government bonds rebounded, and "coking coal and coke" (double coking) prices soared.

# Key News

- Xinhua News Agency Commentary: Rational dialogue is in the interests of both China and the United States.

- China's Ministry of Commerce: Explore the establishment of spring and autumn vacations for primary and secondary schools, shorten the duration of summer and winter vacations accordingly, and promote the orderly opening-up of sectors such as the internet and culture.

- U.S. Treasury Secretary: The Federal Reserve has always been slow to respond, and the market is pricing in expectations of a 75-basis-point interest rate cut from now to the end of the year.

-米兰 (Milan) was confirmed as a Fed Governor, making it in time for this week's interest rate decision, marking the fastest "promotion" in history. The U.S. Court of Appeals rejected Trump's request to remove a Fed Governor, and Cook was allowed to attend this week's interest rate decision. "The New Fed Wire" (a term referring to authoritative media covering Fed news): The most unusual Fed meeting in years is approaching, and the forecast for the number of interest rate cuts within the year has become a key focus.

- U.S. House Republicans proposed a short-term spending bill to avoid a government shutdown, but ignored the Democrats' medical insurance demands.

- U.S. retail sales increased by 0.6% month-on-month in August, exceeding expectations for three consecutive months, and actual retail sales rose for 11 consecutive months.

- Global Times: U.S. media reported that the U.S. asked its allies to significantly increase tariffs on China and India regarding Russian oil imports, but Japan refused, stating that it "is difficult to do so".

- Trump's "UK Visit Package": Hinted at being willing to make trade concessions. The British government announced that U.S. tech companies such as Microsoft and OpenAI have committed to investments exceeding 40 billion U.S. dollars. The UK is said to have put the U.S. steel zero-tariff plan on hold.

- Demand for the iPhone 17 is strong. The delivery time on the first day of pre-orders is longer than that of the iPhone 16, especially in the Chinese market.

- OpenAI is reportedly forming a humanoid robot algorithm team.

- Meta's smart glasses were leaked in advance, equipped with a HUD display and a gesture-controlled wristband. Institutions estimate that the supply chain benefits will be far higher than those of AI glasses.

# Market Closing Quotes

## European and U.S. Stock Markets

- S&P 500: Fell 0.13% to close at 6,606.76 points.

- Dow Jones Industrial Average: Dropped 0.27% to close at 45,757.90 points.

- Nasdaq Composite Index: Declined 0.07% to close at 22,333.959 points.

- European STOXX 600 Index: Closed down 1.14% at 550.79 points.

## A-Shares (Chinese Mainland Stocks)

- Shanghai Composite Index: Rose 0.04% to close at 3,861.87 points.

- Shenzhen Component Index: Gained 0.45% to close at 13,063.97 points.

- ChiNext Index: Increased 0.68% to close at 3,087.04 points.

## Bond Market

By the end of the bond trading session, the yield on the 10-year U.S. Treasury note was approximately 4.03%, down about 1 basis point intraday; the yield on the 2-year U.S. Treasury note was around 3.50%, falling about 4 basis points intraday.

## Commodities

- WTI Crude Oil Futures (October contract): Rose 1.93% to close at 64.52 U.S. dollars per barrel.

- Brent Crude Oil Futures (November contract): Gained 1.53% to close at 68.47 U.S. dollars per barrel.

- COMEX Gold Futures (December contract): Increased 0.16% to close at 3,725.1 U.S. dollars per ounce.

# Details of Key News

## Global Highlights

### Xinhua News Agency Commentary: Rational Dialogue Serves the Interests of Both China and the United States  

The two-day China-U.S. economic and trade talks concluded in Madrid, Spain, on the 15th. Under the strategic guidance of the important consensus reached in the phone call between the two heads of state, the teams of both sides conducted candid, in-depth, and constructive communications, and reached a basic framework consensus on properly resolving the TikTok issue through cooperation, reducing investment barriers, and promoting relevant economic and trade cooperation.

### U.S. Media: U.S. Pressures Allies to Impose Sharp Tariffs on China and India Over Russian Oil Imports; Japan Refuses, Calling It "Difficult to Implement"  

According to Global Times, Japanese Finance Minister Taro Kato stated that Japan has made commitments within the framework of the World Trade Organization (WTO) — as long as other member states fulfill their obligations under WTO agreements, Japan will not impose tariffs exceeding the specified limits and will treat all member states fairly. "It would be difficult for us to raise tariffs to a level like 50% just because a certain country imports oil from Russia," Kato told reporters on the same day.

### China's Ministry of Commerce: Explore Establishing Spring and Autumn Vacations for Primary and Secondary Schools, Shorten Summer and Winter Vacations Accordingly, and Promote Orderly Opening-Up of Internet, Culture and Other Sectors  

The "Several Policy Measures on Expanding Service Consumption" jointly issued by 9 ministries and commissions including the Ministry of Commerce proposes the following:  

- Launch a series of "Service Consumption Season" activities to boost consumption;  

- Support cross-border cooperation between high-quality consumption resources and well-known IPs;  

- Extend business hours of popular cultural and museum venues as well as scenic spots based on local conditions, optimize reservation methods, and encourage the implementation of no-reservation policies;  

- Optimize students' vacation arrangements and improve supporting policies.  

These measures aim to increase the supply of high-quality services and better meet the people's diversified demands for service consumption.

### U.S. Treasury Secretary Janet Yellen: The Fed Has Been Slow to Respond; Markets Are Pricing in Expectations of 75 Basis Points of Rate Cuts by Year-End  

Yellen stated that the Federal Reserve has consistently been slow to respond. A 25-basis-point rate cut has already been priced in by the market, and the market is now digesting expectations of a total of 75 basis points of rate cuts from now to the end of the year. She added that the job market is in a balanced state.

### "The New Fed Wire": The Most Unusual Fed Meeting in Years Is Approaching; Forecasts for the Number of Rate Cuts This Year Are in Focus  

Nick Timiraos, a well-known financial journalist, wrote that amid an extraordinary political storm, a major and controversial debate over the future interest rate path is unfolding. At the Fed's September meeting, a 25-basis-point rate cut is expected due to slowing job growth. Investors will focus on economic projections to gauge how many rate cuts the Fed expects to implement this year. Officials are debating how weak the job market has actually become and how quickly interest rates should be cut to a neutral level.

### Governors Milan and Cook Approved to Attend and Vote; Will the Fed's Decision on Thursday Witness an Unprecedented "Four-Way Split"?  

- The "super doves" represented by Milan, Waller, and Bowman may vote in favor of a 50-basis-point rate cut;  

- The centrists led by Powell are likely to support a 25-basis-point rate cut, in line with market expectations;  

- Cook may unexpectedly vote for a 25-basis-point rate hike to counter pressure from the White House;  

- Officials such as Goolsbee and Harker may vote to keep interest rates unchanged.

### Milan Confirmed as Fed Governor, Set to Attend Tuesday's Rate Decision — the Fastest in History!  

Typically, the entire process from Senate approval to official swearing-in and taking a seat at the FOMC meeting table takes several days. However, attending an interest rate decision meeting immediately the day after being confirmed in office marks the first time in the history of the Fed's FOMC.

### Trump Administration Explores the Fed's "Hidden Third Mandate"; Long-Term Interest Rate Control Becomes a New Focus  

Milan, Trump's latest nominee for Fed governor, unexpectedly cited the clause on "moderate long-term interest rates" in the Fed's charter. This statement not only made the market aware of the little-known "third mandate" in the Fed's charter but was also seen as a clear signal that the Trump administration is attempting to use the Fed's own regulations to provide "legitimacy" for intervening in the long-term bond market.

### U.S. Appeals Court Rejects Trump's Request to Remove Fed Governor; Cook Approved to Attend This Week's Rate Decision  

The U.S. Court of Appeals for the District of Columbia Circuit rejected the Justice Department's emergency application and upheld a lower court's injunction temporarily blocking Trump from removing Cook. This means Cook will be able to attend the Fed's policy meeting on Tuesday and Wednesday.

### U.S. House Republicans Propose Short-Term Spending Bill to Avert Government Shutdown, but Ignore Democrats' Healthcare Demands  

The bill would keep the U.S. federal government running until November 21 and provide a total of $88 million for the security of legislators, the judiciary, and administrative officials. Four Republican lawmakers have opposed the bill, which is scheduled to be voted on in the House by Friday. Democrats insist on extending subsidies under the Affordable Care Act (ACA) and threaten to oppose the bill if this provision is not included. Republicans, however, advocate passing a spending bill without healthcare policies first and deferring the issue to December.

### U.S. Retail Sales Rose 0.6% Month-on-Month in August, Topping Expectations for the Third Consecutive Month; Actual Retail Sales Grew for 11 Straight Months  

The growth in retail sales in August was mainly driven by back-to-school shopping, with online retail, clothing, and sporting goods sales performing prominently. Despite economic challenges, U.S. consumer spending remains strong, supported by wage growth and the wealth effect of the stock market — a factor that may bring new considerations for the Fed's rate-cut decision.

### Trump Hints at "UK Visit Package," Willing to Make Trade Concessions; Over $10 Billion in Agreements Reportedly to Be Signed; UK Puts U.S. Steel Zero-Tariff Plan on Hold  

Media reports indicate that during Trump's visit to the UK, new economic agreements worth over $10 billion are expected to be announced, including:  

- A technology cooperation plan involving billions of dollars in new investments;  

- Defense technology and nuclear power cooperation agreements;  

- Initiatives to deepen cooperation between financial centers.  

CEOs of U.S. tech giants such as NVIDIA and OpenAI will attend a business roundtable at the UK Prime Minister's country residence on Thursday. Additionally, the UK government has indefinitely shelved a plan to fully eliminate tariffs on steel exports from the U.S.

### Trump Offers "Bonanza" to UK Upon Arrival; U.S. Tech Firms Including Microsoft and OpenAI Pledge Over $40 Billion in Investments  

The UK government announced that U.S. tech companies including Microsoft, NVIDIA, Google, OpenAI, and CoreWeave have collectively pledged 31 billion pounds (approximately $42.3 billion) to enhance the UK's artificial intelligence (AI) infrastructure and cutting-edge technologies, including data centers and computer chips.

### Microsoft Announces $30 Billion Investment in UK Over Next Four Years to Build the Country's Largest Supercomputer  

The investment will be used to expand Microsoft's data center footprint in the UK. Meanwhile, Microsoft will collaborate with UK startup Nscale to build a supercomputer with over 23,000 advanced GPUs. The announced investment is framed under the "U.S.-UK Technology Partnership."

### Strong Demand for iPhone 17: Pre-Order Delivery Time Longer Than iPhone 16 on Launch Day, Especially in China  

Data tracked by Goldman Sachs shows that globally, the delivery time for all iPhone 17 models is longer than that of their predecessors. The standard and Pro Max models saw the largest increases, with delivery times extended by 8 days respectively. Particularly in the Chinese mainland market, the average delivery time reached 27 days, 17 days longer than that of the iPhone 16. Despite reports of increased production, the extended delivery time indicates that real demand growth has outpaced production capacity growth.

### Report: OpenAI Is Forming a Humanoid Robot Algorithm Team  

OpenAI has been reported to be actively recruiting robot algorithm experts to form a dedicated team, viewing "physical world interaction" as a key path to achieving artificial general intelligence (AGI). This strategic shift not only marks OpenAI's return to the robotics track it abandoned three years ago but also directly challenges giants like Tesla and Google, igniting competition in the next generation of humanoid robots.

### OpenAI Poaches Former xAI Finance Chief; Adding New Tension to Altman-Musk Feud  

### Meta's Smart Glasses Leaked in Advance: Equipped with HUD Display and Gesture-Controlled Wristband  

The glasses will feature a monocular heads-up display (HUD) and a surface electromyography (sEMG) wristband. The fixed HUD display will only appear in the user's right eye field of view, primarily for Meta AI functions and walking navigation. When the user wears the wristband, they can slide their fingers on any physical surface (such as a table) to input letters, enabling text entry without a physical keyboard. Meta is expected to release its first consumer-grade smart glasses on September 18.

### Meta's AR Glasses on the Horizon: Supply Chain Gains Far Exceed Those of AI Glasses  

Bank of America estimates that the bill of materials (BOM) cost for a pair of AI glasses is currently approximately $150, while that for a pair of binocular AR glasses ranges from $400 to over $1,000. The high cost mainly stems from two components: optical waveguides and micro-displays. It is projected that the market size of smart glasses components will surge from less than $1 billion in 2024 to over $14 billion by 2030, with core optical component suppliers most likely to benefit.

## China's Macroeconomics

### Li Qiang Conducts Research in Gansu and Qinghai Provinces  

According to CCTV News, Li Qiang emphasized during his research in Gansu and Qinghai that efforts should be made to advance high-quality development and high-level protection in a coordinated manner, and build a modern industrial system that reflects local characteristics and advantages. He noted that Gansu has a solid foundation in developing heavy ion technology and space technology. During a visit to an ecological monitoring center, he inquired in detail about ecological protection and the use of green electricity and computing power. Li Qiang stated that Qinghai bears significant responsibility for ecological protection and also has distinct advantages in developing clean energy and green computing power.

### Pan Gongsheng: The International Monetary System May Continue to Evolve Toward a Pattern of Coexistence, Competition, and Checks Among a Few Sovereign Currencies  

Pan Gongsheng pointed out that emerging technologies such as blockchain and distributed ledgers have driven the development of central bank digital currencies (CBDCs), reshaping the traditional payment system and significantly shortening cross-border payment chains. However, these developments also pose challenges to global financial regulation and cooperation. For the rapidly expanding crypto asset market and regulatory frameworks related to climate risks, there is insufficient global regulatory coordination, and regulatory orientations swing sharply, driven heavily by political factors.

## Chinese Companies

### China Securities Journal on Chips: Continuous Breakthroughs; Domestic AI Chips Seize Market Window; Industry Chain Accelerates Technological Iteration  

The article argues that internet companies such as Alibaba and Baidu have increased investment in AI infrastructure, driving both orders and performance growth for domestic chip manufacturers like Cambricon and Hygon. AI computing power demand has also promoted the upgrading of the optical module industry, with 1.6T modules and CPO technology becoming key development focuses. Domestic AI chips are ushering in a critical "window period." Institutions predict that the localization rate will jump from 17% in 2023 to 55% by 2027.

### Goldman Sachs Raises SMIC H-Shares Target Price by 15%, Expecting Domestic Demand to Support Output and Average Selling Price  

Goldman Sachs raised the target price of SMIC H-shares by 15% to HK$73.1. This optimistic expectation is mainly driven by optimism about China's IC design demand and AI trends, which are expected to strongly support SMIC's output and average selling price. The bank also raised its revenue and EPS forecasts for the company for 2028-2029, noting that Q3 2025 revenue is expected to grow 5%-7% quarter-on-quarter, which may serve as a short-term catalyst for the stock price.

### Tencent: Fully Opens AI Capabilities, Fully Compatible with Mainstream Domestic Chips  

At the 2025 Tencent Global Digital Ecosystem Conference, Tencent announced the full opening of its technological capabilities in the field of artificial intelligence, aiming to transform AI from a concept into productivity. The company released the "Tencent Cloud Intelligent Body Strategic Panorama," covering development platforms, application scenarios, and infrastructure. It also announced that its cloud infrastructure is fully compatible with mainstream domestic chips to provide more cost-effective AI computing power.

### JPMorgan on "Optical Modules": 1.6T Pluggable Optical Modules May "Exceed Expectations"; "CPO Impact" Expected After 2027  

JPMorgan believes that the volume expansion of 1.6T pluggable optical modules will outpace market expectations, driven mainly by growing bandwidth demand in AI systems and ASIC solutions. Based on this, it raised its 2026 revenue forecast for Zhongji Innolight to 70.8 billion yuan and 2027 forecast to 88.6 billion yuan, with the target price raised to 430 yuan. Regarding market concerns about the impact of CPO technology, JPMorgan believes that its large-scale application will not occur until after 2027, and pluggable optical modules will remain the mainstream technology in the short term.

### Unitree Robotics Announces Open-Sourcing of UnifoLM-WMA-0 — a World Model-Action Architecture Across Multiple Robot Platforms  

This architecture has two core functions: a simulation engine and strategy enhancement. The former acts as a virtual training ground to generate synthetic data for robot learning, while the latter can predict the robot's future behaviors to optimize decision-making. Tests show that the model can achieve interactive controllable generation and sustained interaction in long-term tasks.

### "Lidar Leader" Hesai Technology Surges in Hong Kong IPO Debut  

Hesai Technology successfully listed on the main board of the Hong Kong Stock Exchange, with an intraday gain of up to 15% on its first day of trading. It became the first lidar company to list dual-primary on both U.S. and Hong Kong stock exchanges. The IPO raised HK$4.16 billion, making it the largest IPO in the global lidar industry.

### Xiaomi Takes 10% of China's Air Conditioner Market Share? Goldman Sachs: Midea Is Resilient; Gree Is Most Vulnerable to Impact  

Goldman Sachs predicts that Xiaomi will increase its share of China's air conditioner market to 10% by 2026, triggering full-scale competition in the supply chain, manufacturing, and channels. Midea Group is favored for its manufacturing advantages and channel efficiency, and is expected to expand its market share. Gree Electric, due to its reliance on domestic business, high product premiums, and slow response, had its rating downgraded to "Neutral." Xiaomi, leveraging its ecosystem advantages, is expected to become a leader in the second tier.

### Keeta Launches in Kuwait, Maintains Top Spot in Food Delivery App Downloads in Saudi Arabia and Qatar; Meituan "Fights Domestically, Expands Overseas"  

Meituan is accelerating its global expansion and has recently launched its food delivery service Keeta in Kuwait — the third Middle Eastern market after Saudi Arabia and Qatar. Citi stated that Keeta has topped the food delivery app download rankings in all three markets. Facing fierce domestic competition, Meituan may further expand its overseas expansion plan to the United Arab Emirates and Brazil.

## Overseas Macroeconomics

### U.S. Reportedly Considering Establishing a Fund to Support Critical Mineral Investments  

Media reports indicate that the U.S. International Development Finance Corporation (DFC) is in talks with New York-based investment firm Orion to establish a joint mining investment fund. The proposed plan involves both parties contributing equal funds, with the scale gradually expanding to a total of approximately $5 billion. If confirmed, this would mark a major attempt by the U.S. government to directly participate in large-scale mining transactions. If the DFC commits to fully investing $2.5 billion, the fund would become the largest project in DFC's history.

### Bank of America September Fund Manager Survey: Investor Sentiment Rises to Seven-Month High; "Second Wave of Inflation" Is the Top Concern  

The latest survey by Bank of America shows that investor sentiment has reached its most optimistic level since February 2025, with the net increase in fund managers' equity allocations hitting a seven-month high. Concerns about a tariff-induced recession fell from 29% in August to 12%, and only a net 16% of investors expect the economy to weaken. Forty-seven percent of respondents anticipate the Fed will cut interest rates four or more times in the next year. The "second wave of inflation" remains the primary concern.

# Overseas Macroeconomics

The U.S. is reported to be considering establishing a fund to support critical mineral investments. According to media sources, the U.S. International Development Finance Corporation (DFC) is in talks with New York-based investment firm Orion to jointly establish a mining investment fund. Under the proposed plan, both parties will contribute equal amounts of capital, with the fund’s scale gradually expanding to a total of approximately $5 billion. If the news is confirmed, this will mark a significant attempt by the U.S. government to directly participate in large-scale mining transactions. If the DFC commits to a full investment of $2.5 billion, the fund will become the largest project in the DFC’s history.

Bank of America September Fund Manager Survey: Investor sentiment rises to a seven-month high; "second wave of inflation" is the top concern. The latest survey by Bank of America shows that investor sentiment has reached its most optimistic level since February 2025, and the net increase ratio of fund managers’ equity allocations has hit a seven-month high. Concerns about a tariff-induced recession have dropped from 29% in August to 12%, and only a net 16% of investors expect the economy to weaken. Forty-seven percent of respondents anticipate the Federal Reserve will cut interest rates four times or more in the next year. The "second wave of inflation" remains the primary concern.

# Overseas Companies

SemiAnalysis details NVIDIA’s new chip "Rubin CPX": It completely transforms the inference architecture and reshapes the industry roadmap. A SemiAnalysis report points out that the launch of Rubin CPX is second only in importance to the rack-level form of the GB200 NVL72 Oberon in March 2024. The chip specifically optimizes the pre-filling phase, emphasizing computing FLOPS rather than memory bandwidth. This may lead to a decline in demand for HBM and a surge in demand for GDDR7 memory, with Samsung emerging as the biggest beneficiary. Additionally, NVIDIA’s competitors may have to reconfigure their entire roadmaps once again—just as the Oberon architecture reshaped the entire industry’s roadmap.

Top AI models move toward differentiation: GPT for Consumers, Claude for Businesses. According to the Anthropic Economic Index report, 77% of Claude’s user scenarios are concentrated in business applications, and 36% are specifically used for programming tasks, demonstrating distinct enterprise-level characteristics. In contrast, OpenAI’s research shows that 73% of ChatGPT’s uses are unrelated to work, and it serves more as a personal assistant.

Tesla’s electric door lock defect triggers regulatory review; the risk of being trapped becomes the focus. The U.S. National Highway Traffic Safety Administration (NHHTSA) disclosed that it is evaluating the issue of electric doors failing to open properly in the 2021 Tesla Model Y. Although the current investigation involves a limited number of vehicles (approximately 174,000), it is assessing the scope and severity of the problem and suggests that the investigation may be expanded.

Report: After the UAE invests $2 billion in "the Trump family’s core token company," the White House approves the sale of advanced AI chips. A cryptocurrency company associated with Trump received a $2 billion investment from a UAE sheikh. Subsequently, the White House approved the sale of advanced AI chips to the UAE, with one-fifth of them to be allocated to G42, a company personally controlled by Sheikh Tahnoon.

Binance is close to reaching an agreement, which is expected to free it from the compliance supervision imposed by the U.S. Department of Justice (DOJ). Media reports indicate that Binance is in advanced talks with the U.S. DOJ to reach an agreement, which may eliminate the external compliance monitoring requirement included in the previous $4.3 billion settlement. This three-year monitoring period was originally part of Binance’s guilty plea; if ultimately removed, it will be another sign that the DOJ is easing external supervision over enterprises. Currently, the DOJ has not made a final decision, but it has already revoked multiple monitoring cases involving other companies.

# Industries/Concepts

1. Tourism | Nine ministries and commissions including the Ministry of Commerce issued the *Several Policy Measures on Expanding Service Consumption*. The measures propose optimizing students’ vacation arrangements and improving supporting policies. While keeping the total number of vacation days and teaching hours unchanged, localities with conditions are encouraged to scientifically adjust the teaching and vacation schedules of each academic year based on factors such as climate conditions, production arrangements, and the implementation of the paid vacation system for employees. They should explore the establishment of spring and autumn vacations for primary and secondary schools, shorten the duration of summer and winter vacations accordingly, and increase the time available for service consumption such as travel.

Analysis suggests that data shows 5.615 billion domestic tourist trips were made in China in 2024, with tourism revenue reaching 5.75432 trillion yuan. Among this, demand for family trips and parent-child trips is mainly concentrated during summer and winter vacations, leading to problems such as overcrowding at popular tourist destinations, tight accommodation, and soaring prices. After spring and autumn vacations become regular arrangements, scenic spot companies can plan in advance and increase investment in infrastructure to cope with a more balanced distribution of tourist flows. At the same time, attracting more tourists during non-traditional peak seasons will help industries such as hotels and transportation utilize resources more efficiently, reduce idleness rates in off-seasons, and improve overall operational efficiency. As students’ vacation arrangements become more flexible, tourism will no longer be a concentrated consumption activity during specific time periods but will be closer to normalized service consumption, which is conducive to the stable growth of the annual tourism market.

2. SSD | According to industry website sources, the growing demand for large data storage in AI data centers has exacerbated the shortage of QLC NAND Flash, leading to a global shortage. It is reported that major U.S.-based cloud service providers will replace HDDs with enterprise SSDs (eSSDs) on a large scale in 2026. This will result in a surge in demand for high-capacity QLC SSDs, and the price gap between QLC SSDs and HDDs will further narrow to approximately 3 times.

3. Humanoid Robots | Brett Adcock, founder and CEO of Figure—a global leader in humanoid robots—recently stated on a social platform that Figure is about to release three major announcements, with one to be released each day over the next three days. Adcock said, "We will spare no effort to achieve human-level intelligence."

4. VR Glasses | According to the official website of Meta, a U.S. technology giant, Meta Connect 2025 is scheduled to be held from September 17 to 18 (Pacific Standard Time). Mark Zuckerberg will "share the latest information about artificial intelligence (AI) glasses and Meta’s vision for AI and the metaverse" in his keynote speech. It is understood that this year’s Connect is particularly noteworthy, as two new smart glasses are expected to be unveiled, one of which will be equipped with a display screen. Sources indicate that this glass is expected to go on sale later this year at a price of approximately $800. Compared with most Meta Ray-Ban glasses priced at $300, the new product is clearly positioned as a higher-end option with a smaller target audience.

# Today’s Key News Preview

- He Lifeng, Vice Premier of the State Council, will lead a delegation to Spain to hold talks with the U.S. side from September 14 to 17.

- John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region, will release the 2025 Policy Address.

- U.S. President Trump is expected to pay a state visit to the UK from September 17 to 19.

- The Federal Reserve will announce its interest rate decision, and Federal Reserve Chair Jerome Powell will hold a monetary policy press conference.

- The Bank of Canada will announce its interest rate decision.

- Release of the Eurozone’s August Consumer Price Index (CPI).

- Release of U.S. August housing starts and building permits.

- Release of changes in U.S. EIA crude oil inventories for the previous week.

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