Morning News

**Source**: Wall Street Insights

**Market Overview**

Trading volume soared on "Witching Day", reaching the third-highest record. The three major US stock indexes hit all-time highs for two consecutive days, while the small-cap stock index fell from its record high. The initial sales of the iPhone 17 in Asia were strong, and Apple's stock price rose by more than 3%. Oracle, which is rumored to be in talks with Meta on a $20 billion cloud computing agreement, saw its stock price increase by more than 4%. The chip index declined, and Intel's stock price fell by more than 3% the day after a significant increase. During the super central bank week, the technology sector rose by more than 3%, and among the seven major technology giants, only NVIDIA saw a decline. Tesla's cumulative increase was 7.6%.

The China stock index suffered two consecutive declines but still rose by more than 3% for the whole week. Pony.ai, which is expected to achieve key profit targets at the beginning of next year, saw its stock price surge by 18%.

The yield on the 10-year US Treasury bond increased for three consecutive days, reaching a two-week high. The US dollar index rose for three consecutive days to a one-week high. Bitcoin once fell by more than $2,000, breaking through the 116,000 mark.

Crude oil fell by more than 1%, suffering three consecutive declines to a one-week low. Gold rose by more than 1% intraday, reversing two consecutive declines, and has risen for five consecutive weeks. Spot silver rose by more than 3% intraday, reaching a 14-year high.

During the Asian session, stocks, bonds, and commodities all declined. The three major A-share indexes closed lower, robot concept stocks collectively adjusted, the Hang Seng Tech Index rose by 0.37%, and pharmaceutical and biological stocks plunged.

**Top News**

The leaders of China and the United States had a phone call. According to the Global Times, Trump said that the call was "very productive" and that he will meet with the Chinese leader during the APEC meeting and plans to visit China early next year.

ByteDance: It will promote relevant work in accordance with the requirements of Chinese laws to ensure that TikTok's US company continues to serve US users well. The spokesperson of the Ministry of Commerce answered reporters' questions regarding the progress of the TikTok issue, stating that it is hoped that the US side will effectively fulfill its corresponding commitments and provide an open, fair, just, and non-discriminatory business environment for Chinese enterprises, including TikTok, to continue operating in the United States.

The State Council Information Office will hold a series of themed press conferences on "High-quality Completion of the 14th Five-Year Plan" at 3 pm on Monday. Pan Gongsheng, Wu Qing, Li Yunze, and Zhu Hexin will attend.

The State Council executive meeting: Studied the implementation of domestic product standards and related policies in government procurement and discussed the "Draft Amendment to the Banking Supervision Law of the People's Republic of China".

Shanghai optimized and adjusted the property tax policy: The first home is exempt from property tax.

Wuhan University announced that it has decided to revoke the demerit record of Xiao Moutao, maintain the resolution to award Yang Muyuan a master's degree, and multiple people have been held accountable.

The first static display of the J-20 and the first double-jet formation flyover of the H-6. The Changchun Air Show witnessed the "acceleration" of the iteration of China's air force equipment and promoted the coordinated development of multiple aircraft models.

The Office of the State Council Food Safety Commission: Accelerate the formulation of national standards for pre-packaged food and vigorously promote the clear indication of the use of pre-packaged food in the catering sector.

Trump signed a proclamation raising the H-1B visa application fee to $100,000; a new revenue-generating measure, the gold card visa - the lower level is $1 million, and the higher level is $5 million with no tax payment in the United States; the US Commerce Secretary said it will bring in more than $100 billion in funds for the government. The "new H-1B policy" has caused chaos, and Silicon Valley has urgently urged employees to return to the United States overnight. The White House has urgently clarified that it only applies to new visa applications and is a one-time fee.

The US Senate rejected the short-term spending bills of both parties, and Trump threatened that "the US government is very likely to shut down on October 1".

The chairman of the US SEC: Has communicated with Trump on the issue of quarterly financial reports, and the market can decide the appropriate disclosure frequency.

The Bank of Japan maintained interest rates unchanged, with two unexpected dissenting votes, and launched the reduction of ETF holdings, with an annual selling scale of 330 billion yen. Japanese stocks fell accordingly. The governor of the Bank of Japan: It will take more than 100 years to sell all the ETFs it holds, and the real interest rate is still very low.

The UK, Canada, and Australia officially recognized the State of Palestine, and Netanyahu threatened: Just wait and see.

**Market Closing Report**

European and US stocks: The S&P 500 index rose by 0.49% to 6,664.36 points, the Dow Jones Industrial Average rose by 0.37% to 46,315.27 points, the Nasdaq Composite Index rose by 0.72% to 22,631.476 points, with cumulative weekly increases of 1.22%, 1.05%, and 2.21% respectively. The European STOXX 600 index fell by 0.16% to 554.12 points, with a cumulative weekly decline of 0.13%.

A-shares: The Shanghai Composite Index closed down 0.3% at 3,820.09 points, the Shenzhen Component Index fell by 0.04% to 13,070.86 points, and the ChiNext Index fell by 0.16% to 3,091.0 points.

Bond market: By the end of the bond market, the yield on the 10-year US benchmark Treasury bond was about 4.13%, rising about 3 basis points intraday, with a cumulative weekly increase of about 7 basis points; the yield on the two-year US Treasury bond was about 3.57%, rising nearly 1 basis point intraday, with a cumulative weekly increase of about 5 basis points.

Commodities: WTI October crude oil futures fell by 1.40% to $62.68 per barrel, with a cumulative weekly decline of nearly 0.02%. Brent November crude oil futures fell by 0.73% to $68.12 per barrel, with a cumulative weekly decline of 0.46%. COMEX December gold futures closed up 0.75% at $3,705.8 per ounce, with a cumulative weekly increase of 0.53%.

# Detailed Top News

## Global Highlights

### Phone Call Between Chinese and U.S. Heads of State

Chinese President emphasized that the U.S. side should avoid taking unilateral trade restriction measures to prevent undermining the achievements made by both sides through multiple rounds of consultations, according to CCTV News. China's stance on the TikTok issue is clear: the Chinese government respects the wishes of enterprises, is pleased to see enterprises conduct business negotiations in line with market rules, and reach solutions that comply with Chinese laws and regulations and balance interests. It is hoped that the U.S. side will provide an open, fair, and non-discriminatory business environment for Chinese enterprises to invest in the United States.

According to the Global Times, Trump posted on social media that it was a "very productive" call, and the two sides made progress on many very important issues. He revealed that he will meet with the Chinese leader during the APEC Economic Leaders' Meeting to be held in South Korea and plans to visit China in early next year.

### ByteDance

ByteDance will advance relevant work in accordance with the requirements of Chinese laws to ensure that TikTok's U.S. company continues to serve U.S. users well.

### Spokesperson of the Ministry of Commerce

A spokesperson of the Ministry of Commerce answered reporters' questions regarding the progress of the TikTok issue. The spokesperson stated that it is hoped that the U.S. side will work with China in the same direction, earnestly fulfill corresponding commitments, provide an open, fair, just, and non-discriminatory business environment for Chinese enterprises, including TikTok, to continue their operations in the United States, and promote the stable, healthy, and sustainable development of China-U.S. economic and trade relations.

### Li Qiang Meets with a Delegation of U.S. House of Representatives Members

Li Qiang stated that maintaining stable, healthy, and sustainable development of China-U.S. relations is in line with the common interests of both countries and the expectations of the international community. Li Qiang pointed out that China and the United States should be partners in joint development, treating each other sincerely, empowering each other, and achieving mutual success. China is willing to communicate with the United States in the spirit of equality, respect, and mutual benefit to address the concerns of both sides. It is hoped that the U.S. side will work with China in the same direction to jointly promote the development of bilateral relations along the correct track.

### Important Preview! 3:00 p.m. Monday, Pan Gongsheng, Wu Qing, Li Yunze, Zhu Hexin to Attend

The State Council Information Office will hold a series of themed press conferences on "High-Quality Completion of the 14th Five-Year Plan" at 3:00 p.m. on Monday, September 22. Pan Gongsheng, Governor of the People's Bank of China, Li Yunze, Director of the National Financial Regulatory Administration, Wu Qing, Chairman of the China Securities Regulatory Commission, and Zhu Hexin, Vice Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange, will attend to introduce the development achievements of the financial industry during the "14th Five-Year Plan" period and answer reporters' questions.

### Executive Meeting of the State Council

The meeting studied the implementation of domestic product standards and related policies in government procurement and discussed the "Draft Amendment to the Banking Supervision Law of the People's Republic of China". According to Xinhua News Agency, the meeting pointed out that it is necessary to set domestic product standards by reasonable classification based on actual conditions, clarify specific requirements for key components and key processes of specific products, and this is also a practical action to implement national treatment for foreign-funded enterprises in the field of government procurement. The stability of banking financial institutions is related to the stability of China's financial system and the property safety of the people. It is necessary to further improve the management system and severely crack down on illegal financial activities and violations of laws and regulations in accordance with the law.

### Shanghai Optimizes and Adjusts Property Tax Policy: First Homes Exempt from Property Tax

High-level talents and talents in short supply in key industries who hold a Shanghai residence permit, work and live in Shanghai, and are introduced in accordance with relevant national and municipal regulations, as well as homebuyers who have held a Shanghai residence permit for more than 3 years and work and live in Shanghai: those who purchase a new home in Shanghai, and the home is the first home of the family, are temporarily exempt from property tax.

### Wuhan University Announcement

Wuhan University announced that it has decided to revoke the demerit record of Xiao Moutao, maintain the resolution to award Yang Muyuan a master's degree, and multiple people have been held accountable.

### China's Air Force Promotes Coordinated Development of Multiple Aircraft Types to Build a Modern Combat System; Changchun Air Show Witnesses "Acceleration" of Air Force Equipment Iteration

Military experts pointed out that the September 3rd military parade demonstrated the complete integrated joint combat system of China's Air Force. The air flight performance at the Changchun Air Show on the 19th was a detailed breakdown of this large system. For example, the KJ-500 early warning aircraft and the J-20 stealth fighter form a small air long-range strike system. These small systems are the basic foundation, and a complete large system can be formed through modular assembly and combination, which is as flexible and efficient as building blocks.

- What is the significance of the first static display of the J-20?

- What is the special meaning of the first double-aircraft formation flyover of the H-6 at the Changchun Air Show?

### Office of the State Council Food Safety Commission

Accelerate the formulation of national standards for prefabricated dishes and vigorously promote the clear indication of the use of prefabricated dishes in the catering sector.

### Trump Administration Raises H-1B Visa Application Fee to $100,000; Launches New "Gold Card Visa" for Revenue Generation - $1 Million for the Low-Tier, $5 Million for the High-Tier with No U.S. Tax Payment

U.S. Secretary of Commerce: It will bring over $100 billion to the U.S. government.

According to Xinhua News Agency, Trump signed a proclamation on Friday, raising the fee paid by enterprises for H-1B visa applicants to $100,000, and stated that this move aims to ensure that the United States attracts high-skilled talents who cannot be replaced by Americans.

Trump launched a new visa program to provide a fast track for visa applications. A "Gold Card" requires a payment of $1 million; a "Platinum Card" requires $5 million, and holders can stay in the United States for up to 270 days without paying taxes on income earned outside the United States. Enterprises can apply for an unlimited number of Gold Cards for employees at a cost of $2 million per employee, and the privileges of the Gold Card can be transferred among employees. U.S. Secretary of Commerce Lutnick expects that the new visa program will raise more than $100 billion for the government.

### "New H-1B Policy" Causes Chaos; Silicon Valley Urges Employees to Return to the U.S. Overnight; White House Urgently "Issues a Correction": "Distinction Between New and Existing Applicants"

The White House clarified that the new policy only applies to future new visa applicants and does not involve existing visa holders, visa renewals, or even applicants who have already participated in the 2025 lottery; the $100,000 is a one-time fee. This contradicts Lutnick's emphasis that the $100,000 is an "annual" fee, and how the new policy will be specifically implemented remains unknown, leaving market doubts.

### U.S. Senate Rejects Short-Term Spending Bills of Both Parties; Trump Threatens "U.S. Government Likely to Shut Down on October 1"; Democrats "Prepare for a Fight"

Democrats demand an increase in healthcare spending, which Republicans refuse to agree to. Republican leaders hope that Democrats will abandon their demands and make concessions as the deadline approaches, rather than risking being blamed for the disruption of government services. This time, the Democratic leader in the Senate has taken a tougher stance, increasing the possibility of a government shutdown.

### Chairman of the U.S. SEC

Has communicated with Trump on the issue of quarterly financial reports, and the market can decide the appropriate disclosure frequency. SEC Chairman Paul Atkins stated that he "in principle" supports Trump's proposal to revise the existing quarterly financial reporting rules. If the rule change is approved, companies can independently decide whether to switch to semi-annual reporting or continue with quarterly reporting. Currently, Republicans hold a 3-1 voting advantage in the SEC, and only a simple majority is needed to pass the rule change.

### New Federal Reserve Governor Milan

The expectation of low interest rates in the September dot plot was put forward by me, and the vote was not affected by political pressure. Milan stated that before this week's interest rate decision, he only had a brief conversation with President Trump and did not face any pressure on his vote, and his decision was made independently. The expectation of low interest rates in the September dot plot was proposed by him; the Federal Reserve's interest rate is far from the neutral level, and it is expected that interest rate cuts will continue in the next few months. Although Milan's appointment process was controversial, he stated that the atmosphere of the meeting was very friendly, including his interaction with Cook. Milan will deliver a speech at the Economic Club of New York on Monday.

### Federal Reserve's Kashkari

Two more interest rate cuts this year are appropriate; risks in the labor market may be greater than inflation risks. Kashkari stated that currently, the risk of a further rapid deterioration in the labor market may be greater than the risk of a significant upward surge in inflation beyond expectations. This risk assessment has become an important basis for his support for interest rate cuts.

### Bank of Japan Maintains Interest Rates Unchanged; Unexpected Two Dissenting Votes; Launches ETF Reduction, with Annual Selling Scale of 330 Billion Yen; Japanese Stocks Fall in Response

Bank of Japan Governor: It will take more than 100 years to sell all held ETFs; real interest rates are still very low.

Considering the current upward bias of inflation risks, there were unexpectedly two votes in favor of interest rate hikes in this decision. The Bank of Japan also plans to sell real estate investment trust assets to the market at a rate of approximately 5 billion yen per year. Kazuo Ueda stated that after the completion of necessary preparations, it will start selling ETFs; the sales plan has the flexibility to stop if necessary; if the economic and price outlooks come true, interest rates will be raised, and the timing of the rate hike depends on the possibility of the actual impact of U.S. tariffs and the development of food inflation.

### Bank of Japan Unexpectedly Launches ETF Selling: A Big Step, but with Limited Impact?

Analysis suggests that although the sales scale seems large, calculated at the current rate, it will take 112 years for the central bank to completely clear its ETF holdings, with a daily average sales volume of only about $20 million, and the direct impact on the market is expected to be limited. The analysis points out that although this is a negative factor, cleaning up ETF holdings is the correct step.

### UK, Canada, and Australia Officially Recognize the State of Palestine

According to the Global Times, Western media generally pointed out that this is a symbolic milestone for the Palestinian cause, but also stated that recognizing the State of Palestine cannot change the actual situation on the ground at present. Moreover, the statements of the UK, Canada, and Australia all expressed support for Israel, and stated that the Palestinian National Authority has promised to carry out reforms.

### Netanyahu's Threat: "Wait and See"

Regarding the announcement by the UK, Canada, and Australia to recognize the State of Palestine, and the expectation that France, Belgium, and other countries will recognize the State of Palestine during the high-level meeting week of the UN General Assembly this week, Israeli Prime Minister Netanyahu issued a video statement on Sunday to threaten. He reaffirmed that "there will never be a Palestinian state" and said, "I will respond after returning from the United States to this latest attempt to establish a 'terrorist state' in the core of our land."

### OpenAI Accelerates Poaching Talents from Apple; Reaches Hardware Manufacturing Agreement with Luxshare Precision; Plans to Launch First Device in Late 2026 or Early 2027

Luxshare Precision, an assembler of Apple devices, has obtained an assembly contract for at least one OpenAI device. In addition, OpenAI has also contacted Goertek, which assembles AirPods, HomePods, and Apple Watches, hoping to source components such as speaker modules for its future products. According to insiders, the products planned by OpenAI include smart speakers without displays, and it is also considering developing glasses, digital voice recorders, and wearable brooches.

### Preventing Computing Power Crisis; OpenAI Plans to Invest $100 Billion in Renting Backup Servers

Due to a severe shortage of computing power, OpenAI plans to invest up to $100 billion in renting backup servers within five years. Altman and the management team believe that future new hit products or AI technological breakthroughs may bring an unpredictable surge in computing power demand. Analysis suggests that this move is beneficial for OpenAI to gain an advantageous position in seizing the market, but this "hoarding" strategy has also raised concerns about whether it will monopolize GPU resources.

### Report: Oracle in Talks with Meta on $20 Billion AI Cloud Computing Agreement

Analysis suggests that this marks Oracle's gradual emergence as an important supplier of AI infrastructure. Previously, Oracle had signed the largest AI computing power agreement in history with OpenAI, and its cloud business continued to expand, with its stock price rising by 85% so far this year.

### TSMC's 2nm Competition: Apple Secures Over Half of Production Capacity; Competitors May Be Caught in a Passive Situation

Apple has further increased its reserved share of TSMC's 2nm production capacity from nearly 50% to more than 50%. As TSMC's largest customer, Apple contributed 22% of the chip foundry giant's revenue in 2024. However, Apple's production capacity monopoly strategy may force competitors such as Qualcomm and MediaTek to face supply shortages.

# Domestic Companies

- **Apple iPhone 17 Series' First Sale in China**: Pro Max Becomes a "Hit"; "Scalpers" in Beijing Add Over 1,000 Yuan to the Price; Popularity Cools in Shenzhen  

The iPhone 17 series made its debut sale in China on Friday. The Pro Max model saw strong demand, with long queues reemerging in cities like Beijing and Shanghai, and scalpers marking up prices by several hundred to over 1,000 yuan. However, in Shenzhen and other regions, the number of customers queuing to pick up their orders was "much lower than in previous years". Analysts believe the redesigned Pro Max is expected to boost Apple's market share in China.

- **Laser Radar Orders Surge! Sales Jump by Nearly 100%, with Orders Scheduled Until Year-End**  

Driven by the booming robotics market, the application of laser radar in these new-generation robots is accelerating. Data shows that in the first half of this year, the output of industrial robots reached 370,000 units, and service robots hit 8.824 million units, up 35.6% and 25.5% year-on-year respectively. It is projected that China's laser radar market size will reach 24.07 billion yuan in 2025 and further rise to 43.18 billion yuan in 2026.

- **Xiaomi’s Most Powerful Voice Large Model Goes Open-Source: Trained for 100 Million Hours, Fluent in Stand-Up Comedy and Allegro**  

Xiaomi-MiMo-Audio has achieved State-of-the-Art (SOTA) performance among open-source models, outperforming other open-source models with the same parameter scale, as well as Google Gemini and OpenAI GPT-4o in multiple tests. This model supports natural dialogue, audio understanding, and voice continuation, and can even perform dialect-based allegro and stand-up comedy. It marks the first time few-shot generalization based on in-context learning has been realized in the voice field, demonstrating "emergent" behavior. Xiaomi refers to this as the "Llama Moment in the open-source voice sector" and will continue to advance the development of voice Artificial General Intelligence (AGI) through open-source initiatives.

- **CITIC Securities on Huawei Ascend AI Chips**: No Pursuit of Extreme Single-Card Performance; 10,000-Card-Level Super Nodes to Support Domestic Computing Power  

CITIC Securities notes that unlike the traditional focus on extreme single-card performance, Huawei has shifted to solving problems through system collaboration—connecting multiple nodes via high-speed interconnection buses. Although single-card performance lags behind NVIDIA, the cluster capability significantly improves bandwidth, reduces latency, and adapts to 10,000-card training scenarios.

- **Profit Expectations Far More Optimistic Than the Market: Goldman Sachs Raises Foxconn’s Target Price, Citing Q3 as the Start of High-Speed Profit Growth**  

Goldman Sachs attributes this optimism to four key drivers: increased market share of AI servers, construction of modular AI data centers, upgrades to network equipment, and the new product cycle of smartphones. Its net profit forecasts for Foxconn from 2025 to 2027 are 4%-14% higher than the Bloomberg consensus, reflecting greater confidence in the company’s prospects. Using the recent price-to-earnings (P/E) ratio to derive the 12-month target price, the bank raised the target P/E ratio from 26.9x to 29.4x, lifting the 12-month target price to 77.2 yuan while maintaining a "Buy" rating.

- **Goldman Sachs Raises Baidu’s Target Price: Reassessing AI Full-Stack Capabilities "From Chips to Applications", Doubling Robotaxi Valuation**  

Goldman Sachs upgraded Baidu’s target price to $154/HK$150 and reaffirmed a "Buy" rating. It believes Baidu AI Cloud demonstrates sustained high-growth potential due to the integrated advantages of self-developed chips, platforms, and applications. The valuation of Baidu’s autonomous driving business has doubled from $4 billion to $8 billion, reflecting breakthroughs in fleet expansion and cost optimization. Baidu’s growth drivers now extend far beyond its traditional search business.

- **JPMorgan Remains Bullish on Chinese Bank Stocks: The "High Dividend Narrative" Is Far from Over**  

JPMorgan points out that the 4.3% dividend yield of CSI 300 bank stocks significantly exceeds the 1.8% yield of 10-year Chinese government bonds, creating a clear advantage. Even under extreme stress scenarios, bank stocks can still offer a 4%-4.5% dividend yield. It is expected that 14 trillion yuan of incremental funds will flow into the stock market over the next three years, with high-dividend sectors being major beneficiaries. As net interest margins stabilize and fee-based income recovers, the continued improvement in the banking sector’s fundamentals will support the sustainability of dividends.

- **Goldman Sachs Turns Bearish on PV Sector: Over-Optimistic Expectations for Polysilicon Prices**  

Goldman Sachs states that PV stocks under its coverage have risen by an average of 40% since July 1, with market pricing already reflecting expectations of polysilicon prices reaching 60 yuan per kilogram. However, it argues this price level is unrealistic amid weak demand and high inventories, and predicts polysilicon prices will fall by approximately 20% from current levels to 42 yuan per kilogram.

# Overseas Macroeconomics

- **Bank of America’s Hartnett: Valuation Bubble of the "Magnificent Seven" Is Far from Peaking**  

BofA analysis shows the valuation bubble of the "Magnificent Seven" (top U.S. tech stocks) has not yet peaked. This group has risen by a cumulative 223% since March 2023, below the average 244% gain of historical bubbles. Its current trailing P/E ratio is 39x, also far lower than the historical peak of 58x. The AI boom and interest rate cut expectations are the main drivers.

- **Report: Trump Administration Mulls Direct Prescription Drug Platform to Bypass Pharmacies and Lower Prices**  

Media reports indicate the Trump administration is discussing the creation of a direct prescription drug platform called "TrumpRx", which would make it easier for patients to buy discounted prescription drugs directly from pharmaceutical companies. Pharmaceutical giants such as Eli Lilly and Pfizer have actively responded to this "direct-to-consumer" model by launching related services.

- **After Fed Rate Cuts, Investors’ Next Focus: Can a Recession Be Avoided?**  

Historical data shows that stock markets perform better when rate cuts are not followed by a recession. However, some analysts warn that the benefits of rate cuts have already been priced in, and market gains are overly concentrated in a handful of tech giants. Some strategists advise investors to expand their portfolios, predicting non-U.S. markets such as European stocks may outperform the broader market.

- **How Do Commodities Perform During Fed Rate Cut Cycles? JPMorgan: A Rally Typically Begins in the "4th Month"**  

A JPMorgan research report reveals that rate cuts generally benefit commodities, with an average 3% gain within 9 months of the first rate cut. The specific trend shows a "4th-month rally": continuing to rise in the first month, correcting in the second and third months, then regaining momentum. However, the macroeconomic context is crucial: "benign" rate cut cycles (with a strong economy) deliver an average return of 15%, while "recessionary" cycles see an average decline of 16%. Energy and precious metals lead the gains, while industrial metals underperform.

# Overseas Companies

- **A Turning Point in Fate: NVIDIA’s 2025 Investment in Intel = Microsoft’s 1997 Investment in Apple?**  

NVIDIA’s $5 billion strategic investment in Intel has been compared by Wall Street to Microsoft’s historic $150 million bailout of Apple in 1997. Back then, Microsoft’s investment turned the tide for Apple, leading to an astonishing ~1,450x surge in its stock price over nearly 30 years. Today, NVIDIA’s investment is seen as an endorsement of Intel’s foundry business. Despite market doubts, this collaboration is regarded as a critical step for Intel’s potential revival.

- **Can NVIDIA Save Intel?**  

While NVIDIA’s $5 billion investment brings capital and AI collaboration opportunities to Intel, media commentary suggests this is merely a tactical victory and cannot reverse Intel’s broader challenges. What Intel truly needs is structural reform: a complete spin-off of its chip design and manufacturing businesses into two independent entities. The spun-off foundry business could more easily attract external customers like NVIDIA and secure additional investments, thereby regaining competitiveness in the fiercely competitive foundry market.

- **NVIDIA Teams Up with Intel: May Reshape the AI PC Market, Putting Pressure on MediaTek**  

JPMorgan believes that if Intel can leverage NVIDIA’s graphics and AI technologies to launch more competitive AI PC products faster, it may eventually trigger a stronger product cycle. However, with Intel’s entry, MediaTek’s exclusive collaboration with NVIDIA in the PC sector will end, potentially undermining MediaTek’s long-term growth potential.

- **U.S. Lawmakers Urge SEC to Investigate Justin Sun**  

Two U.S. Democratic lawmakers sent a letter to the SEC, demanding an explanation for the suspension of enforcement actions against Justin Sun. They implied the SEC’s decision may be linked to Sun’s "significant investments" in Trump-related crypto projects. Meanwhile, the lawmakers questioned Tron’s recent listing on NASDAQ, citing potential financial and national security risks, and urged the SEC to ensure the company meets strict listing standards.

- **Trump’s Son: Cryptocurrency Will "Save the U.S. Dollar"**  

Reportedly, Eric Trump claims that attracting global capital inflows into the U.S. digital asset market can provide new support for the U.S. dollar. His core logic is that a U.S. market friendly to digital assets will become a safe haven for global capital. When investors seek to shift funds out of "unstable currencies", the U.S. crypto market will offer an attractive option, thereby indirectly boosting demand for dollar-denominated assets.

- **Cathie Wood Joins Forces with UAE to Invest $300 Million; Another NASDAQ-Listed Company "Hoards Coins" as Brera Transforms into a "Solana Treasury"**  

Brera Holdings announced its transformation into a "Solana Treasury" and rebranding as Solmate. It is reported that after economist Arthur Laffer joined the company, Cathie Wood quickly decided to invest—she previously referred to Laffer as her "mentor". Solmate plans to list dual-class shares in the UAE to leverage local connections and enhance its ability to hoard SOL tokens. Following the news, its stock price fluctuated sharply, surging as much as 592% intraday to $52.95, and closing with a still-impressive 225% gain.

- **Musk’s xAI Seeks $10 Billion in Funding at a $200 Billion Valuation—Musk Denies**  

Citing unnamed sources, CNBC reports that Musk’s xAI is raising $10 billion from investors, valuing the AI startup at $200 billion. However, later on Friday, Musk posted on the X platform that the report was "fake news" and stated, "xAI is not currently raising funds".

- **Micron Up Over 50% in September; Earnings Next Week—Market Awaits a "Strong HBM Narrative"**  

Barclays says a temporary recovery in the NAND flash business and the long-term upward trajectory of High-Bandwidth Memory (HBM) market share will drive Micron’s stock price to perform strongly after its earnings release. Barclays significantly raised Micron’s target price by 25% to $175 (representing a further 3.5% upside from current levels) and maintained an "Overweight" rating.

# Industries/Concepts

1. **Laser Radar**  

According to CCTV Finance, due to strong demand in the robotics market this year, orders for laser radar (a core robot component) have surged. A Shenzhen-based laser radar company stated that domestic sales of robot laser radar and other sensors rose by nearly 100% year-on-year in the first half of this year. The head of a robotics company said its laser radar procurement volume this year has quadrupled compared to last year.

2. **HBM**  

Reports indicate that Samsung Electronics has passed NVIDIA’s certification with its 12-layer stacked HBM 3E product, successfully entering NVIDIA’s supply chain. This major breakthrough is of great significance to Samsung. With the key 12-layer HBM 3E certification from NVIDIA, Samsung aims to expand its industry influence through HBM4.

3. **Artificial Intelligence**  

It is reported that OpenAI has reached an agreement with Luxshare Precision—a leading Chinese consumer electronics precision manufacturer—to jointly produce OpenAI devices. Analysts believe OpenAI is seizing the first-mover advantage in AI-native hardware, which also means 3C product supply chain companies are positioned at the new AI trend. OpenAI’s new products will mainly replace some smartphone functions through a model that combines smart hardware with ChatGPT, becoming a major social AI tool in the future, with a market size expected to start at the trillion-yuan level.

4. **Solid-State Batteries**  

According to the Securities Times, the 2025 Suining International Lithium Battery Industry Conference was held. It was learned from the conference that the Ministry of Industry and Information Technology (MIIT) will next strengthen industrial planning, prevent low-level redundant construction, and research and formulate the "14th Five-Year Plan for the Development of New Battery Industry" to align with the medium- to long-term development trends of the new battery industry. It will also actively explore regional coordinated development models and guide localities to formulate lithium battery industry plans based on local conditions, with a focus on differentiation and specialization.

5. **Automotive Aftermarket**  

Recently, Sheng Qiuping, Vice Minister of Commerce, chaired a symposium on the development of the automotive aftermarket and reforms in automotive circulation and consumption. Sheng stated that the Ministry of Commerce is implementing the requirements of the CPC Central Committee and the State Council’s "Special Action Plan to Boost Consumption", launching pilot reforms in automotive circulation and consumption, and supporting qualified cities to deepen reforms, innovate actively, and take the lead in trials to stimulate consumption vitality in the automotive aftermarket. Next, the Ministry of Commerce will work with relevant departments to remove restrictive measures in the automotive aftermarket consumption sector and further unlock consumption potential in this area.

# Today’s Key Events Preview

- Release of China’s September 1-year and 5-year Loan Prime Rates (LPR).  

- State Council Information Office holds a series of press conferences on "High-Quality Completion of the 14th Five-Year Plan", with Pan Gongsheng, Wu Qing, and Li Yunze in attendance.  

- Launch of the Liberal Democratic Party (LDP) leadership election campaign in Japan.  

- Speech by John Williams, "No. 3 Official" of the Federal Reserve and President of the Federal Reserve Bank of New York.  

- Speech by Michelle Bowman, new Federal Reserve Governor, at the Economic Club of New York.  

- Speech by Kathleen O’Neill Paese, 2025 FOMC voter and President of the Federal Reserve Bank of St. Louis.  

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# Risk Warning and Disclaimer

The market is risky, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinion, view, or conclusion in this article is consistent with their specific circumstances. Any investment made based on this article shall be at the user’s own risk.