Morning News

Source: Wall Street CN

# Market Overview

The U.S. PCE inflation data released last Friday was in line with expectations, providing the Federal Reserve with sufficient room to respond to the cooling job market. Bargain-hunting supported the three major U.S. stock indexes to end their three-day losing streak, though they still posted weekly declines. U.S. regulators are set to ease delivery restrictions on the 737 MAX, driving Boeing up 3.6% to lead gains in the Dow Jones Industrial Average. Tesla rebounded 4%. Intel rose over 4% amid reports that it is in discussions with TSMC and Apple regarding investments. However, TSMC fell more than 1% due to tariff threats under Trump's new chip plan. Oracle dropped for the fourth consecutive session, with a weekly decline of over 8%.

European pharmaceutical giants listed in the U.S. rose intraday after the White House clarified that Trump's pharmaceutical tariffs would not apply to trading partners such as the EU and Japan. The China Concept Stock Index pulled back more than 1%, with NIO and Li Auto falling nearly 6%.

Following the release of U.S. consumer confidence data, the yield on the 2-year U.S. Treasury note hit a new daily low but still climbed for three consecutive weeks. The U.S. Dollar Index pulled back from a three-week high and also touched a new daily low after the consumer confidence data, yet it still recorded its best weekly performance in nearly two months. Ethereum rebounded over 5% intraday but still slid more than 9% for the week.

Crude oil closed at a nearly two-month high, surging over 5% weekly to log its largest weekly gain in more than three months. Gold approached a record high, rising for six straight weeks. Silver hit a new 14-year high, breaking above the $46 mark for the first time since 2011, with spot silver jumping over 4% intraday and gaining more than 8% weekly. New York copper rose over 3% this week.

During the Asian trading session, the ChiNext Index dropped over 2%, with AI hardware and computing power stocks generally falling. The Hang Seng Tech Index declined nearly 3%, and Xiaomi plummeted 8%. Treasury bonds rebounded, while commodities showed divergence.

# Key News

- People's Bank of China (PBOC): It is necessary to fully implement and refine the moderately loose monetary policy, make good use of swap facilities for securities, fund, and insurance companies as well as re loans for stock repurchases and shareholdings, earnestly implement various monetary policy measures, and fully unleash the policy effects.

- State-owned Assets Supervision and Administration Commission (SASAC) of the State Council held a symposium on the economic operation of state-owned enterprises: State-owned enterprises should take the lead in resolutely resisting "involutionary" competition.

- The "anti-involution" effort has shown initial results. In August, the profits of China's industrial enterprises above designated size surged 20.4% year-on-year, hitting the highest growth rate since December 2023 and reversing the 1.5% decline in July.

- Shanghai issued a new regulation on improving residential property quality, clarifying the standards for high-quality residential buildings and making a major adjustment to the method of calculating balcony area.

- Trump made tough remarks, stating that if the government shuts down, it will be a full shutdown and entirely the fault of the Democratic Party. The House of Representatives plans to adjourn until next month. Reports indicate that Trump intends to meet with bipartisan leaders of Congress at the White House on Monday to address the shutdown crisis. With the U.S. government facing a high risk of shutdown, the September nonfarm payrolls report, which the Federal Reserve relies on, may be forced to be delayed.

- The U.S. core PCE price index, a key inflation indicator favored by the Federal Reserve, rose 0.2% month-on-month in August, in line with expectations, while consumer spending increased for the third consecutive month.

- The White House stated that Trump's pharmaceutical tariffs will not apply to trading partners like the EU and Japan, and the tariff rate is 15% rather than 100%.

- Trump's new chip policy: It requires chip manufacturers to maintain a 1:1 ratio between domestic production and imports; those failing to meet the standard will face tariffs.

- The U.S. Department of Justice told the Supreme Court that the market will not be frightened by Trump's threat to fire Tim Cook. Federal Reserve Governor Michelle Bowman stated that the job market is significantly more fragile, and the Fed should cut interest rates decisively while favoring a minimal balance sheet.

- European Union (EU): It will immediately reimpose nuclear-related sanctions on Iran. Iranian Ministry of Foreign Affairs: The UK, France, Germany, and the U.S. have abused the dispute settlement mechanism, and this move is illegal and unfounded. Iranian military: It is fully prepared to respond to any threats.

- Walmart, the "largest employer in the U.S.," announced it will "freeze hiring" for the next three years. Its CEO "admitted" that AI will transform all positions.

- Due to the suspension of lithium ore supply from CATL's Yichun mine, Longpan Times suspended production on September 25. Most employees have been given leave, and production may not resume officially until November.

# Market Closing Quotes

## U.S. and European Stock Markets

- S&P 500: Rose 0.59% to close at 6,643.70 points, with a weekly decline of 0.31%.

- Dow Jones Industrial Average: Gained 0.65% to end at 46,247.29 points, down 0.15% for the week.

- Nasdaq Composite Index: Advanced 0.44% to finish at 22,484.068 points, dropping 0.65% weekly.

- European STOXX 600 Index: Closed up 0.78% at 554.52 points, with a slight weekly gain of 0.07%.

## A-Share Market

- Shanghai Composite Index: Fell 0.65% to 3,828.11 points.

- Shenzhen Component Index: Dropped 1.76% to 13,209.0 points.

- ChiNext Index: Plunged 2.6% to 3,151.53 points.

## Bond Market

By the end of the bond trading session:

- The yield on the 10-year U.S. Treasury note stood at approximately 4.18%, up about 1 basis point intraday and 5 basis points cumulatively for the week.

- The yield on the 2-year U.S. Treasury note was around 3.64%, down nearly 2 basis points intraday but up about 7 basis points weekly.

## Commodities

- WTI Crude Oil Futures (November contract): Closed up 1.14% at $65.72 per barrel, with a weekly increase of 5.32%.

- Brent Crude Oil Futures (November contract): Rose 1.02% to close at $70.13 per barrel, gaining 5.17% for the week.

- COMEX Gold Futures (December contract): Increased 1% to end at $3,809 per ounce, with a weekly rise of approximately 2.8%.

- COMEX Silver Futures (December contract): Jumped 3.4% to close at $46.656 per ounce, surging 8.6% weekly.

# Detailed Key News  

## Global Highlights  

### People’s Bank of China (PBoC)  

The PBoC stated it will **fully implement and refine its moderately loose monetary policy**, making good use of swap facilities for securities, fund, and insurance companies, as well as re-lending tools for stock repurchases and share增持. In defining the core direction of monetary policy for the next phase, the PBoC added the wording: “Ensure the implementation of all monetary policy measures and fully unleash policy effects” — indicating that the focus of monetary policy in the coming period will remain on implementing already announced policies.  

### State-owned Assets Supervision and Administration Commission (SASAC) of the State Council  

SASAC held a symposium on the economic operation of state-owned enterprises (SOEs), urging SOEs to **take the lead in resolutely resisting “involution-style” competition**. Zhang Yuzhuo, Secretary of the Party Leadership Group and Director of SASAC, presided over the meeting, which focused on understanding SOEs’ economic performance, challenges faced, and key priorities including stabilizing electricity and coal prices, and preventing “involutionary” vicious competition. Leaders from 6 central SOEs — including China Huadian, China Mobile, AVIC Group, China State Construction Engineering, China National Coal Group, and Poly Group — briefed on their companies’ operations, analyzed industry trends, and put forward suggestions based on practical work.  

### China’s Industrial Profits (August)  

In August, profits of China’s large-scale industrial enterprises (with annual revenue ≥20 million yuan) **surged 20.4% year-on-year**, reversing the 1.5% decline in July. From January to August:  

- Profits of the equipment manufacturing sector rose 7.2%, driving up overall industrial profits by 2.5 percentage points (one of the strongest growth drivers).  

- Profits of the raw material manufacturing sector increased 22.1% year-on-year, 10.0 percentage points faster than the January-July period.  

- Profits of the consumer goods manufacturing sector turned from decline to growth, shifting from a 2.2% drop (Jan-Jul) to a 1.4% rise.  

#### Why Did Industrial Profits Rebound Strongly in August?  

August’s profit growth marked the highest rate since December 2023. Minsheng Macro analysis pointed out that:  

- A low comparison base explained the significant improvement in revenue profit margins.  

- August economic data showed initial effects of “anti-involution” policies, with the most striking profit improvements seen in upstream industries.  

- Profit growth in midstream industries was mostly stable, while in downstream sectors, traditionally “key drivers” like the pharmaceutical and automotive manufacturing industries posted modest profit growth.  

### Shanghai’s New Residential Quality Regulations  

Shanghai issued new rules to enhance residential quality, clarifying standards for high-quality housing and **making major adjustments to balcony area calculation**. Under the new rules:  

- If a balcony meets conditions such as a depth ≤1.8 meters, its area will be calculated at 50% of its projected area (up from a maximum of 8 square meters to 10% of the total unit area, with a cap of 16 square meters), directly increasing the actual usable space for residents.  

- The rules also specify that non-profit features of high-quality housing (e.g., high-grade facades, elevated floors) will not be included in the calculated floor area ratio. This aims to guide real estate developers to focus on product quality upgrades and inject new momentum into quality-based market competition.  

### U.S. Core PCE Price Index (August)  

The U.S. core Personal Consumption Expenditures (PCE) price index — the Federal Reserve’s (Fed) preferred inflation gauge — **rose 0.2% month-on-month in August**, in line with expectations. Consumer spending grew for the third consecutive month: inflation-adjusted consumer spending increased 0.4% in August, exceeding the expected 0.2%, reflecting consumer resilience. However, the year-on-year increase in core PCE remained high at 2.9%, well above the Fed’s 2% target.  

### White House on Trump’s Drug Tariffs  

The White House clarified that Trump’s proposed drug tariffs **will not apply to trade agreement partners such as the EU and Japan**, and the tariff rate will be 15% (not 100%). A White House official stated that the 100% tariff on imported drugs announced by Trump will be exempted for countries with trade agreements with the U.S.:  

- Under the U.S.-EU framework agreement, tariffs on EU pharmaceutical exports to the U.S. are capped at 15%.  

- A U.S.-Japan joint statement stipulates that U.S. tariffs on Japanese pharmaceuticals and semiconductors shall not exceed rates applied to other countries.  

#### Are the New Drug Tariffs “More Noise Than Action”? UBS Analysis  

UBS noted in a research report that **major pharmaceutical companies have invested tens of billions of dollars in the U.S. and may qualify for full tariff exemptions**. Given the huge investments large pharmaceutical firms have committed to over the next five years, most will likely be exempted, leaving the impact “vague and negligible.” Analysts expect the policy to be more symbolic — aimed at pushing pharmaceutical manufacturing to return to the U.S. rather than truly disrupting imported drug trade.  

#### For U.S. Pharma Giants, Tariffs Are Not Scary — Trump’s “Drug Price Cuts” Are  

Reports indicate Trump set a September 29 deadline for U.S. drug prices to be lowered to the lowest levels in other developed markets; investors fear such policies could be rolled out as early as this week. The White House also plans to reduce drug prices through Medicare pilots, combined with authority under the Inflation Reduction Act. If aggressive discount measures are implemented, industry profits could be severely hit.  

### Trump’s New Semiconductor Policy  

Trump’s new chip policy **requires manufacturers to maintain a 1:1 ratio of domestic production to imports**; tariffs will be imposed if the target is not met. If implemented, the plan will challenge major tech firms like Apple and Dell Technologies (which import products with chips from global sources) but may benefit companies expanding U.S. production — such as TSMC, Micron Technology, and GlobalFoundries — by giving them more leverage in client negotiations.  

### U.S. Department of Justice (DOJ) to the Supreme Court  

The DOJ argued in a Friday filing to the Supreme Court that **the market will not be intimidated by Trump firing [Fed Governor] Cook**. The filing stated:  

- Trump “suffered irreparable harm” due to a lower court order reinstating Cook temporarily.  

- The President’s authority to fire Fed governors for “clear financial misconduct” does not undermine the Fed’s policy independence.  

- Firing Cook on such grounds would not trigger a financial market disaster.  

### Fed Vice Chair for Supervision Bowman  

Fed Vice Chair Bowman stated that the **U.S. labor market is clearly more fragile**, urging “decisive and proactive” interest rate cuts and advocating for a “minimal balance sheet.” She warned of the risk of falling behind in addressing labor market weakness, noting that prolonged inaction could force faster and larger policy adjustments later. She also recommended the Fed actively sell mortgage-backed securities (MBS), as allowing MBS to mature alone would not return the Fed’s portfolio to all Treasuries within a credible timeframe.  

### Trump’s Hardline Stance on U.S. Government Shutdown  

Trump took a tough line, stating: “If the government shuts down, it’s all the Democrats’ fault”; the House of Representatives plans to recess until next month. With only four days left until the October 1 start of a potential shutdown, Trump canceled a scheduled meeting with Democratic leaders, left Washington on Friday, and spent most of the weekend at a golf event with no sign of mediating partisan tensions. The House even plans to reconvene only on October 1. On Friday, the Senate Republican leader insisted Democrats must “withdraw” their healthcare demands.  

#### White House Emergency Talks: Trump to Meet Bipartisan Leaders  

Media reported Trump will meet with four top bipartisan congressional leaders at the White House on September 29 to address the shutdown crisis — his first formal negotiations with Democratic leaders before the funding deadline. Senate Democrats also plan to hold a Sunday afternoon conference call to prepare for their return to Washington.  

#### High Shutdown Risk May Delay Fed’s September Nonfarm Report  

With the U.S. government shutdown risk high, the Fed-reliant September nonfarm payrolls report may be delayed. A March update to the U.S. Labor Department’s contingency plan states that a shutdown would halt all data collection and scheduled economic releases — including the September CPI report (due October 15). A prolonged shutdown could leave the Fed without key employment and inflation data ahead of its next policy meeting.  

#### Democrats Stand Firm: Shutdown “Increasingly Likely”  

The two parties remain deadlocked over a stopgap spending bill: Republicans seek a funding extension to keep the government running, while Democrats push for hundreds of billions of dollars in healthcare funding. Data shows the probability of a U.S. government shutdown has surged above 75%. The Senate’s September 29 reconvening is the last chance to avoid a shutdown, but Goldman Sachs believes Democrats are unlikely to back down. It is estimated that each week of shutdown will reduce quarterly GDP growth by 15 basis points.  

### Trump’s Social Media Post on Firing Fed Chair  

Over the weekend, Trump posted an AI-generated meme on social media showing him pointing at Fed Chair Powell and saying his signature line: “You’re fired,” with the Fed’s official seal in the background. Last Tuesday, Powell reaffirmed the Fed’s independence in a speech, emphasizing that policy decisions are not influenced by politics — a statement widely interpreted as a direct response to Trump’s pressure.  

### EU-Iran Sanctions Dispute  

The EU announced it will **immediately reimpose Iran-related nuclear sanctions**, stating the move triggers the “snapback” mechanism due to Iran’s failure to fulfill commitments under the Joint Comprehensive Plan of Action (JCPOA). According to a joint statement by the UK, France, and Germany, the “snapback” process was completed, and UN sanctions on Iran (in place before 2015) were reactivated on September 27 (U.S. Eastern Time).  

In response:  

- Iran’s Foreign Ministry called the move by the UK, France, Germany, and the U.S. an “abuse of the dispute settlement mechanism,” dismissing it as “illegal and unfounded.”  

- Iran’s military stated it is “fully prepared to respond to any threat.”  

### Walmart’s Staffing Plan  

Walmart — America’s largest employer — announced it will **“not add new staff” over the next three years**. CEO Doug McMillon acknowledged: “AI will transform all jobs.” As part of its strategy, Walmart plans to keep its total workforce at 2.1 million but overhaul job compositions: it will cut some positions through warehouse automation while creating new AI-related roles. The company has also fully assessed AI’s impact on its workforce in senior management meetings.  

### Jensen Huang (NVIDIA) on OpenAI, AI Bubble, and ASIC Competition  

NVIDIA CEO Jensen Huang stated:  

- OpenAI will “very likely become the next trillion-dollar company”; he expressed regret for not investing earlier.  

- AI-driven revenue is expected to grow from $100 billion to $1 trillion within 5 years, and this target “may be achieved now.”  

- On ASIC competition: Even if competitors set chip prices to zero, customers will still choose NVIDIA “because system operating costs are lower.”  

### OpenAI’s “GPT Gate” Controversy  

OpenAI sparked outrage after users and developers discovered the company **quietly downgraded high-tier models (e.g., GPT-4, GPT-5) to a newly launched low-compute-sensitive model without user consent** — even for paid Plus and Pro subscribers. OpenAI claimed the move was a “safety routing test” to handle emotional or sensitive topics, but users strongly questioned the lack of transparency and choice over model selection.  

### Muxi Threads: China’s First Domestic GPU IPO  

Muxi Threads — a Chinese GPU developer — successfully passed its IPO review, becoming **China’s first publicly listed domestic GPU company** and setting a record for the fastest review on the STAR Market. The company plans to raise 8 billion yuan (the largest semiconductor IPO in China this year). Leveraging its self-developed MUSA architecture, Muxi Threads has launched four generations of GPUs. In H1 2025, it recorded 702 million yuan in revenue and a gross margin of 70.71%, with profitability expected as early as 2027.  

### Li Auto’s All-Electric i6 Launch  

Li Auto unveiled its all-electric i6, with a single configuration priced at **249,800 yuan ($34,500) and above**. Key features:  

- “Shark-inspired” design.  

- Self-developed 5C LFP battery, offering 720 km CLTC range and 500 km of charge in 10 minutes.  

- Spacious interior, smart cockpit (dual front screens + rear large screen, 22 speakers), and high energy efficiency (13.6 kWh/100 km).  

Li Auto also announced it is expanding its network of over 3,300 self-operated supercharging stations to address user range anxiety; deliveries of the i6 have begun.  

### Longpan Shidai’s Production Halt  

Longpan Shidai — a Chinese battery maker — **suspended production on September 25** due to a raw material supply cutoff from CATL’s Yichun lithium mine. Most employees have been placed on leave, with production expected to resume only in November. Notably, November 2025 is when market rumors suggest CATL’s Jianxiawo lithium mine in Yichun may restart operations.  

### Goldman Sachs on Power Grids and Copper Demand  

Goldman Sachs warned that **U.S. and European power grids are far behind China’s, and aging grids have become a “key bottleneck for AI”**. It added that copper will “become the new oil” due to grid upgrade needs:  

- Europe’s grids have an average operational age of 50 years, and North America’s 40 years — most are near the end of their lifespan.  

- 9 out of 13 U.S. power markets already face supply shortages, with nearly all expected to be strained by 2030.  

- Grid construction is projected to drive 60% of global copper demand growth by 2030.  

## Domestic Macroeconomics  

### Li Qiang at the 80th UN General Assembly  

Chinese Premier Li Qiang addressed the general debate of the 80th Session of the UN General Assembly, stating:  

- The world has entered a “new period of turbulence and transformation,” with unilateralism and Cold War mentality resurging, international rules and order under severe strain, and the international system repeatedly undermined. “Humanity once again stands at a crossroads.”  

- China is willing to work with all parties to uphold the purposes and principles of the UN Charter, promote multilateralism, and actively implement the “Four Global Initiatives” to advance toward the lofty goal of building a community with a shared future for mankind.  

- Amid sluggish global growth, “we must revitalize cooperation and pursue win-win outcomes.”  

### G7 Divisions Over Tariffs on Chinese Rare Earths  

According to the Global Times, **G7 countries (except Japan) are highly dependent on China for critical materials like rare earths**, leading to internal divisions over U.S.-proposed tariffs on Chinese rare earth products citing “security risks”:  

- The U.S. is pushing for broader trade measures to prevent “low-cost dumping” of rare earths.  

- Canada is supportive of a price floor policy.  

- Australia is considering separate measures.  

However, uncertainty remains within the G7 over whether to adopt confrontational tactics, and disagreements persist over regional restrictive measures.  

### 7 Ministries (Including MIIT) on Capacity Control  

China’s Ministry of Industry and Information Technology (MIIT) and 6 other ministries jointly issued a document to **strictly control new oil refining capacity and prevent overcapacity risks in the coal-to-methanol industry**. Key provisions:  

- Strengthen guidance on the planning and layout of major petrochemical and modern coal chemical projects.  

- Strictly control new oil refining capacity; rationally determine the scale and timing of new ethylene and paraxylene (PX) capacity.  

- In the petrochemical sector, strictly enforce capacity replacement requirements for new oil refining projects; prioritize supporting the renovation of old petrochemical equipment, industrialization demonstrations of new technologies, and “oil reduction and chemical increase” projects at existing refining and chemical enterprises.  

### Fujian Aircraft Carrier Sea Trials  

The progress of sea trials for China’s Fujian aircraft carrier **has exceeded expectations**, paving the way for the “three-carrier era” of the Chinese Navy:  

- Since the Fujian’s first sea trial in May 2024, it has completed multiple trials within over a year (including key catapult tests announced in September 2025), far outpacing schedules.  

- The carrier has successfully completed catapult takeoff and landing training for three types of carrier-based aircraft.  

The arrival of the three-carrier era will significantly enhance the Chinese Navy’s far-sea defense and protection capabilities.  

# Domestic Companies  

## Lei Jun’s Latest Interview: Xiaomi Abandoned the Goal of "Quick Victory" Long Ago  

Lei Jun emphasized that Xiaomi is transforming from an internet company to a **hardcore technology firm**, shifting its driving force from "opportunity-driven" to "mission-driven". In its high-endization process, Xiaomi adopts three core strategies—"technology leadership, perception leadership, and aesthetic leadership"—and benchmarks itself comprehensively against Apple. It plans to invest **200 billion yuan in R&D over the next five years** to continue deepening technological innovation.  

## Xiaohongshu (Little Red Book) Expands Local Life Services: Community Remains Top Priority, "Non-GMV-Oriented" Strategy Confirmed in Early 2024  

Internally, Xiaohongshu views its local life business as still in the exploratory phase. The main goal of launching the "Xiaohong Card" (a membership product) is not merely to boost GMV or transaction volume. Instead, it aims to gather more local life content creators through this model, improve the quantity and quality of local life content, and thereby enhance the influence of local life content within the Xiaohongshu community.  

## Draft Plan for Absorption Merger of a 36.6 Billion Yuan Securities Firm Released!  

The key focus of this transaction is as follows: After the absorption merger, **Great Wisdom** (a listed fintech firm) will delist and cancel its legal person status; **Xiangcai Co., Ltd.** , as the surviving company, will inherit and take over all assets, liabilities, businesses, personnel, contracts, qualifications, and all other rights and obligations of Great Wisdom. This transaction constitutes a major asset restructuring and a connected transaction.  

# Overseas Macroeconomics  

## Trump Pressures Russia: Oil Prices Briefly Surpass $70 Mark, Recording the Largest Weekly Gain Since the Israel-Iran Conflict  

Trump’s pressure on buyers of Russian oil has heightened concerns in the crude oil market. Combined with stronger-than-expected U.S. inflation data and a weaker U.S. dollar on Friday, these factors jointly pushed up oil prices. Brent crude closed above the $70 mark for the first time since late July, with both Brent and WTI crude rising by over 5% for the week.  

## Goldman Sachs Macro Trader on U.S. Stocks: The Week Before Last May Have Been the Peak of the Rebound, with Mild Reversal Signs Emerging Last Week  

In the view of Bobby Molavi, a senior trader at Goldman Sachs, the current market presents a contradictory state: on one hand, there is exuberance at the index level; on the other hand, client positions do not fully align with this superficial prosperity. The market is no longer trading based on fundamentals, but rather on **liquidity, positioning, and trends**. This state often signals that the market may face greater volatility, and investors need to prepare for potential directional changes.  

## David Einhorn—Hedge Fund Star Who Gained Fame for Warning of the 2008 Subprime Crisis—Warns: AI Investments Will Cause "Huge" Capital Losses  

David Einhorn warned that the capital expenditure figures of major tech companies are extreme and difficult to comprehend. Although these investments may generate returns, they carry the risk of huge capital losses. He pointed out that weak job growth and stagnant productivity may signal an impending economic recession. He also reaffirmed his long-term concerns about the market’s structural issues, arguing that the market’s operating mechanism has fundamental flaws that are eroding the investment process itself.  

## U.S. Media Reveals: European Diplomats Privately Warn Russia That NATO Is Prepared to "Respond Fully" to Airspace Violations, Including Shooting Down Russian Aircraft  

According to the Global Times, the atmosphere of the meeting between British, French, and German diplomats in Moscow was tense. The Russian side took detailed records and may report NATO’s stance to its senior leadership. U.S. President Trump stated that he supports shooting down Russian aircraft that violate airspace, but the specific support depends on the circumstances.  

## Goldman Sachs Trader: Bitcoin’s "Monday Flash Crash" Is a "Leading Indicator"  

Paolo Schiavone, a Goldman Sachs trader, warned that Bitcoin’s flash crash on Monday is the first signal of a market shift. Currently, the market pace is slowing down, and a wave of stop-losses has emerged in some consensus trades. He specifically noted that "nothing good will happen" if Bitcoin falls below its 200-day moving average (at $110,000). Despite the need for a short-term "slowdown", he expects the market to move toward a "melt-up" scenario, driven by factors such as peaking tariff impacts, front-loaded fiscal stimulus, and relaxed financial conditions—with pullbacks in risk assets likely to be absorbed by buying.  

## PIPE (Private Investment in Public Equity) Backlash! If Cryptocurrency Prices Enter a Bear Market, "Treasury Companies" Face a "Vicious Cycle"  

"Treasury companies" that have heavily purchased Bitcoin through PIPE are facing significant pressure as their stock prices fall back toward the PIPE issuance price. Due to the deep discount of the PIPE issuance price, PIPE investors have a strong incentive to sell after the lock-up period expires, exerting sustained pressure on stock prices. If the Bitcoin market weakens, this stock price decline may trigger a "spiral downturn", forcing companies to sell Bitcoin and further dragging down both stock and cryptocurrency prices.  

## Peter Schiff: "I Always Thought Gold Would Burst the Bitcoin Bubble—Never Expected It to Be Silver"; "Crypto Treasury Companies" Face a Brutal Bear Market  

Bitcoin prices fell below the key support level of $110,000 on Thursday, while spot silver rose above $45 on the same day, hitting a 14-year high. Peter Schiff argued that the "crypto-hoarding" business model is unsustainable, and companies like MicroStrategy (MSTR) will face a "brutal bear market". Analysts warned that MSTR must hold its current price level; if the support level is breached, its stock price may further drop to $240.  

## South Korea: Reaches Agreement with the U.S. on Foreign Exchange Issues  

According to reports, a South Korean presidential spokesperson stated at a press conference that the two sides agreed that South Korea does not meet the criteria for being labeled a "currency manipulator" in the U.S. Treasury’s semi-annual report. While striving to avoid additional tariffs, South Korea is also seeking to address U.S. concerns through investment commitments and monetary policy adjustments. Resolving the currency manipulation dispute has created better conditions for cooperation between the two sides on other issues.  

# Overseas Companies  

## Apple Develops ChatGPT-Like App for Internal Testing of a Major Siri Upgrade  

Apple is conducting internal testing of a ChatGPT-like iPhone app codenamed "Veritas" to prepare for a major Siri upgrade. The app features functions such as searching personal data (e.g., songs, emails) and executing in-app operations (e.g., photo editing). According to sources cited in the report, Veritas is currently for internal use only, and Apple has no plans to release it to consumers.  

## 11,000 Layoffs in Three Months: IT Consulting Giant Accenture Warns Employees—"More People Will Leave If They Cannot Accept 'Retraining' for the AI Era"  

Accenture stated that layoffs will continue until the end of November. It paid $615 million in severance and other costs in the just-concluded quarter and will pay an additional $250 million in the current quarter. CEO Julie Sweet told analysts in a conference call that for employees for whom retraining is not feasible or who cannot acquire the required skills, the timeline for their departure is being accelerated.  

## SoftBank and Ark (Led by "Cathie Wood") in Talks to Participate in a Major Investment in Tether  

These two long-term tech-focused investors, along with several other well-known institutions, are currently in early-stage talks to provide financial support to Tether—the world’s largest stablecoin issuer. According to informed sources, this is Tether’s largest external financing attempt in its history.  

## Dawn of Boeing’s Recovery? Report: FAA to Gradually Ease Delivery Restrictions, 737 MAX Production Acceleration in Sight  

Boeing employees will gradually regain safety certification authority, while FAA inspectors will still participate in issuing airworthiness certificates. This approval could be announced as early as Friday. The FAA is also expected to allow Boeing to increase the monthly production of the 737 MAX from the current upper limit of 38 aircraft to 42.  

## OpenAI Aligns Closely with NVIDIA and Oracle—Will Microsoft Be Marginalized? Morgan Stanley Says Concerns Are Unnecessary, Upgrades Microsoft to "Top Pick" with a Target Price of $625  

Morgan Stanley argued that Microsoft’s selective "step-back" is a strategy to prioritize scarce resources such as GPUs and data centers for enterprise clients with higher profits and longer lifetime value (LTV). Microsoft’s growth core lies in the strong growth of Azure cloud services and the solid ecosystem of enterprise productivity applications, rather than relying solely on OpenAI—and their cooperative relationship continues to evolve.  

## Trump’s Son-in-Law Involved: Gaming Giant EA to Go Private, $50 Billion Valuation to Set a Leveraged Buyout Record  

Reports indicate that the transaction will be led by a buyer consortium consisting of Silver Lake, Saudi PIF, and the investment firm of Trump’s son-in-law Jared Kushner. The announcement could come as early as this week, and the deal is expected to set a new record for leveraged buyouts. EA’s stock price closed up nearly 15% on Friday to a record high, pushing the company’s market value to approximately $48 billion.  

## Trump Launches "Retaliation Mode", Publicly Demands Microsoft Fire Former DOJ Official Lisa Monaco—Microsoft’s Stock Falls Over 1% in After-Hours Trading  

In June, it was revealed that Lisa Monaco had joined Microsoft as President of Global Affairs. Trump has long accused Monaco of promoting various investigations against him. Analysts believe Trump is retaliating against former government officials he claims "wronged" him.  

# Industries/Concepts  

1. **Memory Storage**: According to the Securities Times, citing Taiwan’s Economic Daily News, the shortage in the DRAM and NAND flash markets is more severe than previously predicted. Industry prices are expected to rise further in the fourth quarter of this year and 2026. Following SanDisk, Micron, Samsung, and Western Digital’s announcements of price increases, major memory module manufacturer ADATA recently stated it will stop quoting DDR4 prices starting from the 29th, prioritizing the supply of DDR5 and NAND flash to key clients. Phison, a leading NAND flash controller chip maker, has resumed partial quotations in recent days with a price increase of approximately 10%—seen as a "signal of the start of a rally" in the NAND flash market.  

2. **Solid-State Batteries**: According to Science and Technology Daily, a team led by Professor Zhang Qiang from the Department of Chemical Engineering at Tsinghua University has successfully developed a new type of fluorine-containing polyether electrolyte. Through thermally initiated in-situ polymerization technology, this electrolyte effectively enhances the physical contact and ion conduction capabilities of the solid-state interface. It provides new ideas and technical support for the development of practical solid-state lithium batteries with high safety and high energy density. The relevant results have been published online in *Nature*.  

3. **Super Nodes**: More than 30 enterprises, including China Mobile, Inspur Information, Beijing Semptian, Beijing Academy of Artificial Intelligence (BAAI), Birentech, Muxi Semiconductor, Kunlunxin, Zhipu AI, Muxi Threads, and FaceWall AI, jointly released the *"Beijing Plan" for Intelligent Computing Applications—Building Industry Agents Based on the Super Node Innovation Consortium*. The "Beijing Plan" aims to unite system vendors, large-model development enterprises, and application innovation companies to further develop the Super Node Innovation Consortium, integrate leading multi-model algorithms, and develop "industry agents" for specific scenarios, realizing the goal of "domestic chips, domestic connectivity, and domestic application".  

4. **Photoresists**: According to China Chemical Industry News, a joint research team from East China University of Science and Technology and Johns Hopkins University (U.S.) proposed a method for preparing amorphous zeolitic imidazolate framework (aZIF) films through intermittent spin-coating chemical liquid deposition. This method achieves controllable film deposition rate and thickness and has been verified for electron beam lithography and extreme ultraviolet (EUV) lithography.  

5. **Real Estate**: According to China Securities Journal, the Monetary Policy Committee of the People’s Bank of China held its third-quarter meeting of 2025 recently. Regarding the real estate sector, the meeting proposed to focus on promoting the implementation and effectiveness of already introduced financial policies, intensify efforts to activate existing commercial housing and land reserves, consolidate the stable trend of the real estate market, improve the basic system of real estate finance, and help build a new development model for the real estate industry.  

6. **Space AI Computing Power**: According to industry media New智元 (Xinzhiyuan), on September 25, the "Star Computing" constellation of National Star Aerospace completed commercial verification through the 4th Pazhou Algorithm Competition—marking the official entry of the world’s first constellation-level space AI computing power service into regular operation in China. As the first batch of results of the "Star Computing" program, 12 computing satellites were launched into orbit in May this year. Each satellite has a maximum computing power of 744 TOPS, and the constellation has a processing capacity of 5 POPS after networking, supporting the stable operation of space-based models with 8 billion parameters.  

7. **Smart Logistics**: According to Beijing Daily, on September 26, the China Federation of Logistics and Purchasing (CFLP) and the China Article Numbering Center jointly released the national standard *Digitalization of Logistics Enterprises—Part 1: General Requirements* at the 17th Logistics and Supply Chain Digital Development Conference. This is China’s first national standard for logistics enterprise digitalization, filling gaps in related fields. It will help accelerate the digital transformation of the logistics industry and drive technological innovation and model innovation across the entire industry.  

8. **Beidou System**: According to Huanqiu.com, the *Beidou Industry Development Blue Book (2025)*, compiled by the China Academy of Information and Communications Technology (CAICT), was recently released. The blue book shows that Beidou satellite navigation and positioning technology is increasingly integrated into the daily lives of ordinary people. Products applying this technology in fields such as smartphones, wearable devices, and shared mobility are becoming more abundant, accounting for over 70% of all relevant terminals.  

# Today’s News Preview  

- South Korea will implement a temporary visa-free policy for Chinese group tourists starting from September 29.  

- Trump is reportedly meeting with bipartisan congressional leaders at the White House to address the government shutdown crisis.  

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