Pre-Market Headlines

1. Chinese Assets Surge! Nasdaq Golden Dragon China Index Rises Over 2%, Hitting New High in Nearly Six Months Type: Market Sentiment Impact: Positive Overnight, U.S. major indices closed slightly higher. Notably, the Nasdaq Golden Dragon China Index closed up 2.12%, reaching a new high since March this year. Among popular Chinese concept stocks, 36Kr surged over 90%, with intraday gains exceeding 300% at one point, triggering multiple trading halts; Baidu rose over 6%, while Alibaba and JD.com gained over 4%.

2. Major News from Semiconductor Leader! SMIC Plans to Acquire 49% Stake in SMIC Beijing, Stock Resumes Trading Today Type: Corporate Impact: Positive SMIC announced plans to issue shares to National Integrated Circuit Industry Investment Fund and others to purchase a 49% stake in SMIC Beijing. Upon completion, SMIC's shareholding in SMIC Beijing will increase from 51% to 100%. Minsheng Securities analysis indicates that SMIC Beijing, as mature capacity with peak profitability, will significantly enhance the listed company's net profit attributable to shareholders after acquisition completion.

3. Direct Mobile-to-Satellite Connection! Trillion-Yuan Giant China Unicom Enters Market, Listed Companies Seize Opportunities Type: Industry Impact: Positive China Unicom recently obtained satellite mobile communication business operating license from the Ministry of Industry and Information Technology, enabling the company to legally conduct direct mobile-to-satellite services. Previously, MIIT issued guidelines to orderly promote satellite communication business opening. Multiple listed companies including Haige Communications, Walid Hi-Tech, and Vanchip responded regarding their latest progress in satellite communication businesses.

4. Trillion-Dollar Giant Invesco Increases Positions in JD.com, Yili and Other Chinese Stocks, Emerging Market Fund Adds Tech Stocks Type: Market Impact: Positive U.S. asset management giant Invesco's flagship emerging markets fund significantly increased Chinese stock positions, including a 1,112.11% increase in JD.com and 1,404.21% increase in Yili shares. The fund's current heavy holdings include TSMC, Tencent Holdings, and Samsung Electronics. Beyond actively managed funds, passive funds are also adding Chinese tech stocks, such as CQQQ attracting $139.5 million in net inflows on September 4.

Investment Calendar State Council Information Office briefing on sports consumption

Investment Insights Investment Principle: Investment is rational decision-making based on value, while speculation is gambling based on price. True investors should focus on companies' intrinsic value rather than short-term price fluctuations. 【US】Seth Klarman "Margin of Safety"

Institutional Views 1. China Merchants Securities: Currently still in the second phase of bull market, embrace sectors with low penetration rates and high growth potential. 2. Guotai Haitong: Market volatility intensifies, funds seek low-position thematic investment opportunities, medium-term focus continues on AI opportunities. 3. Orient Securities: Short-term market fluctuations won't affect index's upward oscillation trend, technology remains market focus.

Positive/Negative Outlook

1. CATL Sodium Battery Passes New National Standard Certification, Sodium Batteries Expected to Enter Mass Production Year Type: Institutional Highlight Kaiyuan Securities: From long-term perspective, sodium batteries have broad cost-reduction potential. CATL's sodium battery mass production constructs closed-loop from raw materials, manufacturing systems to application end. 2025 is expected to be sodium battery mass production year, with supply chain benefiting.

2. Alibaba Cloud First Enters Embodied Intelligence, Leading Investment in Robot Company Variable's 1 Billion Yuan New Financing Type: Market Discussion AVIC Securities: Embodied intelligence enters intensive development period, products need internal capability refinement; 2025 as humanoid robot mass production year, industrial mega-trend initiation moment, recommend attention to domestic and international leading humanoid robot industry chains.

3. 2025 Bund Conference Opens September 10, Conference Theme Focuses on AI, Digital Currency Directions Type: Market Discussion Guotai Haitong: Financial innovation accelerates in digital currency and cross-border payment fields, optimistic about blockchain, cross-border clearing system underlying technology suppliers; third-party payment institutions with licensing advantages and digital security protocol service providers.

Company Announcements

Positive Announcements 1. Yisheng Genetics: August white-feather broiler chick sales revenue 214 million yuan, up 112.77% month-over-month 2. Tang Ren Shen: August pig sales revenue totaled 682 million yuan, up 15.72% month-over-month 3. Linyang Energy: Signed overseas operating contract worth approximately 383 million yuan

Negative Announcements 1. Tianpu Co.: Acquirer's funds not in place and no asset injection plan currently, stock resumes trading tomorrow 2. Jingda Co.: Shareholder Qiao Xiaohui plans to reduce holdings by no more than 3% 3. Keymed Biosciences: Shareholder Wu Kaiting plans to reduce 2% of total share capital

Overseas Markets Market awaits key inflation data, U.S. major indices collectively closed higher, with Nasdaq up 0.45% setting new closing high. Major tech stocks mostly rose, Amazon up over 1%; popular Chinese concept stocks mostly gained, NetEase up over 7%.