Nominal 
【HEADLINES ROUNDUP】
1. U.S. major indices rebounded Friday (21st), with the Dow rising over 500 points, and both the S&P 500 and Nasdaq up about 0.4%. However, persistently high long-term U.S. bond yields, rising oil prices, and tense U.S.-Iran relations continued to limit market gains. Investors shifted funds into assets such as Bitcoin and gold, boosting cryptocurrency and gold mining stocks. The Dow closed up 517.8 points, or 0.98%, at 53,277.01; the S&P 500 rose 33.21 points, or 0.43%, to 7,674.37; the Nasdaq gained 113.29 points, or 0.43%, to 26,180.45. The Nikkei opened at 66,016, up 203 points.
2. U.S.-Canada trade talks collapsed at the last minute, with Washington imposing 50% tariffs on about $20 billion worth of Canadian goods starting over the weekend. Canada immediately announced retaliatory measures, imposing equivalent tariffs on U.S. imports starting September 8.
3. Ray Dalio, founder of Bridgewater Associates, warned that the U.S. may face a debt crisis within the next three years. He advised investors to reduce bond holdings and allocate 10% to 15% of their portfolios to gold and a small amount of Bitcoin to hedge against risks.
4. S&P Global reported that the U.S. August services Purchasing Managers' Index (PMI) preliminary reading rose to 56.8, significantly higher than July's 54.6 and above market expectations of 54, marking the highest level since December 2024. A Bloomberg survey of economists showed an upward revision in the forecast for U.S. third-quarter GDP growth to 2.5%, with the Federal Reserve expected to remain on hold until July next year.
5. According to Bloomberg, citing sources, due to surging memory chip costs, many Nvidia AI servers shipping in early next year will see price increases of over 15%, with the exact rise depending on the generation of chips and memory configurations used.
6. Nvidia (US.NVDA) is reportedly agreeing to pay $6 billion for a license to use Poolside's AI models, while also investing an additional $1 billion in the startup at a $12 billion pre-investment valuation.
7. Anthropic has hired Amir Salek, founder of Google's (US.GOOG) custom chip project, in preparation for entering the in-house chip development field. Salek previously led Google's Tensor Processing Unit (TPU) business until 2022 and was involved in launching the first seven generations of TPU chips.
8. Apple (US.AAPL) is reportedly cutting over 200 employees, affecting teams related to Siri and Vision Pro, to redirect resources toward artificial intelligence and new devices.
9. China's broad fiscal expenditure in July declined 4.4% year-on-year, a significant narrowing from June's 11.9% drop, suggesting that fiscal tightening may be easing.
10. DeepSeek released an experimental multimodal model, DeepSeek-V4-Flash-Vision-Exp, which performed close to Anthropic's advanced model Opus 4.8 in multimodal agent capability tests.
11. Yangtze Memory Technologies' application for listing on the STAR Market was accepted by the Shanghai Stock Exchange. The company plans to raise 33 billion yuan to upgrade production lines and strengthen R&D.
12. TikTok and its Chinese parent ByteDance agreed to pay $400 million to settle a U.S. Department of Justice lawsuit over children's privacy issues filed during the Biden administration.
13. SHEIN-W (00625), a globally renowned fast-fashion apparel sales platform, is conducting its IPO subscription from today to Thursday (27th), planning to globally offer approximately 280 million Class B shares priced between HK$47.6 and HK$49.5, raising up to approximately HK$13.86 billion. The lot size is 100 shares with a minimum investment of HK$4,999.92. Meanwhile, Mecharming Robotics (09615), an AI software solutions provider from mainland China, is also conducting its IPO subscription today through Thursday, planning to globally offer about 23.141 million shares priced between HK$95.3 and HK$101.7, raising up to approximately HK$2.354 billion. The lot size is 30 shares with a minimum investment of HK$3,081.76. Both stocks are expected to list next Tuesday (1st).
【STOCK HIGHLIGHTS】Alibaba (09988)
- Rights issue priced at HK$112.7, an 8.4% discount, aiming to net raise HK$79.7 billion, setting a record for the largest rights issue in Hong Kong's history
Hua Hong Semiconductor (01347), Weichai Power (02338)
- Added to the Hang Seng Index, effective September 7
Tianshu Zhixin (09903)
- Added to the Hang Seng Tech Index
Tongcheng Travel (00780)
- Removed from the Hang Seng Tech Index
Nadcell (02526)
- Added to the Hang Seng Biotech Index
Hutchison China Meditech (00013)
- Removed from the Hang Seng Biotech Index
Sinopec (00386)
- Interim profit of RMB 25.6 billion, up 19.3%; dividend of 10.5 cents, up 19%
Zijin Mining (02899)
- Interim profit of RMB 39.2 billion, up 68%; dividend of 42 cents, up 91%
Memory chip sector: GigaDevice (03986), SMIC (00981), Hua Hong Semiconductor (01347)
- Reports indicate that due to surging memory chip costs, Nvidia AI servers shipping in early next year may increase in price by over 15%
- Yangtze Memory Technologies' application for listing on the STAR Market has been accepted by the Shanghai Stock Exchange, planning to raise RMB 33 billion for upgrading production lines and R&D
AI-related stocks: Tianshu Zhixin (09903), Tencent (00700), MiniMax (00100)
- DeepSeek released an experimental multimodal model, DeepSeek-V4-Flash-Vision-Exp
Automotive stocks: BYD (01211), Xiaomi Group (01810), Leapmotor (09863)
- At least nine automakers recalled approximately 4.27 million electric vehicles in China due to door handle safety concerns, including Tesla recalling nearly 3 million
Bitcoin-related stocks: OSL Group (00863)
- Bitcoin surged over 9%, reaching a high of $79,500
Gold mining stocks: Lingbao Gold (03330), Zhaojin Mining (01818), Zijin Mining (02899)
- Spot gold rose above $4,600, hitting a three-month high
Yangtze Optical Fibre and Cable (06869)
- Interim profit exceeded RMB 2.9 billion, up ninefold; dividend of RMB 1.06
China Hongqiao (01378)
- Interim profit of RMB 17.2 billion, up 39%, no dividend; revenue up 8%
Accelink (03308)
- Interim profit exceeded RMB 13.6 billion, up 2.4 times; dividend of RMB 1.2
ZTE Corporation (00763)
- Interim profit exceeded RMB 2.7 billion, down 45%, no dividend; revenue up 9%
Tontine Wine (00389)
- Established an independent committee to provide opinions on a partial acquisition offer; resumed trading this morning
【OIL & GOLD PRICES】
NYMEX crude oil down 1.23%, at $85.99/barrel
Brent crude oil down 1.20%, at $91.56/barrel
Spot gold up 0.49%, at $4,625.75/ounce
Gold futures up 0.10%, at $4,684.80/ounce
1. U.S. major indices rebounded Friday (21st), with the Dow rising over 500 points, and both the S&P 500 and Nasdaq up about 0.4%. However, persistently high long-term U.S. bond yields, rising oil prices, and tense U.S.-Iran relations continued to limit market gains. Investors shifted funds into assets such as Bitcoin and gold, boosting cryptocurrency and gold mining stocks. The Dow closed up 517.8 points, or 0.98%, at 53,277.01; the S&P 500 rose 33.21 points, or 0.43%, to 7,674.37; the Nasdaq gained 113.29 points, or 0.43%, to 26,180.45. The Nikkei opened at 66,016, up 203 points.
2. U.S.-Canada trade talks collapsed at the last minute, with Washington imposing 50% tariffs on about $20 billion worth of Canadian goods starting over the weekend. Canada immediately announced retaliatory measures, imposing equivalent tariffs on U.S. imports starting September 8.
3. Ray Dalio, founder of Bridgewater Associates, warned that the U.S. may face a debt crisis within the next three years. He advised investors to reduce bond holdings and allocate 10% to 15% of their portfolios to gold and a small amount of Bitcoin to hedge against risks.
4. S&P Global reported that the U.S. August services Purchasing Managers' Index (PMI) preliminary reading rose to 56.8, significantly higher than July's 54.6 and above market expectations of 54, marking the highest level since December 2024. A Bloomberg survey of economists showed an upward revision in the forecast for U.S. third-quarter GDP growth to 2.5%, with the Federal Reserve expected to remain on hold until July next year.
5. According to Bloomberg, citing sources, due to surging memory chip costs, many Nvidia AI servers shipping in early next year will see price increases of over 15%, with the exact rise depending on the generation of chips and memory configurations used.
6. Nvidia (US.NVDA) is reportedly agreeing to pay $6 billion for a license to use Poolside's AI models, while also investing an additional $1 billion in the startup at a $12 billion pre-investment valuation.
7. Anthropic has hired Amir Salek, founder of Google's (US.GOOG) custom chip project, in preparation for entering the in-house chip development field. Salek previously led Google's Tensor Processing Unit (TPU) business until 2022 and was involved in launching the first seven generations of TPU chips.
8. Apple (US.AAPL) is reportedly cutting over 200 employees, affecting teams related to Siri and Vision Pro, to redirect resources toward artificial intelligence and new devices.
9. China's broad fiscal expenditure in July declined 4.4% year-on-year, a significant narrowing from June's 11.9% drop, suggesting that fiscal tightening may be easing.
10. DeepSeek released an experimental multimodal model, DeepSeek-V4-Flash-Vision-Exp, which performed close to Anthropic's advanced model Opus 4.8 in multimodal agent capability tests.
11. Yangtze Memory Technologies' application for listing on the STAR Market was accepted by the Shanghai Stock Exchange. The company plans to raise 33 billion yuan to upgrade production lines and strengthen R&D.
12. TikTok and its Chinese parent ByteDance agreed to pay $400 million to settle a U.S. Department of Justice lawsuit over children's privacy issues filed during the Biden administration.
13. SHEIN-W (00625), a globally renowned fast-fashion apparel sales platform, is conducting its IPO subscription from today to Thursday (27th), planning to globally offer approximately 280 million Class B shares priced between HK$47.6 and HK$49.5, raising up to approximately HK$13.86 billion. The lot size is 100 shares with a minimum investment of HK$4,999.92. Meanwhile, Mecharming Robotics (09615), an AI software solutions provider from mainland China, is also conducting its IPO subscription today through Thursday, planning to globally offer about 23.141 million shares priced between HK$95.3 and HK$101.7, raising up to approximately HK$2.354 billion. The lot size is 30 shares with a minimum investment of HK$3,081.76. Both stocks are expected to list next Tuesday (1st).
【STOCK HIGHLIGHTS】Alibaba (09988)
- Rights issue priced at HK$112.7, an 8.4% discount, aiming to net raise HK$79.7 billion, setting a record for the largest rights issue in Hong Kong's history
Hua Hong Semiconductor (01347), Weichai Power (02338)
- Added to the Hang Seng Index, effective September 7
Tianshu Zhixin (09903)
- Added to the Hang Seng Tech Index
Tongcheng Travel (00780)
- Removed from the Hang Seng Tech Index
Nadcell (02526)
- Added to the Hang Seng Biotech Index
Hutchison China Meditech (00013)
- Removed from the Hang Seng Biotech Index
Sinopec (00386)
- Interim profit of RMB 25.6 billion, up 19.3%; dividend of 10.5 cents, up 19%
Zijin Mining (02899)
- Interim profit of RMB 39.2 billion, up 68%; dividend of 42 cents, up 91%
Memory chip sector: GigaDevice (03986), SMIC (00981), Hua Hong Semiconductor (01347)
- Reports indicate that due to surging memory chip costs, Nvidia AI servers shipping in early next year may increase in price by over 15%
- Yangtze Memory Technologies' application for listing on the STAR Market has been accepted by the Shanghai Stock Exchange, planning to raise RMB 33 billion for upgrading production lines and R&D
AI-related stocks: Tianshu Zhixin (09903), Tencent (00700), MiniMax (00100)
- DeepSeek released an experimental multimodal model, DeepSeek-V4-Flash-Vision-Exp
Automotive stocks: BYD (01211), Xiaomi Group (01810), Leapmotor (09863)
- At least nine automakers recalled approximately 4.27 million electric vehicles in China due to door handle safety concerns, including Tesla recalling nearly 3 million
Bitcoin-related stocks: OSL Group (00863)
- Bitcoin surged over 9%, reaching a high of $79,500
Gold mining stocks: Lingbao Gold (03330), Zhaojin Mining (01818), Zijin Mining (02899)
- Spot gold rose above $4,600, hitting a three-month high
Yangtze Optical Fibre and Cable (06869)
- Interim profit exceeded RMB 2.9 billion, up ninefold; dividend of RMB 1.06
China Hongqiao (01378)
- Interim profit of RMB 17.2 billion, up 39%, no dividend; revenue up 8%
Accelink (03308)
- Interim profit exceeded RMB 13.6 billion, up 2.4 times; dividend of RMB 1.2
ZTE Corporation (00763)
- Interim profit exceeded RMB 2.7 billion, down 45%, no dividend; revenue up 9%
Tontine Wine (00389)
- Established an independent committee to provide opinions on a partial acquisition offer; resumed trading this morning
【OIL & GOLD PRICES】
NYMEX crude oil down 1.23%, at $85.99/barrel
Brent crude oil down 1.20%, at $91.56/barrel
Spot gold up 0.49%, at $4,625.75/ounce
Gold futures up 0.10%, at $4,684.80/ounce
