Wall Street News Breakfast FM-Radio | September 10, 2026

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Trump : The war with Iran will end "immediately" after the US midterm elections , oil prices will fall, and Putin "wants to reach an agreement." Iran announced a new maritime "sanctions zone" and attacked US military bases ; the US struck Iranian oil tankers. Escalating tensions in the Middle East pushed Brent crude oil above $100 for the first time in over a month, closing at $101.21.

China's Ministry of Commerce : The US accusations regarding AI distillation are an attempt to pursue technological hegemony and monopolize computing power , which China firmly opposes.

Data from the National Bureau of Statistics shows that China's CPI rose 0.8% year-on-year in August, while PPI rose 3.8% year-on-year, both turning positive month-on-month . The seasonal increase in international oil prices and food prices led to the price rebound.

The ambitious plan fell through, with the US Treasury Secretary's bond repurchase program tripling in size to $6 billion, only reaching the lower end of expectations. The 10-year Treasury yield rose above 4.84%, a new high since November 2023.

Apple has released its first foldable iPhone Duo , featuring a 7.6-inch internal screen and a starting price of $1,999, with a starting price of 15,999 yuan in China.

DeepSeek 's IPO on the Science and Technology Innovation Board is accelerating , with CITIC Securities possibly serving as its advisor. DeepSeek officially announced a price reduction : 0.02 yuan for a successful cache hit and 1 yuan for a missed cache hit, a 50-fold price difference.

Suiyuan Technology, one of the "Four Little Dragons of Domestic GPUs", was listed on the Science and Technology Innovation Board on September 11. Its revenue for the first three quarters is expected to increase by 326% to 455% year-on-year.

In July, Douyin's average monthly usage time per user topped the national charts for the first time.

A 27-year-old researcher resigned from both OpenAI and Anthropic! Both companies are betting our lives on this.

World Gold Council : Global gold ETFs attracted $18 billion in August, marking the second-largest monthly inflow on record.

Both London copper and New York copper prices hit record highs , reaching $14,858.5 per ton and $6.894 per pound, respectively.

Market Overview

Escalating tensions between the US and Iran pushed Brent crude oil above $100 , reaching a new high since May . Inflation concerns, coupled with a smaller-than-expected US Treasury bond repurchase program, caused the 10-year Treasury yield to rise to its highest level since November 2023. The three major US stock indexes closed lower for the third consecutive day . At the same time, Meta's AI assistant Muse surged more than 6%, while the storage and optical communication sectors bucked the trend and rose. The Philadelphia Semiconductor Index also closed higher.

US stocks : The S&P 500 fell 0.48% to 7636.36 points, the Dow Jones Industrial Average fell 0.77% to 52380.66 points, and the Nasdaq Composite fell 0.64% to 26253.34 points; the energy sector bucked the trend, rising 1.09%, the Philadelphia Semiconductor Index rose 0.37%, Meta rose 6.55%, and SK Hynix rose 7.05% to a record high.

A-shares : The Shanghai Composite Index rose 0.28% to 3951.51 points, the Shenzhen Component Index rose 0.15%, and the ChiNext Index fell 0.14%, with a turnover of 1.87 trillion yuan; coal and shipping sectors surged, optical communications were active, while media and real estate sectors saw adjustments.

Hong Kong stocks : The Hang Seng Index fell 0.17% to 25,274.96 points, and the Hang Seng Tech Index fell 0.76%; Haidilao fell more than 9%, while Yangtze Optical Fibre and Cable rose more than 7%.

European stocks fell across the board, with the UK FTSE 100 down 1.31% to 10670.06 points, the French CAC 40 down 1.94%, the German DAX down 1.66%, and the Stoxx 600 down 1.41%, its biggest drop since July.

Japan and South Korea : The Nikkei 225 fell 0.19% to 65,142.78 points, while the Korea Composite Stock Price Index (KOSPI) rose 1.40% to 7,051.63 points, returning above 7,000 points.

Crude oil : Brent crude settled up 3.36% at $101.21, its first triple-digit price in over a month; WTI crude settled up 3.25% at $96.05, both hitting new highs since May.

Precious metals : Spot gold rose 1.06% to $4401.77, recovering the $4400 mark; spot silver rose approximately 2.3%.

Industrial metals : LME copper hit $14,858.5/ton and NYMEX copper hit $6.894/lb, both setting new record highs.

US Treasuries : The 10-year yield rose 5 basis points to 4.84%, a new high since November 2023, while the 2-year yield rose 3 basis points to 4.425%, a 52-week high.

Foreign Exchange : The US dollar index closed virtually unchanged at 98.80, the Japanese yen rose to 153.65, and the offshore yuan closed at 6.7064, up 4 points from the previous day.

Bitcoin : Down 0.3% to approximately $78,200, triggering a "golden cross" where the 50-day moving average crossed above the 200-day moving average for the first time in nearly 474 days.

News Details

China

China's CPI rose 0.8% year-on-year in August, while the PPI rose 3.8% year-on-year, both turning positive month -on-month. Data from the National Bureau of Statistics showed that the national consumer price index rose 0.8% year-on-year in August, an increase of 0.3 percentage points from the previous month, while the producer price index rose 3.8% year-on-year, an increase of 0.3 percentage points. Seasonal increases in food prices, coupled with higher international oil prices, drove both price indices to positive month-on-month growth. Increased demand for computing power also pushed up prices of related industrial products such as data storage equipment.

The Ministry of Commerce stated that the US accusations regarding AI distillation are an attempt to promote technological hegemony and monopolize computing power, which China firmly opposes . The Ministry further stated that the US accusation that Chinese AI companies are engaging in "industrial-scale" distillation of US models is baseless and without legal basis. This move by the US politicizes and instrumentalizes the normal technical and commercial issue of distillation within the industry, and is yet another clear example of its efforts to promote technological hegemony, monopolize computing power, and suppress competition in the field of artificial intelligence.

DeepSeek's IPO on the Science and Technology Innovation Board (STAR Market) is accelerating, with CITIC Securities reportedly serving as its advisor . According to reports, DeepSeek has selected CITIC Securities to fully prepare for its STAR Market listing, and is expected to formally submit its IPO application materials within the year. Some capital market analysts predict that based on DeepSeek's current valuation of 500 billion yuan, the company's overall market capitalization after listing is likely to fall between 1.5 trillion and 2.5 trillion yuan.

- DeepSeek officially announced a price reduction! Cache hit price is 0.02 yuan, and miss price is 1 yuan, a 50-fold price difference : DeepSeek adjusted its API pricing on September 10, focusing on preferential pricing for cache hit scenarios. The off-peak hit price is 0.02 yuan/thousand tokens, and the miss price is 1 yuan, encouraging developers to improve context reuse.

Suiyuan Technology debuted on the STAR Market on September 11th, with its revenue for the first three quarters expected to increase by 326% to 455% year-on-year . As the last of the "Four Little Dragons of Domestic GPUs," Suiyuan Technology is expected to raise approximately 6.116 billion yuan. The company projects revenue of 2.3 billion to 3 billion yuan for the first three quarters of 2026, representing a year-on-year increase of 325.78% to 455.36%. The online subscription multiple reached a staggering 6109.34 times, with a winning rate of only 0.0246%. Offline investors achieved zero abandonment of subscriptions, and strategic placements covered long-term funds such as employee stock ownership plans, industrial capital, and social security funds.

Moutai has raised its prices for the sixth time this year: the price of Feitian Moutai at its self-operated stores has increased to 1,766 yuan. Staff stated that "stores have sufficient products." Just one month after the last price adjustment, Guizhou Moutai has once again bucked the trend by raising prices, affecting multiple products. After the adjustment, the price of Feitian Moutai at self-operated stores is 127 yuan higher than on iMoutai, widening the price difference. Currently, stores are implementing a policy of "one case per day and five cases per year." In the first half of the year, Moutai experienced "increased revenue but not increased profit," with net profit attributable to the parent company declining year-on-year for the first time since 2015. With the Mid-Autumn Festival and National Day holidays approaching, the market is focused on whether terminal sales can improve.

Li Auto has introduced its third battery supplier, Zhongchuang Xinhang, for its Li i6 . Zhongchuang Xinhang will be the first battery supplier for Li Auto's pure electric vehicles, with the 2026 Li i6 potentially being the first model to use it. Li Auto had previously partnered with CATL and Sunwoda. This move aims to ensure supply chain security, reduce costs, and guarantee delivery. However, market concerns about CATL's customer base being eroded have subsequently intensified.

-Is the power battery industry about to change as Li Auto accelerates its self-developed batteries and automakers collectively introduce "second suppliers"? Li Auto's 2.65 billion yuan investment in Sunwoda Power and its accelerated switch to self-developed batteries across the board are aimed at "de-CATLization," but CATL's market share still exceeds 50% and its "King of Ning" status remains unshaken.

Xiaomi MiMo Desktop is here! It can control the browser itself and supports generating preview interfaces . Xiaomi AI Big Model Xiaomi MiMo Desktop is officially open for invitation testing. It upgrades AI capabilities from a dialog box to a real workbench. Documents, PPTs, web pages, 3D models and even apps can be generated directly in the conversation. The preview interface is clickable and iterative. Local editing only changes the selected area. Smart scheduling automatically matches the optimal model and the same conversation cache hit rate is up to 99%.

China is expanding basic medical insurance coverage for groups such as the self-employed, allowing for monthly accumulation of contribution years . The National Healthcare Security Administration and other departments jointly issued a notice to launch a special campaign to improve the quality of basic medical insurance coverage for self-employed individuals, migrant workers, and those in new employment forms, with a plan to continuously expand coverage over approximately three years. For self-employed individuals participating in employee medical insurance, contribution years can be accumulated monthly, with every 12 months counted as one year.

Li Qiang : We should coordinate the upgrading and renovation of housing, residential areas, communities and urban areas . Li Qiang pointed out that we should focus on improving the livability and workability of the city. Starting from the scenarios of people's daily life, cultural and leisure activities, schooling, medical care and employment, we should coordinate the upgrading and renovation of housing, residential areas, communities and urban areas, accelerate the transformation and upgrading of old streets and factories, actively introduce new industries and new business formats, and comprehensively improve the city's functions, quality and development vitality.

Xingyu Co., Ltd.'s annual report has been exposed for data errors: Chairman Zhou Xiaoping is 65 years old, and her son Zhou Yuheng is 58 years old . Xingyu Co., Ltd.'s 2025 annual report contained a serious error: Chairman Zhou Xiaoping was actually born in 1961, and her son, Vice Chairman Zhou Yuheng, was actually born in 1985. The reported age difference is only 7 years, which is a serious discrepancy of approximately 25 years from their actual birth years. Even more dramatically, amidst the controversy surrounding the termination of contracts with recent graduates, this son was serving as a member of the company's compensation and assessment committee, further scrutinizing the company's internal management capabilities.

DeepSeek is expanding again! It's hiring 150 people to address system bottlenecks caused by rapid business growth . DeepSeek is offering approximately 150 positions, primarily recruiting senior engineers. The roles are concentrated in server-side development and agent elastic computing research, focusing on solving the backend system complexity resulting from the surge in data, machines, tasks, and users. Simultaneously, DeepSeek continues to release multimodal models, and business competition is shifting from model capabilities to API stability, inference costs, and agent deployment.

- Just now, DeepSeek's new model is in beta testing! User tests show it's incredibly fast! : On September 8th, DeepSeek V4.1 Flash intermediate version began beta testing, adopting a new model structure and natively supporting multimodal models. The price is the same as V4 Flash, and user tests show that the output speed has reached up to 507 tokens/s.

overseas

Risks in the Strait of Hormuz have escalated sharply! Iran announced a new maritime "sanctions zone," and Brent crude oil prices have rebounded to $100 per barrel. The new "sanctions zone" extends from Chabahar port to parts of the Gulf of Oman and the Arabian Sea. This follows Iran's capture of a US Dive-LD unmanned underwater vehicle in the Strait of Hormuz and the establishment of the maritime "sanctions zone." In response, the US struck Iranian oil tankers to impose economic pressure, leading to a rapid deterioration of the situation in the Strait of Hormuz and surrounding waters, with Brent crude oil prices surpassing $100 per barrel.

Oil prices break $100 for the first time since July! US and Iran attack oil tankers; HSBC: Hormuz disruptions may become the new normal : US strikes five Iranian oil tankers, Iran attacks US military bases in Jordan, Brent crude oil prices rise to triple digits; HSBC says Hormuz shipping disruptions may become the new normal.

- Brent crude oil breaks $100 for the first time since July, and the probability of a September rate hike rises to 60% : Brent crude oil breaking through $100, coupled with the shipping blockade in the Hormuz, has led the market to bet that the probability of a Fed rate hike in September has risen to 60.4%, putting pressure on US stocks and long-term bonds.

Trump: War with Iran will end "immediately" after the US midterm elections, oil prices will fall, Putin "wants to reach an agreement" : Trump predicted that oil prices would "plummet" after the midterm elections, saying he had a good conversation with Putin and that a bilateral meeting might be held. Iran, on the other hand, said it was prepared for a more intense war.

A potentially massive move fell short! The US Treasury Secretary's $6 billion bond repurchase program, tripling its previous maximum of $3 billion, only reached the lower end of expectations, causing US Treasuries to fall again. The Treasury's announced $6 billion long-term Treasury bond repurchase program, while doubling the previous maximum of $3 billion per transaction, was still below market expectations of $8 billion to $10 billion. Yields immediately rose after the announcement. BNP Paribas stated that repurchases below $7 billion could trigger selling pressure, and the 10-year Treasury yield hit a near three-year high. Bessant reiterated that he could not change the "equilibrium" price of US Treasuries, and that the goal was to mitigate market volatility.

Japanese media reports that the Bank of Japan (BOJ) plans to raise interest rates by 25 basis points next week, potentially accelerating the pace of rate hikes to once per quarter . Expectations for a BOJ rate hike are rising, with reports suggesting a possible 25 basis point increase to 1.25% at next week's meeting, and the pace of rate hikes may also accelerate from once every six months to once per quarter. The depreciation of the yen and rising oil prices, pushing up inflation, are key drivers of this policy shift, but internal disagreements within the central bank remain regarding the path of rate hikes.

U.S. Treasury Secretary Bessen issued his most direct warning to date regarding the dollar/yen exchange rate, hinting at active intervention. The yen appreciated slightly by 0.2% to 153.65 against the dollar on Wednesday. A Goldman Sachs trading desk chief pointed out that the rollover of yen carry trades could exert implicit pressure on U.S. stocks.

Apple's first foldable iPhone is here! Starting at 16,000 RMB in China, the Duo and iPhone 18 Pro feature the A20 Pro chip . This launch event marked the first "main event" for new CEO Ben Tenus. The foldable iPhone Duo has a 7.6-inch inner screen, is the thinnest iPhone when unfolded, and supports Apple Pencil, starting at $1999. The iPhone 18 Pro features a new Siri, a 48MP main camera with a variable aperture for the first time, and the A20 Pro chip uses a 2nm process and a 32-core NPU. The Apple Watch Series 12 starts at $399, and AirPods 5 starts at $129.

- Apple unveils foldable iPhone; analysts are optimistic about its potential but warn of profit margin risks : Bloomberg Intelligence predicts that iPhone Duo sales will reach approximately 14 million units in its first year, with potential sales of $28 billion, but the Pro series is expected to grow at a lower rate, with significant pressure on profit margins amid rising supply chain costs.

Meta launched its personal AI assistant, Muse, which can autonomously send emails, sell goods, and book trips on behalf of users. Zuckerberg positioned it as Meta's biggest business opportunity , viewing it as a major bet by Meta in the personal AI assistant arena. Driven by this news, Meta's stock price surged over 6% that day, becoming the biggest support for the index.

Amazon is betting heavily on Qualcomm's AI chips! A purchase of up to $60 billion is tied to 25 million stock warrants . The two companies will collaborate on multiple generations of customized AI inference chips and jointly develop optical interconnect solutions with speeds extending to 1.6T and higher to meet AWS's continuously expanding AI infrastructure needs. Qualcomm's chip orders over the next ten years could reach up to $60 billion, and it will issue up to 25 million stock warrants to Amazon, deepening the synergy between the two companies.

- Amazon partners with Qualcomm, marking the beginning of the end of the "Nvidia single-center era" for AI computing power : The collaboration between Amazon and Qualcomm signifies the evolution of AI computing power procurement from a single Nvidia center to a multi-supplier structure.

Copper prices in London and New York both hit record highs! The surge was driven by tariff expectations and supply shortages , with copper prices simultaneously breaking historical records in both markets, reaching $14,858.5 per tonne and $6.894 per pound, respectively. Tariff expectations have driven hundreds of thousands of tons of copper into the US, exacerbating the physical supply shortage in London. Meanwhile, the output growth of aging mines is struggling to keep pace with the consumption growth driven by data centers, renewable energy, and grid expansion.

- Copper prices hit new highs as global copper mine supply expectations weaken: Morgan Stanley lowers production growth forecasts, output may see its first annual decline since 2017 : Morgan Stanley has lowered its global copper mine supply growth forecast to be basically flat or even down. The logic behind the record high copper prices is shifting from short-term "buying frenzy" to a combination of tight supply and demand growth.

Novartis shares plummeted nearly 10% in a week after three failed trials, marking its biggest single-day drop since March 2020. The Swiss pharmaceutical giant suffered three clinical setbacks within a week, including the failure of its core drug candidate del-desiran in Phase III trials, casting doubt on the value of its $12 billion acquisition by Avidity. European shares fell more than 9%. Analysts believe the pipeline pressure may weaken Novartis' medium- to long-term growth prospects, and its acquisition capabilities will face more rigorous scrutiny.

The EIA has significantly raised its oil price forecast: Brent crude oil is expected to average $91 per barrel in 2026, with supply disruptions exceeding expectations . The U.S. Energy Information Administration projects the average spot price of Brent crude oil to be $91 per barrel in 2026 and $74 per barrel in 2027, an increase of $4 and $5 respectively from previous forecasts. It also expects the average production shutdown in the fourth quarter to be approximately 5.7 million barrels per day, and global inventories to continue to decline.

European natural gas prices have surged over 75% in two months, with inventories hitting a 15-year low! Russia warns that prices are "far from peaking," with benchmark European natural gas futures prices breaking through €80 per megawatt-hour for the first time since 2023. Russian Presidential Press Secretary Dmitry Peskov stated that even at the fastest pace, Europe cannot complete its natural gas replenishment before winter, calling Europe's abandonment of Russian gas due to political factors "self-inflicted suffering."

- Europe's Gas Gamble: Lowest Inventory in 15 Years, Preferring a Warm Winter to Buy Gas at High Prices : European gas inventories have fallen to 67%, the lowest level in 15 years, but the EU and Germany, among other countries, have proactively abandoned replenishing their stocks at high prices to avoid repeating the huge losses suffered from stockpiling gas at high prices in 2022.

The World Gold Council reported that global gold ETFs saw net inflows of $18 billion in August, marking the second-largest monthly inflow on record . Holdings reached a record high of 4,189 tons, with US and European funds contributing approximately 90% of the total. This was primarily driven by pressure on US Treasury bonds, tax concerns, and a weaker dollar. Daily global gold trading volume surged to $430 billion that month, indicating a significant increase in bullish sentiment.

Google has announced a €13 billion investment in Finland to build at least three new data centers . Alphabet, Google's parent company, plans to invest at least €13 billion in Finland over the next two years to build new data centers and expand existing facilities in Hamina, marking its largest single investment in Europe. The project will leverage Finland's carbon-free energy and power grid advantages, and will include wind power, energy storage, and waste heat recovery facilities.

The U.S. 30-year mortgage rate rose to 6.85%, a more than one-year high . Since the outbreak of the U.S.-Iran conflict, the rate on 30-year fixed mortgage contracts has increased by a cumulative 75 basis points, mainly due to rising energy prices pushing up inflationary pressures. The MBA refinancing index fell 6.2% last week, hitting its lowest level since May 2025, while the homebuying index declined slightly by 0.2% from the previous week.

OpenAI is deepening its collaboration with Samsung to advance next-generation chip development . The partnership has expanded from supplying HBM4 memory to exploring foundry and packaging capabilities. As of the end of August, the number of ChatGPT enterprise users among South Korean companies and institutions had increased approximately 28 times compared to a year ago, making Samsung one of the largest global enterprise deployments.

Yellen and nearly 50 other economists have co-signed a statement arguing that Trump's use of the "balance of payments" clause to impose global tariffs is an overreach of his authority . The former U.S. Treasury Secretary, Janet Yellen, along with nearly 50 economists and former bipartisan government officials, submitted a court opinion warning that accepting the government's interpretation would grant the president "unchecked power." The Trump administration believes the president has the authority to unilaterally declare the deficit "serious" and impose tariffs globally based on that claim.

Canada's $20 billion retaliatory tariffs on US goods have taken effect. Prime Minister Carney stated that while not seeking an escalation of the trade war, Canada aims to accelerate its efforts to reduce dependence on the US . The tariffs have officially been implemented. Carney mobilized the nation to unite in the fight against the US-Canada trade war, stating that in the next six months, the number of people covered by tariff-free trade will double to 3 billion. He also pledged to accelerate large-scale infrastructure projects and expedite the reduction of dependence on the US.

Selected Views

JPMorgan Chase: "Currency devaluation trading" is a mistake; don't rush to short the dollar. Declining purchasing power benefits hard assets like gold, but this doesn't necessarily mean the dollar will collapse. Currently, the dollar's real yield and interest rate advantage are at multi-decade highs, and its valuation is relatively low compared to its fair value. Directly shorting the dollar is unwise. A better strategy is to go long on the dollar and short low-yielding currencies that are sensitive to economic cycles, with the Japanese yen being a major exception.

Deutsche Bank: The global bond sell-off is not a "fiscal apocalypse," but merely the end of a decade-long era of "financial repression." The continued rise in global bond yields is more a result of interest rate normalization driven by the exit of quantitative easing, increased government bond supply, and a rise in the inflation center, rather than a harbinger of a fiscal crisis. As yields return to more normal levels, bonds regain their stable interest income and risk buffering function, and investors' resilience to future market shocks also increases.

Roubini: AI is not a bubble; the real danger lies in these four things. Tech giants' continued investment in AI infrastructure and the resulting expectations of increased productivity have provided solid support for the market, but he warned of four major macroeconomic risks: a blockade of the Strait of Hormuz, an escalation of the war with Iran, rising global bond yields, and a potential stock market correction.

Goldman Sachs: Don't just focus on CPI; two major AI catalysts are more important in the coming week, potentially triggering a "right-tail" rally in US stocks. The upcoming launch of OpenAI Astra and the Goldman Sachs Communacopia+ technology conference are catalysts, while hedge fund net leverage has fallen to a one-year low and semiconductor volatility has halved, indicating the market is underestimating risks. Goldman Sachs is bullish on AI capital expenditure and recommends going long on broad-based AI and hedging against non-AI S&P 500.

Industry/Concept

1. DeepSeek Concept Stocks | According to the Shanghai Securities News, DeepSeek plans to officially release its V4.1 Flash model around September 10, 2026 (Beijing time). After extensive internal and external testing, V4.1 Flash has surpassed V4 Pro in performance, cost, speed, and total processing time. After the official launch of V4.1 Flash and before the launch of V4.1 Pro, DeepSeek will route all requests to V4 Pro to V4.1 Flash and charge based on the V4.1 Flash unit price.

Commentary: Huatai Securities believes that DeepSeek is expected to boost the collaborative atmosphere of the entire open-source community, enabling more open-source models to "stand on the shoulders of giants" and accelerate iteration. A research report from CITIC Securities points out that the release of DeepSeek's new generation of models signifies that the application of large AI models will gradually become more widespread, helping to facilitate the widespread implementation of AI applications.

2. Robots | According to the Shanghai Securities News, on September 9, JD Logistics released five new "wolf" robot products and technologies, including "Mother Wolf" for 24/7 unmanned pharmacy automation, "Smart Wolf" low-temperature version for cold chain scenarios, "Warehouse Wolf" new embodied picking robot, "Lone Wolf" sixth-generation intelligent delivery vehicle Plus version with L4 level autonomous driving capabilities, "Flying Wolf" L05, the industry's first logistics drone supporting fully unmanned operation, and "Different Wolf" embodied dexterous arm for large-scale application in sorting scenarios.

Commentary: Huatai Securities stated that as the capabilities of humanoid robots mature, the focus of industry competition is shifting from hardware to scenario development and ecosystem division of labor; Dongwu Securities released a research report stating that with technological breakthroughs in large-scale models, the market size of embodied intelligence is expected to gradually increase, reaching 632.8 billion yuan in 2027.

3. Foldable Screen | According to the Shanghai Securities News, Apple's annual iPhone product launch event will be held at 1:00 AM Beijing time on Thursday (September 10th). This will also be the first event since John Ternus, the new CEO of Apple, took the helm. Apple's first foldable screen phone (commonly known as the iPhone Ultra/iPhone Fold) will be unveiled at this event. The phone adopts a book-style inward folding design, features a 7.8-inch inner screen, and is powered by the A20 Pro chip. The overseas starting price is expected to be $2,000, while the estimated price in China is around 15,000 yuan, marking Apple's official entry into the foldable screen market.

Commentary: Guojin Securities' research report believes that Apple's entry into the foldable screen market and its raising of industry standards through high-end designs such as "crease-free" screens and titanium alloy hinges will significantly expand the foldable screen market size, attract mainstream consumers to accept this form factor, and drive the recovery and growth of the global foldable screen market.

4. Dyes | According to the China Securities Journal, the prices of major dye products continued to rise in September. The price of mainstream reactive brilliant blue rose from 250,000 yuan/ton to 300,000 yuan/ton, compared to approximately 200,000 yuan/ton in July. The price of disperse black increased from 30,000 yuan/ton in early September to 33,000 yuan/ton. Currently, disperse dye prices are at a historically moderately high level, while reactive dye prices are at a historically high level.

Commentary: The recent price increase of m-phenylenediamine, a core intermediate in dye production, suggests a clearer recovery outlook for the downstream dye market. Given that dye prices are currently at historical lows, coupled with clear signs of recovery in the chemical industry, downstream restocking intentions are strengthening, and a strong restocking cycle for dyes is expected.

5. Innovative Drugs | According to the China Securities Journal, the research team led by Zhang Zhiye at the Institute of Medical Biology, Chinese Academy of Medical Sciences, has designed a simple branched dendritic antibacterial molecule through continuous research, providing new ideas for the development of novel antibacterial drugs. Experiments have confirmed that this achievement has a strong and broad-spectrum killing ability against multidrug-resistant bacteria and has high application potential in the treatment of chronic and recurrent bacterial infections.

Commentary: The antimicrobial drug market has a large base and maintains stable growth driven by factors such as an aging population, rising bacterial infection rates, and improved healthcare accessibility. Currently, the market exhibits characteristics of "low-end market consolidation and high-end market expansion." Traditional broad-spectrum antibiotics and other homogeneous products are facing pressure from centralized procurement, significantly compressing their profit margins. Meanwhile, innovative products targeting multidrug-resistant (MDR) infections, as well as novel narrow-spectrum and targeted antibiotics, still possess clear premium pricing potential and growth prospects due to their high clinical value. As a populous country and a major user of antimicrobial drugs, China has a solid market foundation, with its current market size consistently exceeding 100 billion yuan.

6. Supercapacitors | According to the China Securities Journal, lithium-ion capacitors have significant application potential in low-temperature, high-power energy storage scenarios. Recently, a team led by Ma Yanwei, a researcher at the Institute of Electrical Engineering, Chinese Academy of Sciences, proposed a "solvent-based deshielding electrolyte" design strategy. Research shows that all-carbon lithium-ion capacitors prepared using this solvation-based deshielding electrolyte maintain excellent energy output performance at -40℃, achieving an energy density of 106.8 Wh/kg based on electrode material mass, which is 8.9 times that of traditional carbonate-based electrolytes. This research overcomes the bottleneck of sluggish interfacial reaction kinetics caused by strong solvation shielding in low-temperature lithium-ion capacitors, providing a new solution for developing low-temperature, high-energy, and highly stable lithium-ion capacitors.

Today's Focus

China

The State Council Information Office held a press conference on the construction of a financial powerhouse during the 15th Five-Year Plan period. Lu Lei, Vice Governor of the People's Bank of China, Cong Lin, Vice Director of the State Financial Regulatory Commission, Li Chao, Vice Chairman of the China Securities Regulatory Commission, and Li Bin, Vice Director of the State Administration of Foreign Exchange, introduced the situation and answered questions from reporters.

TSMC released its revenue report for August 2026.

DeepSeek plans to officially release the V4.1 Flash model.

overseas

The European Central Bank announced its interest rate decision, with the market widely expecting a 25 basis point rate hike and a rise in the deposit facility rate to 2.5%. President Lagarde then held a press conference.

The US released its August PPI data, with the market expecting a year-on-year increase of 5.3% and a month-on-month increase of 0.4%. This, along with the CPI data released the following day, will influence the direction of the Federal Reserve's interest rate decision in September.

The U.S. released its initial jobless claims figures for the week ending September 5, with the market expecting 205,000.

The EIA releases its monthly Short-Term Energy Outlook report, and OPEC releases its monthly Oil Market Report.

Risk Warning and DisclaimerInvesting involves risk; please exercise caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment decisions made based on this information are at your own risk.