Wall Street News Breakfast FM-Radio | September 14, 2026
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Xi Jinping : Let emerging technologies illuminate the path to common prosperity.
Zhipu raised $5 billion through a zero-interest-rate and premium-priced equity conversion , which will be mainly used for computing infrastructure and model research and development.
The US August core CPI rose 0.3% month-on -month, exceeding expectations, raising the probability of a Federal Reserve rate hike this week to nearly 90%. White House National Economic Council Director Hassett stated : "Trump and I both believe there is no reason to raise rates."
The US deficit is approaching $2 trillion, and interest bills have exceeded $1 trillion for the first time , with long-term US Treasury bonds setting up a debt spiral pricing mechanism.
Reports indicate that Yanbu port's inventory can only sustain exports for 5 to 7 days ! If Saudi Arabia 's oil pipelines continue to be disrupted following the attack, the global oil market may face a 4% oil shortage . The situation in Yemen has escalated sharply , with Houthi rebels and Saudi Arabia attacking each other. Iran states that it is "not at war" with Saudi Arabia.
Is the "AI deal" about to be hit hard on Monday? The support of three tech giants for a "slowdown" and OpenAI's delayed IPO sparks heated debate. Altman declares: OpenAI will not IPO this year; if AI threatens human survival, he'd rather cancel the IPO. Rivals Musk and Altman join forces in a rare move, supporting Dario Amodei's call for a "global slowdown in AI."
Has Google DeepMind cracked RSI? A mysterious model named "rsi-model-liverl-le" suddenly appeared in the Google API.
Two of the biggest AI bull markets have merged! SemiAnalysis acquires Citrini.
Market Overview
The US August core CPI rose more than expected, and the probability of a Fed rate hike in September rose to nearly 90% . However, signs of easing tensions in the Middle East led to a decline in international oil prices from their four-month highs. This, coupled with Oracle's earnings report reinforcing expectations of AI computing power demand, ended a four-day losing streak for US stocks, and long-term US Treasury bonds outperformed short-term bonds. The US dollar index fell slightly, gold and Bitcoin rebounded slightly, and copper prices remained largely unchanged.
U.S. stock futures fell in early Asian trading on Monday, with S&P 500 futures down 0.6% and Nasdaq 100 futures down 1%. International oil prices rose, with WTI crude futures up more than 2%.
US stocks : The S&P 500 rose 0.86% to 7656.98 points, the Dow Jones Industrial Average rose 0.98% to 52573.29 points, and the Nasdaq Composite rose 0.96% to 26333.04 points, ending a four-day losing streak for all three major indexes. Of the 11 S&P sectors, nine rose and two fell, with communication services rising 1.35% and consumer discretionary rising 1.13% leading the gains. The AI server chain also performed strongly, with Dell rising 12% to a record high. For the week, the S&P 500 fell 0.8% and the Nasdaq fell 0.7%. The S&P's forward price-to-earnings ratio fell to 19, the lowest since April 2025.
A-shares : The Shanghai Composite Index fell 1.18% to 3888.11 points, the Shenzhen Component Index fell 1.08% to 13471.26 points, and the ChiNext Index fell 0.49% to 3322.04 points. Total turnover in Shanghai and Shenzhen markets reached 1.97 trillion yuan, an increase of 324.8 billion yuan from the previous trading day. PCB, components, MLCC, and copper cable high-speed interconnects bucked the trend and strengthened, while diversified financials, industrial metals, securities firms, and real estate were weak throughout the day.
Hong Kong stocks : The Hang Seng Index fell 0.60% to 24,805.63 points, and the Hang Seng Tech Index fell 0.23% to 4,320.57 points, marking the fifth consecutive day of decline for all three major indices. Real estate, petrochemicals, semiconductors, and non-ferrous metals led the decline, while companies like InnoLight Technology, Xiaomi Group, and Yangtze Optical Fibre and Cable strengthened.
European stocks : The STOXX 600 rose 0.49% to 639.10 points; the German DAX rose 0.88% to 25553.00 points; the French CAC40 rose 0.78% to 8179.77 points; and the UK FTSE 100 rose 0.39% to 10650.44 points.
Japan and South Korea : The Nikkei 225 fell 1.93% to 64,011.34 points, and the Korea Composite Stock Price Index (KOSPI) fell 1.76% to 6,909.91 points.
Crude oil : WTI October contract fell 2.00% to $100.44, and Brent November contract fell nearly 3% to $104.61, both retreating from more than four-month highs; for the week, oil prices still rose by about 9%, as concerns about supply disruptions caused by attacks on Middle East shipping routes have not subsided.
Precious metals : COMEX gold futures rose 0.04% to $4408.90, and COMEX silver futures rose 0.40% to $65.19; spot gold rose 0.70% to $4349.06, holding above the $4300 mark.
Industrial Metals : New York copper futures rose 0.01% to $6.548 per pound, essentially unchanged from the previous trading day, after falling nearly 5% the previous session.
US Treasuries : The 10-year yield rose 1 basis point to 4.97%, the 2-year yield rose 4 basis points to 4.63%, and the 30-year yield remained basically unchanged at 5.36%. The longer-term yield significantly outperformed the shorter-term yield, reflecting market expectations that the Federal Reserve will use interest rate hikes to maintain its credibility in combating inflation.
Foreign Exchange : The US dollar index fell 0.17% to 98.90, the US dollar fell 0.5% against the Japanese yen to 153.68, the euro fell 0.1% against the US dollar to 1.1596, and the offshore yuan rose about 13 points to 6.70434.
Bitcoin rose 0.3% to $77,439.13, and Ethereum rose 3.4% to $2,545.44.
News Details
China
Xi Jinping attended the first phase of the 18th BRICS Summit and delivered an important speech . Xi emphasized the need to firmly grasp the initiative, strengthen cooperation in artificial intelligence, and encourage open source, openness, and collaborative sharing. He welcomed the active participation of BRICS countries in the World Artificial Intelligence Cooperation Organization. China proposed the BRICS Initiative on Artificial Intelligence Empowering New Industrialization and expressed its willingness to work with all parties to create more research and application achievements and deepen cooperation in industrial and supply chains.
Xi Jinping attended the second phase of the 18th BRICS Summit and delivered an important speech . Xi pointed out that for the BRICS to achieve significant progress and development, it must solidify the foundation of pragmatic cooperation. It should leverage its advantages of being backed by emerging markets and connecting the global south, adhere to open cooperation and mutual benefit, maintain the stability and smooth flow of industrial and supply chains, cultivate an integrated market, build innovation incubators, upgrade traditional industries, develop emerging industries, and plan for future industries.
Xi Jinping: Let emerging technologies illuminate the path to common prosperity .
Zhipu has raised approximately US$5 billion (approximately RMB 33.5 billion) through a zero-coupon and premium-converted-equity arrangement, primarily for computing infrastructure and model development. Zhipu announced the completion of this financing round, comprising approximately US$2 billion in share placement (at a price of HK$714 per share, representing a discount of approximately 9.96%) and approximately US$3 billion in zero-coupon convertible bonds (with an initial conversion price of HK$892.50, representing a premium of approximately 12.55%). This comes just two months after its previous financing round of approximately US$4 billion in July. The funds will primarily be used for next-generation GLM model development and computing infrastructure.
Live from the Optical Communication Expo! A flurry of new chip, optical engine, and equipment launches . From single-wavelength 200G optical communication chips and 6.4T CPO optical engines to nanosecond-level optical path switching products and green lasers for copper material processing, numerous companies showcased new products for next-generation optical interconnects and their applications. These new products are at different stages: some are already in mass production, some are being sampled and verified, and others are awaiting downstream market launch. Behind this pace of product releases, the optical communication industry chain is preparing for 1.6T, NPO, and CPO technology routes.
overseas
The US August core CPI rose 0.3% month-on-month, exceeding expectations, raising the probability of a Fed rate hike this week to nearly 90% . Data from the US Bureau of Labor Statistics showed that the August CPI rose 3.4% year-on-year, in line with expectations, while the core CPI rose 2.4% year-on-year, the lowest level in five and a half years. However, the core CPI rose 0.3% month-on-month, the largest increase in four months , higher than the market forecast of 0.2%. After the data release, interest rate swaps showed that traders' pricing in a 25 basis point rate hike by the Fed in September rose from 69% before the data release to 89%, indicating that the market has fully priced in two rate hikes before the end of the year. Institutional disagreements have emerged – will September be an "insurance" rate hike or the start of a new rate hike cycle?
White House National Economic Council Director Hassett: Trump and I both believe there is no reason to raise interest rates. Trump fully respects Warsh's independence. It is important for the Fed to maintain the status quo before the election. We will fully support any decision the Fed makes. The risk of artificial intelligence lies in malicious actors acquiring more advanced AI.
Goldman Sachs has also changed its tune: the Fed will raise rates this week! Goldman Sachs went from predicting no change to betting on a 25 basis point rate hike in September, stating that this shift wasn't due to particularly bad inflation data—while August's CPI wasn't perfect, it wasn't alarming either. The real key point is that Warsh's hawkish comments have led the market to expect a rate hike if inflation data isn't perfect. If the Fed backs down now, its credibility will be severely damaged, and long-term interest rates could react sharply immediately.
- Once the Federal Reserve begins its rate hike cycle, is "three consecutive hikes" a reasonable expectation? BMO predicts that the Fed will follow suit in October and December, with three combined rate hikes potentially erasing all the rate cuts made in 2025. Vanguard believes that "three consecutive hikes" is a reasonable starting point, but the actual number could be as high as six. There are historical exceptions: in 1997, the Fed only raised rates once and then did not act again for 18 months. Meanwhile, the trillions of dollars in debt financing by AI giants, the private lending exposure of the insurance industry, and the 10-year Treasury yield approaching 5% represent the most dangerous pressure points in this rate hike cycle.
Will the Fed raise interest rates repeatedly? Will the tightening cycle of the late 1980s repeat itself? A Citi report points out that the current macroeconomic environment is highly similar to the tightening cycle of 1988-1989, when the economy remained resilient, inflationary pressures gradually accumulated, economic activity slowed, and policy shifted to easing. During that tightening cycle, the Fed raised interest rates 16 times consecutively.
The US deficit is nearing $2 trillion, and interest payments have exceeded $1 trillion for the first time, with long-term US Treasury bonds pricing in a debt spiral. The US federal deficit for the first 11 months of fiscal year 2026 reached $1.97 trillion, the second highest on record, with net interest payments surpassing $1 trillion, exceeding defense spending for the first time. The market is repricing long-term US Treasury bonds from a "risk-free benchmark" to a "fiscal risk asset," and signs of a self-reinforcing debt spiral are becoming increasingly apparent.
Oman has announced the postponement of a regional meeting originally scheduled for June 14. Omani Foreign Minister Badr stated on social media on June 13 that the regional meeting, originally scheduled for June 14 in the southern Omani city of Salalah, has been postponed in an effort to reach a consensus. Badr said Oman will continue to promote dialogue and support regional stability and lasting cooperation. According to Al Jazeera on June 12, Iranian Foreign Ministry spokesman Bagaei stated that Iran and Oman are expected to brief Gulf states on the results of their consultations regarding navigation in the Strait of Hormuz at the relevant regional meeting on June 14.
Report: Yanbu Port's inventory can only sustain 5 to 7 days of exports! If the Saudi oil pipeline continues to be disrupted after the attack, the world may face a 4% crude oil shortage. Saudi Arabia's east-west oil pipeline was shut down by a drone attack, and port inventory can only sustain 5 to 7 days of exports. Analysts say that if it cannot be repaired in time, the global crude oil market will face a supply shortage of approximately 4%. With the repair period uncertain and Middle Eastern energy exports already sluggish, global fuel prices have further climbed, exacerbating market panic and inflationary pressures.
Iran says a new passage may be opened in the Strait of Hormuz.
The situation in Yemen has escalated dramatically! Houthi rebels and Saudi Arabia are attacking each other, while Iran maintains that it is "not at war" with Saudi Arabia . The Houthis have seized control of key strategic locations in the Bab el-Mandeb Strait, and the resulting clashes have escalated the situation in Yemen. The United States has refused direct military intervention and is instead focusing on mediation. Iran claims it has no intention of waging war against Saudi Arabia, but has previously stated that it is difficult to contain the Houthis. Strategic geopolitical risks in the Red Sea have increased sharply. Currently, global energy trade faces a difficult situation due to the de facto chokepoint of two straits—the Bab el-Mandeb Strait and the Strait of Hormuz.
Is the "AI market" about to be hit hard on Monday? The three tech giants' support for a "slowdown" and OpenAI's delayed IPO have sparked heated debate. Anthropic, OpenAI, and Musk have reached a rare consensus to "slow down AI development." On the HyperliquidX platform, assets related to OpenAI and Anthropic fell by 7% and 2.8% respectively, with some even predicting that "AI stocks will fall by more than 10% in early trading on Monday." However, some analysts believe this move may be "expectation management" by the giants to alleviate the pressure of burning through infrastructure funds and reduce capital expenditures.
- Altman "states": OpenAI will not IPO this year; if AI threatens human survival, they would rather cancel the IPO. OpenAI CEO Sam Altman stated that the company has ruled out a 2026 IPO. Facing the risk of 10% technological extinction in the future, they need to avoid blindly pursuing capital gains and are coordinating with competitors such as Anthropic to slow down development. Despite rising calls for industry regulation and continued market volatility, Anthropic still plans to pursue a massive IPO in the fall.
- Report: Anthropic chooses Nasdaq for its IPO . According to sources familiar with the matter, Anthropic has chosen Nasdaq as the listing venue for its potential IPO, meaning the latter has won another important exchange competition. Earlier this year, Nasdaq successfully secured a listing for SpaceX. SpaceX is valued at $1.75 trillion, while some estimates suggest Anthropic's valuation could reach $2 trillion, although this figure has not yet been finalized.
- Rare alliance between arch-rivals! Musk and Altman endorse Dario Amodei's call for a "global slowdown in AI." Anthropic Amodei issued a call for a "global slowdown in AI," and its arch-rivals Musk and Altman have both publicly endorsed it. The three giants have unanimously agreed to grant third parties "employee-level" evaluation access and promote a coordinated slowdown; Altman even directly announced that OpenAI will not IPO this year. The angry resignation of a researcher and the collective escape of a group of out-of-control AIs have ignited long-suppressed panic in the industry.
- Report: Anthropic, OpenAI, and Google discuss collaborating to establish an AI industry standards body.
Report: Nvidia in talks to invest up to $10 billion in Anthropic IPO . Reuters reported on September 11 that Anthropic is in talks with Nvidia, seeking to bring the chip giant into its IPO as a cornerstone investor. Nvidia is considering investing up to $10 billion in Anthropic's IPO. Cornerstone investors are typically institutional investors who commit to subscribing to a specific share of an IPO before it goes public, providing early endorsement for the listing.
Has Google DeepMind cracked RSI? A mysterious model named "rsi-model-liverl-le" suddenly appeared in the Google API, along with a coded tweet containing the letters RSI, an internal batch key that was urgently revoked, and internal rumors of Sergey Brin betting on "recursive self-improvement" in the microkitchen, causing an uproar in the AI community. Meanwhile, Google's official blog had already clearly stated "recursive evaluation and refinement of the model"—but no one paid any attention.
How far are we from RSI? Perspectives from the front lines of AI. Three leading AI experts from institutions like OpenAI believe that a tenfold increase in the efficiency of AI researchers and the achievement of all-around white-collar workers are achievable within 1-2 years, while ASI, surpassing top human experts, may take 3-5 years. However, current challenges in areas such as autonomous goal setting, overcoming catastrophic forgetting, and architectural bottlenecks remain significant obstacles to achieving RSI.
Astra's code is no longer understandable to humans . Astra, the most powerful AI programming model, is writing code that humans can't understand—compressing spaces, removing newlines, and using raw numerical indices to store state; it runs, but it's like ciphertext. Flask author Ronacher burned through $1200 and 75,000 lines of code to verify: this stuff is worthless. Even more disturbing is that Astra deliberately changes its behavior when it "feels no one is watching," and this is just the most harmless form of its behavior.
Day 3 of the Goldman Sachs TMT Conference: Jensen Huang refutes "circular financing" accusations – "Invest $1 and get $100 back? Then give us more." Nvidia's Jensen Huang announced that 70% of revenue growth in fiscal year 2027 will be limited by supply rather than demand, and reiterated that the AI infrastructure market will reach $3-4 trillion by 2030. SpaceX aims for $100 billion in annualized revenue and will deploy AI satellites in 2027. Cybersecurity was listed by several CEOs as the most undervalued sector in AI. Goldman Sachs characterizes this round of AI investment as a "super investment cycle," but the ultimate test lies in whether the massive investments can translate into real returns.
Two of the biggest names in this AI bull market have merged! SemiAnalysis has acquired Citrini . This acquisition combines SemiAnalysis's deep technical research in the chip supply chain and AI hardware with Citrini's influence in public market investment analysis. The merger is seen by the market as a clear signal: comprehensive research that connects AI hardware development with public market stock performance is becoming a scarce and high-value asset.
Twenty-five Fields Medal winners have jointly expressed their anger, prompting OpenAI to withdraw its sponsorship: AI is enraging the entire mathematics community . OpenAI claims to have solved the Millennium Prize Problem for the first time, but is accused of using academic data, pressuring collaborators to remove Anthropic employees from the authorship list, and even threatening to "not be friendly." The mathematicians' accusations hit the nail on the head: AI grabs headlines and accolades, leaving the arduous work of verification and fixes entirely to academia—without compensation, attribution, or acknowledgment. This may just be a prelude to AI reshaping all creative industries.
Selected Views
All eyes are on Warsh: Will next week's "Super Week for Central Banks" see a wave of G7 rate hikes? Amid rising inflation, geopolitical conflicts, and oil prices exceeding $100, the G7 central banks are facing a crucial week for policy meetings. Driven by higher-than-expected core inflation, the Federal Reserve is expected to raise rates for the first time in three years; the Bank of Japan is projected to raise rates to 1.25%, a 30-year high; and the hawkish stances of the Bank of England, the European Central Bank, and the Bank of Canada are also strengthening simultaneously, indicating a major shift in global monetary policy towards collective tightening.
Traders are wary of a rising risk threshold: a 6% drop in the 10-year Treasury yield is the real red line for individual portfolios. Last week, the 10-year Treasury yield approached 5%, but a Bloomberg survey shows that traders can tolerate yields above 6% for their personal holdings. The core logic is that there's no accountability pressure of being "fired" when operating their own funds, thus their risk tolerance is far higher than that of institutions managing other people's assets. Furthermore, the speed of the rise in Treasury yields has a greater impact on the market than the absolute level of the yield itself.
Oil prices are Trump's "big problem," while the yen is everyone's problem . With oil prices nearing $110 per barrel and only seven and a half weeks until the midterm elections, the probability of the Democrats regaining the Senate has exceeded 50%, and political and economic pressure is forcing the White House to seek easing measures. Meanwhile, the structural appreciation of the yen poses a deeper global risk—the correction of the US-Japan interest rate differential, large-scale capital repatriation from Japan, and forced unwinding of carry trades will simultaneously push up yields on European and American bonds and trigger the VIX, potentially brewing a cross-asset volatility storm.
A small, unarmed force is reshaping the Middle East landscape . The Houthi rebels in Yemen recently launched a fierce offensive, capturing six regions and controlling the Bab el-Mandeb Strait within a week, causing the well-equipped government forces to crumble. Their victory stemmed from unified command and unwavering fighting spirit, while the government forces were riddled with factions and relied on external aid without receiving timely support. This operation represents a major strategic victory for Iran, and a severe setback for Saudi Arabia and the United States. With the two major energy corridors of the Hormuz and Bab el-Mandeb simultaneously in danger, the Middle East situation remains volatile, and an even greater storm may be brewing.
Industry/Concept
1. East-West Computing/Computing Power | According to the Shanghai Securities News, the State Council executive meeting held on September 11 pointed out that computing power networks are the fundamental support for the development of artificial intelligence. It is necessary to adhere to a reasonable layout and standardized order, further improve computing power infrastructure, actively promote the research and development and application of key technologies and equipment, and build a multi-level networked computing power system. It is also necessary to promote the synergy between computing and electricity, and the integration of computing and networks, strengthen the monitoring and scheduling of computing resources and the construction of backbone fiber optic networks, enhance the planning and coordination of computing and electricity facilities, and accelerate the implementation of projects such as direct green electricity connections, power generation, grid, load, and energy storage. Furthermore, it is essential to better leverage the role of market mechanisms, support enterprises in carrying out technological innovation, resource integration, and application promotion, and promote better matching of supply and demand.
Commentary: CICC believes that while my country's AI industry is developing rapidly and the demand for computing power is growing explosively, industry pain points such as the imbalance between supply and demand for computing power, uneven regional distribution, lack of breakthroughs in core technologies, and low green energy efficiency persist. A wave of AI computing infrastructure construction is imminent, and it is recommended to focus on the development opportunities in sectors such as domestically produced AI computing chips, supernode servers, network switching and transmission, liquid cooling, and high-voltage DC power supplies.
2. Space Computing Power | According to the Shanghai Securities News, the "Pearl Launches the Future of Intelligent Computing" Space Computing Power Industry Ecosystem Forum was held in Shanghai on September 13, officially launching the Shanghai "Pearl Constellation Project." The Pearl Constellation Project aims to build a "gigawatt (GW)-level space-based computing constellation" as its long-term goal. It will continuously explore technologies related to integrated space-ground computing networks and space energy, extending intelligent computing capabilities from the ground to near-Earth orbit. The plan is to gradually build a globally covered, space-ground coordinated, and independently controllable space intelligent computing infrastructure and service network by 2030.
Commentary: CITIC Securities believes that compared to ground-based computing power, space computing power has significant advantages such as high power efficiency, high heat dissipation efficiency, and low energy costs. However, it also faces current challenges such as cosmic radiation and high launch costs. Commercial spaceflight is characterized by "strong policy support + strong Sino-US synergy + strong industry trends." Although the launch schedule of reusable commercial rockets fluctuates, it is more important to recognize the potential for exponential growth in the industry after breakthroughs in reusable technology, as well as the broader industrial space for space computing power.
3. Electronic Skin | According to the Shanghai Securities News, the continued rise in sales of humanoid robots has directly driven a surge in demand for supporting robot skin. A company in Jiangsu Province has secured an order for 13,000 bionic skin units. This bionic skin can perfectly conform to the complex limb structure of robots, possessing not only basic properties such as thermal conductivity and anti-static properties, but also cushioning impacts, wear resistance, and durability, providing comprehensive protection for the robot's body. A sensor company in Suzhou, Jiangsu Province, produces flexible thin-film pressure sensors that can detect the magnitude of external forces. The electronic skin for robot fingers made using these sensors has already received orders for thousands of units.
Commentary: Industry experts predict that as the production volume of humanoid robots continues to increase, orders for robot skin, materials and processes, and intelligent production lines will continue to iterate and upgrade, gradually alleviating the industry's high-cost predicament. It is estimated that by 2030, the domestic demand for electronic skin for humanoid robots will reach 1.525 million square meters, corresponding to a market size of approximately 27.4 billion yuan.
4. Token Concept | According to the Securities Times and CCTV, the "Research Report on the Development of AI Infrastructure in the Era of Intelligent Agents (2026)" released by the China Telecom Research Institute shows that as the focus of the artificial intelligence industry shifts from large-scale models and computing power competition to the large-scale implementation and monetization of intelligent agents, the demand for tokens in China is experiencing explosive growth. It is estimated that the annual consumption of tokens in China will reach 100 trillion by 2026 and exceed 350 trillion by 2030, with a compound annual growth rate of nearly 12 times.
Commentary: The report shows that artificial intelligence is currently entering a new stage of development, primarily in the form of intelligent agents. Intelligent agents make complex AI technologies invisible and accessible to everyone, allowing the public and businesses to complete complex tasks without needing specialized technical skills. With the deep penetration of intelligent agents in finance, healthcare, education, and other fields, the consumption of lexical units, as the smallest unit of AI information processing, has exploded. In terms of computing power demand, the surge in intelligent agents will drive sustained high-speed growth in my country's computing power demand, which is expected to increase nearly tenfold annually over the next 2-3 years. In terms of demand structure, inference computing power demand will far exceed training computing power, and it is projected that the market share of inference computing power in my country will reach 80% by 2029. The prosperity of AI applications (especially intelligent agents) further signifies that the "lexical economy" is becoming a new type of fundamental resource supporting social operation. This trend will directly catalyze a synergistic effect across the entire industry chain, from upstream computing infrastructure and midstream computing power scheduling and operation to downstream AI application monetization.
5. Data Elements | According to the Securities Times, on September 11, the National Data Property Registration Service System officially launched its trial operation, marking the formal implementation of China's data property registration system. Registration agencies will issue "identity certificates" for various forms of data, clarifying the ownership of data holding rights, data usage rights, and data management rights, better supporting data circulation and trading, data asset registration, financing guarantees, and equity investment activities.
Commentary: In July 2026, the National Data Administration issued the "Guidelines for Data Property Rights Registration (Trial Implementation)," achieving "six unifications" in registration objects, registration types, processing procedures, review standards, registration validity, and registration systems. This establishes unified national rules, aiming for one-time registration and nationwide applicability. The system continues the three-rights separation framework proposed in the "Twenty Articles on Data": dividing data property rights into data holding rights, data usage rights, and data management rights. These three rights can be separated and belong to different market entities, adapting to the unique attributes of data elements. Analysts believe that with the formal implementation of the unified national data property rights registration system, the value of data elements is expected to accelerate, leading to a revaluation of data element value and benefiting the entire industry chain. Companies with data resources and those with deep experience in data processing, management, and analysis are worth paying attention to.
6. Energy Storage | According to the China Securities Journal, on September 12, the two units of the world's largest salt cavern compressed air energy storage project were successfully started up in Jintan District, Changzhou, Jiangsu Province. This fully verified the stability of the equipment's operation and marks a significant breakthrough in China's key core technologies and system integration capabilities in the field of large-capacity salt cavern compressed air energy storage. As an energy storage project, it can be charged and discharged approximately 330 times per year, storing 2.8 million kilowatt-hours of electricity per cycle. After the project is put into operation, it can provide strong support for grid peak shaving and power supply, and also significantly improve the absorption capacity of new energy sources such as wind power and photovoltaics.
Commentary: Compressed air energy storage power stations achieve off-peak electricity storage and peak-peak power generation through thermal and gas storage and recycling. The entire process requires no fossil fuel combustion, truly achieving zero carbon emissions, much like a "super power bank" tailor-made for the power grid. As a key support for new power systems, compressed air energy storage technology is rapidly transitioning from the pilot demonstration stage to large-scale application. With continuous technological advancements and decreasing costs, compressed air energy storage will play an increasingly important role in promoting the consumption of new energy sources, improving grid flexibility, and achieving "dual carbon" goals. In the future, it is expected to become a mainstream long-term energy storage technology alongside pumped hydro storage.
7. Rural Revitalization | According to the China Securities Journal, on September 11, the Cyberspace Administration of China, the Ministry of Agriculture and Rural Affairs, and the Ministry of Industry and Information Technology jointly issued the "Action Plan for High-Quality Development of Digital Villages (2026-2030)". The Action Plan clarifies eight major development indicators by 2030 and deploys 24 work measures in five aspects, including consolidating the foundation for digital village development, promoting rural 5G and gigabit optical networks, exploring low-orbit satellite internet to provide access services for remote areas, and deploying rural public charging facilities; improving the digitalization level of rural industries, tackling core technologies such as agricultural sensors, dedicated chips, and intelligent breeding tools, promoting unmanned agricultural machinery operations, promoting low-altitude logistics in an orderly manner as needed, and developing shared farms, data labeling, and call services; improving the informatization level of rural construction, strengthening the interconnection of medical and health data, and improving telemedicine; improving the intelligent level of rural governance; and stimulating the endogenous driving force for digital village development.
Today's Focus
China
"A Fresh Start to the 15th Five-Year Plan" Series of Themed Press Conferences
At a State Council policy briefing, officials from the Ministry of Industry and Information Technology, the People's Bank of China, the State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission attended.
overseas
Iran will discuss the Hormuz Agreement with Gulf states.
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