Breakfast FM-Radio | September 1, 2025

Huajian Morning Voice

Market Overview

Last Friday, the tech stock sell-off weighed down the three major U.S. stock indices on the last trading day of August, but all still posted gains for the month. The Nasdaq fell over 1%, marking its second consecutive weekly decline, but it has risen for five months straight. The chip stock index and Nvidia both dropped over 3%. Tesla fell 3.50%, but gained over 8% in August. Oracle dropped nearly 6%.

The China concept stock index rose against the trend, closing up over 1%, with a cumulative gain of over 6% in August, marking four consecutive months of gains. Alibaba rose 13%, marking its largest single-day gain in nearly two and a half years.

Federal Reserve officials mentioned the prospect of interest rate cuts in September, the two-year U.S. Treasury yield hit a nearly four-month low, plunging over 30 basis points amid rising rate cut expectations in August.

After the U.S. PCE data, the dollar index hit a daily high before turning lower, approaching a three-week low; the offshore yuan once again broke through 7.12, reaching a nearly ten-month high, before retreating over a hundred points, still gaining nearly 500 points for the week; Bitcoin once fell over $5,000, dropping below the 108,000 mark, Ethereum fell over 5%, but still gained over 10% in August.

Gold rose for four consecutive days, with futures gold rising over 1%, setting a new historical high. Crude oil retreated, with U.S. oil falling over 6% in August, marking its first monthly decline in four months. Domestic futures markets closed mixed, with soda ash futures falling 2.08% in night trading, while caustic soda rose 1.24%.

During the Asian session, AH stocks closed out August, with the ChiNext soaring over 24%, the Hang Seng Index stabilizing above 25,000 points, and the new "stock king" Cambricon doubling, while Industrial Fulian's market value surpassed one trillion.

Key News

China Securities Regulatory Commission: Continuously consolidating the momentum of capital market stabilization and improvement, accelerating the promotion of a new round of capital market reform and opening up.

National Development and Reform Commission: Developing "Artificial Intelligence +" while firmly avoiding disorderly competition and a rush to enter the market, with the next 1-2 years being a critical window for the implementation of artificial intelligence.

China's official manufacturing PMI for August slightly rebounded to 49.4, with the new orders index rising to 49.5, and non-manufacturing accelerating expansion.

Li Chenggang, the international trade negotiation representative and deputy minister of the Ministry of Commerce, visited the U.S., holding talks with relevant officials from the U.S. government and representatives from the business community.

Ministry of Commerce: Firmly opposes the U.S. revoking the "Verified End User" (VEU) authorization for three semiconductor companies, including Samsung, in China.

U.S. appeals court ruled that most of Trump's global tariffs are illegal, but they remain in effect while the case is ongoing, giving the Trump administration time to appeal to the Supreme Court.

The U.S. core PCE price index for July rose year-on-year to 2.9%, in line with expectations, with tariff impacts still manageable

Trump VS Federal Reserve court battle begins, debating whether the dismissal is "justified", the board claims tweets cannot be used as a reason. FHFA Director initiates criminal referral regarding Cook's third mortgage.

Alibaba Q2 Non-GAAP net profit decreased by 18% year-on-year, cloud business revenue increased by 26%, Taobao flash sales boosted monthly active users by 25%; conference call: AI chip supply has a Plan B, reiterates capital expenditure of 380 billion, flash sales and instant retail are expected to bring 1 trillion in new transactions over the next three years; Alibaba's US stock rose 13%, marking the largest daily increase in nearly two and a half years; Alibaba Cloud denies purchasing Cambricon GPUs.

The Trump family's "core token" is here, trading starts on September 1, a trinity of "financial cornerstone, market game, and macro narrative."

Meituan launches open-source large model "Totoro," performance matches DeepSeek V3.1, also focusing on "computational power savings."

Media reports that Meta is considering using Google's Gemini or OpenAI's models in its AI; the schedule for the Connect conference has been announced, and Meta's first consumer-grade smart glasses may be coming soon.

Market Report

US and European Stock Markets: S&P 500 fell 0.64%, closing at 6460.26 points, Dow Jones fell 0.20%, closing at 45544.88 points, Nasdaq fell 1.15%, closing at 21455.552 points, with cumulative increases of 1.91%, 3.2%, and 1.58% in August, respectively. The European STOXX 600 index closed down 0.64%, at 550.14 points, with a cumulative increase of 0.74% in August.

A-shares: Shanghai Composite Index rose 0.37%, closing at 3857.93 points; Shenzhen Component Index rose 0.99%, closing at 12696.15 points; ChiNext Index rose 2.23%, closing at 2890.13 points.

Bond Market: By the end of the bond market, the yield on the US 10-year benchmark Treasury bond was about 4.23%, up about 3 basis points during the day, with a cumulative decrease of 14 basis points in August; the yield on the 2-year US Treasury bond was about 3.62%, down about 1 basis point during the day, with a cumulative decrease of 34 basis points in August.

Commodities: WTI October crude oil futures fell 0.91%, closing at $64.01 per barrel, with a cumulative decrease of about 6.1% in August. Brent October crude oil futures fell 0.73%, closing at $68.12 per barrel, with a cumulative decrease of about 5%. COMEX December gold futures rose 1.2%, closing at $3516.1 per ounce, with a cumulative increase of 5% in August.

News Details

Global Highlights

China Securities Regulatory Commission: Continuously consolidate the momentum of capital market stabilization and improvement, accelerate the promotion of a new round of capital market reform and opening up. Experts and scholars participating in the "14th Five-Year" capital market planning symposium proposed targeted and forward-looking opinions and suggestions. The main points include:

Improve the multi-level capital market system, further deepen institutional reforms, and enhance market functions; improve the quality and investment value of listed companies, accelerate the cultivation and growth of long-term capital, patient capital, and strategic capital, and promote more medium- and long-term funds to enter the market; further improve the legal system in key areas of the capital market such as stocks, bonds, derivatives, and cross-border supervision, perfect the multi-dimensional accountability system, and severely crack down on financial fraud, market manipulation, insider trading, and other illegal activities; steadily expand the high-level institutional opening of the capital market, optimize the Qualified Foreign Institutional Investor system, and support high-quality foreign enterprises to return to A-shares.

National Development and Reform Commission: Develop "Artificial Intelligence +" and resolutely avoid disorderly competition and a rush to enter, the next 1-2 years are a critical window period for the implementation of artificial intelligence. The NDRC emphasized that in terms of private investment, it is necessary to expedite the research and introduction of policies and measures to promote the development of private investment and improve the long-term mechanism for private enterprises to participate in national major project construction. It also pointed out that the development of "Artificial Intelligence +" must resolutely avoid disorderly competition and a rush to enter, and will support the development of artificial intelligence through multiple measures, such as issuing computing power vouchers to reduce the R&D costs of innovative entities.

China's official Manufacturing PMI slightly rebounds to 49.4 in August, new order index rises to 49.5, non-manufacturing accelerates expansion. The manufacturing sector's prosperity level has improved, with both production and demand indices rebounding, and the overall price level continuing to improve, with the main raw material purchase price index and factory price index rising for three consecutive months. The non-manufacturing business activity index is at 50.3%. The service industry business activity index is at 50.5%, reaching a high point for the year.

Li Chenggang, the international trade negotiation representative and vice minister of the Ministry of Commerce, visits the U.S., holding talks with relevant officials from the U.S. government and representatives from the business community. The two sides exchanged communications on implementing the consensus reached during the phone call between the leaders of China and the U.S., discussing issues related to China-U.S. economic and trade relations and the implementation of the consensus from China-U.S. economic and trade talks.

Chinese Ministry of Commerce: Firmly opposes the U.S. revoking the "Verified End User" (VEU) authorization for three semiconductor companies including Samsung in China. A spokesperson for the Ministry of Commerce stated on the 30th that China urges the U.S. to immediately correct its erroneous practices and maintain the security and stability of the global industrial and supply chains. China will take necessary measures to firmly safeguard the legitimate rights and interests of enterprises U.S. Appeals Court Rules Most of Trump's Global Tariffs Illegal, But They Remain Effective Amid Ongoing Lawsuit. The U.S. Court of Appeals for the Federal Circuit upheld a previous ruling by the International Trade Court that Trump improperly invoked an emergency order to impose tariffs. However, the appellate court judges remanded the case back to a lower court to determine whether the ruling applies to all parties affected by the tariffs or only to the parties in this case. This gives the Trump administration time and opportunity to further appeal to the Supreme Court.

• Trump stated that all tariffs remain in effect and that the appellate court incorrectly said the tariffs should be canceled. If these tariffs disappear, it would be a complete disaster for the country.

U.S. Core PCE Price Index Rose to 2.9% Year-on-Year in July, in line with expectations, tariff impact remains manageable! The rise in inflation is attributed to increased service costs, the largest increase since February. This includes rising portfolio management fees, reflecting several months of stock market gains, and increased entertainment service costs, including live sports events and entertainment.

Trump vs. Federal Reserve Court Battle Begins, Debate Over Whether Dismissal Was "Justified," Board Claims Tweets Cannot Be Used as Justification. The Trump administration argues that defining the reasons is the president's prerogative, and the court has no authority to review it; as long as the president deems the misconduct allegations to constitute reasonable grounds for dismissal, that is sufficient. The lawyer for Federal Reserve Governor Cook stated that she faced a "smear campaign," and the fraud allegations have become the Trump administration's "weapon of choice" to achieve interest rate cuts, even if the allegations are true, they occurred before her tenure as governor and do not reach the level of "justifiable" dismissal. The Federal Reserve stated it will comply with any court orders and hopes for a swift ruling. Media predicts this case may reach the Supreme Court.

• Trump's Pressure on the Federal Reserve Escalates: FHFA Director Criminally Referred Over Cook's Third Mortgage. Previously, it was believed that Trump did not have the authority to dismiss Cook based on "cause" because the first criminal referral involving Pruitt concerned actions before Cook joined the Federal Reserve. This new allegation directly targets misconduct during her tenure, effectively filling a legal gap for Trump.
• The Fate of Trump's Tariffs and the Federal Reserve Will Depend on Two Key Battles Decided by the U.S. Supreme Court. In several cases this year, the Supreme Court has generally supported Trump's camp; however, these two new cases regarding global tariffs and the attempt to dismiss Cook may break this winning streak, as they will put the White House directly at odds with another group favored by the courts—the business community Federal Reserve Chairman frontrunner Waller: Ethereum and stablecoins are the next step in payment development, institutions should adopt them. Waller, a popular candidate for the next Federal Reserve Chairman, has publicly expressed optimism about digital assets (especially Ethereum and stablecoins), urging financial institutions to embrace cryptocurrencies as the natural next step in payment development. This statement has been interpreted by the market as a positive signal for the re-evaluation of cryptocurrencies. Regulatory clarity has significantly driven institutional capital into the crypto market. As of the third quarter of 2025, Ethereum ETFs attracted $27.6 billion in investments, and corporate staking investments reached $10.1 billion.

San Francisco Fed President Daly states that the Federal Reserve will soon cut interest rates, inflation caused by tariffs may only be temporary, short-term U.S. Treasury yields fall to intraday lows.

Alibaba Q2 Non-GAAP net profit decreased by 18% year-on-year, cloud business revenue increased by 26%, Taobao flash sales boosted monthly active users by 25%; Conference call: AI chip supply has a Plan B, reiterates $38 billion capital expenditure, flash sales and instant retail expected to bring in $1 trillion in new transactions over the next three years

• Alibaba's Q2 revenue grew by 2%, net profit surged by 76% to 42.4 billion yuan. In the first half of 2025, instant retail business revenue increased by 12% year-on-year. In Alibaba Cloud's business, AI-related product revenue has achieved triple-digit year-on-year growth for eight consecutive quarters. Capital expenditure skyrocketed from about 11.9 billion yuan in the same period last year to about 38.7 billion yuan this quarter.
• During the conference call, management revealed that Taobao flash sales, which launched only four months ago, have already surpassed 300 million monthly active users, a 200% increase compared to before April, with the first phase target exceeded. In the past quarter, capital expenditure on artificial intelligence and cloud infrastructure reached 38.6 billion yuan. Jiang Fan discusses Taobao flash sales strategy, stating that in the next three years, one million brand stores will be onboarded, achieving a transaction increment of 1 trillion yuan.
• Alibaba Cloud denies purchasing Cambrian GPUs. Recently, there were rumors that Alibaba purchased 150,000 Cambrian GPUs. An Alibaba Cloud representative told Wall Street Journal that the news is false, but Alibaba Cloud does support multiple chips with domestic supply chains.

Huawei's revenue in the first half of the year reached 427 billion yuan, a year-on-year increase of 3.94%, net profit decreased by 32% year-on-year. Huawei released its performance announcement, reporting revenue of 427 billion yuan in the first half of the year, a year-on-year increase of 3.94%; Net profit reached 37.1 billion yuan, a year-on-year decrease of 32%. At the same time, the situations of asset mortgage, pledge, and seizure did not exceed 50% of the audited net assets at the end of the previous year, indicating that the overall asset quality of the company is controllable.

BYD's half-year revenue first surpassed Tesla, net profit increased by 13.79% year-on-year, gross margin dropped to 18.01%. BYD's revenue for the first half of the year was 371.3 billion yuan, a year-on-year increase of 23.30%, setting a historical high; the net profit attributable to shareholders of the parent company was 15.51 billion yuan, a year-on-year increase of 13.79%. The gross margin slightly decreased from 18.78% in the same period last year, mainly affected by domestic "price wars" and other industry influences.

Hon Hai: Sovereign AI investment may reach $1 trillion in the next five years, becoming a new growth point in the computing power market. Hon Hai Precision. The management also expects that there will be no major transition issues with GB200 and GB300, and stated that GB300 will dominate shipments in the second half of 2025.

The "core token" of the Trump family is here, trading starts on September 1, a trinity of "financial cornerstone, market game, and macro narrative". The fully diluted valuation of WLFI tokens has exceeded $40 billion, of which the tokens held by Trump personally are expected to be worth over $6 billion, becoming a new engine for the family's wealth.

Latest list of the world's Top 100 AI applications: ChatGPT ranks first, Google significantly catches up in second place, Alibaba Quark jumps to ninth.

• Meituan's large model is here! Open-sourced "Chinchilla", performance matches DeepSeek V3.1, also focusing on "computing power savings".
• From GPT-5 to DeepSeek V3.1, a new direction for top AI large models has emerged. As reasoning patterns become increasingly complex, the number of tokens required to complete tasks is skyrocketing, leading to rising actual costs. The industry is shifting from purely pursuing the upper limit of model capabilities to pursuing computational efficiency. Currently, "hybrid reasoning" has become an industry consensus, aiming to teach models when to "deep think" and when to "respond quickly."

Chaos, internal strife, scandals: Meta considers bowing to Google and OpenAI. Media reports indicate that, facing the reality of insufficient performance of its own models and poor user engagement with AI assistants, senior executives at Meta's superintelligence lab have begun discussing the use of Google Gemini or OpenAI's models in Meta AI As a "stopgap" to enhance product capabilities. This potential strategic shift is tantamount to an open acknowledgment of Meta's temporary lag in the core technology competition of AI.

• Connect conference agenda announced, is Meta's first consumer-grade smart glasses really coming? According to analysis, these glasses may be equipped with a heads-up display and operated through gestures, potentially becoming Meta's most significant push into the emerging smart glasses market beyond virtual reality (VR) headsets, and may pave the way for the future launch of true augmented reality (AR) glasses.

Silicon Valley explosion! xAI founder secretly defected to OpenAI, Musk: He uploaded the entire codebase.

Domestic Macro

State Council meeting: Research on implementing pilot work for comprehensive reform of factor market-oriented allocation in some regions nationwide. The meeting pointed out that efforts should be continuously made to promote reform, play a decisive role of the market in resource allocation, promote market determination of factor prices, ensure orderly flow, and achieve efficient and fair allocation. It aims to stimulate the innovation vitality of technological factors, promote the intensive and efficient allocation of land factors, guide the reasonable flow of human resources, accelerate the cultivation and improvement of the data factor market, enhance the ability of capital factors to serve the real economy, and improve the construction of resource and environmental market systems. The focus should be on key areas and critical links to advance pilot reforms, guiding pilot regions to innovate boldly according to local conditions, conduct differentiated reform explorations, and accelerate the removal of institutional and mechanism barriers.

Domestic Companies

Labubu's new product sold out in seconds, global fans went crazy, Pop Mart sold out again! If roughly calculated at a price of 79 yuan each, the sales revenue from the Tmall channel alone has exceeded 23.7 million yuan. Wang Ning previously stated, "I feel that achieving 30 billion (revenue) this year is quite easy," considering that the Labubu series accounts for as much as 35% of revenue, the reselling out of this new product undoubtedly adds strong support for achieving this optimistic expectation.

• The mini version of LABUBU is so popular, sold out in 60 seconds, payment even experienced delays, nearly 1.5 million people flooded the live stream in ten minutes. Before the official sale, many sellers on second-hand platforms had already released advance orders, with the price of a single mini LABUBU reaching as high as 300 yuan each, and some sellers even charging up to 2,699 yuan for a complete set (14 pieces), doubling the official original price.

Gree Electric's mid-year report stalls, significant decline in second-quarter performance, no dividends, why are air conditioners not selling well? By product, the main reason for Gree Electric's stall is the consumer electronics business (mainly air conditioners), which accounts for nearly 80% of its main revenue In a sluggish environment, there was a negative growth of 5.09%. Under these circumstances, Gree Electric Appliances announced that "the company plans not to distribute cash dividends, not to issue bonus shares, and not to convert reserves into capital." Last year's mid-term report, Gree Electric Appliances, known for its generous dividends, offered a "10 shares for 10 yuan" big red envelope.

Lenovo Holdings' net profit surged 144% in the first half of the year, with revenue increasing by 20.67%, and AI server revenue more than tripling year-on-year.

Bank of China reported a 3.61% year-on-year increase in revenue in the first half of the year, with non-interest income rising by 26.43%.

CITIC Securities reported a 77.71% year-on-year increase in revenue in the first half of the year, with net profit growing by 213.74%, showing initial integration effects..

CITIC Construction Investment's "investment operation" income doubled, with the semi-annual report revealing a "rising trend" in core business..

Yangtze Power's net profit increased by 14.86% year-on-year in the first half of the year, with both revenue and net profit reaching a new high for the half-year..

China Shenhua reported revenue of 138.1 billion yuan in the first half of the year, with effective cost control, and self-produced coal costs significantly decreased by 7.7% year-on-year..

SaiLisi's semi-annual report was released, showing a slight decline in revenue but an 81% year-on-year increase in net profit..

What is the current position of TMT transaction share? The team led by Zhang Qiyao from Xingzheng Strategy believes that on August 28, the TMT transaction share reached 40.8%, lower than the 46.5% at the beginning of the year during the Deepseek market and 50.24% during the 2023 ChatGPT market. Considering the recent internal differentiation of the AI market, the transaction share of electronics + communications reached 25.6%, the highest level since 2023; the ratio of transaction share to free float market value is 1.49, which is not extreme compared to the past rounds' extremes above 1.7.

The "disruptive therapy" for cancer, China's innovative drugs' "DeepSeek moment"! The core keyword: PD(L) 1 bsAb. Among over 300 PD(L) 1 bsAb pipelines globally, about 90% come from Chinese companies. According to HSBC's forecast, the global PD(L) 1 market will grow from last year's $53 billion to $100 billion this year, with bsAb accounting for about 65% of the share, becoming the new mainstream In this process, the first-mover advantage of Chinese pharmaceutical companies will play a key role in market competition.

Overseas Macro

Russian President Putin accepts an exclusive interview with Xinhua News Agency: Working together to strive for the prosperity of Russia and China. Putin said: "Russia will never forget that it was China's brave resistance that became one of the decisive factors in stopping Japan's attack on the Soviet Union from 1941 to 1942, which was a very difficult period for us."

The most bearish month of the year for U.S. stocks is coming: Beware of the September curse reappearing . According to Bank of America data, the probability of the S&P 500 declining in September has been 56% over nearly a century, and in the first year of a president's term, the probability increases to 58%, with an average decline of 1.62%. Analysis shows that for the past thirty years, September and October have been the two months with the highest volatility in U.S. stocks. This September, U.S. stocks also face significant employment and inflation data, Federal Reserve decisions, and Trump's threats to the independence of the Fed.

Texas Governor signs law to redistrict the state's congressional map . Texas Governor Abbott signed a Republican-friendly redistricting bill that finalizes the state's new congressional district map. Abbott stated that the Republican Party hopes the signing of this bill will help them gain five more seats in the U.S. House of Representatives.

Tariff policies dominate the market, traders plan to deliver copper on a large scale at the New York Mercantile Exchange. According to data from the CME Group, traders at the New York Comex plan to deliver 31,712.5 short tons (28,800 tons) of copper under the September contract this month, marking the largest single-day delivery since April of this year and one of the largest in the past decade. These deliveries reflect how Trump's decision to exclude refined copper from import tariffs has changed the calculations of copper traders. This decision has weakened, but not completely eliminated, the price incentives for transporting copper to the United States.

U.S. crude oil production hits a record high, exceeding previous official expectations, while market bullish sentiment hits an 18-year low. The U.S. EIA monthly report shows that in June, U.S. crude oil production rose to 13.58 million barrels per day, not only setting a new historical record but also exceeding the previously released preliminary estimate by about 150,000 barrels per day. Meanwhile, CFTC data shows that the net long positions held by speculators in WTI crude oil have fallen to the lowest level in the past 18 years. As of Friday, U.S. crude oil prices hovered around $64 per barrel India's GDP grew by 7.8% year-on-year in the second quarter, significantly higher than the expected 6.7%, reaching a new high in over a year, but the shadow of tariffs looms over future prospects. The better-than-expected growth was partly due to exporters ramping up shipments to the U.S. before the tariffs took effect, while the full impact of the high tariffs is expected to manifest in the coming months, potentially putting chain pressure on India's exports, employment, and domestic consumption.

• The Indian rupee hits a new low, becoming the worst-performing currency in Asia this year. Concerns over the 50% tariffs imposed by the U.S. damaging India's economic growth and corporate profits have led the Indian rupee to fall to a historic low against the dollar. On Friday, the Indian rupee fell by 0.8% against the dollar to 88.26, making it the worst-performing currency in Asia this year. Citigroup estimates that this round of tariffs could reduce India's annual economic growth rate by 0.6 to 0.8 percentage points.

Zhao Changpeng discusses stablecoins, RWA, DAT, AI, and other popular sectors. Zhao Changpeng stated that stablecoins are a natural application of blockchain technology, and each country should have at least a few stablecoin products; decentralized exchanges will definitely be larger than centralized exchanges in the future, and Binance will not always maintain its largest position; AI should be viewed as a public good, and many current large models are too closed, allowing token holders to share profits, making the model more open-source, decentralized, and accessible to all may be a more reasonable development direction.

Overseas Companies

Under short-term pressure, but Goldman Sachs believes "Nvidia has huge upside potential in 2026," providing three main reasons. First, Nvidia's next-generation platform Rubin is expected to enter mass production in mid-2026, promising significant performance leaps; second, the company's customer base continues to diversify, with sovereign client revenue expected to double by 2025; finally, strong demand from hyperscale data centers and non-traditional clients will jointly drive Nvidia's explosive growth in 2026.

Snowflake transforms into an "AI data platform," enterprise clients realize "no data means no AI," NRR rises for the first time after 13 consecutive quarters of decline. Thanks to robust customer expansion, Snowflake's NRR metric recorded a quarter-on-quarter increase for the first time in 13 quarters, rising slightly from 124% to 125%. Morgan Stanley stated that this growth is not only due to clients migrating to the cloud but also crucially because enterprises realize that without modern data infrastructure, their AI ambitions cannot be realized, with AI impacting 50% of new customer acquisition in the second quarter Sequoia Capital: AI is leading a $10 trillion revolution, grander than the Industrial Revolution. Artificial intelligence is not just another technological trend, but a "cognitive revolution" whose scale will surpass that of the Industrial Revolution. Sequoia Capital partner Konstantine Buhler has sent a clear signal that one of the major goals of this revolution is the $10 trillion service market, where AI will give rise to a new generation of publicly listed giants and reshape the global economic landscape. It will focus on five major investment themes: persistent memory, AI voice, AI security, open-source AI, and communication protocols.

Castle Securities Q2 net trading income fell 8.4%, still recording a record first half.

Industry/Concept

1. Non-ferrous Metals: WanLian Securities stated that the upward shift in the price center of major metal mineral products this year has provided solid support for corporate profits. Meanwhile, in terms of sales and production capacity, leading enterprises have shown significant results in capacity release.

2. Satellite Internet: CITIC Securities stated that the Ministry of Industry and Information Technology issued the "Guiding Opinions on Optimizing Business Access to Promote the Development of the Satellite Communication Industry," aiming to orderly promote the opening of satellite communication businesses. The strategic position of the satellite communication industry is highlighted, and the policy direction is clear. Looking ahead, the business access work for the satellite communication industry is continuously optimized, and the issuance of licenses may accelerate. At the domestic industry level, high-frequency launches have arrived, and an industrial turning point is imminent.

3. 3D Printing: Reports indicate that catalysts are gathering, and the 3D printing theme is expected to become active. From a medium to long-term industry perspective, the domestic 3D printing market has seen high growth since 2020, with a CAGR of nearly 20% from 2020 to 2024, and the total market size is expected to exceed 40 billion yuan by 2024. The IP economy is helping consumer-grade 3D printing break out, and with the iteration of equipment and materials technology and cost reduction, consumer-grade 3D printing is expected to further open up market space.

4. TV Panels: China Securities Journal pointed out that overall shipment volumes remain high due to the stocking up by domestic brands and OEM clients in the second half of the year. Institutions expect that factors such as the shopping season will drive a 3%-4% quarter-on-quarter increase in TV panel shipments in the third quarter, and prices are also expected to stabilize and recover.

5. Computing Power: Institutions believe that the high growth of Alibaba's capital expenditure is expected to drive a fundamental turning point for the domestic AI computing power chain, and they remain optimistic about the global resonance of the AI computing power chain. In specific sectors, the data center industry may welcome a concentrated bidding period from major internet companies in September and October, bringing new fundamental improvement opportunities for the AIDC industry. In the switch field, leading companies such as Ruijie and H3C have seen significant year-on-year growth in demand for data center switches in the first half of the year, mainly driven by clients like ByteDance and Alibaba.

6. Storage: Securities Times pointed out that VEU is a system established by the U.S. Department of Commerce's Bureau of Industry and Security, aimed at simplifying the export process for trusted, low-risk foreign end-users. Companies listed on the VEU list can import specified controlled items (including semiconductor equipment and technology) from the U.S. without needing to apply for separate export licenses Samsung and SK Hynix occupy nearly 70% of the global DRAM market and nearly 50% of the NAND Flash market. The revocation of VEU authorization will bring numerous risks to Samsung and SK Hynix's factories in China, including capacity freeze, forced capital expenditure relocation, customer migration, and supply chain redistribution. In the short term, it is difficult to follow up with non-U.S. alternatives, and the existing capacity relocation is also insufficient in time, which may lead to tight supply of memory.

Today's News Preview

The 2025 Shanghai Cooperation Organization Summit will be held in Tianjin from August 31 to September 1.

S&P Global announced China's manufacturing PMI for August.

The decentralized finance project supported by the Trump family plans to officially launch the public trading of its token WLFI on September 1. WLFI will complete its initial release—20% of the initially allocated tokens will officially enter circulation.

<全文完>