Breakfast FM-Radio | September 10, 2025

Huajian Morning Voice

Market Overview

Non-farm annual data significantly revised down, supporting expectations for a Federal Reserve rate cut, driving large tech stocks up, and leading the Nasdaq to set a new historical high. All of the tech giants except Apple saw gains, with Apple down 1.48% and the product launch event lacking highlights. Oracle surged 27% after earnings. The Chinese concept stock index closed up 1.48%, outperforming the market again, with Alibaba rising over 4%.

The market is awaiting the U.S. PPI data on Wednesday and CPI data on Thursday, with U.S. Treasury yields ending a four-day rise, and the 2-year yield rising by 7.4 basis points. The dollar fell initially before rising, up 0.58% from its daily low.

Spot gold soared to a historical high of $3,674 before sharply retreating, dropping over 1.3% from its daily high. Affected by the Israeli attack on Doha, U.S. oil briefly rose over 1.9%, but the gains were significantly narrowed afterward.

During the Asian session, the ChiNext index fell over 2%, with more than 4,000 stocks declining. SMIC resumed trading and dropped over 10%, while gold and real estate rose against the trend. The Hang Seng Index reached a nearly four-year high, with Alibaba rising over 3%.

Key News

U.S. non-farm annual revision was worse than expected, revised down by 910,000, increasing pressure for the Federal Reserve to cut rates. The Trump administration is firing on all cylinders, attacking BLS, Biden, and Powell.

Apple released the A19 chip for the iPhone 17, the thinnest iPhone ever starting at $999, with the Pro seeing its first price increase in eight years. The iPhone 17 Air's domestic price starts at 7,999 yuan; the first self-developed N1 Bluetooth chip was launched; AirPods Pro 3 priced at $249; Apple Watch SE 3 starts at $249.

NVIDIA released Rubin CPX, targeting ultra-long context processing, with Jensen Huang stating it can handle millions of tokens in a single inference.

Oracle surged over 27% after hours, with Q1 performance below expectations, but AI growth prospects are outstanding.

The U.S. Supreme Court will expeditiously hear the Trump tariff case.

Macron appointed the 5th French Prime Minister, the current 39-year-old Defense Minister Lecornu, who still faces a €3 trillion debt crisis.

Crude oil rose over 2% during the session, with Israel claiming precise strikes on Hamas leaders in Qatar, and Trump “approved.” Hamas confirmed that five members were killed in Israeli airstrikes, but Khalil al-Hayya was not assassinated.

Hong Kong company loves to buy coins: Jack Ma's holding company spent 300 million, Huaxing Capital invested $100 million. “Wall Street influencers” are rushing to enter, with “digital currency treasury companies” springing up like mushrooms, **is the “shanzhai season” in the crypto world far away?**

“ Takeout War” New Battlefield! Alibaba Wednesday Press Conference: May Restart Koubei and Self-operated Group Buying on Amap.

Market Report

US and European Stock Markets: S&P 500 rose 0.27%, closing at 6512.61 points. Dow Jones rose 0.43%, closing at 45711.34 points. Nasdaq rose 0.37%, closing at 21879.489 points. European STOXX 600 index closed up 0.06%, at 552.39 points.

A-shares: Shanghai Composite Index closed at 3807.29 points, down 0.51%; Shenzhen Component Index closed at 12510.6 points, down 1.23%; ChiNext Index closed at 2867.97 points, down 2.23%.

Bond Market: The yield on the US 10-year Treasury rose by 3.05 basis points, at 4.0703%. The yield on the 2-year Treasury rose by 5.34 basis points, at 3.5398%.

Commodities: WTI October crude oil futures rose 0.59%, at $62.63 per barrel. Brent November crude oil futures rose 0.56%, at $66.39 per barrel. COMEX gold futures fell 0.28%, at $3667.20 per ounce.

News Details

Global Highlights

US Non-farm Annual Revision Worse than Expected, Downward Revision of 910,000, Fed Rate Cut Pressure Increases. According to preliminary benchmark revision data released by the US government on Tuesday, the non-farm employment number for the year ending in March was revised down by 910,000, equivalent to an average monthly increase of nearly 76,000 fewer jobs. This is the largest downward revision since 2000. More signs of weakness in the job market will add new reasons for Trump to push for a Fed rate cut. This annual revision has intensified concerns about the health of the economy and raised questions about the credibility of labor statistics. After the data release, gold initially rose and then fell, while US Treasury yields subsequently rose.

• Non-farm Annual Data Significantly Revised Down, Trump Administration Goes All Out, Attacks BLS, Biden, Powell. After the US government released the significantly revised annual non-farm employment data, the White House quickly responded, attacking three common targets of President Trump: the Bureau of Labor Statistics (BLS), former President Biden, and Fed Chairman Powell. White House Press Secretary Levitt, Treasury Secretary Basant, Vice President Vance, and Labor Secretary Chavez-Deremer took turns to address the mediaApple releases A19 chip with iPhone 17, the thinnest iPhone ever starts at $999, Pro price increase for the first time in eight years.

• The iPhone 17 features the largest front camera sensor and is the first model equipped with the A19 chip, starting at $799 for the standard version; the iPhone Air is 5.6 mm thick and both the 17 Pro and Air use the advanced Apple chip A19 Pro; the Pro starts at $1,099, and the Max starts at $1,199, featuring Apple's best camera system with professional video recording capabilities; the Air also includes Apple's self-developed N1 Bluetooth chip and C1X modem, offering "all-day battery life," available for sale in multiple countries including China and the U.S. starting next Friday, with a starting price of 7,999 yuan in China.

• AirPods Pro 3 are priced at $249, capable of monitoring heart rate, with real-time translation by Apple AI.

• The Apple Watch SE 3 starts at $249, Watch 11 starts at $399, capable of monitoring data to identify high blood pressure and providing sleep scores, while Watch Ultra 3 starts at $799, both supporting 5G networks.

Nvidia releases Rubin CPX, targeting ultra-long context processing, Jensen Huang claims millions of tokens can be inferred at once. Rubin CPX enhances AI video generation and software development capabilities, providing 30 petaflops of computing power, with attention acceleration three times faster compared to the GB300 NVL72 system, set to launch by the end of 2026. Jensen Huang stated that Rubin CPX is the first CUDA GPU built specifically for large-scale contextual AI, capable of inferring millions of knowledge tokens simultaneously. Nvidia claims that deploying $100 million in new chip hardware will bring customers up to $5 billion in revenue.

Oracle's stock surges over 27% after earnings, Q1 results fall short of expectations, but AI growth prospects are outstanding. Oracle Corporation reported its first-quarter earnings after the market closed on Tuesday, showing that while revenue and earnings per share fell short of expectations, the AI business demonstrated strong growth prospects. A significant deal with OpenAI led to a substantial increase in order volume, with its "remaining performance obligations" reaching $455 billion, a year-on-year increase of approximately 359%. The cloud business is expected to grow by 77% this fiscal year, with revenue far exceeding expectations over the next four years.

The U.S. Supreme Court will expedite the hearing of the Trump tariff case. The U.S. Supreme Court announced it will hear oral arguments in the first week of November and agreed to expedite the proceedings in this significant trade disputeMacron appoints the 5th Prime Minister of France, still facing a €3 trillion debt crisis. French President Macron has appointed 39-year-old Defense Minister Sébastien Lecornu to succeed Borne as Prime Minister. Lecornu will face the same challenges as his predecessor, pushing for the passage of a cost-cutting budget without majority support in Parliament. France's public debt has reached €3.3 trillion, accounting for 114% of GDP.

• “New Euro Pigs” born? France's borrowing costs historically surpass Italy, Eurozone bond storm eye shifts to Paris. France's borrowing cost indicators have surpassed Italy for the first time, marking a historic shift in the Eurozone bond market landscape. Although this change has technical factors, the trend of converging debt yields between the two countries has persisted for several years. Prime Minister Borne is expected to resign on the same day after losing a parliamentary vote of confidence, further exacerbating investor concerns about the scale of France's fiscal deficit.

Crude oil rises over 2% during trading, Israel claims precise strikes on Hamas leaders in Qatar, Trump “approved”. Following an explosion in Doha, the capital of Qatar, media reports indicate that Hamas leaders were attacked during a meeting in Doha. Israel stated that the targeted members were "directly responsible" for the large-scale attacks launched against it in October 2023 and had been planning and directing operations against Israel. Israel claims to have independently struck Hamas leaders in Qatar. White House officials stated that the U.S. was notified before the strikes.

• Hamas confirms five members killed in Israeli airstrikes, Khalil al-Hayya not assassinated. According to CCTV News, Hamas issued a statement confirming that among the five members killed in Israeli airstrikes were the son of senior Hamas official Khalil al-Hayya and his office director. Another member of the Qatari security forces was also killed. The statement noted that the attack occurred while the Hamas delegation was discussing President Trump's latest ceasefire proposal.

Hong Kong companies fall in love with buying cryptocurrencies: Jack Ma's holding company spent 300 million, Huaxing Capital enters with 100 million. A "hoarding cryptocurrency" craze is sweeping through Hong Kong's financial circle, with listed companies increasingly incorporating cryptocurrencies into their balance sheets, forming a new trend of "coin-stock linkage." Driven by the DAT (Digital Asset Treasury) model, companies including Yunfeng Financial, in which Jack Ma holds shares, and Huaxing Capital have entered the cryptocurrency market, with investments often reaching hundreds of millions or even over a hundred million dollars. Binance founder Zhao Changpeng and other big names are actively positioning themselves, believing this model can link traditional finance with digital assets"Wall Street Influencers" are rushing in, "Digital Currency Treasury Companies" are sprouting up like mushrooms after rain, is the "Shanzhai Season" in the crypto world far away? On Monday, well-known analyst Dan Ives was appointed chairman of Eightco, which plans to raise $270 million specifically to hoard Worldcoin; last week, Tom Lee's BitMine increased its holdings of Ethereum by $167 million. This institutional "coin hoarding" model led by Wall Street elites is becoming a new force in the market, and Bloomberg analysts believe that the "Shanzhai Coin Season" driven by this has already arrived, with non-Bitcoin ETFs injecting momentum into the current Shanzhai coin market.

"New Battlefield in the 'Takeout War'! Alibaba's Conference on Wednesday: May Restart Koubei and Self-operated Group Buying on Amap. According to reports, Alibaba will hold a major business conference at its headquarters in Hangzhou on the morning of September 10. Related projects have been operating under high-level confidentiality for months, but Alibaba has not disclosed the specific content of the conference. Media reports indicate that this business adjustment includes restarting Koubei and launching self-operated group buying on Amap, aiming to reconstruct the local consumption decision-making system, benchmarking against industry giants like Meituan and Dianping.

Domestic Macro

Major Takeout Platforms Summoned by the State Administration for Market Regulation! According to the Financial Times, Wang Qiuping, spokesperson for the State Administration for Market Regulation, introduced that the administration has timely summoned major takeout platforms, which responded quickly, collectively voiced their commitment to strictly adhere to laws and regulations, eliminate unfair competition, resist malicious subsidies, and promote the standardized and orderly development of the industry.

Domestic Companies

Internet Giants "Gather" at Goldman Sachs Conference, Focus on "Takeout War" and "AI Opportunities". Goldman Sachs expects that the "Takeout War" among internet giants will severely impact third-quarter profits, predicting that the adjusted EBIT of Meituan, Alibaba, and JD will decline significantly, with a long-term market share pattern of 5:4:1, and the instant retail market size adjusted to 2.2 trillion yuan. In the second quarter, Alibaba Cloud's revenue grew by 26%, and Tencent Cloud's international market revenue saw significant growth. With the application of multi-chip strategies among cloud service providers, more models and AI assistants are expected to be launched in the next 3-6 months, bringing new investment opportunities. The data center sector will also benefit from the growth in AI demand.

Cambricon plans to issue A-shares to specific targets, raising no more than 4.98 billion yuan, and the CSRC has approved it. Cambricon announced that it has received approval for its registration application to issue stocks to specific targets, valid for 12 months. The funds will be used for chip platform projects aimed at large models, software platform projects aimed at large models, and to supplement working capitalSMIC resumed trading down 11.12%, previously issued shares to acquire 49% stake in SMIC North. SMIC's A-shares opened down 11.12% on Tuesday after resuming trading, while its H-shares fell over 4% during the suspension. Previously, the company planned to acquire a 49% stake in its subsidiary SMIC North through the issuance of shares, achieving 100% control. This acquisition aims to enhance SMIC's profitability, strengthen business synergy, and meet the exit demands of some major shareholders.

Ant Group puts 60 billion yuan energy assets "on-chain". Ant Group is transforming energy assets into tradable digital forms through blockchain technology, having connected energy equipment valued at over 60 billion yuan to the "Ant Chain" and completed 300 million yuan in tokenized financing. This innovative attempt not only enhances asset liquidity and financing efficiency but also provides an important paradigm for the integration of the traditional energy industry and blockchain.

Ningde Times holds a meeting on the resumption of lithium mining at Jianxiawo, expected to resume production soon, faster than the fastest market expectations.

Pop Mart plummets, Morgan Stanley "supports": "Second-hand market prices" may mislead. Morgan Stanley believes that Pop Mart's stock price fluctuations are driven more by technical and emotional factors rather than a deterioration in fundamentals. The secondary market accounts for only a small portion of total supply and demand, and second-hand transaction prices do not effectively reflect the true supply and demand situation, especially against the backdrop of Pop Mart actively increasing production capacity and cracking down on "scalper" speculation; over-reliance on this indicator may lead to misguidance.

Overseas Macro

Perhaps U.S. Treasury Secretary Basant really loves to "hit colleagues"?

• According to reports, at a private dinner held in Georgetown, Washington, Basant had a heated confrontation with Bill Pulte, director of the Federal Housing Finance Agency (FHFA). Witnesses said that Basant, amidst a barrage of profanity, threatened Pulte with "a punch in your **face," leaving dozens of Trump administration officials and advisors present embarrassed. When someone attempted to intervene, Basant issued an ultimatum of "it's me or him," even suggesting that the two go "outside" to resolve the issue.
• In an environment that demands absolute loyalty, public conflicts often reflect the behind-the-scenes power struggles. Whether it is Basant's hardline stance behind the scenes or Pulte's aggressiveness in the foreground, both are essentially demonstrating their value and loyalty to Trump.

"U.S. 'stocks and bonds both rise' corresponds to 'two narratives': U.S. Treasury pricing 'employment slowdown,' U.S. stocks pricing 'economic acceleration'Goldman Sachs hedge fund business head Pasquariello believes that the recent decline in U.S. Treasury yields reflects the market's bet on a slowdown in employment and interest rate cuts by the Federal Reserve, while the resilience of U.S. stocks, especially technology stocks, indicates optimistic expectations for a cyclical acceleration of the economy. Ahead of key data and the Fed's decision, the market is making multiple bets to embrace uncertainty. He also warned that the market has heavily priced in rate cut expectations, and if the growth outlook deteriorates, the stock market faces downside risks; if employment is unexpectedly strong, the bond market may face a correction.

J.P. Morgan trader: The “day of the Fed’s rate cut in September” will be the time when “the bullish sentiment is exhausted”. J.P. Morgan believes that although the current U.S. stock market bull run seems unstoppable, its internal support is weakening. If the Fed cuts rates as expected at the meeting on September 17, this market-friendly news, which has already been priced in, may instead become a catalyst for investors to take profits and temporarily exit.

Morgan Stanley: “The dollar bear market” is only halfway through. Morgan Stanley believes that the dollar bear market is far from over. Although the market holds an optimistic view of U.S. economic resilience and stock market performance, these views overlook the long-term downside risks of the dollar. The Fed's tolerance for high inflation will erode real yields, coupled with a slowdown in U.S. economic growth, diverging global central bank policies, and increased foreign capital hedging demand, the dollar faces multiple pressures.

Goldman Sachs interprets “dollar stablecoins”: If they put pressure on exchange rates, foreign governments are expected to implement “capital controls”. Goldman Sachs believes that any trading of dollar stablecoins ultimately needs to be completed through foreign exchange transactions, and once such transactions reach a scale, they will exert downward pressure on the exchange rates of foreign currencies. Foreign governments are likely to intervene, “implementing capital controls similar to those restricting traditional channels for foreign capital.”

Nasdaq pushes for “tokenized securities” to be allowed for trading on major U.S. exchanges for the first time. Nasdaq submitted a proposal to the SEC on Monday, hoping to allow tokenized securities to be traded on major markets, marking a key step in integrating blockchain technology into the core financial system of the U.S. The proposal comes at a time of changing regulatory environments in the U.S., and Nasdaq plans to integrate this technology within the existing framework to ensure that tokenized securities enjoy the same rights as traditional securities.

The Bank of Japan may raise interest rates as early as October, but political turmoil is unlikely to change the pace of monetary tightening. Bank of Japan officials told the media that despite political uncertainty following the prime minister's resignation, there may still be another interest rate hike within this year against the backdrop of robust economic data and sustained inflation targets, possibly as early as October. Meanwhile, the U.S.-Japan trade agreement reduces external risks, and the Bank of Japan will continue to observe the new government's policies and the impact of U.S. tariffs to determine the timing of interest rate hikesFinance Minister Dismissed, Indonesian Bond Market Plummets, Rupiah Falls 1.1%. The sudden dismissal of Indonesia's finance minister caused the rupiah to drop over 1%, marking the largest decline since April, with sovereign bonds also falling. The central bank was forced to intervene in the market urgently to stabilize the exchange rate. This month, overseas investors have sold approximately $845 million in Indonesian assets, increasing the pressure of capital outflow. The new finance minister has promised to drive economic growth to 6%-7% through more aggressive fiscal policies, but the market is concerned that the policies may shift towards populism, undermining investor confidence.

As Gold Prices Hit New Highs, Goldman Sachs: Market Sentiment Bullish on Gold is Unprecedented. Gold continues to surge, breaking through $3,500 last week and reaching a new high of over $3,600 this week. Goldman Sachs stated that gold has surpassed developed market stocks this month, becoming the most popular bullish trade. Both bulls and bears in the market view going long on gold as the preferred trade. The ratio of bullish investors in gold is close to 8 to 1, setting a new record. The firm reiterated that gold is its "strongest bullish recommendation" in the commodities sector.

Overseas Companies

"Surprise" Factor Fades, Investors Urgently Need to See Substantial Evidence of AI Progress from Tech Giants. Tech giants are under immense pressure to convert their AI promises into actual performance, and the "stunning" quarterly results that Nvidia delivered two years ago are unlikely to be replicated soon. Additionally, supply chain constraints and inadequate power infrastructure are becoming structural factors limiting further explosive growth.

Goldman Sachs Also Cools Down AI: The Trend of AI Adoption is Slowing. A Goldman Sachs report shows that while AI capital expenditures are still accelerating, the growth rate of AI adoption among U.S. companies in the third quarter is slowing, with the usage rate only slightly increasing from 9.2% in the previous quarter to 9.7%. A more severe signal is that the AI adoption rate among large enterprises has shown a declining trend. A previous report from the Massachusetts Institute of Technology that shook the market indicated that as much as 95% of companies have failed to see any returns from their generative AI investments.

Cryptocurrency Exchange Gemini Launches IPO This Week, Raising Over $300 Million, Receives Strategic Investment from Nasdaq. Gemini's IPO could raise up to $317 million, with Nasdaq investing $50 million in shares through a private placement during the IPO. According to the agreement, Nasdaq's clients will gain access to Gemini's custody and staking services. Meanwhile, Gemini's institutional clients will also be able to use Nasdaq's Calypso platform to manage and track trading collateralElon Musk's "trillion-dollar compensation package" opens up the "imagination space" for Tesla's robots, leaving room for xAI merger. Morgan Stanley stated that the performance target of up to $400 billion in adjusted EBITDA in the plan actually hints that Tesla's future core lies in robots and artificial intelligence. Setting "delivery of 1 million robots" as an operational goal may imply that Tesla's ambitions extend far beyond humanoid robots, encompassing "a wide variety of robots." Additionally, the plan mentions allowing adjustments to performance targets in the event of "significant" acquisition activities, which leaves room for a potential merger between Tesla and xAI.

• How will Tesla achieve an $8.5 trillion market value target? The compensation plan deeply ties Musk's pay to the company's performance, with the core focus shifting from cars to achieving profit leaps through the large-scale promotion of the robotaxi network and the Optimus humanoid robot. The success of this plan will depend on Tesla's commercialization capabilities in the robotics field and whether investors are willing to continue paying for its future potential.

Industry/Concept

1. AI Programming | According to IT Home, Tencent released a new AI CLI tool, CodeBuddy Code, today and announced that the international version of CodeBuddy IDE is now in public beta, open to all users without an invitation code. With this, Tencent Cloud becomes the first company in the industry to support AI programming tools in three forms: plugins, IDE, and CLI, covering the full range of needs from professional developers to users with no background. Users can freely use the entire series of CodeBuddy domestic products, seamlessly calling large models like DeepSeek; the international version supports mainstream models like GPT and Gemini, sharing quotas between IDE and CLI.

Comment: Analysts believe that this year, with the overseas AI programming tool Cursor gaining traction, internet giants like Alibaba and ByteDance are accelerating their layout in the AI programming track. AI programming products have a relatively high willingness to pay among users and the potential to replace high-salaried programmers, showcasing promising commercialization prospects. Industry insiders state that AI programming is one of the most mature scenarios for AI implementation, with companies like Microsoft and Google already achieving 30% of code generated by AI. As AI technology accelerates, the AI programming market is expected to explode. A research report from ResearchAndMarkets shows that the global market size for generative AI programming assistants is $25.9 million in 2024, and it is expected to reach $97.9 million by 2030.

1. Commercial Space | According to Jiemian, China Mobile is applying for a satellite mobile communication business operating license, laying a policy foundation for legally compliant mobile direct-to-satellite services, and the application has entered the review process. Previously, the Ministry of Industry and Information Technology issued a satellite mobile communication business operating license to China Unicom. It is reported that China Unicom can legally conduct mobile direct-to-satellite and other businesses, deepening applications in emergency communication, maritime communication, and communication in remote areasCommentary: Research institutions believe that the Ministry of Industry and Information Technology recently issued the "Guiding Opinions on Optimizing Business Access to Promote the Development of the Satellite Communication Industry," which proposes that by 2030, the management system and policies and regulations for satellite communication will be further improved, the industrial development environment will continue to optimize, and the innovation vitality of various business entities will fully burst forth. The comprehensive development levels of infrastructure, industrial supply, technical standards, and international cooperation will be significantly enhanced, with new models and new formats such as mobile direct satellite connections being widely applied, and the number of satellite communication users exceeding ten million. The satellite communication industry is a key area for future industries, an important engine for promoting high-quality economic and social development, and is also at the forefront of current international technological competition. The International Telecommunication Union predicts that by 2030, the global satellite communication market size will exceed $40 billion. Currently, China's satellite internet industry chain has initially formed, with the upstream satellite manufacturing and launch segments expected to benefit first, and communication network construction equipment and application terminals will gradually be implemented. Attention can be paid to the core suppliers in various segments of the industry chain.

2. Silicon Carbide | According to China Securities Journal, Beijing Jingfei Semiconductor Technology, a technology transfer enterprise of the Institute of Semiconductors of the Chinese Academy of Sciences, has made significant breakthroughs in silicon carbide wafer processing technology, successfully using self-developed laser peeling equipment to achieve the peeling of 12-inch silicon carbide wafers. This breakthrough marks an important step for China in the key manufacturing equipment field of third-generation semiconductors and provides a new solution for cost reduction and efficiency improvement in the global silicon carbide industry.

Commentary: Research institutions believe that silicon carbide (SiC), as a core material of third-generation semiconductors, is reshaping the global energy and electronics industry landscape due to its wide bandgap, high thermal conductivity, and high voltage resistance characteristics. The year 2025 is seen as a critical juncture for the silicon carbide industry to shift from "technological catch-up" to "scale application." After 2025, China is expected to become a core growth pole of the global silicon carbide industry, leveraging its complete industrial chain, market advantages in new energy vehicles, and policy support. Reports from internationally renowned semiconductor industry consulting firms indicate that the silicon carbide power device market will exceed 100 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 20% in the next five years.

1. Optical Fiber | Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, stated at a press conference held by the State Council Information Office that the next step for the Ministry will be to solidly promote the development of new facilities, further consolidate the global leading advantage of the basic network, advance 5G network coverage in key cities and hot regions, guide the deployment of 10G optical networks from technical pilots to application deployment, further improve the comprehensive supply level of strategic implementation, guide the optimization of computing power layout, strengthen the coordinated development of computing power and networks, create a computing power ecosystem, further accelerate the upgrade of integrated infrastructure construction, create a new industrial network, promote the deployment of the Internet of Vehicles, and accelerate the construction of a modern information infrastructure system.

Commentary: Analysts believe that the 10G optical network is the upgrade evolution direction of the next-generation optical network, characterized by ultra-broad bandwidth, low latency, and high reliability. As a core direction of next-generation optical communication technology, the 10G optical network is accelerating its evolution from pilot projects to large-scale applications. In the future, the deployment and application of the 10G optical network will reshape multiple fields such as home entertainment, industrial manufacturing, and social governance. It is expected that after 2025, the 10G optical network will become the core foundation of digital new infrastructure, supporting the implementation of emerging applications such as the metaverse and low-altitude economy5、 Gene Editing | According to IT Home, the U.S. Food and Drug Administration (FDA) recently approved biotechnology company eGenesis to conduct clinical trials for human transplantation of pig kidneys, marking a new stage in xenotransplantation research. The company used CRISPR gene editing technology to knock out the "α-galactosyl" gene in pigs that triggers human rejection responses, significantly improving organ compatibility.

Commentary: Analysts believe that the core of gene editing therapy technology lies in its precision and efficiency. By targeting specific gene sequences, gene editing technology can achieve insertion, deletion, or replacement of genes, thereby repairing diseases caused by gene mutations or deficiencies. With the continuous maturation of the technology and the expansion of its applications, gene editing is expected to bring revolutionary changes and business opportunities in fields such as medicine, agriculture, and bioengineering.

Today's News Preview

The 17th meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from September 8 to 12.

China's August CPI and PPI.

U.S. August PPI.

The U.S. Senate Banking Committee will vote on the nomination of Milan to the Federal Reserve Board.

U.S. Treasury Secretary Yellen will preside over a meeting of the Financial Stability Oversight Council.

Alibaba's press conference may announce significant business.

U.S. EIA crude oil inventory changes last week.