Macro News
US and Iran exchange attacks on oil tankers; Iran to declare Strait exclusion zone
On the 5th local time, the US military stated that two US naval vessels were targeted by Iranian ballistic missiles but successfully evaded them. Subsequently, US forces struck three oil tankers alleged to be linked to the financing network of Iran's Islamic Revolutionary Guard Corps (IRGC). Two of the tankers were "permanently disabled," while a third, unladen tanker was destroyed. There were no casualties among US personnel. Iranian state media later reported that Iran had retaliated against three oil tankers and three US naval vessels, though these claims have not been independently verified. The incident indicates that US-Iran tensions continue to spread to energy transportation channels, and risks to shipping traffic in the Strait of Hormuz and oil supply remain unresolved.
On the evening of September 6 local time, Rezaei, Secretary of Iran's Supreme National Security Council, stated that Iran would announce an "exclusion zone" in the Strait of Hormuz region in the coming days. This "exclusion zone" will extend from the US Navy's blockade line into parts of the Persian Gulf. Any vessel entering the "exclusion zone" will be added to Iran's sanctions list. Rezaei stated that Iran can monitor US vessels and has the capability to sink them, but has refrained from doing so because they carry oil, and sinking them would cause environmental damage. Rezaei also announced that an agreement between Iran and Oman regarding shipping charts for the Strait of Hormuz "will be signed in the coming days."
US President Trump: I did this for the country, not for myself
On the 6th local time, US President Trump posted on social media: "I did this for the country, not for myself. I generated hundreds of billions of dollars in stock gains and other asset returns for the United States, yet all I get is constant criticism from radical left-wing Democrats. It is so unfair, but what can you do!" (The accompanying image shows Trump sitting at his desk in the Oval Office, with trading screens in front of him displaying "Buy: Intel $20; Current Price $95.")
US resumes mediation efforts; special envoy travels to Moscow with peace proposal
On the 5th, speaking in the White House Oval Office, Trump stated that two special envoys had traveled to Moscow "with a proposal to end the war," but did not disclose specific details. The talks were held at the Senate Palace in the Kremlin, where Putin personally welcomed Witkoff and Kushner. In addition to Putin, high-ranking Russian officials attending included Presidential Aide Ushakov and Dmitryev, CEO of the Russian Direct Investment Fund, among others. Both sides focused their discussions on the conflict resolution framework proposed by the US and on US-Russia relations. Ushakov stated that the parties also engaged in "quite detailed" discussions on economic matters and potential US-Russia cooperation projects. Ukrainian President Zelenskyy indicated that the first round of talks between Ukrainian and US negotiating representatives had concluded. US Special Envoy Witkoff expressed encouragement over the substantial and important discussions. Trump's son-in-law Kushner stated that the US team looks forward to making further progress.
Will this week's US CPI trigger a rate hike in September? Bank of America and Citi present two opposing scenarios
The US Consumer Price Index (CPI) for August will be released this Friday (September 11), serving as key inflation data ahead of the Federal Reserve meeting on September 15–16. Bank of America Securities expects core CPI to rise by 0.22% month-on-month, corresponding to an approximate 0.24% increase in core PCE, with the annual rate rising to 3.4%, viewing the data as sufficient to support a September rate hike. In contrast, Citi expects core CPI to rise by only 0.184%, with the annual rate falling to 2.3%, suggesting that most officials may likely keep interest rates unchanged. The divergence between the two institutions stems mainly from differences in the housing weight within the CPI and the weights of medical and service items within the PCE, as well as the fact that supercore PCE remains at a relatively high level of 3.9%.
The central bank will conduct a 500 billion yuan outright reverse repurchase operation with a three-month tenor on September 7.
The People's Bank of China announced that to maintain ample liquidity in the banking system, it will conduct RMB 500 billion in outright reverse repurchase operations on September 7. The operations will feature a fixed quantity, interest rate bidding, and multiple-price auction mechanism, with tenors of three months and 89 days. The maturity date is December 5, subject to extension in case of holidays. Announced after the closing of Hong Kong stocks on Friday, this operation will provide medium-term liquidity to the banking system. The specific net injection scale remains to be determined by considering the volume of maturing outright reverse repos and other open market tools during the same period.
Eight central financial enterprises have collectively replenished approximately RMB 360 billion in capital.
Led by the Ministry of Finance, eight central financial enterprises are implementing a capital replenishment of approximately RMB 360 billion. $ICBC (01398.HK)$ 、 $Agricultural Bank of China (01288.HK)$ Plans to raise no more than RMB 100 billion and RMB 160 billion respectively through private placements to replenish Core Tier 1 capital; the Export-Import Bank of China received a capital injection of RMB 30 billion. $China Life Insurance (02628.HK)$ 、 $China Taiping (00966.HK)$ 、 $China Insurance Property & Casualty Company Limited (01339.HK)$ Group, China Export & Credit Insurance Corporation, and China Reinsurance (Group) Corporation (01508.HK) Collectively received or plan to raise RMB 70 billion. CICC previously estimated that this round of RMB 300 billion in capital could leverage approximately RMB 4 trillion in asset expansion, strongly supporting the real economy and strengthening the defense against financial risks. Reuters stated that against the backdrop of low interest rates compressing insurance industry profits and weak loan demand, this move aims to enhance the solvency and risk resilience of financial institutions, providing capital space for banks to continue expanding credit.
BofA's Hartnett: "Democratic Sweep in Midterms" Will Crash US Stocks and Burst the AI Bubble
Michael Hartnett, Chief Investment Strategist at Bank of America Securities, warned that global bond yields surging to twenty-year highs are becoming the biggest threat to the AI capital expenditure boom, while the upcoming US midterm elections could serve as the trigger for a market explosion. In the latest issue of his "Flow Show" weekly report, Hartnett pointed out that if the Democrats sweep both houses in the midterm elections, US stocks would face a drop of over 10%, the US dollar would weaken, bond yields would decline, and the AI bubble would face the risk of bursting. He characterized the "Democratic Sweep" as one of the largest tail risks currently facing the market, which investors have hardly priced in. Data from prediction market Polymarket shows that the probability of a Democratic sweep of both houses has risen to 50%, far higher than the 10% probability for a Republican sweep.
Goldman Sachs: OpenAI's Astra Model "Stands Out," Which Is Exactly "What the AI Bull Market Has Been Waiting For"
Rich Privorotsky, head of the Delta One trading desk at Goldman Sachs, stated in his latest market briefing that Astra appears "pivotal"—it has indeed pulled ahead of its peers, representing the kind of capability breakthrough that AI bulls have been awaiting. In Privorotsky's view, the AI competition is shifting from a mere contest of price and efficiency to a more direct "battle of intelligence." The stronger the model capabilities and the more new applications that can be developed, the more likely the AI spending cycle is to continue. Oracle's September earnings report and upcoming technology industry conferences are expected to further catalyze the AI rally, but energy prices, tensions in the Strait of Hormuz, and CPI data remain key macroeconomic headwinds for the market.
US Stock Market Overview
Non-farm payrolls weigh on market sentiment; AI-related stocks such as memory and optical communication surge against the trend
U.S. equities closed lower overnight and into the morning under pressure from non-farm payroll data that far exceeded expectations. However, broad gains in sectors such as memory, optical communication, and semiconductor equipment helped limit the overall decline in major indices. At the close, the S&P 500 fell 0.38% to 7,718.6 points; the Nasdaq Composite dropped 0.29% to 26,506.99 points; and the Dow Jones Industrial Average declined 0.51% to 53,414.25 points.
$Star Tech Stocks (LIST2518.US)$Mixed performance: NVIDIA rose 0.84%, Apple fell 2.51%, Alphabet Class A dropped 1.11%, Microsoft declined 2.04%, Amazon slipped 0.15%, Taiwan Semiconductor gained 2.76%, SpaceX fell 1.2%, and Broadcom rose 0.21%.
$Optical Communications (LIST23979.US)$Concept stocks rallied: AXT surged 9.68%, POET rose 8.05%, Marvell Technology gained 7.05%, Corning advanced 5.68%, AAOI climbed 5.13%, and Lumentum rose 4%.
$Semiconductor Equipment and Materials (LIST2016.US)$of the plate$Aehr Test Systems (AEHR.US)$Rose 13.1%, Coherent Corp. gained 10.31%, KLA Corp. rose 7.32%, Entegris advanced 6.15%, Lam Research increased 5.12%, and ASML Holding rose 4.17%.
$Popular Chinese ADRs (LIST2517.US)$Mostly higher: Alibaba rose 1.28%, PDD Holdings gained 0.71%, NetEase advanced 1.91%, JD.com rose 1.87%, Baidu climbed 4.07%, Trip.com Group fell 0.89%, and Li Auto gained 2.57%.
Stock News
Jensen Huang: GPT-6 Astra trained on 100,000 NVIDIA GPUs; AGI has arrived
NVIDIA (NVDA.US)CEO Jensen Huang publicly praised OpenAI's release of GPT-6 Astra, stating it was trained on over 100,000 NVIDIA Grace Blackwell NVLink72 chips. He noted that only four years passed from ChatGPT to o1 and then to Astra, declaring that "AGI (Artificial General Intelligence) has arrived." This statement not only reaffirms NVIDIA's core position in AI computing power but also marks a new milestone in AI capabilities.
SK Hynix Accelerates Mass Production of 1c DRAM, Taking the Lead in the HBM4E Race
According to South Korean media and industry sources, $SK Hynix (000660.KR)$ the company is rapidly increasing the production share of its sixth-generation 10nm-class (1c) DRAM, which is positioned as the core chip for next-generation HBM4E. The market share of 1c rose from approximately 10% in Q1 to about 13% in Q2. Industry forecasts expect it to reach 24% in Q3 and 34% in Q4, surpassing the 1b node (approximately 33%) to become the mainstream technology by Q1 next year. At that point, SK Hynix will fully lead Samsung and Micron. Sustained demand from servers and AI continues to drive up the need for high-value memory. By leveraging process upgrades to seize the first-mover advantage in HBM4E, SK Hynix is poised to expand its lead in the next round of the AI memory arms race, serving as a significant catalyst for valuations across the memory supply chain.
Bloom Energy Joins the S&P 500 Index
S&P Dow Jones Indices announced its quarterly rebalancing after the U.S. stock market closed on Friday. Solid oxide fuel cell manufacturer $Bloom Energy (BE.US)$ , leading gene sequencing equipment provider $Illumina(ILMN.US)$ (Illumina), and enterprise all-flash storage supplier $Everpure(P.US)$ (Pure Storage) were included in the $S&P 500 Index (.SPX.US)$ ， $The Trade Desk(TTD.US)$ 、 $Builders FirstSource (BLDR.US)$ and $Moloco Wine(TAP.US)$ Removed. Changes to constituent stocks will take effect before the market opens on September 21.
Tesla's Cybercab launch event criticized as "falling short of expectations"; NHTSA reviews approximately 1,000 vehicles
$Tesla (TSLA.US)$ Shares fell nearly 6% on Friday. Analysts pointed out that the highly anticipated Cybercab launch failed to meet investor expectations. Overall, the event held in Austin, Texas, was invite-only, with no live broadcast, and CEO Elon Musk did not appear. The National Highway Traffic Safety Administration (NHTSA) subsequently initiated a review of approximately 1,000 Cybercabs to assess the basis on which the company determined via "self-certification" that the vehicles comply with federal safety standards. Reuters reported that Tesla had not previously applied for a federal exemption for vehicles that do not fully meet current standards; such exemptions allow for the deployment of up to 2,500 vehicles annually, and this regulatory gray area may spark subsequent legal disputes.
Ashok Elluswamy, head of AI at Tesla, stated that Tesla's Robotaxi autonomous ride-hailing service is close to achieving "24/7 operations." Responding to a user who wished to use the Cybercab for late-night travel, he indicated that this capability would go live in "about a month" once the "next technology in the v15 plan" is integrated. Currently, Tesla's Robotaxi service operates seven days a week in the United States, from 6:00 AM to 10:00 PM daily, covering multiple cities including Austin, Dallas, Houston, Miami, Orlando, and Tampa.
A sneak peek at Apple's new product roadmap for the next three years
Renowned tech leaker Mark Gurman stated on Friday that, with John Ternus officially assuming his new role this week, $Apple (AAPL.US)$ as the company's CEO, the consumer electronics giant is poised to launch the largest wave of device releases in its history. In addition to the upcoming foldable iPhone, OLED iPad mini, and touchscreen MacBook, future products expected in the next two years include desktop robots, smart glasses, and "larger foldable screens."
Morgan Stanley: Microsoft reshapes business architecture for the AI era
$Microsoft (MSFT.US)$ Microsoft will consolidate its original three operating segments into two major divisions—"Agents and Infrastructure" and "Devices and Consumers"—in fiscal year 2027, aligning financial disclosures with internal management practices that integrate cloud computing, software, and AI services. GitHub and other developer cloud services will be moved from the Azure scope to the Microsoft 365 Commercial Cloud, mechanically reducing historical Azure growth rates by approximately 1 percentage point in the fourth quarter of fiscal year 2026. Restated data shows that Microsoft's Azure revenue for fiscal year 2026 was $101.9 billion, while Microsoft 365 Commercial Cloud revenue was $100.3 billion. Morgan Stanley believes the adjustment does not change business fundamentals but will reduce the visibility of standalone business profit margins.
Microsoft and OpenAI sued by two U.S. newspapers for allegedly using news content to train AI
The Seattle Times and Newsday filed a lawsuit in the U.S. District Court for the Southern District of New York $Microsoft (MSFT.US)$ against OpenAI, alleging that the two companies copied news content, including paywalled articles, without permission to train products such as ChatGPT, Copilot, and Bing AI. The plaintiffs are seeking damages and requesting the destruction of allegedly infringing article copies, training datasets, and related models. OpenAI argues that its training methods are protected by the fair use doctrine; Microsoft stated it was surprised by the litigation and expressed willingness to engage in further discussions with publishers.
Anthropic has postponed its IPO launch to mid-October, with a potential valuation reaching approximately $2 trillion.
According to sources familiar with the matter, Anthropic currently prefers to initiate its initial public offering roadshow as early as mid-October, with the prospectus expected to be published in late September, representing a delay from previously envisioned timelines. The company still aims to complete its listing before the U.S. midterm elections in November. The timing adjustment is related to the $15 billion revolving credit facility it is currently raising. $Morgan Stanley (MS.US)$ 、 $Goldman Sachs (GS.US)$ 、 $JPMorgan (JPM.US)$ and $Citigroup (C.US)$ Both are involved in the preparations; some investors have discussed a potential valuation of approximately $2 trillion, but the final size and timing may still change.
An Amazon Prime Air cargo plane was involved in an accident in Miami, prompting an investigation by the FAA.
A Boeing 767-300 freighter operating a transport mission for $Amazon (AMZN.US)$ Prime Air veered off the runway upon landing at Miami International Airport on Sunday and collided with ground vehicles, resulting in at least five deaths and five injuries, three of which were critical. The flight in question was operated by the cargo airline 21 Air. Following the incident, the airport temporarily closed all runways and taxiways. The U.S. Federal Aviation Administration has launched an investigation; Amazon stated it is cooperating with the operator and relevant authorities and extended condolences to the families of the deceased.
AstraZeneca's new breast cancer drug receives accelerated approval from the FDA, with sales projected to reach approximately $2.3 billion by 2032.
The U.S. FDA grants accelerated approval $AstraZeneca (AZN.US)$ The oral medication Etcamah (camizestrant), used in combination with CDK4/6 inhibitors, is indicated for patients with HR-positive, HER2-negative locally advanced or metastatic breast cancer who have developed ESR1 mutations during treatment with aromatase inhibitors and CDK4/6 therapies. AstraZeneca states that the drug can delay disease progression by more than six months and projects peak annual sales to exceed USD 5 billion; citing analyst surveys, Zhitong Finance reports that sales are expected to reach nearly USD 2.3 billion by 2032.
Top 20 by Trading Volume
Hong Kong Stock Market Preview
Southbound capital sold over HKD 10 billion worth of Hong Kong-listed stocks, with Tencent and SMIC seeing net outflows of more than HKD 2.1 billion and HKD 900 million, respectively.
On Friday, September 4, southbound capital recorded net sales of HKD 10.021 billion in Hong Kong-listed stocks.
$MINIMAX-W(00100.HK)$、$Zhipu AI (02513.HK)$、$KBTL (01888.HK)$Recording net buys of HKD 948 million, HKD 607 million, and HKD 164 million, respectively;
$Tencent (00700.HK)$、$SMIC (00981.HK)$、$Akeso Biologics (09926.HK)$Facing net sales of HKD 2.102 billion, HKD 904 million, and HKD 832 million, respectively.
Baidu will be formally included in the list of eligible stocks for the Shanghai-Hong Kong Stock Connect's southbound trading channel starting September 7.
The Shanghai Stock Exchange issued a notice on adjustments to the list of eligible stocks for the Shanghai-Hong Kong Stock Connect, $Baidu Group-W (09888.HK)$ Class A ordinary shares have been added to the list of eligible stocks for southbound trading under the Shanghai-Hong Kong Stock Connect, effective September 7. Baidu had previously converted its secondary listing in Hong Kong to a primary listing. With this inclusion, eligible mainland investors can trade Baidu's Hong Kong-listed shares directly through the Stock Connect. The company stated that its inclusion marks progress in expanding its base of mainland investors and is expected to further diversify its investor foundation. Actual participation levels from southbound capital and changes in trading volume remain to be observed after the effective date.
Xiaomi EV's cumulative deliveries exceed 800,000 units
$Xiaomi Group-W (01810.HK)$ Lei Jun announced that Xiaomi EV's cumulative deliveries have surpassed 800,000 units.
MeiGe Smart plans to invest RMB 70 million to establish a joint venture, positioning itself in AI data center optical communications.
$MeiG Smart (03268.HK)$ The company plans to establish MeiGe Optical Chip in Shanghai together with Zhaoge Venture Capital and Xingyuan Optoelectronics, with a registered capital of RMB 100 million. The company will subscribe to RMB 70 million, holding a 70% stake, while the other two parties will hold 20% and 10% stakes, respectively. The joint venture will conduct R&D, design, packaging, and manufacturing of optical devices, optical engines, modules, and subsystems, leveraging high-end indium phosphide laser chips developed by Xingyuan Optoelectronics. It will also integrate electrical chip resources such as DSPs to develop optical communication modules for data centers. The company stated that this move aims to extend its business from wireless communications to the field of optical communications.
Fosun Pharma plans to spend up to HKD 1 billion to repurchase H-shares and sell a 6% stake in Gland Pharma.
$Fosun Pharma (02196.HK)$ The disclosure stated that its controlling subsidiary sold 9.897 million shares of India's Gland Pharma through block trades and centralized bidding, accounting for 6% of the total share capital. The pre-tax consideration was INR 27.996 billion (approximately USD 294 million), with an average transaction price representing a 2.72% discount to the closing price of the previous trading day. The company also plans to repurchase up to HKD 1 billion worth of H-shares within 12 months starting from August 27. The repurchased shares will be cancelled or held as treasury stock. The proceeds from the sale are intended for R&D, share repurchases, and repayment of interest-bearing debt, which will increase net assets but will not be recognized as investment income.
Zhihu plans to invest RMB 1.5 billion to subscribe to an AI fund targeting early- to mid-stage non-listed companies.
$Zhihu-W (02390.HK)$ According to the announcement, its wholly-owned subsidiary, Beijing Zhizhe Tansuo, plans to subscribe to RMB 1.5 billion using internal funds to acquire limited partnership interests in Tianjin Lisi Xingshen Equity Investment Partnership (Limited Partnership). The transaction is subject to approval at an extraordinary general meeting of shareholders. The fund has a seven-year term, extendable by up to two years, and primarily invests in early- to mid-stage non-listed companies in mainland China's artificial intelligence and frontier technology sectors, covering foundation models, AI infrastructure, robotics, and applications. The company stated that these investments may provide opportunities for technological application or business cooperation for Zhihu's Direct Answer service, expert data solutions, and AI content and IP development.
Today's Focus
Key Highlights: US stock market holiday; Expansion of Stock Connect southbound trading list; Xiaomi autumn product launch event
In terms of economic data, releases include the Eurozone September Sentix Investor Confidence Index and the revised annual GDP growth rate for the Eurozone in Q2.
16:30 Eurozone September Sentix Investor Confidence Index;
17:00 Revised annual GDP growth rate for the Eurozone in Q2 and the final quarter-on-quarter seasonally adjusted employment change for Q2.
Major Events:$Baidu Group-W (09888.HK)$ 、 $Qunhe Technology (00068.HK)$ were officially added to the list of eligible stocks for southbound trading under the Shanghai-Hong Kong Stock Connect.
$Xiaomi Group-W (01810.HK)$ The autumn flagship product launch is scheduled for 7:00 PM on September 7, with the official market debut of the Xiaomi Pengcheng N70 Pro, N70 Max, and N90 Max.
Regarding new listings, $Medtronic (02041.HK)$ Listed on the stock exchange.
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Editor / Rocky