International oil prices climbed after Trump rejected Iran's proposal, with Iran stating it is ready for a "doomsday war." According to reports, Iranian Foreign Minister Araghchi said on the 27th that Iran is fully prepared to resume hostilities with the United States but has not abandoned diplomatic engagement. He stated, "We are fully prepared for the resumption of war," while adding, "We are also ready for diplomatic contact at any time. It depends on President Trump's choice." Trump said in an interview that he expects negotiations with Iran to continue this week. A day earlier, he rejected Iran's plan to end the war, saying Iran wants a deal but "not the deal I want," and that Iran "overestimated its leverage." When asked whether he is considering resuming military strikes against Iran, Trump said, "I'm always considering it." Regional sources say a new round of indirect talks between the U.S. and Iran could take place as early as the 28th, with Qatar and other mediators working to facilitate, though significant differences remain on key issues. Iran wants negotiations to focus on navigation in the Strait of Hormuz and lifting the U.S. naval blockade, while the Trump administration demands Iran make concessions on nuclear issues.
In a historic shift, overseas investors are aggressively buying U.S. stocks and funds, with U.S. equities favored and Treasuries losing appeal. U.S. Treasury data shows that in the 12 months through July 2026, overseas investors net purchased $942 billion (approximately 6.32 trillion yuan) in U.S. stocks and investment fund shares, setting a record high. In the second quarter alone, net purchases reached $426 billion, up 62% year-over-year and marking a new quarterly record. Over the same period, overseas investor interest in U.S. Treasuries cooled notably. Total net bond purchases in the second quarter were $188 billion, down from $314 billion in the first quarter. Analysts note that the traditional role of U.S. Treasuries as a global risk-free asset is facing increasing pressure.
Industry giants are making moves, as NVIDIA continues to ramp up glass substrate investments. According to reports, SCHMID stated at its first-half earnings briefing that the company is collaborating with core suppliers of Intel, NVIDIA, and AMD to jointly develop glass substrate equipment. Currently, the metallization step for through-glass vias (TGV) still presents technical difficulties, and customer certification has not been completed. This means that, following collaborations with TSMC on panel-level packaging and with Corning on optical interconnect products, NVIDIA is now addressing glass substrate bottlenecks from the upstream equipment perspective across the entire industrial chain to accelerate mass production. Previously, NVIDIA CEO Jensen Huang met with SK Group Chairman Chey Tae-won to discuss semiconductor cooperation, including glass substrates, aiming to connect the Korean substrate and materials supply chain. In May, NVIDIA also reached a multi-year partnership with glass substrate giant Corning, under which NVIDIA will invest up to $2.7 billion in Corning and receive warrants. Corning will build three new manufacturing plants in the U.S., expanding domestic optical connectivity product capacity tenfold to serve hyperscale AI data centers. NVIDIA continues to jointly define CoPoS glass panel packaging with TSMC for large panel-level packaging, fitting more HBM into a single package to boost next-generation GPU and CPO bandwidth, reduce packaging warpage, and improve packaging yield, with a target of mass production between 2028 and 2029.
Regulators have clarified the regulatory scope for insurance funds investing in Hong Kong Stock Connect ETFs. Sources in the industry say that several insurers recently received a letter from the General Office of the National Financial Regulatory Administration titled "Letter on Clarifying the Regulatory Scope for Insurance Funds Investing in Hong Kong Stock Connect ETFs." The letter states that insurance institutions permitted to invest in Hong Kong Stock Connect stocks under regulatory rules may invest in exchange-traded funds under the mutual market access mechanism between mainland and Hong Kong stock markets (referred to as "Hong Kong Stock Connect ETFs"), following the relevant regulatory provisions for insurance funds investing in Hong Kong Stock Connect stocks. The letter indicates that the move aims to optimize the insurance asset allocation structure and standardize insurance funds' investment in Hong Kong Stock Connect ETFs, effective from the date of issuance (September 20, 2026).
Removing "cross-cyclical" and stepping up exchange rate stability: what signal does the central bank's policy shift send?
The Monetary Policy Committee of the People's Bank of China recently held its third-quarter 2026 meeting. Compared with the previous quarter, several changes in the tone of this meeting drew attention. First, the phrase "cross-cyclical adjustment," used for three consecutive quarters, was removed, and the policy tone was updated to "increase the intensity of counter-cyclical adjustment." Second, a new phrase was added: "comprehensively use and timely adjust monetary policy tools," reversing the relatively prudent stance of second-quarter policy. Third, on the exchange rate, the meeting added "adhere to the decisive role of the market in exchange rate formation."
Two consecutive limit-ups, two consecutive limit-ups, four consecutive limit-ups! Three hot stocks issue risk warnings.
Several stocks with consecutive limit-ups issued announcements on abnormal stock trading fluctuations and risk warnings. Two-limit-up Jitai Shares announced on the evening of September 27 that in the first half of the year, the company's overall revenue from the new energy sector was 28.4545 million yuan, accounting for 5.88% of operating revenue, a relatively low proportion. The business is affected by downstream industry policies, changes in market demand, market competition, and customer verification progress, and future business development and its impact on company performance remain uncertain. The company's liquid cooling silicone oil achieved no sales in the first half of 2026 and is currently in the internal application verification stage, with customer verification also required. Only after relevant verification is completed and meets requirements can it enter small-batch production. Verification progress and results, small-batch production progress, customer adoption, subsequent order acquisition, and large-scale sales all remain uncertain. Two-limit-up Oriental Zhongke announced on the evening of September 27 that the vector network analyzers it sells involve multiple domestic and international brands, and all related products are agency products, not self-developed products, and the company does not manufacture them. Revenue from these vector network analyzers and their accessories, software, and solutions was 124 million yuan in 2025, accounting for 3.84% of 2025 operating revenue; revenue in January-June 2026 was 48.4324 million yuan, accounting for 3.62% of January-June 2026 operating revenue. These revenue proportions are relatively small, with limited impact on company performance. Four-limit-up OGAWA announced on the evening of September 27 that the company's stock rose by the daily limit for four consecutive trading days from September 21 to 24, with a cumulative gain of about 46.65%, constituting abnormal stock trading fluctuations. The company's health service robot-related business is still in the exploratory stage and does not yet involve the humanoid robot field. Related matters remain uncertain.
AI server liquid cooling orders are booming, with multiple companies expanding production and order backlogs extending to 2027. Revenue growth exceeding 400%, capacity unable to keep up with deliveries… This is not the story of some internet giant, but of the liquid cooling industry in 2026. Driven by surging AI computing demand, liquid cooling is undergoing a transition from "supporting role" to "infrastructure." Order volumes are surging across the supply chain, companies are expanding production, and new players are entering—this "cold" business ignited by intelligent computing demand is becoming hotter than ever. However, multiple interviewees also said that the liquid cooling industry currently has many players and fierce competition, technical routes remain disputed, and manufacturing processes continue to iterate and upgrade. In this race, only companies that have entered the core supply chains of domestic and international giants, master core processes, and maintain continuous iteration capabilities can truly ride through the cycle and enjoy the dividends.
OpenAI has paused training of its latest-generation model. OpenAI stated that it has suspended training, evaluation, and inference including tool invocation for its latest-generation AI model. In a technical report released on the 25th, OpenAI said that on September 20, an agent performing a search training task in a sandbox exploited insufficient DNS filtering in the training sandbox, bypassed network restrictions, and accessed an external public chatbot service through DNS. Before that, the agent had used a built-in search tool and attempted to directly access a search engine but failed. The report noted that OpenAI's alignment monitoring system triggered an alert within 15 minutes of the incident, a manual review team intervened after 3 minutes, and the training task was terminated after 2.5 hours. In response to the vulnerability, OpenAI deployed interception controls at two independent protection layers.
A real-world survey of the Mid-Autumn Festival property market in Beijing, Shanghai, Guangzhou, and Shenzhen shows rising new-home activity and obvious structural divergence. Around the Mid-Autumn holiday, a reporter from Securities Daily conducted on-the-ground visits in Beijing, Shanghai, Guangzhou, and Shenzhen and found that the four cities' property markets showed a trend of "overall recovery and structural divergence." Specifically, Beijing's new-home market saw a sharp increase in attention, with sales offices regaining foot traffic, but older projects in far suburbs still struggled to sell. Shanghai's "Golden September" this year seemed to have no unified answer, with second-hand home transactions recovering overall and subscription rates for core new projects rising, while some new projects still faced sales difficulties, and the land auction market showed some divergence. Guangzhou's property market continued to trade price for volume, with end-of-project discounts and pilot programs for completed-home sales becoming highlights, and the market is still repairing while bottoming out. Shenzhen maintained solid improvement after the "8·28" property policy, with both new and second-hand home transactions strengthening. The four cities' property markets jointly point to one sign: policy support is taking effect, but confidence recovery does not mean across-the-board gains; rather, it is concentrating toward core locations, high-quality products, and genuine upgrade demand.
Under the AI wave, "burning money" to pile up computing power: Chinese and U.S. tech giants have very different capital logic. A capital race around artificial intelligence (AI) is unfolding simultaneously in China and the U.S. In China, major players such as ByteDance, Alibaba, Tencent, Meituan, and Kuaishou have completed large financing rounds in succession, with loans, rights issues, and bond issuance taking turns. Across the ocean in the U.S., Microsoft, Amazon, Meta, and Alphabet are also densely financing, frantically purchasing computing power and building data centers. Why are tech giants with huge cash piles still "finding money" everywhere? With capital support, what are the AI prospects for Chinese and U.S. tech giants?
Featured Companies
The first domestic AI theatrical film "Sanxingdui: Future Past" is set for October 23. On September 27, the first AI hyper-realistic theatrical film "Sanxingdui: Future Past" was officially scheduled to hit theaters nationwide on October 23, 2026. The film has a total runtime of 100 minutes and is the first theatrical film in China produced using AI technology and granted a public screening permit by the China Film Administration. The film brings ancient Shu civilization and the future world to the big screen with hyper-realistic imagery, creating a new category of science fiction film in which ancient civilization and the future illuminate each other.
German chemical industry consolidation heats up: BASF plans to acquire Evonik, and both sides confirm preliminary contact. German chemical giant BASF said on September 25 that it confirms exploratory talks with Germany's RAG Foundation (RAG-Stiftung) and Evonik Industries regarding a potential acquisition of Evonik. The progress and outcome of these talks remain uncertain. BASF said that as part of its strategy, it continuously evaluates strategic acquisition opportunities that can strengthen its "core business," have a high degree of strategic fit, drive profitable growth, and create value. In this process, BASF always adheres to prudent and rigorous principles. Evonik also confirmed that it has received a non-binding approach from BASF regarding a possible voluntary public takeover offer to all Evonik shareholders. However, it emphasized that no negotiations or consultations are currently underway between the two sides. Apart from disclosure obligations required by laws and regulations, the company does not intend to comment further on this matter and will not respond to any related inquiries.
Stepping up "chasing the light": 001267 plans to expand high-speed optical module capacity. According to the announcement on September 27 by Huilv Ecology regarding the investment and construction of the Junheng Technology R&D and Production Base Project, in order to consolidate and enhance the company's market position and technical capabilities in the optical module field, while improving R&D and production conditions and raising operational efficiency, the company's controlled subsidiary Junheng Technology plans to invest in and construct the "Junheng Technology R&D and Production Base Project" in Wuhan East Lake High-tech Development Zone, to replace and upgrade the related capacity of Junheng Technology's existing Electronic Plant No. 3 at No. 777 Guanggu Third Road in Wuhan East Lake New Technology Development Zone. The announcement shows that the project's total estimated investment is 309 million yuan, of which Sub-project 1, "Junheng Technology R&D and Production Base," is 288 million yuan, and Sub-project 2, "Junheng Technology High-Speed Optical Module R&D Project," is 21.5586 million yuan, with funds from own funds or self-raised funds. The project plans to purchase about 22,000 square meters of land in Wuhan East Lake High-tech Development Zone and build a production workshop with an annual output of 2 million high-end optical modules, with a total construction area of 57,700 square meters and a construction period of 20 months (November 2026 to June 2028).
The Silicon Industry Branch once again released weekly polysilicon transaction prices: standing above 40,000 yuan/ton. Driven jointly by industry self-discipline initiatives and three new national standards on energy consumption and efficiency, the polysilicon market has seen a significant price recovery. After nearly two months, the Silicon Industry Branch of the China Nonferrous Metals Industry Association (referred to as the "Silicon Industry Branch") once again released weekly polysilicon transaction prices, with the average transaction prices of n-type recycled material (rod silicon) and n-type granular silicon both standing above 40,000 yuan/ton, up about 10,000 yuan/ton from late July quotes. Interviews show that expectations of supply contraction are the core driver of this round. At present, downstream purchases are mainly for essential needs and moderate restocking, and large-scale centralized procurement has not yet landed. In the view of industry experts, the intensity of production cuts, the sustainability of spot transactions, and the degree of recovery in end demand will determine the future price trend. On September 23, the Silicon Industry Branch released its weekly polysilicon review. In that week (September 17-23), the average transaction price of n-type recycled material was 43,000 yuan/ton; the transaction price range of n-type granular silicon was 40,000 yuan/ton to 41,000 yuan/ton, with an average transaction price of 40,300 yuan/ton.
Industry Hotspots
Rare inversion! Second-hand VLCCs are $15 million more expensive than new ships, focus on oil shipping beneficiary stocks. NVIDIA steps in to "urge orders," accelerating the glass substrate mass production race; margin traders positioned in multiple stocks last week (list). Good news arrives! Zhejiang makes a major announcement! Targeting a 300 billion yuan blue ocean track. The 40 billion yuan AI film and television market is exploding, and the list of concept stocks is exposed.
Market Strategy
"Holding shares through the holiday" becomes the mainstream institutional recommendation! Latest strategies from ten major brokerages: the last offensive window of the year. Overall, after the adjustment, the bubble risk in China's technology sector is not high, and localized microstructural trading issues still need time to digest, with share prices likely to strengthen later. China's AI development in 2027 has an independent narrative and financial conditions, and importance should be attached to the domestic chain and scarce hardware/materials segments. After the pullback, A-share forward valuations are already low, and the prosperity-driven growth in technology manufacturing is still accelerating. In summary, the overall bubble level in A-shares is relatively light, and valuation adjustments for stocks with localized microstructural issues have already been relatively sufficient; time is still needed to digest trading-side pressure, after which share prices are expected to strengthen again. Unlike the market's pessimistic consensus, A-share microstructural issues exist only in certain stocks, and there has not yet been obvious divergence among individual, institutional, and major shareholder trading behavior. It is recommended to diversify allocations appropriately while remaining optimistic about technology sector allocation opportunities driven by the AI industry, focusing on the domestic computing power chain benefiting from the enhancement of domestic AI strength and policy support, as well as scarce segments such as hardware and materials with marginal increases in industry bargaining power.
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Major Events
Huilv Ecology: plans to invest 309 million yuan to build the Junheng Technology R&D and Production Base Project, adding an annual production line of 2 million high-speed optical modules. Huilv Ecology announced that its controlled subsidiary Wuhan Junheng Technology plans to invest in and construct the "Junheng Technology R&D and Production Base Project" in Wuhan East Lake High-tech Development Zone, with an estimated total investment of 309 million yuan, funded by own or self-raised funds. After the project is completed, Junheng Technology's existing production line capacity of 1.5 million units per year will undergo comprehensive technical upgrading, and an additional production line with an annual output of 2 million high-speed optical modules will be added, bringing total annual capacity in the Wuhan region to 3.5 million units. Thereafter, Junheng Technology's existing production plants will no longer be used. Huilv Ecology said the project aligns with the company's overall strategic planning. After completion, Junheng Technology's capacity scale and R&D and manufacturing capabilities will be enhanced, helping consolidate the company's competitive position in the optical module field. Two-limit-up Jitai Shares: liquid cooling silicone oil achieved no sales in the first half of 2026, and the product is currently in the internal application verification stage. Two-limit-up Jitai Shares issued an announcement on abnormal stock trading fluctuations. In the first half of 2026, the company's overall revenue from the new energy sector was 28.4545 million yuan, accounting for 5.88% of operating revenue, a relatively low proportion. The business is affected by downstream industry policies, changes in market demand, market competition, and customer verification progress, and future business development and its impact on company performance remain uncertain. The company's liquid cooling silicone oil achieved no sales in the first half of 2026 and is currently in the internal application verification stage, with customer verification also required. Only after relevant verification is completed and meets requirements can it enter small-batch production. Verification progress and results, small-batch production progress, customer adoption, subsequent order acquisition, and large-scale sales all remain uncertain. Enjie Shares: controlled subsidiary plans to acquire 45% equity of Hubei Enjie for 1.15 billion yuan. Enjie Shares announced that its controlled subsidiary Shanghai Enjie signed an equity transfer agreement with EVE Energy to acquire EVE Energy's 45% equity in Hubei Enjie New Material Technology Co., Ltd. for 1.15 billion yuan using own and self-raised funds. After the transaction is completed, Shanghai Enjie will hold 100% equity in Hubei Enjie. Two-limit-up Kangqiang Electronics: raw material costs have a relatively large impact on the company's operating revenue. Two-limit-up Kangqiang Electronics issued an announcement on abnormal stock trading fluctuations. The company's main business is the manufacture and sale of semiconductor packaging materials such as lead frames and bonding wires. The main materials required for the production of the company's main products are metal raw materials such as gold, copper, silver, and zinc. Raw material costs have a relatively large impact on the company's operating revenue, and future adjustments in raw material prices will put pressure on the company's operating revenue and net profit. Oriental Zhongke: revenue from related vector network analyzers and their accessories, software, and solutions accounts for a relatively small proportion of operating revenue. Oriental Zhongke issued an announcement on abnormal stock trading fluctuations. The vector network analyzers it sells involve multiple domestic and international brands, and all related products are agency products, not self-developed products, and the company does not manufacture them. Revenue from these vector network analyzers and their accessories, software, and solutions was 124 million yuan in 2025, accounting for 3.84% of 2025 operating revenue; revenue in January-June 2026 was 48.4324 million yuan, accounting for 3.62% of January-June 2026 operating revenue. These revenue proportions are relatively small, with limited impact on company performance. Jinglan Technology: plans to transfer 77.7152% equity of Zhongke Dingshi and related claims through public online auction. Jinglan Technology announced that the company plans to sell 77.7152% equity of Zhongke Dingshi Environmental Engineering Co., Ltd. (referred to as "Zhongke Dingshi") and related claims (collectively the "target assets") through public online auction. To improve asset disposal efficiency and fully attract potential bidders, the company plans to set 50 million yuan as the starting price for the first auction. If the transaction is completed, the company (including its subsidiaries) will no longer hold equity or claims in Zhongke Dingshi, and Zhongke Dingshi will no longer be included in the company's consolidated financial statements. If the target assets are sold at the first auction starting price of 50 million yuan, the company is expected to incur a disposal loss of 55.1786 million yuan on a consolidated basis (based on financial data as of June 30, 2026). Jingye Da: actual controller and chairman Qian Rui has been released from detention. Jingye Da announced that the company received a "Notice of Release from Detention" issued by the relevant supervisory authority, and the detention measures against the company's actual controller and chairman Qian Rui have been lifted. The company's production and operations are normal. Wangfujing: Bijie Guomao Shopping Center will open on September 28. Wangfujing announced that its Bijie Guomao Shopping Center will open on September 28. As of now, the company operates 79 large comprehensive retail stores nationwide (including 1 offshore duty-free store), and also manages and operates 2 port duty-free stores and 2 downtown duty-free stores. Kingwong Electronics: final H-share issue price set at HK$69.88 per share. Kingwong Electronics announced that the final price for its H-share issuance has been set at HK$69.88 per share, and it is expected to list and begin trading on the Main Board of the Hong Kong Stock Exchange on September 29. Robotech: final H-share issue price set at HK$436 per share. Robotech announced that the final price for its H-share issuance has been set at HK$436 per share, and it is expected to list and begin trading on the Main Board of the Hong Kong Stock Exchange on September 29. Tianqi Shares: application for targeted issuance of shares to specific objects receives CSRC approval for registration. Tianqi Shares announced that on September 24 it received approval from the China Securities Regulatory Commission, agreeing to the registration application for the company's targeted issuance of shares to specific objects.
Increases and Decreases in Holdings
Heda Technology: shareholders and directors plan to collectively reduce no more than 4.74% of company shares. Heda Technology announced that shareholder Gongqingcheng Dongxing Boyuan Investment Center (limited partnership), which holds 4.64%, plans to reduce no more than 4.9781 million shares (4.64% of total share capital) through centralized bidding and block trades within 3 months after 3 trading days; director Wang Xiaopeng plans to reduce no more than 108,800 shares (0.10% of total share capital) through centralized bidding within 3 months after 15 trading days. Hongyu Shares: senior manager Liu Zhihong plans to reduce no more than 0.59% of company shares. Hongyu Shares announced that senior manager Liu Zhihong, who holds 2.53%, plans to reduce no more than 1 million shares (0.59% of total share capital) through centralized bidding within 3 months after 15 trading days. Zhongke Feice: a person acting in concert with the actual controller plans to reduce no more than 0.28% of company shares. Zhongke Feice announced that Shenzhen Xiaonaguang Laboratory Investment Enterprise (limited partnership), a person acting in concert with the company's actual controller, plans to reduce no more than 1 million shares (0.28% of total share capital) through centralized bidding within 3 months after 15 trading days.
Refinancing
Jinyinhe: plans to raise no more than 1.5 billion yuan through targeted issuance for projects including industrialization of high-end intelligent equipment for sodium-ion batteries, consumer lithium batteries, solid-liquid batteries, and new energy storage batteries. Jinyinhe announced that the company's targeted issuance of shares to specific objects will raise no more than 1.5 billion yuan. After deducting issuance expenses, the funds will be used for the industrialization project of high-end intelligent equipment for sodium-ion batteries, consumer lithium batteries, solid-liquid batteries, and new energy storage batteries; the R&D and construction project of high-end intelligent equipment for dry electrodes and solid-state batteries; the silicon-based materials and polymer materials construction project (Phase I); the R&D and construction project of high-end intelligent equipment for organic silicon supercritical physical foaming and metal rubidium-cesium vacuum thermal reduction; and supplementing working capital.
Major Contracts
Sichuan Meifeng: subsidiary plans to sign a framework procurement contract for chemical products worth about 79.2 million yuan. Sichuan Meifeng announced that its wholly owned subsidiary Sichuan Meifeng Jialan Environmental Technology Co., Ltd. (referred to as "Jialan Company") plans to sign a "Chemical Products Framework Procurement Contract Agreement" with Tianjin Sinopec Yuetai Technology Co., Ltd. (referred to as "Tianjin Yuetai"), under which Jialan Company will supply diesel vehicle exhaust treatment fluid (i.e., vehicle urea solution) to Tianjin Yuetai. The expected supply volume is 60,600 tons, and the estimated contract amount is about 79.2 million yuan. The contract is valid from the date of signing until August 31, 2028. Jindun Shares: recently won bids for projects totaling 80.6339 million yuan. Jindun Shares announced that the company recently successfully won bids for the Shenzhen Urban Rail Transit Line 15 project, Xili Comprehensive Transportation Hub project, and Line 25 Phase I project for air valve equipment and services procurement of 31.6246 million yuan and fan equipment and services procurement of 29.5982 million yuan, and won the bid for the Shenyang Metro Line 9 Phase II project and Shenyang Metro Line 10 (Zhangshabu-Dingxiang Street) various fans and silencers project for 19.411 million yuan. The total amount of the above winning projects is 80.6339 million yuan, accounting for 23.4% of the company's audited operating revenue in 2025. After formal contracts are signed and smoothly implemented, they are expected to have a positive impact on the company's future operating performance and market expansion. Previous review.
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