**Pre-Market Highlights**

**1. Chip Price Surge Wave Arrives! Taiwan Semiconductor Manufacturing Plans 2nm Process Price Increase, Overnight Stock Surged 5%** Type: Company News Market Impact: Positive

According to media reports, Taiwan Semiconductor Manufacturing's 2nm process pricing will increase by at least 50% compared to 3nm technology, while the final generation 3nm CPU prices have already risen about 20% over previous generation. Following the initial news impact, Taiwan Semiconductor Manufacturing surged as much as 5% overnight, ultimately closing up 3.7%. Meanwhile, memory chip giants Samsung and SK Hynix have already led price increases for their products.

**2. AI Demand Drives Strong Performance, Micron's Last Quarter Revenue Surged 46%, Current Quarter Guidance Crushes Expectations to New Highs** Type: Company News Market Impact: Positive

Micron's Q4 EPS doubled year-over-year, exceeding analyst expectations by 6%, with HBM revenue reaching new highs. Q1 revenue guidance shows over 40% year-over-year growth, with EPS guidance doubling again and beating analyst expectations by over 20%. The stock gained over 4% in after-hours trading. Micron raised its demand growth forecasts for both DRAM and NAND this year.

**3. Fed Chair Powell: Monetary Policy Remains Moderately Restrictive, Stock Prices Relatively High** Type: Macroeconomic News Market Impact: Neutral

Fed Chair Powell indicated that even after last week's rate cut, the Fed's current monetary policy stance remains "moderately restrictive," suggesting room for further rate cuts this year if labor market weakness becomes more concerning than inflation rebounds. While Powell acknowledged elevated stock prices, he stated this is not currently "a moment of rising financial stability risks."

**4. Trading Suspension Again for Investigation! 15-Day Limit-Up Stock Ningbo Tip Rubber Technology "Third Time" This Month, Company Issues Risk Warning** Type: Company News Market Impact: Neutral

15-day limit-up stock Ningbo Tip Rubber Technology announced that its stock price has severely deviated from fundamentals and will be suspended from trading starting September 24, resuming after disclosure of investigation announcement. The company reminds investors to pay attention to secondary market trading risks, noting that control change matters remain uncertain, with related approval procedures and timing still carrying uncertainties.

**Investment Calendar** Alibaba 2025 Cloud Conference Opens

**Investment Insights** Risk control is the core of investing. Only by understanding risks can long-term stable returns be achieved. - Howard Marks, "The Most Important Thing"

**Institutional Views** 1. CITIC Securities: Market shows no clear topping or declining trend, focus on sector rotation, emphasize individual stocks over indices. 2. Cathay Pacific Securities: Chinese stock market won't stop here, market corrections present opportunities, A-shares may reach new highs ahead. 3. Orient Securities: Market remains in upward phase, Q4 opportunistic advances remain the main theme, no need for excessive pessimism.

**Positive/Negative Outlook**

**1. Ministry of Industry: Combined Driving Assistance System Penetration Rate in Passenger Car Market Exceeds 60%** Type: Industry Analysis Kaiyuan Securities: L4 commercialization in limited scenarios shows high feasibility, technology providers are core participants; related components may benefit from industry dividends, achieving dual growth in performance and valuation; specific scenario operators may achieve efficiency improvements and cost reductions.

**2. Global First! China's Monthly Electricity Consumption Exceeds One Trillion kWh for Two Consecutive Months** Type: Market Discussion CITIC Securities: Recommend allocating long-duration assets like hydropower and nuclear power, with stable operations and valuation expansion potential; leading thermal power companies with performance elasticity and low valuations; deeply discounted green energy stocks whose valuations already reflect consumption pressures.

**3. Solid-State Battery Key Materials Technology Conference Held, Industrial Chain Progress Accelerates** Type: Market Discussion Cathay Pacific Securities: China's solid-state battery development shows "automaker + battery manufacturer" collaboration characteristics. Based on multiple automakers' and battery manufacturers' solid-state battery mass production plans, 2027 is expected to mark the industrialization year for all-solid-state batteries, accelerating the industrialization process.

**Company Announcements**

**Positive Announcements:** 1. China XD Electric: 14 subsidiaries won State Grid transmission projects totaling 1.6406 billion yuan 2. Hengrui Medicine: SHR7280 tablet drug marketing application accepted by National Medical Products Administration 3. Hualing Cable: Plans to acquire Three Bamboo Intelligence control for up to 270 million yuan, accelerating entry into robotics and other business areas

**Negative Announcements:** 1. China Tianrui Rocket: Shareholder plans to reduce holdings by up to 3% 2. Info-Tech: Major shareholder plans to reduce holdings by up to 3% 3. Zhejiang Linuo: Ryan Nord plans to reduce holdings by 2.1590%

**Overseas Markets** AI sustainability questioned and Powell's comments on high valuations led to Tuesday's US stock decline. Major tech stocks fell broadly, with Oracle down over 4%, Amazon down over 3%, and NVIDIA down nearly 3%. Popular Chinese concept stocks generally declined.