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**Headline News**

**China-US Reach Basic Framework Consensus on Properly Resolving TikTok Issue** Li Chenggang, China's International Trade Negotiation Representative and Vice Minister of Commerce, stated on the evening of September 15th that China and the US have reached a basic framework consensus on cooperatively resolving the TikTok issue, reducing investment barriers, and promoting related economic and trade cooperation.

Regarding the TikTok issue, Li Chenggang stated that China consistently opposes politicizing, instrumentalizing, and weaponizing technology and economic trade issues, and will never seek to reach any agreement at the cost of sacrificing principled positions, corporate interests, and international fairness and justice. China will resolutely defend national interests and the legitimate rights of Chinese enterprises, and conduct technology export approvals in accordance with laws and regulations. Meanwhile, the Chinese government fully respects corporate will and supports enterprises in conducting equal commercial negotiations based on market principles.

During the press conference, Li Chenggang also pointed out that China has noted that despite a series of economic and trade consultations between China and the US, the US continues to expand sanctions on Chinese entities. The US generalizes national security and continuously expands its sanctions list against Chinese entities, with increasingly long-reaching extraterritorial jurisdiction. This is typical unilateral bullying behavior that violates basic principles of international law and international relations. China firmly opposes this and raised serious concerns with the US during the talks.

**NVIDIA Violates Antitrust Law, Subject to Further Investigation** The State Administration for Market Regulation disclosed on September 15th that after preliminary investigation, NVIDIA Corporation violated the "Anti-monopoly Law of the People's Republic of China" and the "Announcement on Antitrust Review Decision of Conditional Approval for NVIDIA Corporation's Acquisition of Mellanox Technologies Limited Equity." The market regulator has decided to conduct further investigation in accordance with the law.

**Foreign Exchange Administration Latest Release! Facilitating Overseas Individuals' Domestic Property Purchases, Allowing FDI Foreign Exchange Profit Domestic Reinvestment** To expand high-level opening up and serve high-quality economic development, the State Administration of Foreign Exchange released the "Notice on Deepening Cross-border Investment and Financing Foreign Exchange Management Reform" on September 15th, effective from the date of publication.

The Notice proposes 9 reform measures from three aspects: investment, financing, and payment convenience. Li Bin, Deputy Administrator and spokesperson of the State Administration of Foreign Exchange, pointed out that the Notice will enhance cross-border investment and financing convenience, help attract and utilize foreign investment, and promote high-quality development of financial services for the real economy.

**Has China Invited Trump to Visit This Year? Foreign Ministry Responds** Chinese Foreign Ministry spokesperson Lin Jian presided over a regular press conference on September 15th.

A foreign correspondent asked: According to media reports, China has invited US President Trump to visit China this year, but the US has not responded due to differences on trade and fentanyl issues. What is China's response?

Lin Jian: Communication channels between China and the US are smooth. Regarding the specific issue you mentioned, I have no information to provide.

**US Demands Related Parties Impose Tariffs on China for Importing Russian Oil, Commerce Ministry and Foreign Ministry Respond** On September 15th, the spokesperson of the Ministry of Commerce answered reporters' questions regarding the US demanding related parties impose tariffs on China for importing Russian oil.

A reporter asked: Recently, the US has demanded that the G7 and NATO impose 50%-100% tariffs on China for purchasing Russian oil to push China to play a role in ending the Russia-Ukraine conflict. What is the Ministry of Commerce's response?

Answer: China consistently opposes taking economic and trade restrictive measures against China under the pretext of "Russia-related" reasons. This US attempt to coerce related parties to impose "secondary tariffs" on China for purchasing Russian oil is typical unilateral bullying and economic coercion, seriously violating the consensus reached in the phone call between the Chinese and US heads of state, and may cause serious impact on global trade and supply chain stability. China firmly opposes this. If any party harms China's interests, China will take all necessary measures to defend its legitimate rights and interests.

**Statistics Bureau Latest Statement: Real Estate Market Still Moving Toward Stabilization** At Monday's State Council Information Office press conference, National Bureau of Statistics spokesperson Fu Linghui publicly responded to questions about the real estate market situation.

Fu Linghui stated that from the first eight months' situation, although the real estate market has fluctuated due to changes in domestic and international situations, the year-on-year decline in commercial housing sales and residential prices is still narrowing, destocking effects continue to show, and the real estate market is still moving toward stabilization. Recently, some cities have further adjusted and optimized housing policies, showing some effects, and market transactions have improved. In the first eight months, the real estate market operation had three main characteristics.

**China Association of Automobile Manufacturers Issues "Payment Term Regulation Initiative" Multiple Auto Companies Respond** On September 15th, eleven automotive manufacturing enterprises including Dongfeng Motor Group Co., Ltd., SAIC Motor Corporation Limited, Chery Automobile Co., Ltd., Sokon Group Co., Ltd., Li Auto Inc., Chongqing Changan Automobile Company Limited, GAC Group, BYD Auto Industry Company Limited, Xiaomi Auto Co., Ltd., NIO Inc., and XPeng Inc. successively issued statements expressing their commitment to actively implement the "Automotive OEM Supplier Payment Regulation Initiative" to build a "vehicle-parts" collaborative win-win development ecosystem and jointly promote high-quality development of the automotive industry.

**From Data Doubts to Personnel Struggles: Fed September Meeting Unusual** On the eve of the Federal Reserve meeting, struggles surrounding the Fed's personnel structure continue to intensify. Additionally, the Fed's data-driven decision-making foundation is gradually being eroded: US annual non-farm data showed record downward revisions, prompting markets to reassess the true situation of the US job market. Under the pressure of political forces and data doubts, this meeting is not only about interest rate decisions themselves but also a test of Fed independence.

**Company Focus**

**Beijing Market Supervision Bureau: Aware of Xibei Pre-made Food Controversy, Further Understanding the Situation! Luo Yonghao Posts: Decides to Drop Further Action Against Xibei!** Regarding the recent controversy over Xibei's pre-made food, according to media reports, Beijing Municipal Market Supervision Administration responded that it has noticed relevant information and is further understanding the related situation. Additionally, on September 15th, Luo Yonghao posted on Weibo stating his decision to drop further action against Xibei.

**Musk Increases Tesla Motors Holdings by $1 Billion** Elon Musk unexpectedly disclosed his purchase of approximately $1 billion worth of Tesla Motors stock, injecting a "confidence vote" into the volatile electric vehicle manufacturer and laying the foundation for a strong finish to the challenging 2025.

A filing showed that Musk purchased 2.57 million Tesla Motors shares at different prices last Friday. Affected by this news, the electric vehicle company's stock price rose nearly 6% on Monday. This is Musk's first public market purchase of Tesla Motors stock since February 2020.

**Reports of Shuibei Gold Material Supplier Collapse "Exaggerated and Untrue," Multiple Companies Still Operating Normally** Recently, online rumors appeared regarding "multiple Shuibei gold material suppliers collapsing and absconding," claiming "over ten Shuibei gold material suppliers suddenly closed business premises and terminated contact, causing downstream merchant prepayments difficult to recover, involving over a hundred downstream wholesale merchants."

On September 15th, sources from the Shenzhen Gold, Jewelry and Ornament Industry Association told Southern Finance that the association has noticed the relevant situation, and the online rumors are exaggerated and untrue. According to the association's field visits, multiple companies on the rumored list are still operating normally. Currently, for individual problematic companies, public security departments have intervened according to law, and involved merchants can defend their rights through legal channels. The suggestion is to view online rumors rationally, not believing or spreading unverified information.

**WM Motor, Neta, HiPhi Enter Auto Manufacturing Revival Competition** WM Motor, Neta, HiPhi and other new energy vehicle companies that have been suspended for some time are now entering a brutal "revival competition."

On September 12th, Neta Auto's brand operator - Hozon New Energy Automobile Co., Ltd. held the first creditors' meeting for its bankruptcy reorganization case. A set of data was disclosed at the meeting: the company has only about 15 million yuan in book funds remaining, while confirmed debts amount to about 5.1 billion yuan, and it owes over 5,000 employees wages and compensation totaling about 460 million yuan.

**Industry Highlights** Policy benefits and increased demand overlap, energy storage industry continues to heat up Strategic agreements and intention orders continue, embodied intelligence industrialization moves toward substance Storage market welcomes new round of price increases, 17 concept stocks show profit growth in first half National Day file new films prepare, film and cinema stocks active Continuous breakthroughs, domestic AI chips compete for market window period

**Market Performance**

**A-shares:** On the 15th, the three major indices rose collectively in early trading; in the afternoon, indices diverged, with the Shanghai Composite oscillating at low levels and the ChiNext maintaining positive territory. At close, the Shanghai Composite reported 3860.50 points, down 0.26%, with transaction volume of 986.172 billion yuan; Shenzhen Component Index reported 13005.77 points, up 0.63%, with transaction volume of 1.291.213 billion yuan; ChiNext Index reported 3066.18 points, up 1.51%, with transaction volume of 616.541 billion yuan. By sector, gaming, breeding, and film and cinema sectors led gains, while minor metals, precious metals, and cultural media sectors led declines.

**Hong Kong stocks:** On the 15th, Hong Kong stocks closed with Hang Seng Index up 0.22% and Hang Seng Tech Index up 0.91%. Hong Kong tech ETF rose 0.85%, Hang Seng Hong Kong Connect ETF rose 0.28%. By sector, utilities and media sectors led gains; power and construction products sectors led declines. By individual stocks, Baiyu Medical surged over 50%; AntiCancer Bio-B surged over 115%, CATL rose 7.44%, WuXi Biologics rose 6.47%, Li Auto-W rose 4.55%, Nongfu Spring rose 4.11%; Chow Sang Sang fell 8.4%, Barley Entertainment fell 8.7%.

**US stocks:** Beijing time September 16th morning, US stocks closed higher Monday, with Nasdaq and S&P 500 hitting intraday and closing record highs. Dow rose 50.03 points, up 0.11%, to 45884.25 points; Nasdaq rose 207.65 points, up 0.94%, to 22348.75 points; S&P 500 rose 31.02 points, up 0.47%, to 6615.31 points.

**European stocks:** European Stoxx 600 index was temporarily up 0.4% in late afternoon trading. By regional markets, UK FTSE fell 0.1%, Germany DAX rose 0.2%, France CAC40 rose 1%.

**Market Strategy** Research reports believe the short term is a cost-effectiveness digestion period, expectation anchor switching period, and waiting period for new themes and catalysts. Recent continuous catalysts in technology industry trends have maintained market heat. At this stage, industry development trends and patterns are playing a role. Catalysts continuously strengthen industry trends, enabling stock prices to break through static cost-effectiveness constraints. Currently in the "double bottom area" of A-share fundamentals and capital inflows, only "continued bottoming" and "improvement" are possible going forward, with conditions for improvement getting better.

For allocation, multiple brokerages suggest continuing to focus on growth tracks. Galaxy Securities research reports believe that while technology tracks may see increased volatility, there seem to be no other sectors in the short term that can well inherit AI direction heat, making technology still one of the most important directions to watch in the short term.

**New Stock Subscriptions** Today's available subscriptions include ChiNext new stock Jianfa Zhixin and Beijing Stock Exchange new stock Jinhua New Materials. Jianfa Zhixin has an issue P/E ratio of 13.29x, subscription code: 301584, subscription price: 7.05 yuan, single account subscription limit: 10,000 shares; Jinhua New Materials has an issue P/E ratio of 11.52x, subscription code: 920015, subscription price: 18.15 yuan.

**Announcement Summary**

**Highlights** Nanfeng Co.: Subsidiary Nanfang Additive Manufacturing's 3D printing service business is still in early stages. Shanghai Construction: Koka gold mine related news is not recent information, gold business revenue has never exceeded 0.5% of operating revenue in previous years.

**Performance** OCT A: August contract sales amount 990 million yuan, down 57% year-on-year.

**Share Changes** Shanghai Pharma: Controlling shareholder plans to increase holdings of 55-74 million H shares through wholly-owned subsidiary. Yihao New Materials: Shareholder plans to reduce holdings by no more than 1%. Zhongyuan Home: Chairman Cao Yong plans to reduce holdings by no more than 3%. Wuzhou Communications: Controlling shareholder plans to increase holdings by 85-170 million yuan.

**Buybacks** New Point Software: Chairman proposes 30-50 million yuan share buyback. Canrui Technology: Plans 20-40 million yuan share buyback. China Express Airlines: Company plans 80-160 million yuan share buyback.

**Contracts and Bids** Inner Mongolia First Machinery: Subsidiary signs 186 million yuan railway freight car procurement contract. Joyson Electronics: Received project designations from two leading brand OEM clients, with expected full lifecycle order value of approximately 15 billion yuan. Lizhong Group: Received approximately 5.8 billion yuan aluminum alloy wheel project designation.

**M&A and Restructuring** New Dazheng: Planning to acquire no less than 51% equity in Jiaxin Liheng Facility Management (Shanghai) Co., Ltd. Sanrack Cybernetics: Wholly-owned subsidiary plans to acquire 88.79% equity in Ligong Technology. Amlogic: Plans to acquire 100% equity in CoreChip Micro.

**Others** Zhenghai Magnetic Materials: Zhenghai convertible bonds will stop trading after market close on September 16th. Chongda Technology: Chongda Convertible 2 will stop conversion after market close on September 16th. Huahong Technology: Huahong convertible bonds will stop conversion after market close on September 16th. *ST Suwu (600200): Stock may face delisting risk due to price below 1 yuan.