Here are the key pre-market headlines for A-shares.
U.S. launched a new round of airstrikes against Iran, prompting Tehran to announce retaliation against U.S. bases in the Middle East. Oil prices jumped, reigniting inflation expectations. Higher oil prices pushed up long-dated U.S. Treasury yields, which in turn pressured equity valuations. Gold and Bitcoin also declined alongside the yield surge. WTI crude rose 5.2%, while Brent gained 4.6%. Semiconductor and software stocks took a hit, with Nvidia falling 1.51%.
A "black swan" event has triggered a global bond market selloff. On September 1st, government bond markets in the U.S., UK, Japan, and Australia experienced heavy selling. The UK 30-year gilt yield spiked to 5.904% intraday, the highest level since March 1998. The catalyst was a more hawkish-than-expected speech from Federal Reserve Chair Warsh last week, which significantly raised expectations for a September rate hike. Additionally, rising oil prices have intensified concerns about structural inflation globally.
Suiyuan Technology, one of the "Four Little Dragons of Domestic GPUs," will start its subscription today. Investors are focused on potential gains, with estimates suggesting a profit of over 280,000 yuan per lot if the stock surges 400% on its debut day. Its IPO price is the highest among the four companies. Analysts suggest that the listing of all four players signals the industry has entered a phase of performance delivery.
Several hot stocks have issued risk warnings after sharp rallies. Wandong Nong, which had risen for six consecutive sessions, stated in a Shanghai Stock Exchange announcement that its short-term surge has deviated significantly from fundamentals and a reasonable valuation range, warning of a potential bubble burst and rapid decline. Haiwoo Home, up for seven straight days, also flagged a high risk of a sharp drop. Other companies like Yiming Food and Times Publishing have similarly cautioned investors about risks.
Market Strategy
The longer the market transitions from a trending state to a sideways range, the less relevant the prior trend becomes.
Institutional Perspectives
Founder Securities: Advises lightly-positioned investors to consider entering the market, but recommends keeping positions no higher than 50%, and suggests doing so gradually on market dips.
China Galaxy Securities: Domestic policy expectations are likely to support the market's center, but external risks may still disturb short-term risk appetite.
Everbright Securities: U.S. Treasury volatility and corrections in AI industry expectations pose upside constraints, with the market expected to maintain a range-bound but firm bias.
Positive and Negative Catalysts
The world's first AI agent smartphone, the "Doubao Phone," is set to launch in September. Guotai Haitan believes the Doubao large model will be deeply integrated into the phone, essentially attempting penetration at the operating system level. It is expected that the Doubao phone will go beyond simple conversation, allowing capabilities like text-to-image generation to be called directly from the system's photo album.
Dell's shares jumped up to 11% in after-hours trading after raising its full-year guidance, with record AI server orders. According to Zheshang Securities, the combined performance of Dell and Lenovo confirms that AI infrastructure prosperity is expanding from AI servers to traditional servers, storage, networking, and rack-level delivery capabilities. AI server orders and backlog provide high earnings visibility.
Some steel mills have accepted the fourth round of coke price increases, with low-sulfur main coking coal in Lvliang rising to as high as 2,800 yuan per ton. Sinolink Securities notes that in the short term, a new round of restocking around September could drive coal demand upward. In the long term, it is optimistic about the EPS and valuation upside driven by a higher central price for thermal coal, focusing on structural opportunities arising from expectation gaps.
Announcement Highlights
Positive Announcements: Hangxiao Steel Structure signed a foreign project contract worth 1.128 billion yuan. Zhongji Innolight completed its first share buyback of 374,100 shares, paying 318 million yuan. GigaDevice has cumulatively repurchased 1.6623 million shares, spending 654 million yuan.
Negative Announcements: VeriSilicon saw the Big Fund reduce its stake by 494,700 shares on August 31st, making it no longer a shareholder with over 5% stake. Two directors of Raisecom were sentenced to imprisonment and fines for illegally disclosing important information. KTK Group's shareholder China Rail intends to reduce its stake by up to 3%.
Overseas Markets
U.S. stocks closed lower as U.S.-Iran tensions escalated overnight. Cryptocurrency-related and optical communication stocks broadly declined. The pharmaceutical sector led gains, with Moderna rising nearly 10%. Dell raised its guidance for the fifth consecutive quarter, with shares up over 10% after hours. The Nasdaq Golden Dragon China Index fell 0.34%.