Market Developments
Major News from the Strait of Hormuz: Another Vessel Attacked; Iran Says No US Warships Remain in the Persian Gulf
According to a report by Iran's Tasnim News Agency on the 29th, Iranian Revolutionary Guard Corps spokesman Mohtabi stated that there are no longer any US warships in the Persian Gulf. At present, US naval vessels have withdrawn to at least 500 kilometers beyond the entrance to the Persian Gulf. The UK Maritime Trade Operations office issued a notice on the 29th stating that it had received a third-party report claiming that a vessel was attacked by an "unknown projectile" while transiting the Strait of Hormuz on the evening of the 28th, causing the ship to catch fire.
Iranian Revolutionary Guard Spokesman: If the US Wants to End the War, It Must Admit Defeat
On the 29th local time, Iranian Revolutionary Guard Corps spokesman Mohtabi stated that the Revolutionary Guard has prepared a letter addressed to the American people, aimed at sincerely helping the American people understand Iran's position. He said that if the US's high military spending is meant to defend its own territory, then the US national defense situation is naturally secure, and it does not need to establish 800 military bases around the world.
Trump Confirms Indirect US-Iran Talks, Says Information Has Been Exchanged with Iran
US President Trump told the media at the White House on the 28th that US and Iranian negotiators have exchanged information through mediators. When asked about the progress of US-Iran negotiations, Trump did not disclose specific details, only saying "we will win" and "the situation will soon become clear." Earlier that day, CBS News reported that indirect US-Iran talks began on the morning of the 28th. Previously, Iranian media reported that Iranian Foreign Minister Araghchi would lead an Iranian delegation to meet with mediators of the US-Iran negotiations in New York on the morning of the 28th to discuss the latest proposals regarding the current situation.
Iranian Stock Market Surges 130,000 Points in a Single Day
On September 29 Beijing time, Iran's stock market index broke through the 7.6 million point mark. At the close of trading that day, the composite stock index surged 136,000 points to reach 7.595 million points.
Trump Meets with Heads of Multiple Tech Companies, Signs AI-Related Document
US President Trump told the media on the 29th that he met with heads of multiple technology companies at the White House to discuss artificial intelligence development and jointly signed a related agreement document. Later that day, Trump posted this document on his social media. US media reported that this document involves "internal and external review" of artificial intelligence technology.
US Plans to Release 40 Million Barrels of Strategic Petroleum Reserve Through "Exchange"
The Strategic Petroleum Reserve Project Management Office of the US Department of Energy issued a solicitation notice on the 29th, planning to release 40 million barrels of crude oil to the market through an "exchange" method. According to the notice, companies planning to participate in the "exchange" need to submit proposals in the coming days. After announcing the "exchange" contracts, the federal government expects to deliver the reserve crude oil in batches in November and December. Companies can begin returning crude oil as early as April 2027, with the latest return period being the end of 2029. According to the US Department of Energy, the US can release strategic petroleum reserves through "sales" and "exchange" methods. Under the "exchange" method, refineries borrow crude oil from the strategic petroleum reserve due to emergencies such as hurricanes, pipeline blockages, or waterway closures, and then return an equivalent amount afterwards.
Ministry of Finance, Central Bank and Others Introduce Mortgage Interest Subsidy for the First Time! Save Up to 50,000 Yuan on a 1 Million Yuan Loan!
On September 29, the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration jointly issued the "Notice on Implementing the Resident Home Purchase Loan Interest Subsidy Policy" (Cai Jin [2026] No. 95), clarifying that the resident home purchase loan interest subsidy policy will be implemented starting from October 1, 2026, providing interest subsidy support at an annualized rate of 1 percentage point based on the loan principal for a period not exceeding 5 years, with an initial implementation period of 1 year.
Lower Interest Rates, Higher Quotas: Central Bank Announces Important Adjustments to Monetary Policy Tools
The People's Bank of China announced on September 29 that, in order to implement the spirit of the Central Political Bureau meeting and the deployment of the State Council executive meeting, and to implement an appropriately accommodative monetary policy, the People's Bank of China has decided to further adjust and improve several monetary policy tools on the basis of fully leveraging the effectiveness of existing policies, creating an appropriate monetary and financial environment for stable economic growth, high-quality development, and stable operation of financial markets, promoting sustained economic development toward new and better directions, and supporting a good start for the "15th Five-Year Plan." Specifically, these include: First, lowering the Pledged Supplementary Lending (PSL) rate by 0.25 percentage points. The one-year Pledged Supplementary Lending rate will be reduced from 1.75% to 1.5%, better incentivizing policy banks to support the real economy and serve national strategies.
SASAC Issues Latest Statement on New Central SOE Establishment, Restructuring and Integration, and Strategic Emerging Industry Layout
The State-owned Assets Supervision and Administration Commission of the State Council announced on September 29 that the 2026 Issue 9 of "New-Type Industrialization" published a signed article by Cheng Fubo, Party Secretary and Director of the SASAC of the State Council, titled "Better Leveraging the Role of State-Owned Capital and Central SOEs as Pioneers to Contribute More to the Construction of a Modern Industrial System." The article proposes that during the "15th Five-Year Plan" period, the powerful tool of strategic and specialized restructuring and integration will continue to be used, doing a good job in establishing new central SOEs and strategic restructuring, supporting enterprises with strong innovation capabilities as the main entities, and carrying out horizontal integration of similar businesses and vertical integration of upstream and downstream operations.
Ministry of Science and Technology: China's Chip Research Achieves New Breakthroughs, Open-Source Large Models Lead the World
At the "Starting the 15th Five-Year Plan" series of themed press conferences held by the State Council Information Office today (the 29th), Minister of Science and Technology Yin Hejun introduced that over the past five years, China's scientific and technological innovation has reached a new level, and the construction of a science and technology powerhouse has taken solid steps, strongly supporting high-quality development and improvement of people's livelihoods. In 2025, total social R&D investment exceeded 3.92 trillion yuan, accounting for 2.8% of GDP, surpassing the average level of OECD member countries for the first time; the number of PCT international patent applications and high-level international journal papers has ranked first in the world for many consecutive years; major original achievements such as Jiuzhang, Tianwen, and Chang'e have emerged at an accelerated pace, chip research has achieved new breakthroughs, open-source large models lead the world, emerging industries such as new energy vehicles and robots are flourishing, and a batch of scientific and technological achievements including innovative drugs and new crop varieties have benefited the general public.
China's Generative AI User Base Exceeds 700 Million
On September 29, the Policy and International Cooperation Institute of the China Internet Network Information Center released the "Generative Artificial Intelligence Application Development Report (2026)" (hereinafter referred to as the "Report") at the "2026 (7th) China Internet Infrastructure Resources Conference," using the latest survey data to research and analyze the user usage, industrial application, and policy formulation of generative artificial intelligence. The "Report" shows that as of the first half of 2026, China's generative artificial intelligence user base exceeded 700 million, with a penetration rate exceeding 50.0%.
Chinese Scientists Develop New Single-Beam Multi-Dimensional Optical Storage Technology
The reporter learned from the University of Shanghai for Science and Technology on September 29 that the university's research team has independently developed single-beam multi-dimensional optical storage technology, providing a new path for massive data storage and efficient reading and writing, with broad application prospects. The related results were published online on the 29th in the international academic journal "Nature Photonics." "Traditional binary storage typically has only two states, '0' and '1,' in a single recording unit, while our technology enables a single recording unit to have 1,024 distinguishable states," said Zhang Qiming, head of the research team and professor at the School of Intelligent Science and Technology at the University of Shanghai for Science and Technology. Information that previously required multiple recording units to carry can now be accomplished by increasing the information capacity of a single recording point. In this way, increasing optical storage capacity no longer relies solely on continuously shrinking recording points or increasing the number of storage layers, but can also open up new space by enabling "one point to store more information."
Multiple Regions Cap "Gift Money"
"Except for close relatives, it is advocated that 'gift money' in rural areas should not exceed 100 yuan, and in county areas should not exceed 200 yuan." Recently, four departments in Sanjiang Dong Autonomous County, Liuzhou City, Guangxi, jointly issued the "Sanjiang Dong Autonomous County Guidelines for Advocating Changed Customs," continuing to address outdated practices such as high bride prices, excessive banquet hosting, and neglect of elderly care with lavish funerals, further reducing the burden on the public. The guidelines provide recommendations on gift money amounts, wedding and funeral durations, banquet hosting standards, and bride prices. For example, regarding timing, it is advocated that wedding banquets be held separately by each side for 1 day or jointly for 1 day, with one meal hosted; a single side hosting a wedding banquet should not exceed 25 tables, and a joint banquet should not exceed 40 tables. Mourning periods generally should not exceed 3 days, and conducting funerals in centralized venues is encouraged to reduce disturbances from keeping coffins at home.
Super El Niño Event Expected to Form Around November
On the 29th, the China Meteorological Administration held a press conference and released the latest monitoring information on El Niño: according to monitoring by the National Climate Center, sea surface temperatures in the central and eastern equatorial Pacific have continued to warm since September, marking the first time on a pentad and decadal scale that the sea surface temperature index has exceeded 3 degrees Celsius since monitoring records began. The peak of the sea surface temperature index is expected to occur around November, forming the strongest super El Niño event since monitoring records began.
Philippines Releases So-Called New Version of "Nautical Chart" Including Chinese Islands and Reefs; Foreign Ministry: Illegal, Invalid, China Firmly Opposes
On September 29, Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A reporter asked: according to reports, on the 25th, the Philippine National Maritime Council released a so-called new version of the "nautical chart," including Zhongye Island, Mahuan Island, and other islands and reefs in China's Nansha Islands. What is China's comment on this? Guo Jiakun stated that Zhongye Island and Mahuan Island are part of China's Nansha Islands and are Chinese territory. China has indisputable sovereignty over the Nansha Islands and their adjacent waters. He pointed out that the territorial scope of the Philippines is determined by a series of international treaties, and China's South China Sea islands, including the Nansha Islands, are outside the territorial scope of the Philippines. The Philippines illegally occupies some islands and reefs of China's Nansha Islands, goes beyond its own territorial scope, delineates the so-called "Kalayaan Island Group," and releases a so-called "nautical chart" concerning relevant islands and reefs of China's Nansha Islands. This seriously violates China's territorial sovereignty and seriously violates the UN Charter and relevant international law, and is illegal and invalid.
Featured Companies
Bank of China Mastercard Credit Cards Suffer Overseas Fraudulent Charges; Latest Developments
Recently, multiple cardholders posted on social media platforms that their credit cards were fraudulently charged overseas, with most of the cards involved being Bank of China Great Wall Zhuo Jun Mastercard series. Mastercard cardholders from other banks have also reported fraudulent charges, and it is not yet clear whether there is any connection between the cases. Currently, some cardholders say they have received bank text message notifications that the fraudulently charged transactions have been reversed. A person close to the handling of this incident told China News Service that the vulnerability was patched last Sunday (September 27), relevant cardholders have been contacted, and this fraudulent charge incident will not cause losses to cardholders.
"AI May Lead to Human Extinction," Anthropic Prospectus Reveals: 80 of 261 Pages Are Risk Warnings
According to a Reuters report on the 28th local time, US artificial intelligence company Anthropic warned in its IPO prospectus that AI may bring "catastrophic or existential risks" to humanity. The report noted that it is routine for listed companies to warn investors about product risks, but almost no company would say its own technology could lead to human extinction. This warning, raised by a company trying to profit from the same technology, is truly rare.
Li Xiang Responds to "De-XX-ization" Controversy: Self-Development Does Not Equal Replacing Suppliers! Automakers' Battery Layout Is Not a Binary Choice of "Buy" or "Build"
"A good vehicle-supplier relationship is not about who replaces whom, but about making products better through deeper collaboration." On September 28, Li Xiang, Chairman and CEO of Li Auto, posted a response to the "de-XX-ization" controversy, emphasizing that self-development does not mean opposing suppliers. Li Xiang used the chip industry as an analogy, pointing out that Apple's A-series chips and the flagship chips of Nvidia and Qualcomm mostly adopt a model of independent enterprise R&D with manufacturing outsourced to TSMC. In his view, independent R&D and professional manufacturing are not opposed; this division of labor does not weaken partners but promotes their development.
Industry Hotspots
Multiple Regions Roll Out New Gift Packages to Welcome National Day; Cultural and Tourism Consumption Heats Up
Consumer Enterprises Rush into Investment, Cross-Border Layout in High-Growth Tracks
Price Increases, Capacity Expansion, and M&A Triple Resonance; Lithium Battery Anode Industry Races Toward Integrated Layout
Supply-Demand Gap Continues to Widen; HBM Price Increase Expectations Sharply Raised
Market Strategy
This week, affected by the pre-holiday effect, A-share trading volume showed a shrinking trend. In the view of some institutions, the recent A-share volume contraction is mainly due to seasonal factors combined with overseas disturbances, which is a normal phenomenon; after the National Day holiday, as capital trading sentiment recovers, the market is expected to continue a restorative rebound. A research report by China Securities Co., Ltd. believes that as the National Day holiday approaches, the current A-share market has shifted into a pre-holiday volume contraction mode. On the external front, soaring US Treasury yields have suppressed the valuation center of global high-valuation growth assets, also imposing certain constraints on A-shares. However, from the domestic situation, supported by strong external demand and improved manufacturing competitiveness, the RMB exchange rate is generally stable and slightly strong, providing a buffer for A-shares. Everbright Securities believes that A-share market performance after the holiday may be more positive. In hard technology tracks, it is recommended to focus on fields with core technical barriers such as semiconductors and high-end manufacturing. These sectors benefit from the upward cycle of the global technology industry and also align with the national policy orientation of scientific and technological innovation and independent controllability, possessing strong growth certainty and valuation elasticity. In addition, Everbright Securities recommends paying attention to sectors with bottom-up improvement in prosperity, such as agriculture, forestry, animal husbandry and fishery, pharmaceuticals, and non-bank finance. These industries are more driven by their own fundamental logic and can generate independent market movements, providing certain excess returns amid market volatility.
Today's New Stock Subscriptions
None
Announcement Summary
Hot Topics
4 consecutive limit-ups Xuelong Group: The company's products have not been applied to current market-related hotspot areas
2 consecutive limit-ups Shanshui Technology: There is a certain degree of inverse relationship between the price and sales volume of 6-nitro compounds, and the impact on the company's performance is currently expected to be limited
Buybacks and Increases
Shandong Gold: Chairman proposes share buyback of 300 million to 400 million yuan
China Automotive Engineering Research Institute: Controlling shareholder plans to increase holdings by 60 million to 120 million yuan
Hainan Expressway: Controlling shareholder plans to increase holdings by 45 million to 90 million yuan
Torang New Materials: Actual controller plans to increase holdings by 6.5 million to 13 million H-shares of the company
Refinancing
H&T: Plans non-public issuance of no more than 2.2 billion yuan in science and technology innovation exchangeable corporate bonds
Sanyou Lianzhong: Plans to issue no more than 660 million yuan in convertible bonds for photovoltaic, energy storage, and computing power relay expansion projects
Chaoyang Technology: Plans private placement to raise no more than 560 million yuan for Vietnam Chaoyang Intelligent Manufacturing expansion and other projects
Equity Changes
Liantai Environmental Protection: Plans to sell all equity of Hunan Liantai and Shantou Liantai for 1.611 billion yuan
Three Gorges Water Conservancy: Wholly-owned subsidiary plans to publicly list and transfer 100% equity of Wuling Manganese Industry and related assets
Operating Data
China State Construction: Recently obtained major projects totaling 14.04 billion yuan
Gold Mantis: Won bids for engineering projects totaling approximately 343 million yuan in September
Bid-Winning Contracts
Changying Tong (688143): Signed a 147 million yuan polarization-maintaining fiber product order
Major Investments
COSCO Shipping Specialized Carriers: Plans to invest no more than 2.624 billion yuan to build 8 ships of 60,000-ton multi-purpose heavy-lift vessels
Shaangu Power: Plans to invest no more than 673 million yuan to build a high-end equipment industry innovation research center
Wangsu Science & Technology: Plans to invest 300 million yuan in video generation model company Sand.ai
Other
National Silicon Industry Group: Chairman Jiang Haitao resigns
EVE Energy: Wholly-owned subsidiary receives 375 million Hong Kong dollars in cash dividends from Smoore International
Shibei Hi-Tech: Wholly-owned subsidiary signs a 569 million yuan commercial housing sales contract
*ST Yuandao: Company stock resumes trading on September 30 and enters delisting consolidation period
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