September 29 closing data shows the Shanghai Composite Index rising 0.18% to 3,830.45 points, the Shenzhen Component Index gaining 0.34% to 12,901.95 points, and the ChiNext Index up 0.09% to 3,142.56 points.
On the US side, the three major indices closed slightly lower as of September 29, with the Dow down 0.26% at 51,349.92 points, the S&P 500 down 0.17% at 7,670.84 points, and the Nasdaq down 0.09% at 26,797.54 points.
Key Financial News
The Ministry of Finance, together with the People's Bank of China and the National Financial Regulatory Administration, issued a notice on implementing a mortgage interest subsidy policy for residential home purchases, effective October 1, 2026, with a tentative implementation period of one year. This marks the first time the central government has provided interest subsidies for commercial individual housing loans. Under the notice, the maximum loan amount eligible for the subsidy is 1 million yuan, with fiscal authorities providing an annualized subsidy of 1 percentage point. Based on current interest rates for first-home commercial individual housing loans, this is equivalent to a discount of about one-third of the rate, with a maximum subsidy period of five years.
The central bank decided to further adjust and improve several monetary policy tools. First, the interest rate on pledged supplementary lending (PSL) will be cut by 0.25 percentage points. Second, the scope of PSL support will be expanded. Third, the quota for re-lending to support technological innovation and technical upgrading will be increased by 200 billion yuan, and the support ratio for this re-lending will be raised from 60% to 100%. Fourth, the quota for re-lending to support agriculture and small businesses will be increased by 500 billion yuan.
The China Internet Network Information Center released the "Generative AI Application Development Report (2026)" at the 7th China Internet Infrastructure Resources Conference. The report shows that by the first half of 2026, China's generative AI user base exceeded 700 million, with a penetration rate above 50%. 76% of users said they would ask generative AI to answer questions, while the proportions of users using generative AI for image/video processing, text, and work summaries/meeting minutes/PPT were 47.8%, 37.6%, and 32.5%, respectively.
Regarding media reports that some EU member states are drafting a joint document calling on the European Commission to accelerate the development of an EU version of the "Section 301" tool and take tougher measures against China, the Ministry of Commerce stated that the tool mentioned is a typical protectionist and unilateral measure, which will not help solve problems but will backfire on those who use it and disrupt China-EU trade and global industrial and supply chain stability. China and the EU are currently continuing dialogue under the trade and investment consultation mechanism to address each other's concerns. If the EU negotiates with China while simultaneously escalating pressure, it will seriously undermine mutual trust, disrupt the overall consultation process, and affect the broader China-EU economic and trade cooperation. China urges the EU to stay on the correct track of managing differences through dialogue. China will closely monitor the EU's subsequent moves, and if the EU insists on introducing discriminatory restrictive measures against Chinese companies or products, China will resolutely respond and defend the legitimate rights and interests of Chinese industries.
The Ministry of Public Security announced eight typical cases of new types of organized crime involving gangs and evil forces. These include online "loan traps" and soft-violence debt collection in Zhejiang, malicious claims in Zhejiang, public opinion blackmail in Inner Mongolia, labor-related fraud in Guangdong, extortion through staged accidents in Sichuan, forced consumption in Jiangxi, nude chat extortion in Fujian, and cyberbullying in Sichuan.
The Private Economy Bureau of the National Development and Reform Commission, together with the Investment Department, Industry Department, and High-Tech Department, held a symposium with relevant private enterprises and industry associations to hear about problems and obstacles in private investment and collect opinions and suggestions. A batch of manufacturing investment projects was also recommended to private enterprises to attract private capital participation. A total of 52 projects were recommended, involving chemical raw materials and chemical products, non-metallic mineral products, metal products, general equipment, special equipment, and other manufacturing categories, with an estimated total investment of 52.4 billion yuan and planned introduction of 15.5 billion yuan in private capital. Private enterprises are supported in participating through sole proprietorship, holding, or minority stakes in project companies.
The People's Bank of China, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the National Intellectual Property Administration, the Cyberspace Administration of China, and the State Administration of Foreign Exchange formulated the "Measures for the Administration of Online Marketing of Financial Products," effective September 30, 2026. The new rules set clear red lines for internet financial product marketing, regulating everything from entity qualifications and promotional language to marketing processes.
Anthropic's prospectus was exposed by foreign media. In 2025, the company's revenue grew about 12 times to nearly 4.6 billion US dollars. Operating losses exceeded 8 billion US dollars; if certain liability write-downs related to previous financing are included, the full-year net loss reached about 42 billion US dollars. Contractual obligations in cloud services, computing power, and infrastructure over the next several years are estimated at about 518 billion US dollars. About 80 pages of the prospectus describe "risk factors." Anthropic warned in the prospectus that advanced AI could bring "catastrophic or existential risks" to humanity.
OpenAI held its 2026 Developer Conference DevDay, releasing more than 20 product and platform updates including the always-on agent dots, the new model GPT-6.1 Sol, and the team collaboration space ChatGPT Space. One of the core new products of the event was dots. According to the introduction, this agent, powered by GPT-6 Astra, has an independent cloud computer and browser, can connect to more than 4,000 applications through plugins, and communicates with users on channels such as ChatGPT, Slack, and Teams. OpenAI said users can set which apps dots can access and what operating rules apply; when users are not actively interacting with it, the background "proactive research" uses only read-only tools and cannot send messages or modify app content. Actions that may affect the account or shared information require automatic review to determine whether they comply with authorization or need further approval.
The Advisory Board of the School of Economics and Management at Tsinghua University will hold its 2026 meeting in Beijing on October 13 and 14. This is the 27th annual meeting since the advisory board was established. This year, three new members and five new successor members were added. The three new members are Nvidia founder and CEO Jensen Huang, AMD Chair and CEO Lisa Su, and Marc Pictet, Senior Managing Partner of Pictet Group.