**Key Developments:**

**1. MIIT Seeks Public Opinion on Intelligent Connected Vehicle Driving Assistance Standards** *Importance: ★★★★★*

On September 17, the Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard "Intelligent Connected Vehicles - Safety Requirements for Combination Driving Assistance Systems." Experts indicate this will further strengthen the safety foundation for China's intelligent connected vehicle industry development. The draft establishes safety baselines for intelligent connected vehicle products, requiring systems to activate only under their designed operational conditions. For different functions including single-lane, multi-lane, and pilot assistance, comprehensive safety technical requirements have been set covering human-machine interaction, functional safety, expected functional safety, information security, and data recording, creating "triple safety assurance."

**2. Multi-Department Briefing on Latest Service Consumption Policy Measures** *Importance: ★★★★*

At a State Council Information Office press conference on the 17th, officials from the Ministry of Commerce, National Development and Reform Commission, Ministry of Culture and Tourism, and People's Bank of China introduced the main content and highlights of "Several Policy Measures on Expanding Service Consumption" and revealed future policy directions. Kong Dejun, Director of the Service Trade Department at the Ministry of Commerce, stated that forthcoming policy documents on high-quality hospitality development and railway-tourism integration will form a policy "combination punch." Preliminary statistics show that relevant departments have issued over 30 policy documents around establishing a "1+N" service consumption policy system.

**3. Alibaba's Latest Move: Deploying Autonomous Driving** *Importance: ★★★★*

On September 17, Hellobike announced that its Robotaxi business received strategic investment from Alibaba Group. Hellobike stated this investment marks deepened comprehensive cooperation between Hellobike and Alibaba Group in intelligent driving large models, computing platforms, and Robotaxi services, jointly accelerating the commercialization and scaling of the Robotaxi industry.

**4. Goldman Sachs Markets Division: Signs Indicate September 17 Hong Kong Stock Rally Was Foreign Capital-Driven** *Importance: ★★★*

Goldman Sachs Markets Division noted that despite southbound capital still net buying $1.2 billion, capital flows show leading stocks like Baidu (non-Stock Connect eligible) received substantial inflows. Signs suggest most buying on September 17 came from overseas investors, while notably southbound trading proportion dropped below 25% of daily turnover.

**5. Ministry of Finance: Securities Transaction Stamp Tax Revenue Up 81.7% YoY in January-August** *Importance: ★★★*

According to the Ministry of Finance website, national general public budget revenue reached RMB 14.82 trillion in January-August, up 0.3% YoY. National tax revenue totaled RMB 12.11 trillion, up 0.02% YoY; non-tax revenue reached RMB 2.71 trillion, up 1.5%. Securities transaction stamp tax generated RMB 118.7 billion, up 81.7% YoY.

**6. Foreign Ministry Responds to Trump's Extended TikTok Ban** *Importance: ★★★*

At the September 17 Foreign Ministry regular press conference, spokesperson Lin Jian responded to questions about Trump extending the TikTok ban grace period and China-US leadership communication expectations. Lin emphasized that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-US relations, but had no specific information to provide on the mentioned issues.

**7. CATL's Margin Balance Surges 60% in One Month, Fellow Sector Stocks Also Swept Up** *Importance: ★★★*

CATL's margin balance increased over 60% in the past month, reaching a record high since listing on September 15. The power equipment sector maintains high activity, with the sector's average daily turnover reaching RMB 303.8 billion over the past two weeks through September 17, 2.3 times the year's average daily turnover of RMB 130 billion. Among nearly 400 power equipment stocks, 37 stocks recorded historical high turnover in the past two weeks. Dayang Motor, Weiteng Electric, and Haopeng Technology recorded their highest-ever daily turnover today.

**Global Market Updates:**

**US Markets:** Major indices showed mixed performance. As of 22:00, Dow Jones rose 0.66%, Nasdaq fell 0.36%, S&P 500 down 0.03%. Chinese concept stocks collectively strengthened, with Baidu up nearly 8%, Alibaba up over 2% on new AI chip exposure, and NIO up over 3% hitting highs since early October last year. Chip stocks declined with NVIDIA down over 2% and ASML down nearly 1%.

**Indonesia:** Unexpectedly cut interest rates by 25 basis points on September 17, with the central bank indicating it will seek room for further cuts despite recent rupiah weakness.

**EU:** Announced sanctions against Israel on September 17, including suspending trade preferences and sanctioning extremist ministers and violent settlers.

**Investment Opportunities:**

**LiDAR Sector:** CCTV reports China's LiDAR market size expected to exceed RMB 24.07 billion in 2025, rising to RMB 43.18 billion in 2026. Industry moving from "luxury sensor" to "100,000-yuan standard equipment." Related companies include Megalith Technology, Yongxin Optics, Yutong Optics, and Joyson Electronics.

**Other Notable Sectors:** - **Robotics:** World's first Zhiyuan Lingxi X2 robot completes challenging Webster backflip - **M&A:** Henan promotes market-based M&A and industrial integration among listed companies - **Liquid Cooling:** Huawei executive Yang Chaobin states liquid-cooled server rooms becoming inevitable choice for AI data centers - **Consumption:** National county-level commercial consumption season launches

**Corporate Announcements:**

**Positive:** - Mabwell Bioscience signs exclusive licensing agreement with Kalexo for up to $1 billion in upfront and milestone payments - Pingzhi Information pre-wins RMB 170 million AI computing power service project - Hengrui Medicine's breast cancer treatment application accepted for priority review - New China Life's premium income up 21% YoY in first eight months - Huapei Power plans RMB 10-20 million share buyback

**Negative:** - Haozhi Electromechanical director plans to reduce holdings by up to 290,000 shares - Yongding Shares' controlling shareholder plans to reduce up to 3% stake - Shenglong Shares' controlling shareholder plans to reduce up to 3% stake - Dagang Holdings' shareholder plans to reduce up to 3% stake - Xinhan New Materials' controlling shareholder plans to reduce up to 2% stake