**Pre-Market Highlights**

1. **Alibaba AI Product Revenue Posts Triple-Digit Growth for Eighth Consecutive Quarter, Reaffirms 380 Billion Yuan Capital Expenditure** Type: Corporate Sentiment Impact: Positive BABA-W's financial results show AI-related product revenue achieved triple-digit year-over-year growth for the eighth consecutive quarter. Capital expenditure surged from approximately 11.9 billion yuan in the same period last year to about 38.7 billion yuan this quarter. During the earnings call, the company reiterated its commitment to invest 380 billion yuan in AI capital expenditure over the next three years and has prepared "backup plans" for global AI chip supply and policy changes. US-listed Alibaba shares surged nearly 13% on Friday.

2. **US Revokes Licenses for Semiconductor Companies in China, China Responds: Will Take Measures to Protect Legitimate Corporate Rights** Type: Industry Sentiment Impact: Neutral The US Department of Commerce removed Intel Semiconductor (Dalian) Co., Ltd., Samsung Semiconductor China Co., Ltd., and SK Hynix Semiconductor (China) Co., Ltd. from the "Validated End User" authorization list. A Commerce Ministry spokesperson stated that this move serves US self-interest by weaponizing export control tools, and China will take necessary measures to firmly protect legitimate corporate rights.

3. **CSRC Chairman Wu Qing Speaks Out! Continue to Consolidate Capital Market Recovery Momentum** Type: Macroeconomic Sentiment Impact: Positive CSRC Chairman Wu Qing recently held a special symposium in Beijing. Wu emphasized continuing to consolidate the capital market's recovery momentum, using comprehensive investment and financing reform as a driving force to accelerate new rounds of capital market reform and opening-up, continuously enhancing market attractiveness and inclusiveness, and actively promoting long-term investment, value investing, and rational investment concepts.

4. **State Council Executive Meeting: Research Implementation of Comprehensive Reform Pilot for Market-Based Factor Allocation in Select Regions** Type: Macroeconomic Sentiment Impact: Positive Friday evening's State Council executive meeting proposed continuously pushing forward reforms, leveraging the market's decisive role in resource allocation, promoting market-determined factor pricing, autonomous and orderly flow, and efficient and fair allocation; accelerating the cultivation and improvement of data factor markets, enhancing capital factors' ability to serve the real economy, and improving resource and environmental market system construction.

**Investment Calendar** China International Equipment Manufacturing Expo

**Investment Insights** Companies with stable profit growth that may seem boring might not be cocktail party conversation starters, but in the long run, they make the best investment targets. - Stanley, "The Millionaire Next Door"

**Institutional Views** 1. China Merchants Securities: A-shares likely to maintain upward oscillation in September, with markets continuing to develop along low-penetration rate tracks. 2. CITIC Securities: Four allocation themes for September, focusing on non-ferrous metals, consumer electronics, "anti-involution," and innovative drugs. 3. Orient Securities: Stock indices may continue oscillating with an upward bias, with high-end manufacturing and domestic substitution showing catch-up potential.

**Bullish/Bearish Outlook**

1. **Healthcare Infrastructure Enhancement Project Implementation Plan Approved, Strengthening Primary Healthcare Services** Type: Policy Focus Industrial Securities: Within the pharmaceutical sector's internal segments, aside from innovative drugs and their supply chains, other subdivisions have yet to see fundamental recovery. The medical device sector is expected to improve in the second half, with current valuations reasonable.

2. **Huahong Company Restructuring Plan Released! Plans to Acquire 97.5% Stake in Hua Li Microelectronics, Trading Resumes Today** Type: Market Focus Tianfeng Securities: Optimistic about Huahong Semiconductor's enhanced comprehensive competitiveness after acquiring Hua Li Microelectronics; amid supply-demand tensions and rising costs, foundry industry price increases are widely expected. As a specialty process foundry leader, Huahong Semiconductor has strong pricing power.

3. **Non-Ferrous Metal Prices Continue Strengthening, Industry Leaders' Profitability Steadily Improving** Type: Market Focus Ping An Securities: Continues to be bullish on precious and industrial metals. The second half remains within an easing cycle, with some metals showing persistently improving fundamentals. Under the resonance of financial and commodity attributes, precious and industrial metal price centers are rising.

**Company Announcements**

**Positive Announcements** 1. Huahong Company: Plans to acquire 97.4988% stake in Hua Li Microelectronics, stock trading resumes 2. Eastsoft: Plans approximately 211 million yuan capital increase in Shanghai Lisuan, shareholding will reach 35.87% 3. Mabwell Bioscience: Denosumab injection receives marketing approval in Pakistan

**Negative Announcements** 1. *ST Tianmao: Plans to voluntarily terminate stock listing through shareholder meeting resolution 2. High-Energy Environment: Controlling shareholder Li Weiguo plans to reduce holdings by no more than 3% 3. Wus Printed Circuit: Senior management Li Minggui plans to reduce holdings by no more than 0.0083%

**Overseas Markets** Tip: Last Friday, US stocks collectively declined due to technology stock sell-offs, with major tech stocks broadly falling and NVIDIA dropping over 3%; most popular Chinese concept stocks rose, with Alibaba surging 13%.