GMT EIGHT - OPPORTUNITIES IN CHINA

Clearly, renting has entered the era of deposit-free rentals, yet non-refundable deposits remain the "number one trap."

On September 15, Black Cat Complaints, in partnership with the China Quality Report, released the "2026 Housing Rental Consumer Pitfall Avoidance Guide," with "non-refundable deposits" ranking first at 33.3%.

Three departments: Optimize natural resource allocation to promote standardized and orderly development of the tourism industry.

On September 15, the Ministry of Natural Resources, the Ministry of Culture and Tourism, and the National Forestry and Grassland Administration issued the "Guiding Opinions on Optimizing the Allocation of Natural Resources to Promote the Standardized and Orderly Development of the Tourism Industry."

BofA: S&P 500 Is Forming a Bullish Flag During Consolidation, Long-Term Target Still Seen Above 8,000

BofA technical analysts stick to their bullish long-term call, seeing the S&P 500 potentially rising above 8,000, even as a recent series of market and macro headwinds test investor confidence.

A-share Market Close Review | Shanghai Composite Index fell 0.54%, wind power equipment and semiconductors led the gains

The A-share market rallied in the morning before fluctuating lower, remained weak in the afternoon, and closed down collectively, while the STAR 50 Index bucked the trend and strengthened.

TSMC stated that it adopts a "conservative" strategy in applying AI to technology development.

NBS interprets the consumer market data for January-August: The consumer market operates steadily, and the trend of expansion and quality improvement continues.

On September 15, Yuan Yan, Chief Statistician of the Department of Trade and Economic Affairs of the National Bureau of Statistics, interpreted the consumer market data for January-August.

National Bureau of Statistics: In August, prices of commercial residential properties in first-tier cities rose month-on-month.

Yang Caifang, Senior Statistician of the Urban Department of the National Bureau of Statistics, interprets the statistical data on changes in sales prices of commercial residential properties in August 2026.

NBS Interpretation: Investment Structure Moves Toward New and Better Directions in January-August, with Rapid Growth in Investment in Key Areas

On September 15, Zhang Gang of the Investment Department of the National Bureau of Statistics interpreted the investment data for January-August 2026.

Three departments: Optimize the natural resource supply mechanism.

The Ministry of Natural Resources, the Ministry of Culture and Tourism, and the National Forestry and Grassland Administration have issued guiding opinions on optimizing the allocation of natural resources to promote the standardized and orderly development of the tourism industry. The opinions mention optimizing the natural resource supply mechanism. For a single tourism project involving multiple parcels of land with different uses, exploration can be made to manage the multiple parcels as one parcel, verify the planning conditions of the parcel according to the plan and clarify the planning requirements for individual parcels, and issue planning permits in accordance with the law. Within the scope of a specific territorial spatial plan, where the development of the tourism industry involves the integrated use of two or more categories of natural resource assets such as land, minerals, oceans, and forests, exploration can be made to coordinate and form combined targets of natural resource assets, supply them in a single transaction once the supply conditions are met, and implement integrated operations.

JLL: Investment in the Asia-Pacific student housing market has surged threefold since 2022.

JLL points out that the Asia-Pacific student housing market is ushering in a new landscape. As cross-border institutional investors gradually dominate the market, transaction volume in this market has surged threefold since 2022.

A-share Closing Review: ChiNext Index Rallies Then Falls, Down Over 1%; Wind Power Equipment and Electronic Chemicals Sectors Lead Gains

The three major A-share indices fell collectively today. As of the close, the Shanghai Composite Index dropped 0.54%, the Shenzhen Component Index fell 0.72%, the ChiNext Index declined 1.15%, the BSE 50 rose 0.65%, and the STAR 50 Index gained 1.55%. Total market turnover reached 1,625.3 billion yuan, a decrease of 17.7 billion yuan from the previous day, with over 4,300 stocks declining across the market. In terms of sectors and themes, wind power equipment, electronic chemicals, PET copper foil, semiconductors, and photoresist sectors led the gains; tourism and hotels, grain concept, retail, military restructuring concept, and planting and forestry sectors led the declines. On the trading floor, the wind power equipment sector showed strong performance, with Jixin Technology, Tianshun Wind Energy, Xihua Technology, and Dajin Heavy Industry hitting the daily limit up, while Zhenhong Shares, Haili Wind Power, and Weili Transmission led the gains. The electronic chemicals sector opened low and moved higher, with Xilong Scientific hitting the daily limit up, while Fangbang Shares, Tongyu New Materials, and Honghe Technology led the gains. The MLCC concept sector was active, with Shuangxing New Materials and Huaci Shares hitting the daily limit up, while Sidiq, Guofeng New Materials, and Chunguang Group led the gains. The tourism and hotels sector opened low and moved lower, with Huatian Hotel, Guilin Tourism, Tianmu Lake, and Yunnan Tourism hitting the daily limit down, while Zhangjiajie, Xi'an Catering, and Caesar Tourism led the declines. The grain concept sector continued to weaken, with Dunhuang Seed Industry, Jinjian Cereals Industry, SDIC Fengle, and Xinnong Development hitting the daily limit down, while Qiule Seed Industry, Xinsai Shares, and Wanxiang Denong led the declines. The retail sector also showed weakness, with Guoguang Chain, Baida Group, Guofang Group, and other stocks hitting the daily limit down.

Weak jobs data supports the Bank of England in keeping interest rates unchanged on Thursday.

UK employers are cutting jobs at the fastest pace in nine months, underscoring the weakness of the UK labour market.

ECB Vice President Sounds the "Bubble Alarm": AI Asset Valuations Are "Very High," Stock Markets Are Highly Vulnerable to a Pullback

ECB Vice President Vuji warns: the AI-driven asset rally is vulnerable to a pullback.

CATL falls over 6% to a one-year low, with combined A+H share market capitalization dropping below 1.5 trillion.

In the afternoon, lithium battery leader CATL widened its decline to over 6%, with its share price hitting a one-year low, down more than 32% cumulatively from its historical high set on May 7, 2026, while its total market capitalization across A-shares and H-shares fell below 1.5 trillion yuan.

10-year U.S. Treasury yield breaks above 5%, hitting a near 20-year high; Fed's anti-inflation credibility faces a major test.

The 10-year U.S. Treasury yield rose to its highest level in nearly 20 years, becoming the latest milestone in a global bond selloff.

Morton Securities' Leung Kit-man: Hong Kong Main Board company "shell prices" have fallen to HK$100-200 million, making shell purchases attractive.

The "shell" prices of Hong Kong Main Board companies have now fallen to only about HK$100 million to HK$200 million. Leung Kit-man believes this is relatively attractive to potential shell buyers and expects demand for shell purchases to continue.

Reportedly, the Policy Address will propose measures to support investment promotion in the Northern Metropolis, and the Five-Year Plan will introduce binding KPIs.

According to government sources, measures to support the development of the Northern Metropolis and initiatives to promote innovation are expected to be the main highlights of this Policy Address.

Hong Kong Tourism Board: August visitor arrivals up 6% year-on-year to 5.46 million, a post-pandemic monthly record high.

The Hong Kong Tourism Board announced that preliminary visitor arrivals to Hong Kong in August reached 5.46 million, up 6% year-on-year, setting a new post-pandemic monthly high.

Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui: The company re-domiciliation regime has received about 80 applications to date, with 50 approved across different industries.

On September 15, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, attended the Cross-Strait and Hong Kong-Macao Economic and Trade Forum, where he mentioned that the company re-domiciliation regime has received about 80 applications to date, with 50 approved across different industries.

Hong Kong-listed large model "duo" continues to weaken, with Zhipu and MINIMAX-W both falling more than 7% during intraday trading.

New Stock News | Syngenta Said to Restart Hong Kong Listing Process, Confidentially Files Application to Raise US$5 Billion

Syngenta Group, the agrochemical giant under Sinochem, has confidentially filed an initial public offering application with the Hong Kong Stock Exchange, according to people familiar with the matter. The company plans to raise approximately US$5 billion (about HK$39 billion) and aims to list next year.

BOCOM INTL: US CPI Still Has Upside Risk; Probability of a September Rate Hike Rises Further

BOCOM INTL believes that the slightly higher-than-expected core CPI, combined with a relatively strong August nonfarm payrolls report, has further increased the probability of a September rate hike.

Oil prices return to a high of $110: "Three Barrels of Oil" earnings surgeis CNOOC (00883) the biggest winner?

The US-Iran conflict has lasted for more than half a year since the end of February. During this period, it went through repeated cycles of conflict, escalation, de-escalation talks, and renewed conflict, causing the Strait of Hormuz, the world's vital energy transportation chokepoint, to come almost to a standstill. Affected by the situation, crude oil prices fluctuated sharply several times before beginning to rise in the third quarter. On September 10, they surged to nearly $110 per barrel, then remained above $105 per barrel, once again returning to a near-high level.

WTI crude oil rose 2% intraday, currently reported at $103.42 per barrel.

The 10-year U.S. Treasury yield rose to its highest level since 2007.

The U.S. 10-year Treasury yield rose above 5.0210% for the first time since mid-2007.

WALNUT CAP (00905) consolidated net asset value per share at the end of August was approximately HK$0.090.

WALNUT CAP (00905) announced that as of August 31, 2026, the unaudited consolidated net asset value per share of Walnut Capital Limited (the Company) was approximately HK$0.090.

SKYFAME REALTY (00059) Announces 2024 Annual Results: Loss Attributable to Shareholders of 4.756 Billion Yuan, Widening by 36.3% Year-on-Year

Skyfame Realty (00059) announced its annual results for the year ended December 31, 2024. The Group recorded revenue of 129 million yuan (RMB, same below) during the period, an increase of 53.93% year-on-year; loss attributable to shareholders was 4.756 billion yuan, widening by 36.3% year-on-year; basic loss per share was 0.563 yuan.

Global autonomous driving battle escalates across the board! Alphabet (GOOGL.US)-backed Waymo teams up with Japanese leader to seize Tokyo

Waymo, under Alphabet, has partnered with a major Japanese taxi operator to announce the launch of driverless services in Tokyo in 2027, sending shares of partner Go surging 9.7%.

LONG INV CORP (02312) net asset value per share at the end of August was approximately HK$0.31.

LONG INV CORP (02312) announced that as of August 31, 2026, the unaudited net asset value per share of LONG INV CORP (the Company) and its subsidiaries was approximately HK$0.31.

CAI CORP (00080) net asset value per share at the end of August was approximately HK$0.16.

CAI Corp (00080) announced that as of August 31, 2026, the unaudited net asset value per share of CAI Corp (the Company) and its subsidiaries was approximately HK$0.16.

A-share Midday Review | STAR 50 rises 1.79%, semiconductors and wind power equipment strengthen.

The market showed a pattern of "narrow index divergence, broad stock declines, and tech hardware bucking the trend with active gains."

Is the "copper rush" cooling off? LME sees largest delivery in nearly four weeks, copper price retreats to $14,000.

Copper prices stabilized after falling to around $14,000 per ton, following a new round of inventory deliveries at exchange-tracked warehouses, indicating that the supply tightness has eased somewhat.

HKD interbank rates rise broadly; one-month rate up for a third straight day at 2.91%.

On September 15, HKD interbank rates rose broadly, with the one-month rate linked to mortgage loans at 2.91256%, up 2.369 basis points.

New Stock News | DeepSeek Reportedly Hires Hillhouse Venture Capital Partner Yan Wentao as Chief Financial Officer

According to people familiar with the matter, DeepSeek, a mainland AI startup preparing for an initial public offering (IPO), plans to hire Yan Wentao, a partner at Hillhouse Venture Capital, as its first Chief Financial Officer.

John Lee: Cross-departmental coordination for the National Day Golden Week; will crack down hard on undesirable practices such as forced shopping.

John Lee stated that with the National Day Golden Week approaching, there will be cross-departmental coordination meetings, and when the Golden Week begins, the Security Bureau's Emergency Support Centre will also be activated.

Is a new wave of selling storms approaching? The formidable enemy of the AI bull market finally appearsthe "anchor of global asset pricing" breaks above the 5% super threshold.

After the 10-year U.S. Treasury yield breaks back above the critical 5% threshold, it is more likely to usher in a period of high-level tug-of-war and accelerated divergence in asset performance. In particular, until the energy shock and the continued substantial expansion of the U.S. fiscal deficit ease markedly, the conditions for rapidly replicating the sharp yield decline seen in late 2023 are not yet sufficient.

John Lee: Hong Kong's first five-year plan and 2026 Policy Address to be published tomorrow, totaling over 100,000 words.

John Lee said that tomorrow he will announce Hong Kong's first five-year plan and deliver the 2026 Policy Address at the Legislative Council. The two documents are detailed and total over 100,000 words.

Trump Opposes AI "Guardrails": Congress Pushes Legislation to Set Limits as Partisan Divisions Deepen

U.S. President Trump opposes setting up guardrails for artificial intelligence (AI), putting him at odds with a growing number of lawmakers from both parties. As the midterm elections approach, voters' concerns about AI safety issues have deepened their skepticism toward the technology.

National Bureau of Statistics: In August, raw coal production by industrial enterprises above designated size was 360 million tons, down 7.7% year-on-year.

On September 15, the National Bureau of Statistics released the energy production situation for August 2026.

National Bureau of Statistics: From January to August, national real estate development investment totaled 4,797.9 billion yuan, down 19.9% year-on-year.

The National Bureau of Statistics released the basic situation of the national real estate market from January to August.

National Bureau of Statistics: From January to August, national fixed asset investment totaled 29,309.2 billion yuan, down 7.2 percent year on year.

On September 15, the National Bureau of Statistics released the basic situation of national fixed asset investment from January to August 2026.

National Bureau of Statistics: Total retail sales of consumer goods grew 1.1% from January to August 2026.

From January to August, total retail sales of consumer goods reached 32,756.9 billion yuan, up 1.1% year on year.

National Bureau of Statistics: In August 2026, the value added of industrial enterprises above designated size increased by 5.2%.

In August, the value added of industrial enterprises above designated size increased by 5.2% year on year in real terms (the growth rates of value added are all real growth rates excluding price factors), 0.7 percentage points faster than the previous month.

National Bureau of Statistics: From January to August, national real estate development investment totaled 4,797.9 billion yuan, down 19.9% year-on-year.

According to the National Bureau of Statistics, from January to August, national real estate development investment was 4,797.9 billion yuan, a year-on-year decrease of 19.9%; of which, residential investment was 3,701.7 billion yuan, down 19.7%. II. Sales and Inventory of Commercial Housing From January to August, the sales area of newly built commercial housing was 499 million square meters, a year-on-year decrease of 12.1%; of which, the sales area of residential housing fell 13.0%. The sales value of newly built commercial housing was 4,747.0 billion yuan, down 13.0%; of which, the sales value of residential housing fell 13.1%.

National Bureau of Statistics: In August, the value added of industrial enterprises above designated size increased by 5.2% year on year in real terms.

According to the National Bureau of Statistics, in August, the value added of industrial enterprises above designated size increased by 5.2% year on year in real terms, 0.7 percentage points faster than the previous month. From January to August, the value added of industrial enterprises above designated size increased by 5.3% year on year.

A-share Market Open Express | Three major indices open slightly lower; copper-clad laminate and minor metals sectors strengthen.

On September 15, the Shanghai Composite Index opened 0.14% lower at 3879.73 points, the Shenzhen Component Index opened 0.17% lower at 13362.17 points, and the ChiNext Index opened 0.14% lower at 3280.85 points.

National Bureau of Statistics: In August, the year-on-year decline in sales prices of commercial residential properties in cities across all tiers continued to narrow.

In August 2026, among the 70 large and medium-sized cities, sales prices of commercial residential properties in first-tier cities rose month on month, while the month-on-month declines in second- and third-tier cities generally narrowed, and the year-on-year declines in first-, second-, and third-tier cities continued to narrow.

National Bureau of Statistics: In August, the year-on-year decline in commercial residential sales prices in cities of all tiers continued to narrow.

In August 2026, among the 70 large and medium-sized cities, the month-on-month sales prices of commercial residential properties in first-tier cities increased, while the month-on-month declines in second- and third-tier cities generally narrowed, and the year-on-year declines in first-, second-, and third-tier cities continued to narrow. I. Month-on-month sales prices of commercial residential properties in first-tier cities increased, while month-on-month declines in second- and third-tier cities generally narrowed. In August, the month-on-month sales prices of new commercial residential properties in first-tier cities turned from flat in the previous month to an increase of 0.1%. Among them, Shanghai, Guangzhou, and Shenzhen rose 0.4%, 0.1%, and 0.2%, respectively, while Beijing fell 0.2%. The month-on-month sales prices of new commercial residential properties in second-tier cities fell 0.1%, the same decline as the previous month. The month-on-month sales prices of new commercial residential properties in third-tier cities fell 0.2%, with the decline narrowing by 0.1 percentage point from the previous month. Among the 70 large and medium-sized cities, 21 cities saw month-on-month increases or no change in sales prices of new commercial residential properties, 2 fewer than the previous month. In August, the month-on-month sales prices of second-hand residential properties in first-tier cities rose 0.1%, with the increase down 0.1 percentage point from the previous month. Among them, Shanghai and Shenzhen rose 0.3% and 0.1%, respectively, Guangzhou was flat, and Beijing fell 0.1%. The month-on-month sales prices of second-hand residential properties in second-tier cities fell 0.3%, the same decline as the previous month. The month-on-month sales prices of second-hand residential properties in third-tier cities fell 0.3%, with the decline narrowing by 0.1 percentage point from the previous month. Among the 70 large and medium-sized cities, 8 cities saw month-on-month increases or no change in sales prices of second-hand residential properties, the same as the previous month. II. Year-on-year declines in sales prices of commercial residential properties in first-, second-, and third-tier cities continued to narrow. In August, the year-on-year sales prices of new commercial residential properties in first-tier cities fell 0.9%, with the decline narrowing by 0.2 percentage point from the previous month. Among them, Beijing, Guangzhou, and Shenzhen fell 2.3%, 1.9%, and 2.3%, respectively, while Shanghai rose 3.0%. The year-on-year sales prices of new commercial residential properties in second- and third-tier cities fell 2.7% and 4.1%, respectively, with both declines narrowing by 0.1 percentage point. In August, the year-on-year sales prices of second-hand residential properties in first-tier cities fell 2.7%, with the decline narrowing by 1.0 percentage point from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 3.5%, 0.8%, 3.8%, and 2.7%, respectively. The year-on-year sales prices of second-hand residential properties in second- and third-tier cities fell 4.9% and 5.6%, respectively, with both declines narrowing by 0.2 percentage point.

VIX spikes to 18, options volume doubles: traders bet "AI risk is scarier than a Fed rate hike"

US stock options traders believe the debate over AI's growth pace is more disruptive than a Fed rate hike, VIX options volume has doubled, and money is frantically hedging against the risk of violent swings in tech stocks.

The three major A-share stock indices opened lower across the board, with the Shanghai Composite Index down 0.14%, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.14%.

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