A-share pre-market report | Oil price rise slows down, US stocks end three-day decline Dell Technologies, Inc. Class C (DELL.US) surges 16%, Broadcom Inc. (AVGO.US) experiences major volatility after hours.

Pre-market News 1. Oil price rise slows, U.S. stocks end three-day decline, Dell surges 16%, Broadcom shakes after hours Type: Market Sentiment Impact: Positive After a surge and subsequent retreat, oil prices see a pause in their upward trend, leading to a cooling of inflation expectations. The yield on the U.S. 10-year Treasury bond has fallen from its intraday high, and the three major U.S. indices concluded their three-day decline. Reports indicate that Venezuela has signed agreements with U.S. Chevron and other oil companies for oil expansion projects. AI hardware sees a significant upturn, with Dell soaring 15.81% on record orders, while AI software valuations face pressure. Broadcom reported an 86% increase in quarterly revenue, with AI chip revenue doubling, but its guidance fell short of expectations, leading to an initial drop of over 6% in after-hours trading before reversing course. 2. Emphasizing the continuation of a moderately accommodative monetary policy! PBOC Governor Pan Gongshengs latest remarks Type: Macro Sentiment Impact: Positive From August 31 to September 1, 2026, the G20 will hold its second central bank governors meeting of the year. PBOC Governor Pan Gongsheng attended the meeting and spoke. Pan stated that the People's Bank of China will continue to advance the transformation of the monetary policy framework, improve the interest rate system, and maintain moderately accommodative monetary policy to foster a favorable monetary environment for stabilizing the Chinese economy and ensuring the smooth operation of financial markets. 3. Stock prices double in ten days, further increases may trigger stock suspension verification! Multiple hot stocks issue urgent announcements Type: Company Sentiment Impact: Negative On the evening of September 2, 25 A-share companies issued announcements regarding unusual stock trading fluctuations or stock trading risk warnings. Announcements on serious unusual trading fluctuations include: Shenzhen China Bicycle; announcements on unusual trading fluctuations and risk warnings include: Guangzhou Seagull Kitchen And Bath Products, Elegant Home-Tech; announcements on unusual trading fluctuations (where cumulative price deviation exceeds 20%): Jinjian Cereals Industry, Mango Excellent Media, among others; stock trading risk warning announcements include: Zhejiang Yiming Food, Wanxiang Doneed, Xinjiang Sailimu Modern Agriculture, Gansu Guofang Industry & Trade. 4. Super "bull shareholder" Zhang Jianping completely exits Zhongji Innolight? The truth is out, the market isnt over yet? Type: Company Sentiment Impact: Neutral "Super bull" Zhang Jianping has "passively" exited the top ten shareholders of Zhongji Innolight. According to Zhongji Innolight, both the ninth and tenth shareholders own more shares than the 5.9348 million shares disclosed as held by Zhang Jianping in the semi-annual report. Even if Zhang Jianping maintained his shareholding after June 30, he would still be pushed out of the top ten shareholders list. Guosheng notes that Zhongji Innolight and Eoptolink Technology Inc. have ample reserves to provide a solid material guarantee for continued shipments in the second half of the year and next year. Investment Calendar World Power Battery Conference Investment Tip When stock yields approach bond yields, the market is about to experience a significant decline. [U.S.] Jeremy J. Siegels The Long-Term Secrets to Short-Term Trading Institutional Perspectives 1. Orient: The market remains in a volume adjustment phase following disturbances from external adverse factors, with limited expected adjustment space. 2. Soochow: The AI market may not yet be over; we need to wait for a transformative moment for an Agent. 3. Zhongtai: Signals of a market bottom continue to increase, with a shift in the focus of technology allocation towards sustainable models. Positive and Negative Outlook 1. AI computing power ignites MLCC demand, leading companies like Samsung Electro-Mechanics and Kyocera to sign long-term contracts Type: Market Discussion Northeast: The demand for high-capacity MLCCs from AI servers is 5 to 10 times that of traditional servers. As major manufacturers in Japan and South Korea shift capacity towards higher-end automotive and AI products, there is a structural shortage in the supply of medium and low-capacity MLCCs, leading to strong price increase expectations in the industry. 2. Tesla's autonomous taxi set to debut, related industries may receive a boost Type: Market Discussion Huatai: The year 2026 will be a key year for the global Level 4 autonomous driving industry. With the clarification of the U.S. federal legislative framework and the implementation of Level 3 pilot projects in China alongside accelerated Level 4 commercialization, we recommend paying attention to core targets in the autonomous driving industry chain. 3. China FAW tackles technical challenges related to solid-state batteries, taking a key step towards industrialization Type: Institutional Commentary Minsheng Securities: Data shows that global solid-state battery shipments are expected to rise from 34GWh in 2026 to 614GWh in 2030, indicating a trend of market expansion. The share of all-solid-state batteries in the overall market may increase to 30% by 2030. Announcement Dispatch Positive Announcements 1. Sanan Optoelectronics: Controlling shareholder's creditors withdraw bankruptcy reorganization application, approved by the court. 2. Midea Group Co., Ltd: As of August 31, the total repurchase amount of A-shares reached 8.02 billion yuan. 3. Sungrow Power Supply: Repurchased a total of 3.0476 million shares, with a total expenditure of 325 million yuan. Negative Announcements 1. Zhongji Innolight: Actual controller pledges 728,000 shares to repay debts. 2. Heilongjiang Agriculture: Deputy General Manager Li Dongguang subject to detention. 3. Zhejiang Rongtai Electric Material: Controlling shareholder, actual controller, and their concerted actors plan to collectively reduce holdings by no more than 1.68%. Overseas Market Self-selected reminders: With the recent bond market storm temporarily halted, the three major indices have stopped their consecutive declines. Stocks in AI application software and public utilities have decreased, while Dell Technologies soared over 15%, NVIDIA and Oracle rose over 3%, and energy storage concept stock Eos Energy surged 18%; the Nasdaq Golden Dragon China Index fell by 0.05%. This article is reproduced from Tencent Stock Selection, GMTEight editor: Chen Siyu.