Trump: "No Timetable" for Iran's Return to Negotiations. When asked how long Iran has to return to talks, Trump responded: "I have no timetable, none at all. I'm in no hurry." He added: "We are achieving very big victories. They (Iran) are facing severe inflation, and their economy is collapsing." When questioned whether economic measures would be more effective than military action, Trump stated: "I think both are effective." With negotiations stalled, Trump announced "devastating economic actions" against Iran on the 19th. Treasury Secretary Bessent unveiled a new round of sanctions on the 24th targeting Iran's "economic isolation." Meanwhile, Iranian sources reported on the 26th that President Pezeshkian stated that given the measures already taken by the Iranian government, current U.S. economic pressure will yield no results, just as it failed to achieve anything in warfare.

NVIDIA's Q2 Results Blow Past Expectations: Revenue and Profit Both Double, Next Fiscal Year Revenue Projected to Grow Another 70%. Nearly four years after OpenAI launched ChatGPT, NVIDIA continues its high-growth trajectory. In the second quarter, revenue doubled year-over-year, and quarterly net profit also doubled, rising from $24.76 billion last year to $53.95 billion. However, after three consecutive years of historic gains, investor enthusiasm for the stock has noticeably cooled this year. As of Wednesday's close, NVIDIA's year-to-date gain stands at just 13%, only slightly outperforming the Nasdaq index. Following the earnings release, NVIDIA's stock experienced a brief dip in after-hours trading but quickly rebounded. The optimism driving the stock came from management's upbeat outlook during the earnings call. The CFO stated that revenue for fiscal 2028 would grow by approximately 70%, far exceeding the market's prior estimate of 45%. The CFO also indicated that supply would remain a bottleneck constraining growth at least through fiscal 2028. CEO Jensen Huang remarked that without supply restrictions, the fiscal 2028 outlook could be "much higher." Despite robust business conditions, competitive pressures from rivals like AMD and Google are emerging. Meanwhile, the global memory chip shortage shows no signs of easing, significantly driving up NVIDIA's memory procurement costs. The CFO acknowledged on the call that NVIDIA is facing extremely high memory prices.

Is the A-Share Market Shifting Direction? "Super Investors" Pile into Brokerage Stocks, Bank Stocks Hit Record Highs, High-Dividend Stocks in Vogue. As the 2026 semi-annual report season peaks, unexpected changes have appeared in the top-ten circulating shareholder lists of brokerage firms, traditionally dominated by state-owned entities and institutions. Multiple prominent individual investors, deploying funds ranging from hundreds of millions to billions of yuan, have quietly taken positions in brokerage stocks. According to statistics as of August 26, individual investors have appeared on the top-ten circulating shareholder lists of five brokerages, including CITIC Securities, Northeast Securities, Huaxi Securities, Central China Securities, and Sinolink Securities. Notably, four natural person investors appear simultaneously on Northeast Securities' top-ten list. Multiple listed brokerages have reported significant growth in interim results.

5 Trillion Yuan Investment Ushers in Peak Construction Period. The "15th Five-Year Plan" for Urban Renewal proposes the construction and renovation of approximately 770,000 kilometers of urban underground pipelines during the period, with a total investment of about 5 trillion yuan. Ye Jun, Chairman of Hanjia Shuzhi, stated in an interview that the most intensive implementation phase, with the largest project volume and densest capital deployment, is expected to arrive between 2028 and 2029, bringing business growth opportunities to companies across multiple segments. "Under the 'Six Networks' framework and urban renewal context, China's urban pipeline construction focus is shifting toward renovation of aging pipelines, lifeline safety, 'one-map' underground pipeline management, and full lifecycle management, with greater emphasis on safety resilience, operational efficiency, and multi-network coordination. At the same time, underground pipeline construction has evolved from a single municipal renewal task into a national-level infrastructure project that balances investment stability, addressing weaknesses, and enhancing resilience," Ye Jun explained. Regarding the investment pace during the "15th Five-Year Plan" period, Ye Jun projects that 2026-2027 will be the initial breakthrough phase, focusing on inspections, surveys, database establishment, priority risk remediation, and project reserves; 2030 will lean toward gap-filling, performance evaluation, platform closure, and long-term operations. The concentrated implementation period with the largest project volume and densest capital deployment will arrive between 2028 and 2029, with accelerated upgrades to aging gas, water supply, heating, sewage, and drainage facilities.

MIIT: HarmonyOS Becomes World's Third-Largest Mobile Operating System. Since the "14th Five-Year Plan" period, China's supply capability and application levels for foundational and industrial software have improved significantly. Software products such as 3D CAD and modeling/simulation software have gained market competitiveness. The number of database products ranks first globally. HarmonyOS mobile operating system has become the world's third-largest mobile OS. OpenHarmony ecosystem devices have surpassed 1.35 billion units cumulatively. Operating systems like "GongHong" and "YiHong" are being applied at scale in automotive, home appliances, metallurgy, and petrochemical sectors. The national-level AI open-source community has attracted over 11 million users and hosts more than 70,000 models. Domestic AI open-source large models have surpassed 10 billion cumulative global downloads. Overall, software's role in empowering, assigning value to, and enabling intelligence in manufacturing is becoming increasingly prominent. Looking toward the "15th Five-Year Plan," the new generation of information technology represented by AI is triggering disruptive changes in software development paradigms, business models, and competitive landscapes. This presents both challenges and rare opportunities. The ministry plans to capitalize on this momentum to make software "smarter," more user-friendly, and genuinely boost manufacturing upgrades, focusing on three key areas.

Apple Announces New Product Event Date: First Foldable Phone Set to Debut, iPhone 18 May Be Absent. Apple announced Wednesday that it will host its fall new product event on September 9 at its Cupertino, California headquarters. The media invitation features a glowing Apple logo with the tagline "Surprise and shine," with the event starting at 10:00 AM Pacific Time (1:00 AM Beijing time on the 10th). Analysts expect Apple to unveil the new iPhone 18 Pro/Max at this event, along with the company's first-ever foldable phone, the iPhone Ultra. The standard iPhone 18, iPhone 18e, and second-generation iPhone Air 2 are all expected to be absent from this fall event. This will be the first product launch since John Turnas assumed the role of CEO. Current CEO Tim Cook is about to step down and will become Executive Chairman of Apple's board on September 1.

Public Funds Urge Rational View of Short-Term Volatility in New Stocks. Recently, some new stocks, particularly those in popular sectors, have experienced sustained price adjustments after listing, drawing market attention. Taking Unitree Robotics as an example, Wind data shows the stock listed on the STAR Market on August 19, 2026, surging 460.34% above its issue price on the first day with a turnover rate of 85.28%. However, by the fifth trading day after listing, its share price had fallen approximately 30% from the first-day closing price. Unitree's short-term adjustment is not an isolated case. A review of dozens of new stocks listed since June this year reveals that most experienced varying degrees of pullback in the first week and first month after listing. Huang Liang, Deputy Director of Market Support and Management at China Merchants Fund, told Securities Daily: "The root cause of the recent consecutive adjustments in some newly listed stocks is short-term pricing normalization, reflecting the market rule that 'short-term pricing is driven by sentiment, while long-term valuation is anchored by fundamentals.'"

$45 Billion Supercomputing Order: Anthropic Partners with Nscale, Secures 460MW AI Data Center Capacity. AI company Anthropic is further locking in computing resources for years ahead. Sources indicate that Anthropic has agreed to spend $45 billion to lease AI computing power from AI cloud company Nscale's flagship data center in West Virginia. This is another massive computing agreement signed by Anthropic recently, reflecting the company's large-scale advance reservation of computing capacity amid rapid business expansion and preparations for an IPO. Under the agreement, Nscale will deploy NVIDIA's new-generation Vera Rubin chips to meet Anthropic's computing needs, with equipment expected to begin operations gradually from the end of next year. The six-year partnership totals approximately $45 billion and involves about 460 megawatts (MW) of power capacity—equivalent to the electricity demand of approximately 345,000 U.S. households simultaneously, highlighting the enormous energy and data center infrastructure demands of large-scale AI model training and inference.

Social Security Fund Significantly Increases Positions in These Stocks. As the 2026 interim report disclosure season nears its end, the Social Security Fund's heavy holdings and second-quarter position changes have come to light. Wind data shows that as of August 25, more than 3,100 A-share listed companies have disclosed their 2026 interim reports. Among them, the Social Security Fund appeared on the top-ten circulating shareholder lists of 254 listed companies. Specifically, the fund newly entered the top-ten circulating shareholder lists of 73 stocks in Q2, while increasing holdings in 76 stocks compared to the end of Q1. By sector, the fund's holdings in the electronics industry exceed 18 billion yuan in market value, while holdings in the basic chemicals industry exceed 11 billion yuan.

Dairy Leader Plans to Buy Back and Cancel Up to 2 Billion Yuan in Shares; "Super Investor" Chen Fashu Adds Position. On the evening of August 26, dairy giant Inner Mongolia Yili Industrial Group Co.,Ltd. (600887) disclosed its 2026 semi-annual report. During the period, the company achieved revenue of 64.331 billion yuan, up 4.13% year-over-year; net profit attributable to shareholders was 5.759 billion yuan, down 20.02% year-over-year. The profit decline was mainly due to approximately 2.461 billion yuan in asset impairment losses, while net operating cash flow reached 9.759 billion yuan, surging 229.23% year-over-year. Meanwhile, the company also unveiled a share buyback and cancellation plan ranging from 1 billion to 2 billion yuan. Notably, "super investor" Chen Fashu continued to increase his stake in Q2, raising his holding to 0.99%.

Shanghai Stock Exchange: Zhongji Innolight Added to Stock Connect Southbound Trading Targets. The SSE announced on the 26th that Zhongji Innolight will be added to the Shanghai-Hong Kong Stock Connect southbound trading targets, effective from the next trading day.

301666 Lands Nearly 3.5 Billion Yuan Order, Equivalent to 1.5 Times Last Year's Annual Revenue, with Buyer Requiring Delivery Within 18 Weeks; Stock Already Up 749% This Year. The announcement states that the order is for the company's main product, enterprise-grade PCIe SSDs, effective upon written confirmation by both parties, with delivery required within 18 weeks of order effectiveness. In addition to product name, quantity, unit price, and payment terms, the order also includes related clauses. The total order value is approximately $515 million (approximately 3.491 billion yuan), accounting for 152.70% of the company's 2025 audited main business revenue. Due to customer information and specific details involving commercial secrets, the company has completed internal confidential information disclosure exemption procedures. Customer A, a leading well-known internet company in the industry, has good credit and strong performance capability, with controllable performance risk, and no affiliation with the company. The company stated it will actively overcome the industry-wide challenges of raw material supply shortages and rising costs facing the semiconductor sector since 2026 to complete delivery on time. If the order is smoothly fulfilled, it is expected to positively impact the company's operating results in the fulfillment year. The order's fulfillment will help deepen the cooperative relationship and demonstrate existing customers' high recognition of the company.

Top Super Investors' "Three-Way Battle": Fu Xiaotong Bets 2.4 Billion on Brokerages, Zhang Jianping Pours 7.5 Billion into AI, Ge Weidong Holds 13.4 Billion in Semiconductors. As the 2026 A-share semi-annual report season approaches its conclusion, with most listed companies having disclosed their financials by August 26, the top-tier individual investors' massive Q2 position reshuffling has largely been revealed. This round features extreme sector divergence among leading investors, long-short confrontations in the same stocks, and sharply differentiated profit/loss outcomes: Zhang Jianping, Fu Xiaotong, and Ge Weidong have completely diverged in their investment paths. Trading-oriented Zhang Jianping has fully switched tracks, heavily betting on the high-prosperity AI computing sector but facing Q3 valuation pullbacks. Value-oriented Fu Xiaotong adheres to large-cap beta plays, heavily positioned in brokerage stocks awaiting market recovery. Long-term industry-focused Ge Weidong continues to root in the tech sector, counter-cyclically holding through cycle inflection points. Meanwhile, the latest semi-annual reports also reveal positioning changes among mid-and-small-cap well-known investors like Zhong Ge, Zhao Jianping, and Liu Xin, who avoid heavyweight sector competition and focus on specialized and innovative sectors and STAR Market niches—complementing the top investors' styles and fully mapping the current allocation logic of private large capital in the A-share market. Professionals remind that with semi-annual report disclosure not yet complete, these holdings represent static point-in-time data, and funds may have dynamically adjusted positions in Q3, so investors should not blindly copy trades.

Brokerage Sector Valuation Near Historical Lows, Allocation Value Gradually Emerging. Silicone Market Sees Cyclical Reversal with Sustained Profitability Recovery. Half-Year Results Validate Recovery of Pharmaceutical Funds. 2026 Summer Box Office Heading Toward 12 Billion Yuan. "Black Technology" Behind the Second World Humanoid Robot Games: "Two Networks" Integration Builds Foundation, Group Intelligence Collaboration Activates Industry Chain. Shanghai Strategic Emerging Industry "15th Five-Year Plan" Released: Expanding 12 Emerging Pillar Sectors. Insufficient Sub-Sector Demand, Price Bottoming: What Does "Golden September" Hold for the Cement Industry?

AI is not only demonstrating strong growth momentum in computing infrastructure but is also accelerating implementation across diversified real-economy sectors on the ChiNext board, driving traditional tracks such as consumer retail, new materials manufacturing, and industrial automation to deeply reshape business processes and value chains. In consumer retail, Zhidebuy's "All-in AI" strategy has been deeply applied across content production, intelligent marketing, consumer data, and other business segments, while exporting accumulated consumer data capabilities through MCP services and large-model service platforms. H1 AI-related revenue reached 68.5248 million yuan, accounting for approximately 11% of total revenue, with overall revenue of 619 million yuan, up 6.43% year-over-year; total profit was 13.7391 million yuan, up 53.45%, accelerating its transformation into an intelligent consumer decision hub. In industrial control, Inovance Technology leverages its self-developed iFG (Inovance Factory Genius) industrial intelligence platform to continuously expand industrial AI applications in downstream industries including textiles, lifting equipment, semiconductors, and lithium batteries, empowering traditional manufacturing with integrated industrial AI hardware-software solutions. H1 revenue reached 24.675 billion yuan, up 20.31%; non-GAAP net profit attributable to shareholders was 2.755 billion yuan, up 3.13%, consolidating its industrial automation leadership. In fintech, Yusys Technologies' self-developed financial AI products integrated with large models deeply empower commercial banks' intelligent credit approval, intelligent risk analysis, digital operations, and core business system development, effectively driving traditional financial institutions toward digital-intelligent agile transformation. H1 revenue reached 1.291 billion yuan; net profit attributable to shareholders was 309 million yuan, up 40.34%, demonstrating strong resilience in AI-driven fintech high-quality development. In new materials and precision manufacturing, Chunguang Group actively advances digital intelligent factory construction, achieving real-time equipment efficiency monitoring and intelligent production line process optimization, supporting large-scale shipment of high-performance soft magnetic ferrite powder and other premium products. H1 revenue reached 745 million yuan, up 36.32%; net profit attributable to shareholders was 74.9458 million yuan, up 28.09%, accelerating transformation into a high value-added comprehensive new materials enterprise.

No new IPOs today.

Announcement Summary. Trading Halts: ST Longyuan (600491). Resumption: Hunan Gold (002155).

Chutian Dragon (4 Consecutive Limit-Ups): Digital RMB-Related Revenue Accounts for Less Than 5% of Operating Revenue. The company announced that its stock's closing price deviation over two consecutive trading days exceeded 20%, constituting abnormal trading volatility. The company noted recent high market attention on digital RMB. As a comprehensive digital security and digital-intelligence services solutions provider, its main products include embedded security products, intelligent hardware, software, and services. Main business operations remained unchanged during the reporting period. While actively exploring digital RMB business expansion, current related revenue accounts for less than 5% of operating revenue, with uncertainties remaining in application scenarios and market scale for some projects and products.

Kaili New Materials: Wholly-Owned Subsidiary to Invest 230 Million Yuan in High-End Functional Catalytic Materials Industrialization Project. The subsidiary Kaili Binzhou plans to invest 230 million yuan, establishing production capacity of 2,940 tons/year of high-end functional catalytic materials upon completion. Approved by the board, the investment does not require shareholder meeting approval but needs government department filing or approval.

ST Longyuan: Tender Offer Expired, Stock Suspended. Ningbo Kaihai Self-Funded Investment Development Co., Ltd.'s partial tender offer for 91.786 million shares, representing 6% of total share capital at 1.25 yuan per share, expired on August 26. Results require further confirmation, with the stock suspended on August 27 and expected to resume on the announcement date.

Shijiazhuang Pharma Innovation: Subsidiary's Drug Receives FDA Fast Track Designation. The first-in-class PD-1/IL-15 bispecific fusion protein SYS6090 (JMT108) developed by subsidiary Jushi Biologics received FDA Fast Track designation for treating microsatellite stable or mismatch repair-proficient metastatic colorectal cancer patients who progressed after standard systemic therapy. The designation may accelerate development and approval processes, though final market approval remains uncertain.

Gambol Pet Foods: Plans to Raise up to 1.1 Billion Yuan for Annual 300,000-Ton Premium Pet Main Food Project and Others. The company plans to issue convertible bonds to unspecified investors, raising no more than 1.1 billion yuan, for the annual 300,000-ton premium pet main food project, intelligent warehousing and digital sorting center project, digital operations and decision platform project, and working capital supplementation.

Lianxun Instruments: H1 2026 Net Profit Up 903% Year-Over-Year. H1 revenue reached 1.531 billion yuan, up 208.71%; net profit attributable to shareholders was 567 million yuan, up 903%, driven by AI technology development, global computing demand growth, accelerated data center construction, and continued high growth in high-speed optical communications product demand.

BeiGene: H1 Net Profit Up 627%, Driven by Brukinsa, Amgen-licensed Products, and TEVIMBRA Sales Growth. H1 revenue reached 22.22 billion yuan, up 26.84%; net profit attributable to shareholders was 3.271 billion yuan, up 627.15%, benefiting from product revenue growth and operating efficiency improvements from expense management.

Tongguan Copper Foil: H1 2026 Net Profit Up 515%. H1 revenue reached 4.021 billion yuan, up 34.16%; net profit attributable to shareholders was 215 million yuan, up 514.75%. The company plans a cash dividend of 0.6 yuan (pre-tax) per 10 shares.

Zhongfu Shenying: H1 2026 Net Profit Up 488.12%. H1 revenue reached 1.163 billion yuan, up 26.14%; net profit attributable to shareholders was 70.1623 million yuan, up 488.12%.

Yongjie New Materials: H1 Net Profit Up 176.65%, Plans 5.19 Yuan Dividend per 10 Shares. H1 revenue reached 5.225 billion yuan, up 18.05%; net profit attributable to shareholders was 514 million yuan, up 176.65%; basic EPS of 2.61 yuan. Dividend of 5.19 yuan (pre-tax) per 10 shares proposed.

Chengdu Lead: H1 Net Profit of 80.6753 Million Yuan, Up 61.21%. Revenue and net profit both set new historical highs for the period. Revenue reached 346 million yuan, up 52.41%; net profit was 80.6753 million yuan, up 61.21%, driven by growing global partner demand for diverse novel molecules with the development of the global innovative drug industry.

CNOOC: H1 Net Profit Attributable to Shareholders Up 23.4%. H1 oil and gas sales revenue reached 206.1 billion yuan, up 20%; net profit attributable to shareholders was 85.8 billion yuan, up 23.4%.

Foshan Haitian Flavouring and Food: H1 2026 Net Profit Up 7.13%. H1 revenue reached 16.146 billion yuan, up 6.01%; net profit attributable to shareholders was 4.19 billion yuan, up 7.13%.

FiberHome Telecommunication: H1 Net Profit of 193 Million Yuan, Down 32.72%. H1 revenue reached 12.376 billion yuan, up 11.33%; net profit attributable to shareholders was 193 million yuan, down 32.72%; basic EPS of 0.14 yuan, with sales scale rising due to market environment impacts.

Yanghe Brewery: H1 2026 Net Profit Down 40.1%. H1 revenue reached 10.54 billion yuan, down 28.76%; net profit attributable to shareholders was 2.602 billion yuan, down 40.1%. No cash dividend, bonus shares, or capital reserve conversion planned.

Conch Cement: H1 2026 Net Profit Down 42.76%. H1 revenue reached 36.927 billion yuan, down 10.88%; net profit attributable to shareholders was 2.527 billion yuan, down 42.76%. Dividend of 1.3 yuan (pre-tax) per 10 shares proposed.

Tongwei Co.: H1 Net Loss of 5.119 Billion Yuan. H1 revenue was 34.357 billion yuan, down 15.19%; net loss attributable to shareholders was 5.119 billion yuan.

Share Buybacks: Yili Plans 1-2 Billion Yuan Buyback for Cancellation. The company plans to repurchase shares via centralized bidding, with amounts not less than 1 billion yuan and not exceeding 2 billion yuan, at prices not exceeding 39.53 yuan per share. All repurchased shares will be cancelled to reduce registered capital, funded by self-owned funds, within 6 months of shareholder meeting approval.