资管舵

This afternoon, lithium-battery leader CATL widened its decline to over 6%. Its stock price hit a near one-year low, and its cumulative drawdown since its historical peak on May 7, 2026 has exceeded 32%. The combined market capitalization of its A- and H-shares fell below RMB 1.5 trillion.
As a global battery leader, CATL’s performance is a barometer of the business cycle for the new-energy industry chain. Its deep pullback reflects both a cooling in expectations for energy storage and power-battery demand, and it also reminds the market: no matter how strong the sector leader is, it cannot escape the squeeze of valuation and production capacity cycles.
For the crypto industry, this line has two layers of interpretation: first, if capital expenditure for new energy and energy storage slows down, it may indirectly ease long-term electricity and energy storage costs, thereby affecting the mining rigs’ energy-consumption structure; second, the volatility of “even the leading firms can be cut in half” is a real-world lesson in risk pricing—whether for traditional assets or on-chain assets, position discipline should come before conviction.

During today’s early session, China’s A-shares traded in a narrow range. The Shanghai Composite edged down 0.1%, the Shenzhen Component rose 0.04%, and the ChiNext Index fell 0.18%. The first half-day turnover in Shanghai and Shenzhen was 1.06 trillion yuan, down 47.5 billion yuan from the previous trading day; across the market, more than 3,900 stocks declined.
On the market, hotspots rotated quickly: wind power—Jixin Technology and Dajin Heavy Industries hit the daily limit; Tianshun Wind Energy notched 2 straight limit-ups over 4 days. In PCB, Aohong Electronics recorded three consecutive limit-ups. In semiconductors, Dawei Co. hit the daily limit; Zhenbao Technology and Qipai Technology surged more than 13%. In cybersecurity, Xinxai Ke achieved four consecutive limit-ups. On the other end, agriculture and retail sectors weakened, with multiple stocks hitting the daily limit to the downside.
For the crypto community, this structure of "small themes forming a tight group while most stocks decline" is not unfamiliar—fast narrative rotation, and capital only recognizes the strongest main theme, just like the meme and sector switching in an altseason. Under shrinking trading volume, tempo matters more than direction.

Today’s early session, the computing chip concept saw volatile trading followed by a rebound. Suiyuan Technology rose by more than 10%. Cambrian, Chipscreen, Moore Threads, TWP, and others were among the top gainers.
Catalysts are coming from the policy front: the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the “14th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry” (the “15th Five-Year Plan” wording used in the document), which clearly calls for building an advanced computing ecosystem, accelerating the deployment of new computing paradigms such as storage-and-compute-integration, quantum computing, optical computing, and brain-inspired computing, and breaking through the architecture design of ultra-large-scale intelligent computing facilities.
For the encryption circle, this line is worth reading in two layers: first, that AI computing power is already the most certain direction for capital expenditures at present; the AI agents on-chain, decentralized computing power, and the economic narrative of reasoning are continuous with the mainboard hardware infrastructure. Second, that the plan brings storage-and-compute-integration and quantum computing onto the table; in the long run, it also concerns the evolution pace of the underlying layer of crypto (post-quantum cryptography and privacy computing). Each time hardware is singled out by policy, it reinforces the consensus of “computing power as infrastructure.”

Earlier today at the start of trading, the MLCC (multilayer ceramic capacitors) concept sector saw a volatile rise. Double Star New Materials secured three consecutive daily limit-up boards, while Torch Electronics, TDKK Group, and Steady (Sdic) also followed higher.
In terms of the news flow, global MLCC leader Murata Manufacturing has issued a clear expansion signal—according to Nikkei, it plans to increase capacity by about 20% from the current level by fiscal year 2027 (from April 2027 to March 2028).
Although MLCCs may seem inconspicuous, they are the "lifeblood" of nearly all electronic devices: smartphones, new-energy vehicles, AI servers, and even mining rig motherboards all depend on them. When the leading player expands capacity against the trend, it often reflects long-term confidence in downstream hardware demand.

🛡️ Cybersecurity concept, top players deliver four straight limit-up boards
In today’s early trading, the cybersecurity sector continued to open significantly higher: Cixin Saike opened with a one-word limit-up and then achieved four straight limit-up boards; Qiming Information hit limit-up at the call auction; Tianrongxin, Yongxin Zhicheng, Zhongfu Information, and Haohaishendu opened up more than 5%.
Catalysts from the information space: Nvidia, Palantir, and Booz Allen Hamilton are reportedly asking OpenAI and Anthropic to provide new safety assurances and to reduce or halt the use of two of their most advanced AI models. AI safety is shifting from a "technical issue" to a "supply-chain constraint."
For the crypto community, this is not a new line of thought—AI and its intersection with the on-chain world (decentralized computing power, AI agent payments, model attribution) has long depended on "security" as the underlying basis for trust. When industry giants put security on the front stage, the valuation anchors of related narratives are also being repriced.

Global investors’ enthusiasm for gold is still rising. According to the latest data from the World Gold Council: in August, global gold ETFs saw net inflows of $18 billion (about RMB 120 billion), reaching the second-largest single-month inflow on record. Holdings increased by 121 tons to 4,189 tons, setting a new historical record.
What’s interesting is that after rapidly surging, the gold price has entered a period of high-level consolidation and is currently hovering around $4,300 per ounce. The market’s focus has also quietly shifted—from “safe-haven” to “expectations for the Federal Reserve’s monetary policy.”
On one side, prices are wildly fluctuating at elevated levels; on the other, funds are still accelerating into the market. Behind this divergence are not only short-term chase-buying funds, but also a reflection that global investors’ concerns about the macroeconomic outlook, fiscal deficits, and the monetary-credit system are deepening.

Late yesterday evening, two A-share companies simultaneously terminated major asset reorganizations. Jiaozuo Wanfang (000612.SZ) terminated its acquisition of 99.44% equity in Cayman Aluminum Industry (Sanmenxia)—which had originally involved issuing shares to buy from 19 counterparties, constituting a major asset reorganization and related-party transaction. It cited that the "market environment has changed more than in the initial planning stage," and committed to not resuming planning for at least one month.
Jin Chengzi (688291.SH) terminated its acquisition of control of Shenzhen Zhibotai Technology Holding and its financing because it was "unable to reach an agreement on the core terms." After its stock was halted on September 8, it resumed trading on September 15.
Two deals were wrecked on the same night, and both reasons point to "timing/clauses" rather than a collapse in underlying fundamentals. This kind of "press the pause button" happens more frequently in volatile markets, reflecting increased disagreement in how top-tier and semi-tier markets price assets, and investors becoming more selective.

In today’s early Asian session, both Japanese and South Korean stock markets opened lower. South Korea’s KOSPI fell 0.38% to 6,659.25 points at the open, while Japan’s Nikkei 225 opened down 0.48% at 63,190.37 points—both starting with only modest declines and no signs of sharp volatility.
Let’s clarify: this is the performance at the instant of the "open," not the full-day trend. Asia-Pacific equities are often swayed by the U.S. stock market and FX movements from the previous night—overnight risk appetite, the yen’s move, and foreign capital flows are all priced into the opening call auction. Judging only by the opening drop, the signal is somewhat weak; it’s more like a cautious mood than a trend reversal.
For the crypto market, the Asian session is an important mood window. Participation from Japan and South Korea is not low, and when stock markets gap down, it often maps to a contraction in risk appetite; however, crypto trades 24/7 and is primarily driven by its own supply and demand, so it may not move in the same direction. A weak open can serve as a "thermometer" for risk appetite rather than a directional signal for Bitcoin.

This evening, international oil prices jumped sharply. As of the time of writing, Brent crude was up about 4% to $108.66 per barrel, and WTI crude rose by roughly 4% to $104.204 per barrel in tandem.
On the news front, the US Energy Secretary said that the United States will replenish its Strategic Petroleum Reserve (SPR) over the coming months; official buying may further support the oil price center. Meanwhile, geopolitical tensions in the Middle East have again intensified, adding fuel to the risk premium for crude oil.
For the crypto market, oil prices are a sentinel of inflation expectations. If oil prices stay elevated, they will drive inflation higher and narrow the Federal Reserve’s room to cut rates, creating a valuation constraint for risk assets such as US stocks and cryptocurrencies. Surges in energy prices are often accompanied by amplified volatility, and capital becomes more selective.

A once-in-20-years macro scenario is unfolding: the central banks of the G3 developed economies—the Federal Reserve, the European Central Bank, and the Bank of Japan—are, unusually, entering a rate-hiking cycle in sync. The last time all three were simultaneously in a hiking channel was in 2006.
Key milestones this week:
① Federal Reserve: Probability of a rate hike around 90%, expected +25bp;
② European Central Bank: Last month +25bp, and on Thursday it raised rates for the second time within the past four years. The market expects at least one more rate hike before year-end, and by 2027 the deposit rate is expected to break above 3%;
③ Bank of Japan: Expected to raise by +25bp to 1.25% this Friday, the highest level in more than 30 years;

Caixin News: A-Shares Zhengtai Automobile (000980.SZ) has delivered a “4 wins in 5 days” streak over the past five trading days. Today, the company proactively released an announcement regarding abnormal stock price fluctuations, pouring a bucket of cold water on market sentiment.
Highlights of the announcement: The vehicle sector is advancing the resumption of work and production, and phased progress has emerged. A brand-new A0-class model has entered batch trial production, but it mainly targets overseas markets, where regulatory certifications, channels, and demand are all uncertain. To date, no sales have been formed. The company still faces funding pressure, and further investment is required for mass production and advertising/placement; whether the funding will arrive is in doubt and could potentially slow down the overseas rollout. End-of-announcement reminder: Invest rationally and watch for risks.