Mini Program: Quick News Brief on A-Share Pre-Market Highlights
Important News
1. September LPR rates announced: Both the 1-year and over-5-year rates remain unchanged.
The central bank announced that the one-year loan prime rate (LPR) for September is 3.0%, and the LPR for terms longer than five years is 3.5%, with both the one-year and longer-than-five-year LPRs remaining unchanged.
2. Total electricity consumption in August exceeded one trillion kilowatt-hours again, with peak load reaching a new all-time high.
In August 2026, total electricity consumption nationwide exceeded one trillion kilowatt-hours again, reaching 10,332 billion kilowatt-hours, a 1.7% year-over-year increase; electricity demand hit a record high of 1.56 billion kilowatts, 49.69 million kilowatts above the previous year's peak, with seven days exceeding last year's maximum load. (National Energy Administration)
3. State Administration for Market Regulation: During the 15th Five-Year Plan period, accelerate the revision of the Price Law and crack down severely on malicious low-price competition.
On September 20, Shu Wei, spokesperson and vice minister of the State Administration for Market Regulation, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, efforts will be accelerated to revise the Price Law, develop regulations to curb predatory pricing, and guide relevant industry associations to establish cost calculation standards, aiming to build a legal framework for regulating predatory pricing characterized as “1+1+N.” Authorities will lead cost investigations and price inspections targeting enterprises engaging in malicious low-price competition that disrupts production and business order, and impose strict legal penalties. Additionally, rules governing price behavior on internet platforms will be implemented to continuously standardize price competition in the platform economy sector, and a provisional regulation on the price supervisor system will be studied and developed to reinforce enterprises’ primary responsibility for price compliance. (Securities Times)
4. Beijing: Promote the adaptation and optimization of models with chips, supporting technological breakthroughs in inference-specific chips, model lightweighting, and edge deployment.
Today, the Beijing Municipal Bureau of Industry and Information Technology and the Development and Reform Commission issued the "Beijing Action Plan for Accelerating the Development of the Token Economy (2026–2028)." It mentions promoting breakthroughs in core technologies, accelerating the iteration of foundational models, and enhancing their intelligent capabilities. It also supports adapting and optimizing models for chips, advancing research in inference-specific chips, model lightweighting, and edge deployment, while building and utilizing intelligent computing resources at a high level to comprehensively boost token production capacity.
5. Vice Minister of Industry and Information Technology Xin Guobin: Vigorously develop open-source foundational models and vertical-specific models to strengthen the software and hardware foundation of next-generation intelligent manufacturing.
The 2026 World Manufacturing Conference opened on September 20 in Hefei, Anhui Province. In his opening address, Xin Guobin, Vice Minister of Industry and Information Technology, stated that the ministry will focus on next-generation intelligent manufacturing to continuously enhance the innovation capacity, competitiveness, and overall strength of the manufacturing sector, forging new advantages for “Made in China.” First, improve the effectiveness of the industrial innovation system by strengthening original innovation and breakthroughs in core key technologies, reinforcing enterprises’ primary role in technological innovation, optimizing the layout and construction of industrial innovation platforms, and accelerating the transformation of more scientific and technological innovations into practical productivity. Second, expand and upgrade advanced manufacturing by comprehensively advancing the transformation and upgrading of traditional industries, the growth of emerging industries, and the cultivation of future industries, while building a number of world-class advanced manufacturing clusters. Third, strengthen advanced manufacturing capabilities by deeply integrating AI with manufacturing, progressively developing intelligent factories, vigorously promoting open-source foundational models and vertical-specific models, solidifying the software and hardware foundations of next-generation intelligent manufacturing, comprehensively driving green and low-carbon transformation in manufacturing, and innovatively developing service-oriented manufacturing. Fourth, cultivate high-quality enterprise groups by continuously improving the innovation and entrepreneurship environment, accelerating the development of world-class enterprises, promoting specialized, refined, distinctive, and innovative development of small and medium-sized enterprises, nurturing more “Little Giants” and market-leading single-item champion enterprises, and fostering integrated development between large and small enterprises.
6. State Council Meeting: Deeply implement the national strategy for actively addressing population aging, and promote comprehensive development and progress in elderly care initiatives.
Li Qiang presided over a State Council executive meeting, which noted that it is essential to comprehensively and objectively understand the impacts of population aging, thoroughly implement the national strategy for actively addressing population aging, and promote comprehensive progress in elderly care initiatives. Efforts should be focused on enhancing service and support for the elderly, continuously improving elderly care, health promotion, and social security systems, establishing a multi-tiered and multi-pillar pension system, connecting home-based, community-based, and institutional care services, and expanding accessible elderly care services. In line with the characteristics of the elderly population, the development of products and services tailored for seniors should be enriched, new consumption scenarios for the silver economy should be cultivated, and the consumption needs of older adults should be better met.
7. Ministry of Finance: From January to August, the stamp tax on securities transactions amounted to RMB 216 billion, an 82% year-over-year increase.
According to data from the Ministry of Finance, from January to August, stamp duty amounted to RMB 385.8 billion, up 35.6% year-over-year. Of this, stamp duty on securities transactions reached RMB 216 billion, up 82% year-over-year.
Individual stock news
ChangXin Memory Technologies announces mass production of its fifth-generation technology platform.
On September 20, at the 2026 World Manufacturing Conference, CXMT announced the mass production of its fifth-generation technology platform. According to the company, CXMT has achieved an active area half-pitch of 11.95 nanometers for the memory array, a capacitor aspect ratio of 45:1, and a core kinetic zone height reduced to 6,762 nanometers. Additionally, the storage density of the fifth-generation process platform has significantly improved, with wafer output increasing by more than 50% under the same conditions compared to the previous generation. Products based on this platform, including a 24GB LPDDR5X module, have entered mass production and are now widely adopted in mainstream domestic flagship smartphones. (Pengpai)
2. The environmental impact assessment process for the Ningde Times Jianxiawo lithium mine mining project has recently been restarted.
As one of the world’s largest single-body lithium mica deposits, the restart of the Jiexiawo lithium mine in Yichun, Jiangxi, owned by Contemporary Amperex Technology Co. Limited (CATL), has been regarded as a key variable in lithium carbonate supply. Following earlier challenges to the compliance of the construction entity’s public notice website, which led to the withdrawal of its preliminary acceptance notice, the mining project at Jiexiawo has recently resumed its environmental impact assessment (EIA) approval process. According to the website of the Fengxin County Ecological Environment Bureau in Yichun, Jiangxi, Times New Energy Mining Co., Ltd. issued a public notice on September 18 regarding the draft environmental impact report for the Zhenkouli–Jiexiawo lithium mine mining project in Yifeng and Fengxin counties, as well as the public participation statement, seeking public comments on environmental protection matters prior to formal submission. (Shanghai Securities News)
3. Shanghai Stock Exchange: Took self-regulatory measures, including suspending trading accounts, against investors involved in abnormal trading of the new stock Shenyang Blower Group in accordance with regulations.
From September 14 to September 18, 2026, the Shanghai Stock Exchange implemented self-regulatory measures against 50 instances of abnormal trading activities, including price manipulation and spoofing. It conducted enhanced monitoring of stocks with significant price fluctuations, such as Longban Media, and carried out special investigations into 33 material events involving listed companies. The exchange also reported two suspected cases of illegal or irregular activities to the China Securities Regulatory Commission. Notably, since its listing on September 17, the new stock ShenGu Group has experienced substantial price volatility, with some investors engaging in abnormal trading behaviors that disrupted normal market order. In accordance with regulations, the Shanghai Stock Exchange imposed self-regulatory measures, including suspending trading accounts, on the relevant investors. The exchange reminds investors to remain mindful of risks, participate cautiously, and trade in compliance with regulations.
4. Shenyang Blower Works Group: Short-term stock price volatility has increased, posing a risk of a sharp pullback after a rapid rise.
Shenfu Group has issued a risk warning notice, stating that the company's stock price has experienced a significant cumulative increase. As of September 17, 2026, the closing price was RMB 20.80 per share, with a daily increase of 373.80%; as of September 18, 2026, the closing price was RMB 57.77 per share, with a daily increase of 177.74%, significantly deviating from the valuation levels of peers in the same industry. According to the National Economic Industry Classification (GB/T4754-2017), the company operates in the general equipment manufacturing sector (C34). As of September 18, 2026, the company's static P/E ratio and P/B ratio were 242.96x and 26.06x, respectively; according to the latest data released by China Securities Index Co., Ltd. on September 17, 2026, the industry's average static P/E ratio and P/B ratio were 41.74x and 3.50x, respectively, indicating that the company's P/E and P/B ratios are substantially higher than the industry average. The company's short-term stock price volatility has intensified, with high turnover rate, posing a risk of a sharp correction following the rapid price rise.
5. Shenghe Resources Clarification: The controlling shareholder has no intention to transfer control of the company to an external party.
Shenghe Resources (600392.SH) has issued a clarification notice stating that the company has become aware of false reports in overseas media regarding a rare earth enterprise group’s proposed acquisition of controlling interest in the company, thereby indirectly gaining ownership of the company’s overseas assets, and that these reports have been republished by some domestic media. To prevent potential misinformation from misleading investors, the company hereby clarifies the matter. Following written inquiries to its controlling shareholder, the Institute of Comprehensive Utilization of Mineral Resources, Chinese Academy of Geological Sciences, the institute explicitly confirmed that there are no plans to transfer control of the company. Through years of development, the company has established its unique identity as a "responsible international supplier of critical raw materials," and its current strategic positioning remains unchanged.
6. Ai Hua Group: Plans to raise no more than RMB 1.88 billion through a private placement to expand high-end capacitor production capacity and other projects.
Aihua Group (603989.SH) announced that it plans to issue A-shares to specific investors, raising no more than RMB 1.88 billion. After deducting issuance expenses, the funds will be used for the integrated high-end capacitor capacity expansion project and working capital replenishment. The total investment for the integrated high-end capacitor capacity expansion project is RMB 1.507 billion, with RMB 1.5 billion allocated from the raised funds; RMB 380 million will be allocated for working capital replenishment.
7. Foxconn Industrial Internet: Completed a RMB 1 billion share repurchase program, with a repurchase price range of RMB 59.91 to RMB 66.40 per share.
Foxconn Industrial Internet (601138.SH) announced that it has completed its share repurchase plan, repurchasing a total of 15.8334 million shares, representing 0.08% of the total share capital, at an actual cost of RMB 1 billion, with a repurchase price range of RMB 59.91 to RMB 66.40 per share. The repurchased shares will be used to safeguard the company’s value and shareholder interests and are planned to be sold 12 months after the disclosure of the repurchase results.
8. GalaxyCore: Plans to raise no more than RMB 4.2 billion through a private placement for the expansion of its 12-inch CIS integrated circuit specialty process project and others.
GalaxyCore (688728.SH) announced that it plans to issue A-shares to specific investors, raising no more than RMB 4.2 billion, which, after deducting issuance expenses, will be used for the expansion of its 12-inch CIS integrated circuit specialty process, the research and development and industrialization of high-performance, high-resolution image sensors, and working capital supplementation.
9. Ruijie Networks: Plans to raise no more than RMB 2.6 billion for the research and development and industrialization of high-speed interconnection network systems for large-scale intelligent computing clusters, among other projects.
Ruijie Networks (301165.SZ) announced that its board of directors has approved resolutions concerning the issuance of convertible bonds to unspecified parties, with a planned total fundraising amount not exceeding RMB 2.6 billion. After deducting issuance expenses, the funds will be used for the research and industrialization of high-speed interconnection network systems for large-scale intelligent computing clusters, the research and industrialization of high-speed network switching units and integrated solutions for high-density computing clusters, the research and development of next-generation integrated computing-network key technologies, and working capital supplementation.