The 'Golden September and Silver October' peak season is approaching, but the commodity market shows a downward trend due to weakening macro drivers. Experts suggest steady and solid promotion of RMB internationalization, while civil compensation cases for market manipulation increase, signaling stronger accountability. The merger of Guotai Junan and Haitong Securities marks a significant innovation in the securities industry, and the RWA process is expected to broaden cross-border financing channels for mainland enterprises.

The Shanghai-Kunming Air Corridor officially opened, enhancing flight safety and efficiency. Meanwhile, private equity institutions increased their research activities, focusing on pharmaceuticals, biotechnology, and electronics. The Federal Reserve's Beige Book indicated a more pessimistic outlook, with most regions experiencing flat or declining economic activity.

Weak economic data in the U.S. led to a significant decline in the stock market, with tech stocks, particularly Nvidia, experiencing substantial losses. Nvidia also received a subpoena from the U.S. Department of Justice, escalating the antitrust investigation. Domestically, China announced key measures to optimize the business environment and improve market regulation.

China's brokerages are transforming into industrial investment banks to meet market changes and customer needs. The market expects limited liquidity gaps in September, while private equity FOFs face low demand. Gold stocks and prices are diverging, and energy storage is expected to become a new growth pole for power batteries.

In the first half of 2024, domestic institutional and individual investors significantly increased their holdings of equity funds, while reducing hybrid funds. The public fund rate reform has been effective, with management fees and transaction commissions significantly reduced. Internationally, large-scale demonstrations in Israel called for a ceasefire, and the Turkish army killed 17 Kurdish fighters in Iraq and Syria.

As of August 29, 17 out of 20 A-share liquor companies have disclosed their 2024 semi-annual reports, showing a trend of slowing growth and intensifying differentiation. The central bank bought 400 billion yuan of special treasury bonds, and the CTA strategy in the commodity market has performed well, bucking the trend of negative returns in other strategies.

China's savings treasury bonds continue to attract prudent investors despite lower interest rates, driven by their high security, stable returns, and low investment thresholds. Experts attribute this to active bond markets and recent policy adjustments. Meanwhile, the market size of China's data industry is expanding, with the database market expected to reach 93.029 billion yuan by 2028.

On August 28, the four major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank—announced plans to issue TLAC non-capital bonds totaling 160 billion yuan. These bonds aim to enhance the banks' total loss absorption capacity (TLAC). The issuance is part of a larger approved plan of 310 billion yuan.

Hong Kong stocks have accelerated their liquidation due to stricter supervision, with 32 companies delisted this year. Insurance capital is increasingly flowing into the equity investment market, aiming to optimize asset allocation and support the real economy. The central bank continues to implement large-scale reverse repo and MLF operations to maintain liquidity, with expectations of further interest rate and RRR cuts.

Bond funds in China have paid dividends totaling over 110 billion yuan this year, with bond funds accounting for more than 80% of the total. Meanwhile, Macao recorded its highest single-day tourist count of 166,500 during the summer vacation, marking a 7.5% increase from the same period in 2019.

Cruise voyages in August exceeded 30, with new routes being launched. The Sino-US Circular Economy Expert Dialogue kicked off in Beijing, emphasizing climate action. Several central enterprise index ETFs will issue linkage funds, with fund companies purchasing at least 10 million each.

The 3rd Global Digital Trade Expo will open on September 25 in Hangzhou, focusing on digital trade and innovation. Meanwhile, the number of people entering and exiting the Guangzhou Border Inspection Station has surpassed last year's total, indicating strong economic activity and international engagement.

China deepens market-oriented interest rate reforms to improve financial institutions' pricing capabilities. Sino-Ocean Group aims to avoid liquidation through the 'United Kingdom Restructuring Plan,' potentially becoming the first real estate company to do so. The National Food and Material Reserve Work Promotion Conference was held in Beijing, emphasizing high-quality development and security. The European Commission proposes countervailing duties on Chinese electric vehicles, drawing opposition from the Chinese Chamber of Commerce in the EU. New breakthroughs in liquid air energy storage equipment in China highlight local innovation.

This week, four new indices, including the STAR 200 Index, will be released, enhancing the index system of the STAR Market. Meanwhile, the State Grid is accelerating the preliminary planning of the '15th Five-Year Plan' power grid and the construction of intelligent grid infrastructure.

US monetary market funds reached a record high of $6.22 trillion, driven by investor flight to quality assets. Strong retail sales data led to a positive opening for US stocks, with the Dow, S&P 500, and Nasdaq all gaining. Meanwhile, concerns over employment are growing, and the Fed is expected to focus on the labor market.