周三，上证综指下跌1.76%，收于3800点，深证成分股下跌1.43%，收于12295点，原因是内地股市在8月强劲反弹后出现获利回吐，从近期高点大幅回落。本月，由于美中贸易紧张局势缓解、对新刺激措施的预期以及资金流入增加、零售参与度提高和保证金购买等牛市驱动因素，中国股市飙升。在中国国务院公布了“人工智能+”计划，以加速包括技术和消费在内的各个行业采用人工智能后，人工智能的繁荣也推动了收益。在经济方面，官方数据显示，2025年前七个月工业利润同比下降1.7%，突显出国内需求持续疲软。其中，东方财富下跌2.6%，胜利巨人下跌2%，中兴通讯下跌2%，海健信息下跌2.7%，北京华胜天成下跌4.1%。

The Shanghai Composite fell 1.76% to close at 3,800 while the Shenzhen Component dropped 1.43% to 12,295 on Wednesday, as mainland shares pulled back sharply from recent highs amid profit-taking after a strong August rally. Chinese equities had surged this month on easing US-China trade tensions, expectations of fresh stimulus and bullish market drivers such as increased fund inflows, higher retail participation and margin buying. The artificial intelligence boom also fueled gains after China’s State Council unveiled its “AI Plus” initiative to accelerate adoption of AI across sectors including technology and consumption. On the economic front, official data showed industrial profits fell 1.7% year-on-year in the first seven months of 2025, underscoring persistent weakness in domestic demand. Among notable decliners, East Money fell 2.6%, Victory Giant lost 2%, ZTE Corp slipped 2%, Hygon Information dropped 2.7% and Beijing Teamsun tumbled 4.1%.

在中国，上海综合指数周三下跌67点，跌幅1.72%。领跌的是中煤（-4.65%）、长城汽车（-3.97%）和北汽蓝园（-3.56%）。

In China, the Shangai Composite Index fell 67 points or 1.72 percent on Wednesday. Leading the losses are China Coal (-4.65%), Great Wall Motor (-3.97%) and BAIC BluePark (-3.56%).

周三，上证综指上涨0.1%，收于3870点左右，深证成分股上涨1%，收于12600点，延续了8月份的强劲涨幅，中国科技股继续领涨。Cambricon Technologies本月又上涨了3%，目前上涨了102%，此前这家人工智能芯片制造商报告了创纪录的上半年利润，这得益于北京在DeepSeek人工智能热潮后推动本土技术的发展。这一飙升使该公司即将超越贵州茅台，成为中国A股市场上最昂贵的股票。科技板块的其他主要上涨股包括Talkweb Information（2.9%）、Eoptolink Technology（8.9%）和中技创新（3.1%）。在经济方面，官方数据显示，2025年前七个月，中国工业利润同比下降1.7%，反映出国内需求持续疲软。

The Shanghai Composite rose 0.1% to around 3,870 while the Shenzhen Component advanced 1% to 12,600 on Wednesday, extending strong August gains as Chinese technology stocks continued to lead the rally. Cambricon Technologies climbed another 3% and is now up 102% this month after the AI chipmaker reported record first-half profits, supported by Beijing’s push for homegrown technology in the wake of the DeepSeek AI boom. The surge has put the company on the verge of overtaking Kweichow Moutai as the most expensive stock on China’s A-share market. Other major gainers in the tech sector included Talkweb Information (2.9%), Eoptolink Technology (8.9%) and Zhongji Innolight (3.1%). On the economic front, official data showed China’s industrial profits fell 1.7% year-on-year in the first seven months of 2025, reflecting continued weakness in domestic demand.

在上半年下降1.8%之后，中国工业企业的利润在2025年前七个月同比下降1.7%，至4.02万亿元人民币。这一下降突显了商业和消费者信心的减弱，这继续对需求和更广泛的经济造成压力。国有企业利润继续下降（1月至6月为-7.5%对-7.6%），而私营部门的增长变化不大（1.8%对1.7%）。按行业划分，煤炭开采（-55.2%）、石油和天然气（-12.6%）、化工（-8.0%）、纺织（-6.5%）和非金属矿物（-5.6%）的利润下降。与此同时，农业（14.5%）、电机和设备（11.7%）、有色金属（6.9%）、计算机和通信（6.7%）、一般制造业（6.4%）、热能生产（6.3%）、特种设备（3.2%）和汽车（0.9%）均有所增长。仅在7月份，利润同比下降1.5%，较6月份的4.3%有所改善，但这是连续第三个月下降。

Profits at China’s industrial firms fell 1.7% year-on-year to CNY 4.02 trillion in the first seven months of 2025, after a 1.8% decline in the first half of the year. The decline highlighted subdued business and consumer confidence that continues to weigh on demand and the broader economy. Profits at state-owned enterprises extended their decrease (-7.5% vs -7.6% in January–June), while growth in the private sector was little changed (1.8% vs 1.7%). By sector, profits fell in coal mining (-55.2%), oil and gas (-12.6%), chemicals (-8.0%), textiles (-6.5%), and non-metallic minerals (-5.6%). Meanwhile, gains were seen in agriculture (14.5%), electrical machinery and equipment (11.7%), non-ferrous metals (6.9%), computers and communications (6.7%), general manufacturing (6.4%), heat production (6.3%), special equipment (3.2%), and autos (0.9%). In July alone, profits slipped 1.5% from a year earlier, improving from a 4.3% drop in June but marking the third consecutive monthly fall.