周四，离岸人民币兑美元汇率突破7.14，连续第五个交易日上涨，这得益于美元走软。随着市场加大对美联储降息的预期，美元持续面临压力，9月份降息25个基点的可能性从一周前的82%上升到89%左右。此前，特朗普总统采取了一项有争议的举措，罢免了美联储理事丽莎·库克，同时纽约联储主席约翰·威廉姆斯的评论表明，政策制定者正在积极考虑降息。在中国，投资者现在正密切关注周末公布的PMI数据，以获得有关该国经济前景的更明确信号，尤其是在美中贸易关系持续存在不确定性的情况下。在最近的一项发展中，特朗普警告说，中国必须向美国供应稀土磁铁，否则将面临高达200%的关税，而北京对其在该行业的主导地位越来越敏感。

The offshore yuan strengthened past 7.14 per dollar on Thursday, marking its fifth consecutive session of gains, buoyed by a weakening greenback. The US dollar came under sustained pressure as markets ramped up expectations of interest rate cuts by the Federal Reserve, with the odds of a 25 bps cut in September rising to around 89%, from 82% just a week ago. This followed a controversial move by President Trump to remove Fed Governor Lisa Cook, alongside comments from New York Fed President John Williams indicating that policymakers are actively considering a rate cut. In China, investors are now closely watching PMI data due over the weekend for clearer signals on the country's economic outlook, especially amid lingering uncertainty over US-China trade relations. In a recent development, Trump warned that China must supply the US with rare-earth magnets or face tariffs of up to 200%, while Beijing has become increasingly sensitive about its dominance in the sector.

周四，上证综指上涨0.1%，收于3800点以上，深证成分股上涨0.7%，收于12380点。随着人工智能和半导体股延续涨势，内地股市收复了前一交易日的部分失地。本周早些时候，中国国务院推出了“人工智能+”计划，旨在加快人工智能在技术和消费领域的应用。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包括资金流入增加、零售参与度提高和保证金购买在内的看涨市场驱动因素，中国股市飙升。尽管如此，周三的获利回吐突显了投资者对反弹可持续性的谨慎态度。在个人投资者中，Cambricon Technologies又上涨了3.9%，在这家人工智能芯片制造商上半年盈利后延续了创纪录的涨幅。其他显著的进步包括Eoptolink Technology（4.1%）、上海石山（4.9%）和中技创新（5.1%）。

The Shanghai Composite rose 0.1% to above 3,800 while the Shenzhen Component gained 0.7% to 12,380 on Thursday, with mainland shares recovering part of the prior session’s losses as artificial intelligence and semiconductor stocks extended their rally. Earlier this week, China’s State Council introduced its “AI Plus” initiative aimed at accelerating adoption of AI across technology and consumer sectors. Chinese equities have surged this month on easing US-China trade tensions, expectations of new stimulus and bullish market drivers including stronger fund inflows, higher retail participation and margin buying. Still, profit-taking on Wednesday highlighted investor caution over the sustainability of the rally. Among individual movers, Cambricon Technologies climbed another 3.9%, extending record gains after the AI chipmaker swung to a first-half profit. Other notable advancers included Eoptolink Technology (4.1%), Shanghai Stonehill (4.9%) and Zhongji Innolight (5.1%).

ICYMI-中国寻求将人工智能芯片产量提高两倍，与美国竞争（英国《金融时报》）。英国《金融时报》已经关闭，但简而言之：中国的芯片制造商正寻求明年将该国的人工智能处理器总产量增加两倍——一家专门生产华为人工智能处理器的制造厂计划最快于今年年底投产——另外两家将于明年投产——英国《金融交易时报》援引两位知情人士的话说。如果你能访问《金融时报》，这里是链接。

ICYMI - China seeks to triple output of AI chips in race with the US (Financial Times).The Financial Times is gated, but in brief: China's chipmakers are seeking to triple the country's total output of artificial intelligence processors next year one fabrication plant dedicated to producing Huawei's AI processors is scheduled to start production as soon as the end of this year two more are due to launch next year FTS cites unnamed two people with knowledge of the plans. If you can access the Financial Times, here is the link.

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%.