AI & Tech

What happened

The 2026 semi-annual reports from Chinese public fund companies are beginning to disclose a newly introduced metric: the share of investors who recorded a profit over the past twelve months, from July 1, 2025 to June 30, 2026. This measure is designed to reflect holders' actual investment experience rather than relying solely on net asset value growth.

According to Wind data as of August 30, 2,030 funds have released their figures. Among them, 1,081 funds reported that more than 90% of their holders were profitable, while 224 funds saw fewer than 30% of holders in profit. A group of 39 products achieved a full 100% profitable-investor ratio, with closed-end and mandatory holding-period structures dominating the top rankings. One such product, managed by Liu Xu of Dacheng Fund, reached 99.98%.

The reports also reveal sharp contrasts. One selected fund posted a net value gain of 57.87% over the year, yet only 9.92% of its investors actually made money. Meanwhile, core products managed by well-known fund managers, including Fu Pengbo and Zhao Feng of Ruijuan, Li Wei of GF, Tu Huanyu of China AMC, Chen Xuanmiao of Penghua, and Zhang Tianwen of Dacheng, all exceeded 99% profitable-investor ratios. Yin Hua's Fang Jian achieved 100% with one holding-period product and kept ratios between 85% and 92% on his semiconductor and technology funds.

Why it matters

This new metric shifts the evaluation focus from how much a fund earned to how many investors actually shared in those gains. Industry observers expect that regular disclosure could push fund companies to emphasize long-term stability, holder education, and genuine investor experience, rather than simply chasing scale or short-term rankings.

The data also expose a potential disconnect between fund performance and investor outcomes, driven by purchase timing and holding behavior. Products that enforce holding periods appear to offer a structural advantage, which may encourage the industry to rethink product design and investor guidance.

Key facts

As of August 30, 2,030 funds disclosed their profitable-investor ratio; 1,081 funds exceeded 90%, while 224 fell below 30%.

A total of 39 funds achieved a 100% profitable-investor ratio, and closed-end or holding-period products occupied most leading positions.

One fund gained 57.87% in net value but only 9.92% of its investors were profitable; several star managers' funds surpassed 99%.

What to watch next

The profitable-investor ratio is likely to become a standard reference for fund selection, potentially complementing traditional performance metrics and changing how investors evaluate product quality.

Fund companies may face greater pressure to manage investor expectations, especially for popular funds where the ratio lags returns. How the industry adapts to this new disclosure will be worth monitoring as more semi-annual reports roll out.

Sources

• 东方财富网

What happened

China's 43 listed brokers reported combined revenue of 364.71 billion yuan for the first half of 2026, up 44.8% year on year, and attributable net profit of 155.64 billion yuan, a gain of nearly 50%, according to Securities Times. The rebound came as both the primary and secondary markets warmed.

Proprietary trading was the largest income source, generating more than 168.7 billion yuan, up over 55% and far ahead of other business lines. Brokerage commission income climbed 55.15% to 98.448 billion yuan, asset management fee income rose 29.62% to 27.473 billion yuan, and investment banking slowly recovered with a 25.06% gain to 19.422 billion yuan.

The net-profit leaderboard was reshuffled. CITIC Securities reclaimed the top spot, Guotai Haitong fell to No.2, GF Securities rose to No.4, and China Merchants Securities—the only top-10 broker to double its net profit—moved from 7th to 5th. CICC climbed from 10th to 6th with nearly 90% growth, while China Galaxy, CSC, Shenwan Hongyuan and Guosen Securities also shifted places.

Why it matters

With proprietary trading contributing the largest share of revenue, brokers' earnings are becoming more sensitive to market turbulence. The divergent results of China Merchants Securities, which gained from AI and semiconductor positions, and Hualin Securities, whose low-volatility, high-dividend strategy struggled in a sharply split market, highlight how much investment style matters.

The reshuffling of the top 10 shows that scale alone does not guarantee ranking stability. Competition among large brokers is intense, with Huatai and GF separated by less than 40 million yuan in net profit, suggesting leadership can change quickly depending on market conditions.

Key facts

43 listed brokers posted combined revenue of 364.71 billion yuan in H1 2026, up 44.8% year on year.

Their attributable net profit reached 155.64 billion yuan, up nearly 50%.

Proprietary income totaling over 168.7 billion yuan, up more than 55%, was the brokers' largest revenue source.

CITIC Securities regained the No.1 spot in net profit, while Guotai Haitong slipped to No.2.

China Merchants Securities was the only top-10 broker to double net profit, rising from 7th to 5th.

Two brokers, Hongta Securities and Hualin Securities, saw net profit decline by over 23%.

What to watch next

Overseas market volatility has increased, and whether brokers can seize structural opportunities in choppy markets will test their investment and asset-allocation capabilities.

Investment banking remains the smallest major business line despite a warming primary market, so the pace of its repair will be a key metric to follow.

The sharp divergence in market styles may continue to separate broker winners from losers, as strategies that performed well in one environment may underperform in another.

Sources

• 东方财富网

What happened

The U.S. National Hurricane Center has issued a statement regarding a storm system currently located near a bay area in North America.

According to the center, there is a 50% probability that the storm will develop into a cyclone within the next 48 hours.

The announcement was reported by financial news outlet East Money on August 30, 2026.

Why it matters

A 50% chance within a 48-hour window is a significant level of uncertainty that typically prompts increased monitoring by meteorological authorities.

If the storm does develop into a cyclone, it could affect coastal communities, maritime activities, and regional weather patterns, though specific impacts are not yet known.

The advisory serves as an early warning for residents and local agencies to prepare for possible rapid changes in conditions.

Key facts

The U.S. National Hurricane Center provided the forecast.

The storm is located near a bay area in North America.

There is a 50% chance of cyclone formation in the next 48 hours.

The information was sourced from East Money on 2026-08-30.

What to watch next

Meteorologists will be tracking the storm's movement and intensity over the next two days to see if conditions become more favorable for cyclone development.

Updates from the National Hurricane Center should indicate whether the probability changes as the 48-hour window progresses.

Local authorities may issue further advisories if the storm shows signs of strengthening.

Sources

• 东方财富网

What happened

On August 30, health officials in Gaza reported that an Israeli airstrike in Deir al-Balah, a town in central Gaza, killed two people, among them a three-year-old child.

The Israeli Defense Forces acknowledged carrying out an attack that day against a Hamas militant, but did not disclose further details about the operation.

Why it matters

The killing of a young child in an airstrike highlights the severe human cost of the ongoing conflict in Gaza, even as military operations target armed individuals.

The lack of details from the Israeli military leaves room for concern about civilian casualties and raises questions about how such strikes are conducted in densely populated areas.

Key facts

The airstrike occurred on August 30 in Deir al-Balah, central Gaza.

Two people were killed, including a three-year-old child.

Gaza health officials provided the casualty figures, while the IDF said it targeted a Hamas militant without giving specifics.

What to watch next

Further statements from the Israeli military or Gaza health authorities may clarify the exact circumstances and whether the child was related to the targeted individual.

Observers may also track whether this incident prompts international reactions or calls for restraint in future operations.

Sources

• 东方财富网

What happened

On August 30, Icelandic Prime Minister Frostadóttir announced that her government will not advance European Union membership negotiations for the remainder of its mandate, respecting the outcome of a national referendum held the previous day. Preliminary results showed 52.8% of voters opposed resuming talks, while 47.2% supported them, giving the opposition camp a clear victory.

At a press conference, Frostadóttir said the government will honor and implement the referendum result. She indicated that unless a major event occurs within the next 24 months, the EU question is unlikely to return as a top priority for parliament in the near term. She also noted that many who voted no are comfortable with Iceland's existing EU relationship through the European Economic Area, so the government will continue strengthening cooperation within that framework.

The referendum is the latest step in a long-running debate: Iceland applied for EU membership in 2009, began talks in 2010, and suspended them in 2013 under a eurosceptic government. The current administration, formed in December 2024 under Frostadóttir, had promised to hold a referendum by 2027 on whether to restart accession talks.

Why it matters

The decision effectively takes EU membership off Iceland's immediate political agenda, reinforcing the majority's stance as expressed in the referendum. It also fulfills the government's promise to let voters decide, settling the issue for the remainder of its term.

The prime minister's mention of a 24-month window leaves a theoretical opening for change, but the high bar of a "major event" suggests the status quo is expected to hold. By pivoting to the European Economic Area, the government signals it aims to stay closely connected to Europe without taking the more binding step of full EU membership.

Key facts

Icelandic PM Frostadóttir said the government respects the referendum result and will not advance EU accession talks during its term.

Preliminary counts from the August 29 referendum showed 52.8% against restarting talks and 47.2% in favor.

Iceland applied for EU membership in 2009, started talks in 2010, and suspended them in 2013.

The current government, led by Frostadóttir, took office in December 2024 and had promised a referendum by 2027.

Frostadóttir said the government will continue strengthening cooperation within the European Economic Area framework.

What to watch next

Watch for any major developments over the next 24 months that could change the government's position on EU talks.

See how Iceland deepens its cooperation within the European Economic Area as its primary channel for engaging with the EU.

Observe whether the referendum result and the government's stance dampen domestic debate on EU membership or revive it under future political shifts.

Sources

• 东方财富网

What happened

Ten major brokerages published strategy updates noting that A-shares are in a phase of rapid sector rotation, with low-valuation approaches taking the lead. In particular, the PB-ROE strategy clearly outperforms when rotation speeds up, while momentum strategies suffer the most.

CITIC Securities attributed the rotation to trade frictions and exchange-rate effects, which curtail market breadth, and said AI progress reinforces computing demand but is not enough to change long-term commercialization narratives. CITIC Construction and Investment urged 'rebalancing' to handle a volatile market, citing Nvidia's strong earnings as confirmation of AI capital expenditure resilience, while acknowledging the Fed's cautious tone.

Other brokerages offered cautiously optimistic or defensive stances. Some see the adjustment nearing its end and a rebound window opening, while others advise defensive positioning amid external uncertainties. Across the board, there is a search for earnings-backed value, with sectors like AI computing, energy, innovation drugs, banks, and non-bank finance repeatedly highlighted.

Why it matters

The near-unanimous recognition of rapid rotation implies that investors should avoid chasing momentum and instead focus on stocks with earnings support and reasonable valuations. The PB-ROE strategy's edge suggests that quality value investing is the preferred approach in the current tape.

Mixed views on tech underscore the market's uncertainty about AI's ability to justify lofty valuations without clearer catalysts. While AI infrastructure spending remains solid, the lack of a breakthrough in long-term commercialization keeps a lid on valuations, so near-term direction likely hinges on earnings verification, policy signals, and geopolitical developments.

Key facts

Ten brokerages' strategies highlight rapid market rotation as the defining condition.

PB-ROE strategy clearly outperforms in fast rotation; momentum strategies suffer the most.

CITIC Securities says AI progress strengthens computing demand but doesn't alter long-term commercialization narratives.

CITIC Construction and Investment notes Nvidia's strong earnings confirm AI capex resilience.

Some brokerages believe the market adjustment is nearing its end and a rebound window may open.

What to watch next

Investors will watch for new catalysts that could unlock long-term valuation upside, such as the possible AI-related changes mentioned by CITIC Securities, including RSI and anti-distillation developments. If these materialize, they could shift the debate from near-term compute demand to longer-term AI profitability.

Also on the radar are the Fed's policy trajectory, U.S. election timing, and geopolitical tensions, which several brokerages flagged as external risks. Domestically, the pace of incremental policy easing and incoming quarterly earnings reports will likely determine whether the optimistic window from late August to October plays out.

Sources

• 东方财富网

What happened

The Libyan '4+4' committee signed an agreement on August 30 at the UN Support Mission in Libya’s headquarters in Tripoli, agreeing to restructure the High National Elections Commission’s board and reach consensus on a framework for presidential and parliamentary elections.

Under the deal, elections should be held within 24 months of the agreement taking effect, and must take place under a unified executive authority and unified national institutions. If that proves impossible, alternative mechanisms would be created.

The accord requires the House of Representatives and the High Council of State to ratify it within one month, or other approval paths, including via the UN Security Council, would be sought. Notably, the heads of Libya’s Presidential Council and High Council of State were invited but did not attend, with both raising objections.

Why it matters

This agreement represents a fresh attempt by the UN-backed '4+4' committee to break Libya’s long-standing political impasse, offering a concrete timeline for national elections.

However, the absence of two key leaders and their stated concerns about legitimacy and process underline the fragility of the deal. Its success depends on timely ratification and the practical consolidation of a unified governing structure.

Key facts

The '4+4' committee signed the agreement in Tripoli on August 30, at the UNSMIL headquarters.

Elections are to be held within 24 months after the agreement comes into effect.

The House of Representatives and the High Council of State must ratify the agreement within one month of signing.

The Presidential Council had earlier announced a political roadmap envisioning simultaneous presidential and parliamentary elections by February 17, 2027.

The '4+4' committee, formed as an alternative mechanism by UNSMIL, first met in Rome in April and includes four representatives from each of Libya's opposing sides.

What to watch next

Whether the House of Representatives and the High Council of State will ratify the agreement within the one-month window, and how they respond to criticisms from their leaders.

Whether a unified executive authority and unified state institutions can be established to meet the conditions for holding the elections, or if alternative mechanisms are triggered.

Any movement by the UN Security Council or other international actors to endorse the agreement if local ratification stalls.

Sources

• 东方财富网

What happened

ST Weihai published its first-quarter 2026 financial report on April 29, showing revenue of 309 million yuan, a 7.89% increase from the same period last year.

The company recorded a net loss attributable to shareholders of 3.7603 million yuan, in contrast to a profit of 3.6552 million yuan a year earlier. After stripping out non-recurring items, the net loss was 4.0469 million yuan.

Why it matters

The transition from profit to loss, despite higher revenue, suggests the company's costs or expenses may be growing faster than its top line.

With the ST label in its name, the earnings reversal could draw extra attention from investors, especially since the core business also showed a loss on a deducted non-recurring basis.

Key facts

ST Weihai released its Q1 2026 report on April 29.

Q1 revenue was 309 million yuan, up 7.89% year-on-year.

Q1 net profit attributable to shareholders was a loss of 3.7603 million yuan.

Q1 deducted non-recurring net profit was a loss of 4.0469 million yuan.

In the same period last year, net profit was 3.6552 million yuan.

What to watch next

Whether the company can reverse the loss in the coming quarters, and how its core profitability, as reflected in deducted non-recurring results, evolves.

Investors will likely look for management's explanation for the divergence between revenue growth and net loss.

Sources

• 东方财富网

What happened

ST Jinglan released its 2026 interim report on August 20, reporting first-half operating revenue of 445 million yuan, a year-on-year increase of 98.07%.

Net profit attributable to shareholders of the listed company reached 74.2015 million yuan in the first half, up 213.11% compared with the same period last year.

Net profit attributable to shareholders after excluding non-recurring items was 5.7003 million yuan, rising 108.48% year on year, according to the report.

Why it matters

The sharp year-on-year growth in both revenue and profit suggests a notable improvement in ST Jinglan's reported financial performance for the first half of the year.

The wide gap between total net profit attributable to the parent and the figure excluding non-recurring items may draw attention to the quality and sustainability of the company's earnings.

Because the company carries an 'ST' designation, its financial results and any related disclosures may be monitored closely by investors and regulators for risk signals.

Key facts

ST Jinglan published its 2026 interim report on August 20.

First-half operating revenue was 445 million yuan, up 98.07% year over year.

First-half net profit attributable to the parent was 74.2015 million yuan, up 213.11% year over year.

Net profit attributable to the parent excluding non-recurring items was 5.7003 million yuan, up 108.48% year over year.

What to watch next

Investors may watch whether ST Jinglan can sustain the growth momentum through the second half of the year.

Future disclosures may provide clarity on whether the ST designation is likely to be removed or maintained based on continued financial performance and audit results.

Sources

• 东方财富网

What happened

All 43 A-share listed brokers have now published their 2026 semi-annual reports, revealing a combined revenue of 364.71 billion yuan, up 45.87% year-on-year, and combined net profit attributable to shareholders of 155.37 billion yuan, up 49.01%.

Five brokers — CITIC Securities, Guotai Haitong, Huatai Securities, GF Securities and China Merchants Securities — each earned over 10 billion yuan in net profit, compared with just two a year earlier. In total, 40 of the 43 firms posted growth in both revenue and net profit.

CITIC Securities retained its leadership, with revenue of 49.692 billion yuan (up 50%) and net profit of 23.343 billion yuan (up 69.6%), a record for the period. Its international arm generated $2.32 billion in revenue and $830 million in net profit, both up sharply and historically high.

Why it matters

The strong results show how a buoyant capital market is directly boosting brokerage earnings across trading, wealth management and investment banking. With three main growth engines — tech investment, international business and large-wealth management — driving performance, the sector is showing broad-based improvement rather than a single-factor rally.

Analysts cited in the report believe the industry's profit recovery can continue, with a projected 14% growth for the full year and ROE potentially reaching the 80th percentile of the last decade. Meanwhile, the sector's valuation sits below the 10th percentile, suggesting a possible disconnect between improving fundamentals and market pricing.

Key facts

43 A-share listed brokers' combined H1 revenue was 364.71 billion yuan, up 45.87% year-on-year.

Combined H1 net profit attributable to parent was 155.37 billion yuan, up 49.01% year-on-year.

Five brokers each posted net profit above 10 billion yuan in H1 2026, versus two in H1 2025.

CITIC Securities' H1 net profit rose 69.6% to 23.343 billion yuan, a record for the period.

CITIC Securities International reported $2.32 billion in revenue (up 56%) and $830 million in net profit (up 114%) under HKFRS.

Tianfeng Securities led net profit growth with a 549.03% year-on-year increase.

What to watch next

Will the robust market activity continue to support brokerage earnings in the second half of 2026? Analysts expect the industry to achieve around 14% profit growth for the full year, driven by a recovering IPO market, expanding derivatives business and active trading.

The gap between low valuations and improving fundamentals could attract investor attention, especially if ROE moves toward the historical 80th percentile as projected.

International business expansion and capital increases announced by three leading brokers are likely to be a continued focus, as overseas operations become a meaningful profit contributor.

Sources

• 东方财富网

What happened

By August 30, 2,896 Shenzhen-listed companies had published their 2026 semi-annual reports, a disclosure rate of nearly 100%. Combined revenue reached 11.37 trillion yuan, up 11.04% year-on-year, while net profit attributable to shareholders totaled 753.36 billion yuan, up 26.52%. More than 70% of the companies were profitable, and nearly half reported profit growth from a year earlier.

On the Shenzhen main board, 1,493 companies generated total revenue of 8.83 trillion yuan, an increase of 7.81%, with average revenue of 5.915 billion yuan. Among them, 909 companies (60.88%) saw revenue rise and 719 (48.16%) saw net profit increase. Nonferrous metals, power equipment and non-bank financials led the gains, with 52 of 56 nonferrous metals firms raising revenue and 41 boosting profits; 26 grew profit by over 50%, and 21 doubled.

On ChiNext, 1,403 companies recorded revenue of 2.54 trillion yuan, up 23.90%, and net profit of 202.753 billion yuan, up 32.73%. R&D expenses climbed 11.69% to 112.087 billion yuan. Electronics, communications and power equipment sectors surged, with electronics profits jumping 181.88% and communications profits 116.80%.

Why it matters

The results underscore a distinctive pattern: the main board acts as an economic stabilizer, with mature industry leaders staying resilient, while ChiNext companies serve as innovation accelerators, pushing growth through R&D. This combined strength reflects the market's role in supporting China's broader shift toward high-quality, technology-driven development.

The sharp profit growth in high-tech sectors such as electronics and communications indicates that innovation is increasingly translating into earnings. It also suggests that listed companies are deepening their focus on key technologies and new growth engines, reinforcing the capital market's contribution to economic transformation.

Key facts

2,896 Shenzhen-listed companies disclosed 2026 interim reports as of Aug 30, a near-100% disclosure rate.

Combined revenue rose 11.04% to 11.37 trillion yuan; net profit rose 26.52% to 753.36 billion yuan.

More than 70% of companies were profitable, and nearly 50% saw net profit growth.

Main board: 1,493 companies, revenue of 8.83 trillion yuan, up 7.81%; 909 companies increased revenue, 719 increased profit.

ChiNext: 1,403 companies, revenue of 2.54 trillion yuan, up 23.90%; net profit of 202.753 billion yuan, up 32.73%.

ChiNext R&D expenses reached 112.087 billion yuan, up 11.69%.

What to watch next

Investors will be watching whether main board blue-chips can sustain their momentum by venturing into new energy, intelligent manufacturing and digital transformation to build second growth curves, as some have already begun doing.

On ChiNext, the key is whether rising R&D spending continues to convert into competitive products and sustained profit growth, particularly in frontier areas like AI computing and industrial robotics, while old-economy sectors gradually give way to high-tech drivers.

Sources

• 东方财富网

What happened

Runhe Software, a Nanjing-based technology company with over two decades of history, is applying generative AI and intelligent agent technologies to reshape digital transformation in vertical industries, focusing on financial technology, smart IoT, and smart energy. The company builds industry-specific digital and intelligent solutions on top of operating systems and AI, targeting long-term rigid-demand sectors.

To bridge the gap between general-purpose AI and the strict business logic, regulatory rules, and compliance requirements of finance, Runhe developed a full-dimensional financial industry ontology system. According to its chief AI scientist, this system acts like a specialized 'industry operating system' for financial AI, enabling it to understand business processes and follow regulations. The approach has been applied in practice: the company served a major domestic bank's AI computing equipment procurement project and signed an agreement with a leading Vietnamese bank for a 'smart credit factory' full-stack solution.

In parallel, Runhe is advancing embodied intelligence through Runmatic, a domestically produced, full-stack 'brain' for robots. The company does not manufacture robot hardware; instead, it provides an operating system for robots, working with ecosystem partners to deliver complete silicon employee solutions. The system enables robots to learn on the job, perceive environments, and execute tasks such as fetching a bottle of water based on voice commands without manual pre-programming, forming part of the company's dual-track strategy of iterating real-world applications while building frontier technology reserves.

Why it matters

This dual-track approach directly tackles the industry-specific adaptation problem that limits AI adoption in regulated sectors. By creating a domain ontology for finance, Runhe is turning generative AI into a compliance-aware assistant, potentially lowering deployment risks in banks and other financial institutions while offering a model for other tech firms to balance current digitalization with future physical-world applications.

The move into embodied intelligence signals that the company sees AI's next phase as bridging digital and physical operations. By sharing the same underlying AI base between financial applications and robot 'brains', Runhe is betting that lessons from one domain can accelerate the other. This could become a significant differentiator if the strategy succeeds, though it also raises questions about resource allocation and market timing.

Key facts

Runhe Software, rooted in Nanjing for over 20 years, operates in fintech, smart IoT, and smart energy, reporting H1 2026 revenue of 1.879 billion yuan (up 7.53% YoY) and net profit of 82.6596 million yuan (up 38.19% YoY).

The company built a financial industry ontology system to make AI understand financial business logic and compliance, applying it in a major domestic bank's AI computing procurement project and a Vietnamese bank's smart credit factory.

In 2026, Runhe launched Runmatic, a domestic full-stack embodied intelligence brain solution, providing an operating system for robots while not producing robot hardware itself.

What to watch next

Watch whether Runhe's financial AI solutions expand beyond the current bank projects to broader adoption across Chinese and overseas financial institutions. The Vietnamese bank deal could serve as a test case for exporting China-developed digital credit technology.

Another key point is how Runmatic evolves. With the company positioning itself as an 'operating system' provider for robots, its ability to attract hardware partners and demonstrate real-world value in industries beyond finance will determine its impact.

Finally, the success of the dual-track strategy hinges on whether the unified AI base truly enables cross-domain synergy. If the financial ontology and embodied intelligence brain can share learnings, Runhe could carve out a distinctive position in the AI landscape.

Sources

• 东方财富网

What happened

On August 29, the State Administration for Market Regulation reported that the number of newly established foreign-invested enterprises in China reached 35,000 in the first half of 2026, a 7.0% increase year on year. Experts attribute the growth to policies that ease market access, streamline approval, and improve the overall business environment.

Regional data shows a 'dual-engine' pattern: export-oriented provinces such as Hainan (38.6%), Shandong (15.2%), Guangdong (8.1%) and Jiangsu (6.8%) recorded gains, while border provinces including Heilongjiang (79.5%), Inner Mongolia (29.1%), Guangxi (16.6%) and Jilin (12.0%) also saw notable increases. An investment advisor said these regions offer strong manufacturing, mature logistics and efficient government services that attract foreign capital.

By source country, Belt and Road countries, Arab states and African Union members together set up 11,000 new enterprises in China, with respective growth rates of 19.3%, 20.6% and 42.8%, offsetting declines from the US (10.7%), UK (21.4%) and Japan (34.9%). Sector-wise, health and social work (27.1%), wholesale and retail (11.9%) and accommodation and food services (11.7%) led the growth, reflecting the consumer market's appeal. The regulator pledged to continue optimizing market access and protecting foreign investors' rights.

Why it matters

The data demonstrate that China's appeal to foreign investors remains resilient despite significant drops in new enterprises from some major economies. The rapid growth from Belt and Road and emerging-market countries is diversifying the sources of foreign investment, reducing reliance on traditional Western investors.

The shift toward consumer services and the emphasis on policy packages like 'AI + consumption' indicate that China's domestic market is becoming a more important driver for foreign capital. Continued commitments to improve the business environment could help sustain this momentum.

Key facts

In H1 2026, China saw 35,000 new foreign-invested enterprises, up 7.0% year on year.

Heilongjiang posted the highest growth among border provinces at 79.5%.

Belt and Road, Arab and AU countries combined set up 11,000 new firms, with growth rates of 19.3%, 20.6% and 42.8%.

New enterprises from the US, UK and Japan fell by 10.7%, 21.4% and 34.9% respectively.

What to watch next

Will the upward trend in new foreign-invested enterprises continue through the second half of 2026? Experts expect so, pointing to the regulator's ongoing efforts to enhance registration efficiency and legal protections.

It remains to be seen whether declines from the US, UK and Japan will stabilize, and whether consumer-market-driven investment, especially in services and AI-related sectors, will continue to expand.

Sources

• 东方财富网

What happened

At the 2026 China International Big Data Industry Expo in Guiyang, National Data Administration officials said data infrastructure has expanded to cover 15 key industries and more than 50 cities. The event, hosted by the administration and undertaken by Guizhou province, registered over 16,000 participants and drew 372 Chinese and foreign exhibitors.

During a session on 'token'-based value release, administration head Liu Liehong described the token as a new path for unlocking data element value, providing a standard for measuring, pricing, trading and settling AI services. He called for collaboration across government, industry, academia, research and application in four areas: value release, industrial ecology, business models and institutional supply.

At another session, Liu said AI is moving from technological innovation to a productivity necessity, and noted that national intelligent computing capacity reached 2.45 million PFLOPS (FP16) by the end of July 2026. Deputy director Xia Bing added that computing power, facilities and standards must work together to support data flow and value release.

Why it matters

The coverage milestone signals that data infrastructure is becoming a broader foundational layer for the digital economy, extending beyond early pilots into a wider set of industries and urban areas.

Positioning the token as a measurement unit for AI services suggests an emerging framework for pricing and trading data-related value, linking data, models and computing in a more structured way.

The focus on computing capacity, monitoring and electricity coordination highlights rising policy attention to efficient, scalable intelligent computing as AI demand grows.

Key facts

National data infrastructure now covers 15 key industries and more than 50 cities, according to the National Data Administration.

As of end of July 2026, national intelligent computing total scale reached 2.45 million PFLOPS (FP16), with eight national computing hubs and three computing-electricity zones accounting for over 85% of installed smart computing capacity.

The 2026 Big Data Expo in Guiyang attracted over 16,000 registered guests and 372 Chinese and foreign enterprises.

What to watch next

How token-based measurement and settlement mechanisms evolve in practice, including possible commercial pilots in AI services.

Whether data infrastructure coverage expands beyond the current 15 industries and 50 cities, and what new construction and operating models emerge.

How intelligent computing scheduling and computing-electricity coordination develop under national monitoring and policy guidance.

Sources

• 东方财富网

What happened

China's securities regulator issued a policy document outlining how capital markets can support building a new model for real estate development. The measures focus on supporting reasonable financing for real estate enterprises, optimizing supervision of real estate securities issuers, and preventing and defusing related capital-market risks.

The policy follows the principle of 'seeking progress while maintaining stability, promoting stability through progress, and establishing the new before abolishing the old.' It intends to upgrade real estate financing from relying on developers' overall credit to a project-based, market-driven, and diversified approach, using tools such as equity, bonds, REITs, and mergers and acquisitions.

According to Wind data cited in the report, 219 real estate bonds were issued on the Shanghai, Shenzhen, and Beijing stock exchanges so far this year, raising a combined 204.504 billion yuan to support liquidity relief and project resumption.

Why it matters

The core reform shifts financing away from developer balance-sheet credit and toward the quality of individual projects. This could allow viable projects to access capital even if their parent companies face financial stress, helping to ensure housing delivery while accelerating the exit of high-leverage, high-turnover business models.

The policy combines supportive financing with tighter supervision, signaling that risk control and support are intended to reinforce each other. The long-term aim is to build a financing mechanism based on project credit, improve channels for revitalizing existing assets, and create a regulatory loop that supports a sustainable transition for the real estate sector.

Key facts

The CSRC issued the 'Opinions on Supporting the Construction of a New Model for Real Estate Development through Capital Markets.'

The Opinions support listed real estate companies in raising funds through private placements, with proceeds required to go to market-oriented projects that meet policy requirements.

Real estate enterprises are allowed to issue CMBS and real estate asset-backed securities backed by stable-income properties, while REITs and private real estate funds are positioned as key tools to revitalize existing assets.

The policy calls for strict supervision of issuance admissions, information disclosure, and fund use, and pledges to crack down on fraudulent issuance and misappropriation of raised funds.

Experts suggest improving REITs tax support, guiding long-term capital such as insurance and pension funds into real estate investment vehicles, and advancing ESG and green finance standards in the sector.

What to watch next

Whether specific rules and implementation details will clarify how the 'project-based' financing model applies across different ownership types, especially for private developers.

The pace of REITs expansion and the introduction of supporting tax policies, as highlighted by experts as key to lowering the cost of revitalizing existing real estate assets.

How regulators balance support with risk prevention in practice, including the rollout of cross-project evaluation frameworks and the shift of risk-monitoring focus from the enterprise level down to individual projects.

Sources

• 东方财富网

What happened

On August 28, the People's Bank of China and the National Financial Regulatory Administration jointly issued the Opinions on Reforming and Improving Real Estate Credit Management to Accelerate the Construction of a New Model of Real Estate Development. The document adapts to changes in real estate supply and demand and aims to create a comprehensive, orderly connected real estate credit product and management system, promoting a virtuous cycle between finance and real estate.

For development loans, the Opinions adopt a lead bank system. Each project is assigned one lead bank, which may be a single lending bank or the lead bank of a syndicated loan, and project funds are managed in a closed account at that bank. Loan terms are set by sales cycle: pre-sale projects generally have terms no longer than three years with a five-year cap, while cash-sale projects generally have terms no longer than five years with a seven-year cap. In practice, development loan terms had typically ranged from one to three years due to a lack of unified national rules.

For individual housing loans, the maximum term is extended to 40 years from 30, with borrowers and banks negotiating the exact term. The Opinions also require that personal housing loans be disbursed through commissioned payment. For purchases of new homes sold on a cash-sale basis, the loan is released after sales filing; for pre-sale homes, it is released strictly after project completion filing. Experts said the lead bank system strengthens banks' whole-process supervision, and the longer mortgage term lowers monthly costs, boosting residents' willingness to buy.

Why it matters

The lead bank system gives banks full-process responsibility for project financing, making fund supervision more rigorous and helping to prevent funds from being diverted, a key step toward reducing project suspension risks and supporting the delivery of homes.

Extending individual housing loan terms to 40 years lowers monthly repayment costs, which analysts say can boost residents' willingness to buy homes. The policy also differentiates between cash-sale and pre-sale projects, favoring cash-sale developments and supporting the reform of the commodity housing sales system.

Overall, the Opinions point financial resources toward ensuring delivery, promoting transformation, and raising quality, reflecting the real estate industry's shift from scale expansion to stock management and quality improvement.

Key facts

The People's Bank of China and the National Financial Regulatory Administration jointly issued the Opinions on August 28.

The Opinions focus on optimizing two core systems: real estate development loans and individual housing loans.

Real estate development loans adopt a lead bank system, with closed management of project funds.

Pre-sale project loans have a general term of no more than 3 years and a maximum of 5; cash-sale project loans have a general term of no more than 5 years and a maximum of 7.

The maximum term of individual housing loans is extended from 30 years to 40 years.

Personal housing loans are to be disbursed through commissioned payment; for pre-sale homes, disbursement occurs after project completion filing.

Loan disbursement for cash-sale purchases is linked to sales filing.

What to watch next

How commercial banks implement the new rules, especially the 40-year mortgage term and the commissioned payment requirements.

Whether the lead bank system and closed fund management effectively reduce the risk of project defaults and unfinished developments.

The impact of the policy on the pace of commodity housing sales reform, particularly the shift toward cash-sale projects.

Sources

• 东方财富网

What happened

On August 28, several Chinese ministries jointly released a raft of property policies. The housing, natural resources, and financial regulatory authorities moved to improve commodity housing sales rules; the central bank and financial regulator revamped real estate credit management; the securities regulator issued a document supporting new development models; and the financial regulator published five management measures covering development loans and personal mortgages.

The most notable change is in sales. Under the new sales rules, newly transferred land projects and existing land projects without construction permits should prioritize spot sales. For presale projects, individual buildings must complete structural capping. Buyer funds including down payments and mortgages must go into supervision accounts, released only after completion and utilities are ready. This moves spot sales from pilot to institutional promotion and raises presale thresholds.

Credit and capital market policies complement the sales reform. Personal mortgage rules raise the debt-to-income ratio cap from 55% to 60% and extend the maximum loan term to 40 years. Loan disbursement is tied to project completion for presale homes. Development loans differ by sales mode, with presale project loans capped at five years and spot sales at seven. The securities regulator supports developer refinancing, M&A, bonds, ABS, and REITs, pushing financing from entity credit to project quality.

Why it matters

This is not a short-term stimulus. It addresses delivery risks and industry transformation. By linking mortgages to completed homes, it protects buyers and reduces financial risk. By shifting financing to project-based and diversifying channels, it aims to break the cycle of rolling over debt and foster sustainable development.

Key facts

Multiple agencies coordinated policies on Aug 28.

Spot sales prioritized for new and unapproved projects.

Presale buildings must be structurally topped out.

Buyer funds in supervision accounts until completion.

Mortgage debt-to-income cap raised to 60%, term to 40 years.

Development loans: presale max 5 years, spot max 7 years.

CSRC supports developer refinancing, M&A, bonds, ABS, REITs.

What to watch next

How quickly spot sales become standard and how developers adapt cash flow.

Whether the shift to project-based financing improves capital allocation and reduces defaults.

Impact on housing supply and buyer confidence as policies roll out.

Sources

• 东方财富网

What happened

Across global markets, AI-related companies are showing a disconnect: strong earnings growth no longer guarantees stock price gains, and industry positives fail to sustain high valuations. Both A-shares and overseas listings reflect growing investor scrutiny over how AI profits actually materialize.

This marks an evolution in pricing logic. In the early days of the technology revolution, markets rewarded breakthroughs, market potential, and long-term vision. As the industry matures, the focus is shifting to orders, revenue, and profits, and eventually to growth durability, competitive moats, and whether future earnings justify current prices.

The AI industry is at a turning point where pricing emphasis is changing, influencing corporate financing, investor strategies, and institutional asset allocation.

Why it matters

For AI companies, capital support will increasingly hinge on operational performance rather than narrative. Firms that rely on concepts and hype may find funding harder to secure, while those with solid technology, competitive products, and viable business models can attract long-term capital and create a virtuous cycle.

For investors, the old playbook of simply identifying the right technology trend is no longer sufficient. With AI being a consensus bet, many growth expectations are already in prices. Success now depends on judging whether companies can consistently meet or beat earnings expectations and whether valuations have overextended.

For financial institutions, the pricing shift changes risk profiles. Assets supported mainly by high growth expectations become vulnerable to sharp repricing if earnings disappoint. Lenders and investors must refine risk assessment, avoid over-reliance on industry popularity, and ensure financing decisions match risk and return — neither chasing fads nor cutting credit indiscriminately during normal corrections.

Key facts

Global AI stocks are seeing high earnings growth fail to push share prices higher, with investor sensitivity to earnings delivery increasing.

AI pricing logic evolves from valuing technology breakthroughs to orders, revenue, and profit, then to growth sustainability and competitive barriers.

The AI industry is currently in a period of pricing focus shift, affecting corporate financing, investor behavior, and institutional asset allocation.

What to watch next

Whether AI companies move away from concept-driven strategies and demonstrate tangible progress in core technology and business model execution.

How investor screening evolves to combine industry momentum, earnings expectations, and valuation discipline rather than purely following hot sectors.

Whether financial institutions update risk frameworks to balance support for innovative firms with prudent pricing of high expectations and volatile demand.

Sources

• 东方财富网

What happened

Starting September 1, two new national standards—the Asset Management Data Asset Classification and Code (GB/T 47949-2026) and the Asset Management Data Asset Registration Guidelines (GB/T 47950-2026)—officially come into force. They are designed to address persistent issues in data asset governance, such as an underdeveloped standards system, unclear rights and responsibilities, and low levels of development and utilization.

The rollout follows the implementation of the Interim Provisions on Accounting Treatment of Enterprise Data Resources, which has already led to gradual adoption of data asset 'entering the table' (recording on corporate balance sheets). The new standards provide classification rules, complete the registration management framework, and bolster institutional supply for the data element market, supporting a governance model led by the market, guided by the government and co-built by multiple parties.

Why it matters

These standards fill a blank in China's national standard system for data asset management and echo earlier policy documents, including the Guiding Opinions on Strengthening Data Asset Management and the Pilot Plan for Whole-Process Management of Data Assets. By clarifying classification and registration, they aim to make the entire lifecycle of data assets traceable and more standardized.

Together with existing policies, they are expected to mobilize individuals, enterprises, research institutions, universities and industry organizations, accelerating the release of data element value. This represents a concrete step toward a more compliant and efficient market for data assets, a key strategic resource in the digital economy.

Key facts

GB/T 47949-2026 and GB/T 47950-2026 take effect from September 1.

The classification standard groups data assets into structured, semi-structured and unstructured data, with 15 subcategories.

The registration standard addresses initial, change and cancellation registration, requiring both asset ledger and accounting book registration.

The standards follow the classification and coding principles of GB/T 14885-2022.

What to watch next

As the policy toolbox for data element market-oriented allocation becomes more complete and the work roadmap clearer, implementation of these standards is likely to deepen across data asset allocation, registration and inventory processes.

With continued efforts to promote marketization and valorization of data elements, the depth and breadth of data asset development and utilization are expected to increase, potentially shaping the next phase of the digital economy.

Sources

• 东方财富网

What happened

A new report from wealth intelligence firm Altrata, cited by Fortune, found that the number of billionaires worldwide reached a record 3,795 in 2025.

The group's combined wealth rose 12.8% year over year to $15.1 trillion, a fresh high and a figure close to one-quarter of the total market value of S&P 500 companies.

The report highlights the AI investment boom as a major force behind the surge, with many tech billionaires seeing sharp increases in their fortunes as their companies' AI businesses expanded.

Why it matters

The data underscores how a concentrated wave of AI-driven gains can reshape global wealth distribution, lifting a small group of technology founders and investors to unprecedented levels.

It also shows where that wealth is flowing: sports and philanthropy are the two preferred areas for billionaire asset allocation, with 201 billionaires owning or investing in sports franchises.

Owning a professional sports team appears to serve both as a display of financial scale and a way to expand social networks, while charitable giving has become a channel for billionaires to use their influence to drive change in selected fields.

Key facts

Altrata's report counts 3,795 billionaires globally in 2025, the highest number on record.

Total billionaire wealth grew by 12.8% to $15.1 trillion, also a record and roughly a quarter of the S&P 500's total market capitalization.

29 billionaires hold assets above $50 billion, including Larry Page, Elon Musk and Jeff Bezos.

AI investment is cited as the main driver of billionaire wealth growth, and 201 billionaires own or invest in sports teams or franchises.

What to watch next

Whether AI-driven wealth gains continue to concentrate among tech founders and investors, and how that affects the broader economy.

Whether more billionaires follow the sports investment trend as a way to combine financial returns with social access and influence.

How billionaires' charitable spending evolves as they seek to shape policy, research and social innovation through their foundations and donations.

Sources

• 东方财富网