Market news: South Korea's sovereign wealth fund KIC plans to sell $1 billion worth of private equity shares.

Key News 1. September LPR quotes released: 1-year and 5-year (or longer) rates remain unchanged. 2. Total electricity consumption in August exceeded one trillion yuan again, with load reaching a record high. 3. State Administration for Market Regulation: Accelerate the revision of the Price Law during the 15th Five-Year Plan period and crack down on malicious low-price competition. 4. Beijing: Promote model and chip adaptation and optimization, support inference-specific chips, model lightweighting, edge deployment, and other technological breakthroughs. 5. Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology: Vigorously develop open-source base models and vertical models to solidify the software and hardware foundation for next-generation intelligent manufacturing. 6. State Council Executive Meeting: Deepen the implementation of the national strategy to actively address population aging and promote the comprehensive development and progress of the elderly care industry. 7. Ministry of Finance: Securities transaction stamp tax reached 216 billion yuan from January to August, a year-on-year increase of 82%. Individual Stock News 1. Changxin Technology announces the official mass production of its fifth-generation technology platform. 2. CATL's Jianxiawo lithium mine mining project recently restarted the environmental impact assessment approval process. 3. Shanghai Stock Exchange: In accordance with regulations, the exchange has taken self-regulatory measures, including suspending trading accounts of investors related to abnormal trading in the newly listed Shenyang Blower Works Group (Shenyang Blower Group). 4. Shenyang Blower Works Group: Short-term stock price volatility has intensified, and there is a risk of a significant correction after a rapid rise. 5. Shenghe Resources Clarifies: The controlling shareholder has no intention of transferring its controlling stake in the company. 6. Aihua Group: Plans to raise no more than RMB 1.88 billion through a private placement for projects such as expanding high-end capacitor production capacity. 7. Foxconn Industrial Internet: Completed a RMB 1 billion share repurchase plan, with a repurchase price range of RMB 59.91/share to RMB 66.40/share. 8. Gekko Microelectronics: Plans to raise no more than RMB 4.2 billion through a private placement for projects such as expanding production capacity of 12-inch CIS integrated circuit specialty processes. 9. Ruijie Networks: Plans to raise no more than RMB 2.6 billion for projects such as the R&D and industrialization of high-speed interconnect network systems for large-scale intelligent computing clusters.

UBS cut its 12-month KOSPI target to 8,000 from 8,800 in a note last Friday, citing higher rates, a stronger won and rising oil. The revision lowers UBS’s implied target P/E to 7x from 8x, reflecting deteriorating macro headwinds even as UBS still forecasts robust KOSPI EPS growth of 256% in 2026 and 38% in 2027. UBS said the index is likely to trade in a range until Q3–Q4 earnings provide clearer signals on earnings sustainability and shareholder returns. Key drivers cited: the 10-year Korean government bond yield has risen to 4.5% from 3.4% at the start of the year (≈+110bps), the Bank of Korea has raised rates twice since July, oil is trading above $100, and a stronger won is also a drag—UBS estimates a 1% won appreciation trims KOSPI earnings by roughly 1.1%.