美联储：截至9月2日当周，经季节性调整后的未偿商业票据余额减少59亿美元；未经季节性调整的余额减少118亿美元，其中外国金融机构的未偿商业票据余额减少63亿美元。

At midday the Shanghai Composite was up 0.35%, the Shenzhen Composite up 0.27% and the ChiNext index up 0.43%; ChiNext and the Shenzhen Composite had both risen more than 1% earlier in the session. Pork-related names led gains, with Luoniushan, Boen Group, Zhenghong Technology and Tianbang Food among stocks hitting daily limits. Fisheries strengthened—Zhongshui Fishery hit the limit up. Cryptocurrency-related stocks rebounded; Sifang Jingchuang hit the limit and Hailian Jinhui, Cuiwei Co. and Chutianlong also reached limits. AI training-data names climbed, with Tianyu Digital and China Publishing at their limits. Other outperforming sectors included property services, Baijiu, planting, food processing, cement and marine equipment. Lagging sectors included memory chips, precious metals, MLCC, lithography machines, helium, CPO (palm oil) and optical fiber. Combined turnover on Shanghai and Shenzhen was about 1.23 trillion yuan at midday, roughly 135.5 billion yuan higher than the same time yesterday; around 3,900 stocks advanced and 1,200 declined.

美国7月私人建筑支出仍有1.61万亿美元；其中数据中心建筑升至超过750亿美元的年化水平，同比增速接近60%，但占私人建筑总额仍不足5%。但非AI建设并未消失，但下行已经扩散：独栋住宅支出同比下降6.5%，制造业建筑下降21.7%。AI正在抵消部分高利率与制造业扩建退潮造成的缺口，却不足以扭转整体建筑支出同比下降3.8%的趋势，反映美国投资增长正进一步集中于少数AI项目。