9月10日，A股低于3%换手率股票反弹至68.44%，维持在9月初以来的高位附近；高于5%换手率股票占比回落至16.32%，尚未远离阈值水平；整体来看，换手率仍然接近阈值水平，需要观察能否重新站稳。 -------- 注：1、当换手率低于3%的股票占比上升接近中长期的高位，尤其是接近历史高位附近（图中虚线，图为反转走势）时，意味着市场很有可能遇到一个阶段低点，容易产生反转或反弹。 2、当高换手率高于5%的股票占市场总数比例保持在阈值（图中虚线）上方，市场才会出现强的赚钱效应，使得行情具有持续性。牛市的时候，该指标会持续保持在阈值上方，市场迎来普涨行情；而熊市的时候，该指标大多时候在阈值下方，偶尔超过阈值反而要小心冲高回落的风险。

Sources say the Bank of Japan will likely raise its policy rate by 25bp next week to 1.25%, a 31-year high. The move, coming three months after June’s hike, signals an acceleration of tightening; the BOJ may flag it would speed further if inflationary pressure rises. Officials expect financial conditions would remain accommodative even at 1.25%. Markets will focus on Governor Ueda’s post-meeting remarks for guidance on the pace of future hikes and the likely terminal rate. Sources say the BOJ has no preset view of the terminal rate—it will depend on how past hikes affect the economy and how much firms pass higher costs to households—and there is no internal consensus on the speed of tightening. Ueda is expected to avoid a firm timetable but may repeat July’s warning that the BOJ could quicken hikes if financial conditions are judged too loose.

Positron, an AI-chip startup that designs hardware to speed AI models, has raised $875m at a $5bn valuation, the Wall Street Journal reported. The valuation jumped from $1bn after a Feb $230m round. The financing was led by NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital (analyst Dylan Patel) and Jim Clark. Positron said it has delivered about 50 previous‑generation Atlas server racks to ORACLE; other customers include Jump Trading and AI firm Parasail. The company is pushing to ship its chips quickly to gain an edge in the crowded AI‑chip market.