On Sept. 6, Iran’s armed forces chief of staff said Iran will not surrender to the US and that US pressure via soft‑power, cognitive and economic warfare cannot force Tehran to change course. He said US planners mistakenly expected Iran to capitulate before any military action and are now attempting to use non‑military measures to compensate for strategic failures. He added Iran has demonstrated a new model of resistance.

Kaiyuan Securities: Short-term crowding has partially unwound and STAR 50 implied volatility has fallen, creating intra-tech segmentation opportunities. Strategy: maintain balanced tech exposure and use rebalancing. Rebalancing focus: small/micro caps (CSI 2000, Wind micro-cap stocks); sectors with upside net-profit surprises — electronics, defense & military, computers, oil & petrochemicals, nonferrous metals, non-bank financials; rotation targets — nonferrous, basic chemicals, new energy, agriculture, pharmaceuticals and selected midstream manufacturing such as shipbuilding; and high-dividend defensives (banks, utilities, power) for favorable risk/reward in volatile markets. Medium term: technology remains the main theme, broad beta gains will be harder and returns will increasingly come from within-tech stock selection. Positioning should target names combining a second-leg re-ignition and narrative traction: AI materials, domestic compute-power chain and upstream overseas compute-chain suppliers (PCB, optical-module upstream), programming/enterprise AI agents and applications, plus tech spillover beneficiaries including power equipment, power utilities, energy metals and liquid-cooling solutions.

土耳其副總統耶爾馬茲：在通脹回落期間，我們看到許多負面發展。