市場消息：美國總統特朗普限制郵寄投票的措施遭第二名聯邦法官阻止。

Southbound Stock Connect net bought 4.471 bln yuan today. Via Shanghai Stock Connect, Zhipu AI and Kingboard Laminates were top net buys at HKD 846 mln and HKD 63 mln respectively; SMIC was the largest net seller at HKD 289 mln. Via Shenzhen Stock Connect, Zhipu AI and Yangtze Optical Fibre and Cable net bought HKD 355 mln and HKD 349 mln respectively; SMIC led net sales at HKD 348 mln.

China International Capital Co said the Fed should raise rates in September to preserve its credibility, calling that the decisive factor for policy. The firm said July FOMC member Waller’s deliberate ambiguity confused markets and helped push the US Treasury term premium from 0.65% at end-July to 0.9% by mid-August, forcing hawkish language at Jackson Hole. While softer data would have given the Fed room to wait, successive stronger-than-expected nonfarm payrolls and inflation have increasingly cornered policymakers. The report warned that if the Fed again refrains from hiking, markets may view prior hawkish signals as hollow, risking a deeper credibility crisis and loss of control in the Treasury market.