I. Pre-market News
Macro:
The National Development and Reform Commission and the Ministry of Commerce have issued the "Special Administrative Measures for the Access of Foreign Investment (Negative List) (2024 Edition)", which uniformly lists special administrative measures for foreign investment access, such as equity requirements and executive requirements, and will come into effect from November 1, 2024. The new negative list achieves a "zero" limit on foreign investment access restrictions in the manufacturing industry, reducing the number of restrictive measures from 31 to 29, and canceling the last two foreign investment access restrictions in the manufacturing industry. By further relaxing foreign investment access and working with various policies to build a systematic policy system covering the "full life cycle" of foreign investment enterprises, it consolidates the confidence of foreign investment enterprises in their development in China and promotes their healthy development while assisting China's economy in achieving high-quality growth. Hot
The latest poll by The New York Times and Siena College shows that Trump is leading Harris with 48% to 47%. Hot
Federal Reserve Governor Waller said that a series of cuts in the policy interest rate may be appropriate; this judgment is crucial for the upcoming policy decisions; if appropriate, he will support "early" rate cuts; determining the appropriate pace of rate cuts will be a challenge; he is ready to take swift action to support the economy as needed; if necessary, he supports more significant rate cuts; the current series of data shows that the Federal Reserve no longer needs to wait patiently but needs to take action. Hot
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Industry:
The Ministry of Commerce, the National Health Commission, and the National Medical Products Administration jointly issued a notice to carry out pilot work to expand openness in the medical field, which mentioned that it is planned to allow the establishment of wholly foreign-owned hospitals (excluding traditional Chinese medicine and not including the acquisition of public hospitals) in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen, and the entire Hainan Island. Hot
The Ministry of Commerce stated that China and the Netherlands have conducted multi-level and multi-frequency communication and consultation on semiconductor export control issues. On the basis of the 2023 semiconductor export control measures, the Netherlands further expanded the control scope of lithography machines, and China expressed dissatisfaction with this. The Netherlands should respect market principles and the spirit of contract from the perspective of maintaining international trade rules and the overall situation of China-Netherlands trade and economic cooperation, and avoid measures that hinder normal cooperation and development in the semiconductor industry of the two countries.
Rice prices have risen sharply, and Japan is experiencing a rare "rice shortage." Analysts believe that the contradiction between supply and demand is the fundamental reason for the rise in rice prices in Japan this year. On the one hand, the adjustment of production policies by the Japanese government and extreme weather have led to a reduction in the supply of Japanese rice; on the other hand, factors such as the increase in foreign tourists visiting Japan have led to an increase in the demand for rice, making the supply and demand contradiction more prominent.
On September 7, the China Real Estate News, a media outlet under the jurisdiction of the Ministry of Housing and Urban-Rural Development, published a commentary article stating that regarding the reduction of existing mortgage interest rates, starting from October 2022, based on the real estate situation and market research, we have continuously called for adjustments. To this day, we still believe that in extraordinary times, extraordinary measures should be used to change market expectations. By doing so, we can use time to exchange for space and早日走出 demand不足的局面.Company:

On September 10th at 14:30, Huawei will hold the Extraordinary Brand Festival and Hongmeng Zhixing New Product Launch, where the first intelligent coupe SUV of Hongmeng Zhixing, the ZhiJie R7, is about to make its debut. Hot
Over the weekend, a Goldman Sachs research report on the plummeting number of ChatGPT visits in May was widely circulated. However, in reality, the ChatGPT domain name was changed, and the statistics were for the old domain name. The actual situation is that the data continued to rise after May, with a slight decline during the summer vacation, and has recently returned to a growth trend. Hot
Apple will adopt ARM's latest V9 chip design in the new generation of iPhones, marking the latest step in promoting the introduction of artificial intelligence functions into its smartphones. The adoption of the V9 chip design is good news for Arm, which has signed a multi-year licensing agreement with Apple. The licensing fees brought by V9 are twice that of the previous generation V8.
II. Outlook
9.9 - China's August CPI, PPI, and the first Huawei Haisi Full Connection Conference
9.10 - China's August import and export data, Apple's new product launch
9.11 - U.S. August CPI, U.S. Presidential TV Debate
9.12 - U.S. August PPI
9.13 - U.S. September one-year inflation rate forecast initial value, U.S. September University of Michigan consumer confidence index initial valueIII. Public Opinion Hotspots
Huawei Chain: Huawei's Extraordinary Brand Ceremony and Hongmeng Smart Travel New Product Launch are scheduled for September 10th. The 2024 Huawei HiSilicon Connect Conference will be held in Shenzhen on September 9th, marking the first edition of the event. Hot
Semiconductors/Photolithography Machines - On September 6th, photolithography giant ASML published a statement on its official website, announcing that the Dutch government has released new export regulations for immersion DUV lithography machines, which will take effect from September 7th. Hot
Apple Supply Chain: The Apple Developer Conference is set to take place on September 10th. According to authoritative Apple analyst Gurman, the "Smart Review" feature will be a highlight of WWDC.
Tesla FSD - Tesla plans to launch its "Full Self-Driving" advanced driver assistance system in China and Europe in the first quarter of next year, pending regulatory approval.
Healthcare - Three departments propose to allow the establishment of wholly foreign-owned hospitals in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, and other locations. Hot
IV. Hotspot Research Reports and Minutes
1. Tesla plans to launch FSD in China in Q1 of 2025, with domestic high-level intelligent driving expected to accelerate implementation.
[Event]
• Tesla FSD: The entry into China is approaching, and version iteration is accelerating.**Entry Progress in China:**
On September 5, 2024, Tesla announced that it expects to launch its Full Self-Driving technology (FSD) in China and Europe by Q1 2025, subject to regulatory approval.
**Update Pace:**
The pace of FSD version updates is accelerating, with FSD V13 expected to be released in October. The new version is anticipated to reduce the number of manual interventions when necessary and enhance the performance of autonomous driving.
**[Opinions]**
**Challenges:**
Regulation + Computing Power + Models + Auxiliary Software to Facilitate Tesla's Smooth Entry into China.
1. **Regulation:**
- **Safety Inspection:** On April 28, 2024, the first batch of automotive data processing safety inspection list was announced, with Tesla's 2022 and 2023 Model 3 and Model Y vehicles meeting safety requirements.
- **Road Test Qualification:** The Shanghai demonstration zone has issued a road test license to Tesla.
2. **Computing Center:**
- **Overseas Computing Power:** Utilizing Dojo for computing power overseas, by the end of 2024, the computing power of Dojo1 will be equivalent to 8000 H100s.
- **Data Localization:** After entering China, data will be stored locally, seeking local computing power support.
3. **Data/Models:**
- **Data Outbound and Local Storage:** Smart connected vehicle data outbound regulations, establishment of a Shanghai data center for local data storage, and high sales volume in China driving substantial accumulation of training-side data, forming a synergistic effect to address the data accumulation difficulties and the reliance on data quality for large model training that Tesla faces after entering China.
4. **Auxiliary Software:**
- **Baidu Maps:** Baidu Maps has entered into a deep cooperation with Tesla to address the surveying and mapping qualification issues.
**Industry Outlook:**
Original equipment manufacturers (OEMs) are accelerating their layout, with end-to-end models and computing scale being the focus.
1. **Market Outlook:**
- **Advanced Driver Assistance Systems (ADAS) Penetration:** The pace of high-level intelligent driving system penetration is accelerating, and the FSD market in China remains highly promising.Model Comparison: With the advantages of the FSD 12.5 version becoming apparent, domestic automakers such as Huawei, NIO, XPeng, and Li Auto are quickly catching up, adjusting their technical routes, and joining the ranks of end-to-end large models.
Computing Power Comparison: Tesla once claimed that its total computing power scale would reach 100 EFLOPS by October 2024, with a clear leading advantage, and domestic automakers are accelerating the layout of autonomous driving computing power.
【Related Directions】
The entry of FSD into China is expected to accelerate the implementation process of high-level intelligent driving in the country. Leading automakers or suppliers in the field of high-level intelligent driving will benefit more. It is recommended to pay attention to the following related segments:
Intelligent driving domain control and algorithms: Desay SV, Zhongke Chuangda, Jingwei Hengrui, etc.
Domestic intelligent driving chips: Black Sesame, Horizon Robotics, etc.
Domestic computing power chips: Hygon Information, Cambricon, etc.
Risk Warning: Stricter intelligent driving regulatory policies; geopolitical fluctuation risks; intensified industry competition risks.