India’s sugar output is set to decline next season as El Niño-induced dryness threatens the harvest that begins next month, according to Bloomberg. The weaker crop in the world’s second-biggest producer is expected to further tighten global sugar supplies.

According to Jin10, Iranian Foreign Minister Abbas Araghchi said Iran's armed forces had indeed dealt a heavy blow to the U.S. Fifth Fleet headquarters in Bahrain and to other bases supporting U.S. aggression, adding that U.S. people deserve better treatment than paying for Israel's war. He also praised U.S. Acting Navy Secretary John Phelan's frankness, while earlier media reports said Phelan had acknowledged the scale of damage caused by Iran's attack on a key U.S. base in Bahrain.

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Northeast Securities said in a risk warning notice on September 10 that it has been unable to contact Qianye Jewelry's actual controller Lin Mingjie or his wife Gao Xiaosong for unknown reasons. The company's official flagship stores on JD.com, Taobao and Xiaohongshu had no products for sale, and its JD.com and WeChat mini-store listings were completely cleared, according to Jiemian News. On September 11, Jiemian News called several Qianye Jewelry offline stores in Beijing as a consumer and was told that some franchised outlets were still operating normally. An employee at a franchised store in Beijing's Haidian district said the store had its own owner, that the brand selected several manufacturers, and that franchisees bought goods directly from the factories, adding that customer visits and pickups were not affected.

AliExpress, Alibaba's cross-border e-commerce platform, had already filled its listings with accessories after Apple's fall product launch, according to Jiemian News. The platform began recruiting accessory sellers two months in advance and had added more than 300,000 items for the new iPhone, including phone cases and screen protectors, by the time the new device was unveiled. Listings for chargers, cables and stands also rose sharply. AliExpress data showed that since August, searches for iPhone 18-related accessories were up 182% from July, while searches for the keyword "iPhone foldable screen" jumped eightfold.

Morgan Stanley said the market had been too optimistic on Meituan's food-delivery unit economics recovery and the normalization of competition in its in-store business, but recent share-price weakness has made expectations more reasonable and created an entry point, according to ETNet. The broker kept its forecast that food-delivery unit economics will recover to RMB1 per order next year and said the market has largely priced out concerns. It also said Meituan's long-term growth potential in other in-store businesses has not been fully reflected, leaving room for upside. Morgan Stanley maintained its Overweight rating and HK$110 target price. On competition, the broker said Douyin expanded aggressively in in-store dining in the first half of this year, narrowing the gap in gross merchandise value with Meituan, and expects competition to remain intense in the near term. It nevertheless expects Meituan's core competitiveness in other physical-store businesses to remain intact, with a 60% restaurant market share and continued share in other in-store businesses. Morgan Stanley said it remains confident in Meituan's long-term potential, but competition will pressure near-term profits. It forecast Meituan's core local commerce operating profit at RMB14 billion, RMB50 billion and RMB60 billion for 2026 to 2028. In e-commerce, it ranked Alibaba, Meituan, PDD and JD.com in that order.

Hong Kong stocks fell for a fifth straight session and hit a near two-month low as U.S. Treasury yields rose again and markets priced in a 70% chance of a rate hike next week, according to Ming Pao. Overnight U.S. equities declined, while U.S. futures were mixed this morning. Asian markets also weakened, with Japan's market down more than 3%, South Korea's market down more than 2%, Shenzhen's market down 2.7%, Shanghai's market down 1.8% and Taiwan's market down more than 1.5%. Hong Kong's decline was less than 1%.

According to Jin10, Xingyun Technology said the profit margins of its orders on hand are affected by upstream supplier purchase prices. The company said its core long-term contracts use a monthly delivery, monthly payment, and monthly revenue recognition model, and that if upstream supplier purchase prices rise or fall, signed but undelivered orders may still be subject to negotiated adjustments to service contracts based on market conditions. It also said it is constrained by multiple factors, including upstream hardware supply, procurement cycles, financing, production capacity, and delivery and operations capabilities, and that adverse changes in these conditions or weaker-than-expected resource access could affect revenue and profit realization in related businesses.

According to Sina Finance, the Central News Agency and the Hong Kong Economic Times, Asian equities broadly retreated at midday Friday after a hotter-than-expected U.S. August producer price index, a jump in oil prices to a near five-month high and 10-year Treasury yields approaching 5% lifted bets on a Federal Reserve rate hike next week to about 70%, pressuring rate-sensitive and metals sectors. Tokyo's Nikkei 225 sank to 63,630.11 as of 04:33 UTC, down 1,640.84 or 2.51%, with chip-related names among the heaviest losers; Advantest fell 7.40% and Tokyo Electron dropped 4.01%. Seoul's KOSPI, which opened down 3.29%, was at 6,853.07 as of 04:33 UTC, off 180.85 or 2.57%. Chip heavyweights weighed on the index, with Samsung Electronics down 4.18% and SK Hynix off 3.78%. Hong Kong stocks closed the morning session lower, with the Hang Seng Index down 0.85% at 24,742.51 and the Hang Seng Tech Index off 0.79% at the half-day break. Non-ferrous metal names slid, with Jiangxi Copper down 10.65% after LME copper tumbled on stalled U.S. tariff plans; property developers and storage-chip stocks also weakened, while Tencent bucked the trend, up 1.03% at HK$430.00, and Xiaomi added 1.23%. Taiwan's TAIEX was at 46,326.10 as of 04:32 UTC, down 1.31%, having fallen more than 900 points intraday to a low of 45,964 and breaching the 46,000 level; TSMC eased 1.22% to NT$2,420 and MediaTek fell 2.44%. In mainland China, the Shanghai Composite ended the morning down 1.82% at 3,862.73, the Shenzhen Component off 2.34% at 13,298.77 and the ChiNext Index down 2.04% at 3,270.35, with precious- and industrial-metal shares leading declines while defense and power names traded higher.

Arthur Hayes在播客节目中接受访谈，围绕全球宏观环境与加密市场前景展开讨论。

US authorities are moving beyond individual crypto scammers and targeting the financial and communications infrastructure allegedly helping Southeast Asia’s industrial-scale scam centers move and launder their money.

AI资本开支撑起半壁江山，集中度风险正逼近系统性临界点。

共和党对法案内去中心化金融（DeFi）与信用合作社相关条款作出修订，但下周二程序性投票前景依旧不明朗；白宫始终未就道德条款表明立场。

Liquid Network has restarted block production after a $320 million exploit drained about 4,000 BTC from its federation wallet, with 3,400 BTC later returned by the attackers. Transactions and peg operations remain suspended while Liquid fixes the Elements software flaw and works to restore the Bitcoin reserves, with about 598.5 BTC still outstanding.

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PumpFun拥有加密领域盈利能力最强的业务之一，却同时伴随透明度不足、代币利益绑定薄弱等问题，能否有效应对Pons与StonkFun的冲击，将是检验其护城河能否守住的关键。

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随着TradeXYZ持续上新交易市场，其在交易所内的交易量占比不断走高。每新增一个交易市场都会带来净新增用户，全年数次宏观层面的驱动因素进一步加速了这一增长。