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。

According to Jin10, traders said the Reserve Bank of India may sell U.S. dollars to limit the rupee's decline under pressure from oil prices.

XtalPi-P (01879) fell as much as 10.0% to HK$311.4 and slipped below its 50-day moving average of HK$317.048, according to ETNet. The stock was last down 9.6% at HK$313.4, after touching a high of HK$340. It traded 284,500 shares for HK$91.77 million. The active buy-sell ratio was 36:64, with net active selling of HK$25.77 million. The stock has fallen for two straight sessions, bringing the cumulative decline to 15.6%.

Jinzizi (688291.SH) said on September 7 that it is planning to acquire control of Shenzhen Zhibotake Technology Co. through a mix of share issuance and cash, while also raising supporting funds. The company said the deal will not change its actual controller and will not constitute a backdoor listing; its shares have been suspended since the open on September 8 for no more than five trading days, according to Jiemian News. Jinzizi said it has signed a share purchase intention agreement with Zhibotake's main shareholders, including Lin Zirong, Yang Zhiming, Cao Zhiqiang, Shenzhen Zhiju Phase I Enterprise Management Partnership and Shenzhen Zhiju Phase II Enterprise Management Partnership. Zhibotake was founded in September 2015, has registered capital of 5.2632 million yuan, and focuses on high-end optical scanning galvanometers and related solutions. Jiemian News reported that the target's products are used in laser marking, welding, cutting, 3D printing, new-energy vehicles, photovoltaics, hardware processing, handheld laser tools and medical OCT imaging. The article said Zhibotake's headcount rose from 52 in 2021 to 164 in 2025, and the company said its high-end scanning galvanometer products hold more than 30% of the China market. An industry researcher cited by Jiemian News said the global laser galvanometer market was about $827 million in 2024, while China's overall localization rate has reached about 70% and the high-end segment about 15%. Jinzizi said the acquisition is still at the planning stage and the price and terms have not been finalized. The company said the transaction still needs board and shareholder approval as well as review by the Shanghai Stock Exchange.

According to CNBC, China warned the Philippines to stop “theatrics” after Philippine Defense Secretary Gilberto Teodoro Jr. rebuked Beijing at the Seoul Defense Dialogue and read a note from the Chinese side during the panel. The message restated China’s rejection of the 2016 South China Sea arbitration ruling, while Teodoro accused Beijing of “coercion, bullying and aggression” in the South China Sea. Chinese foreign ministry spokesperson Mao Ning said Beijing urges the Philippine side to cut provocations and stop undermining China-Philippines relations and stability in the South China Sea. Teodoro has been sanctioned by Beijing since June, barring him, his wife and child from entering Chinese territory over what China called erroneous remarks against China.

According to Jin10, TDS analysts said the yen's near-term direction will depend on how hawkish the Bank of Japan's forward guidance is next week, as markets have already fully priced in a September rate hike by the central bank. If the guidance does not include an October or December hike, the yen may be sold off and fall back to the 157-160 range, while it could also weaken against higher-yielding emerging-market currencies such as the Indonesian rupiah. Conversely, if Bank of Japan Governor Kazuo Ueda signals any faster-than-quarterly pace of rate hikes, foreign exchange investors are likely to interpret it as hawkish. TDS expects that if post-meeting market pricing for the Bank of Japan's future rate-hike path shows rates reaching around 2% in the second quarter of 2027, the yen's appeal as a funding currency for global carry trades will gradually diminish.

The Hong Kong dollar overnight HIBOR rose to 2.28%, while the one-week rate was 2.46% and the one-month rate was 2.88%, according to ETNet. The two-week HIBOR stood at 2.51%, the two-month rate at 2.97%, the three-month rate at 3.06%, the six-month rate at 3.25% and the one-year rate at 3.59%. The USD/HKD spot rate was quoted at 7.8411/19, while USD/CNY rose to 6.7105/12. The one-year RMB non-deliverable forward was quoted at 6.5526/34, implying a discount of 1,529 points versus spot.

Castle Labs released a research report on September 10 comparing the execution costs of Variational’s swaps product with traditional perpetual contracts. According to ChainCatcher, the report said Variational is currently the lowest-cost venue among listed assets for most trade sizes, with a $1 million trade in the US100 market costing $47. The report said RWA perpetual trading volume rose from less than $100 million in October 2025 to more than $12 billion in August 2026. It now accounts for about 12% to 13% of on-chain perpetual trading volume, after briefly reaching 20% in July. As of the report’s release, total open interest in RWA perpetuals stood at $490 million, with TradeXYZ and Variational together accounting for nearly 90%. Variational’s swaps use RFQ execution and its proprietary liquidity provider Omni, with liquidity sourced directly from traditional finance partners. Instead of funding rates tied to market supply and demand, the product charges a holding cost once at daily close. The first markets launched, including US100, US500, XAU, XAG, and USOIL, have generated $380 million in trading volume since the start of the month, with open interest peaking at $245 million. Swaps now account for more than 50% of Variational’s daily trading volume and over $220 million in open interest.

Wharton School finance professor Jeremy Siegel said he expects the Federal Reserve to raise interest rates next week, citing rising oil prices and long-term bond yields. According to BeInCrypto, Siegel said a hold could hurt Fed Chair Kevin Warsh’s credibility, while a hike could trigger an immediate selloff before bonds and stocks recover. He also said this week’s CPI report could still sway the decision, with Brent crude above $100 a barrel and the 10-year Treasury yield near 4.90%.

在一次价值3.2亿美元的攻击导致其联盟钱包损失约4,000 BTC后，Liquid Network已恢复区块生成，其中3,400 BTC随后由攻击者归还。 在Liquid修复Elements软件漏洞并努力恢复比特币储备期间，交易和挂钩操作仍处于暂停状态，目前仍有约598.5 BTC尚未归还。

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名人发币难逃归零，MEME周期终会退潮，别把炒作当投资。

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。

周五CPI公布前债市已率先行动。10年期美债收益率升至4.943%，美联储下周加息概率升至71%。市场担忧美联储可能重新收紧，而真正的关键就看CPI能否给出最后一击。

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