资管舵

This week, multiple startup board (ChiNext) AI compute ETFs were concentrated for listing, with the first Tianhong product jumping 3.8% on its first day. The Xia and E-fund products will take the baton on Thursday and Friday this week; the three together raised RMB 2.224 billion, with retail investors taking over 90% of the shares.
Compute power has been described by institutions as an "indispensable step when investing in AI"—token call volume surged by 1,000 times over two years, as domestic compute power experienced a triple convergence driven by policy, demand, and localization. In the A-share market, investors are aggressively bidding up compute hardware, in line with the same AI narrative in the crypto world. Personal observations only; not investment advice.

Tonight, US pre-market trading is generally warm for the tech sector. Intel is up more than 5% in pre-market. Reports say SK Hynix is in talks with Intel regarding producing storage chips on US soil, and investors are positioning early ahead of a possible deal.
The optical communication sector is also moving higher in sync. Coherent and Lumentum are up more than 2%, while Mavenir Technology and Corning are up more than 1%. In the storage space, SK Hynix is up nearly 3%, and Micron Technology and SanDisk are up nearly 1%.
Pre-market structural anomalies often correspond to the same main theme—the ongoing demand for high-end storage and optical modules driven by the AI computing chain. Mapped to the crypto market, the computing and storage concept protocols tied to the AI narrative tend to move emotionally in resonance with the US stock hardware chain. However, pre-market doesn’t equal the opening; the final confirmation still depends on the volume and momentum during the official trading session. This is based on personal observations and does not constitute investment advice.

Today’s market was a bit unexpected. In the early session, it was still hesitant, but in the late trading it staged a decent rebound—the ChiNext Index closed up nearly 2%, the Shenzhen Component Index rose more than 1%, and total trading volume across both markets expanded to 1.84 trillion yuan, about 200+ billion more than yesterday. The whole market suddenly turned lively.
What really sparked the rally was technology hardware. PCB, fiber optics, CPO, and liquid-cooling servers moved up in sequence. Dongtian Micro surged more than 14% at its peak, refreshing its all-time high, and semiconductor materials also followed through. By contrast, construction machinery lagged a bit—Sany and Liugong both performed relatively weakly.
As of the close, the Shanghai Composite Index rose 0.71%, and the ChiNext Index rose 1.96%. This rebound in risk appetite often spills over into high-volatility assets such as crypto—so it’s worth paying attention to changes in fund sentiment.$SYN

The recent vibe among AI giants is somewhat split: on one side, founders publicly call for the industry to “slow down the pace of frontier models”; on the other, compute procurement contracts are getting signed at full speed.
A company has just dropped a planned 2.16 gigawatt data center in Australia, with an investment of over 100 billion yuan, scheduled to go live in 2027 and dedicated to inference; looking ahead, over the past 11 months, its locked-in compute procurement commitments have already reached more than $500 billion.
Talking about safety in words, grabbing power on the ground—this compute arms race has no sign of stopping in the short term.
Put on the blockchain, the signal is very clear: inference compute demand will only become even more hungry. Underlying narratives like AI + energy, green compute RWA, and DePIN are being reinforced again and again. Power is the real hard constraint of the AI era.$SYN

Gold and silver surge straight up; precious metals are at the forefront.
Spot gold is above $4,330 per ounce, up about 1% on the day. Spot silver’s gains have expanded to more than 1.5%. Precious metals rise in tandem as funds reprice.
Behind it is usually the same line of reasoning: expectations for real interest rates to fall, a weakening dollar, or rising risk-aversion sentiment. Once gold reaches this level, it’s no longer just the old story of “buying gold in chaotic times”—increasingly, it’s being treated as a long-term position hedging against fiat currency depreciation.
For on-chain participants, this risk appetite shift is worth paying attention to: the “digital gold” narrative linking gold and BTC is becoming more synchronized, and the decline in real interest rates is a tailwind for both. But don’t confuse causality—if the rally is driven by recession-style risk aversion, risk assets often get hit first.

The Huangjiu concept saw a collective run of limit-ups, with niche categories being repriced.
Today, the Huangjiu (Chinese rice wine) concept saw a surge in momentum. Jin Feng Liquor Industry reached a straight-up limit-up, while Baji Mountain notched two consecutive limit-ups. Gu Yue Longshan also briefly capped at the limit.
A sell-side view highlighted the underlying logic: the volume of Huangjiu is shifting from Jiangsu, Zhejiang, and Shanghai to the national market; as for price, it’s being pushed higher to the high-end by the concerted efforts of leading players. This "niche category being repriced" storyline feels familiar elsewhere too.
Put it on the chain and it’s the same: long-tail assets, regional stablecoins, small-cap memes—once you can make a "breakout narrative" click, valuations can be re-rated instantly. In consumer brands, "premiumization equals IP premium" is consistent with the narrative logic of chain-based IP and RWA (real-world asset) consumer brands.$SYN

Construction machinery stocks collectively plunge; Sany Heavy Industry is nearing the daily limit down.
Today, the construction machinery sector saw a clear pullback. Sany Heavy Industry at one point neared the daily limit down, while Shan推股份、LiuGong、Hengli Hydraulic、XCMG Machinery、Hangcha Group, and others followed suit, with losses generally exceeding 5%.
These cyclical products are most sensitive to the “hotness or coldness of the real-economy cycle.” Construction machinery sells the intention to start infrastructure projects and real-estate development. When the sector moves lower together, it often reflects the market’s expectations for future starts and orders cooling down.
When you look at it on the chain, it’s also straightforward: industrial metals, RWA resource-type assets tied to bulk commodities, and tokenized energy infrastructure—at the fundamental level, they all connect to the same thread of “real physical demand.” As cyclical sentiment weakens, the short-term enthusiasm for this kind of narrative will also face pressure.

In today’s early trading session, the power sector repeatedly strengthened. Leshan Electric Power hit the daily limit straight away, while Mindong Electric Power, Huayin Electric Power, Toppin New Energy, Xichang Electric Power, and others followed suit.
Catalysis from the Sept. 11 State Council meeting: improve computing power infrastructure, build a multi-tier, networked computing power system, promote coordinated integration of computing and electricity, and融合算网 (compute-and-network integration), and accelerate the implementation of direct connections to green power, such as source-grid-load-storage (SG-LS) projects.
Computing power is a major electricity-consuming sector. "Coordinated integration of computing and electricity" ties power and AI infrastructure together. Direct connections to green power and source-grid-load-storage arrangements are set to bring deterministic incremental benefits. In the A-share market, investors are trading current supply-demand gaps. On-chain narratives are also converging—green computing power, RWA-tokenized power assets, and energy-oriented stablecoin infrastructure are becoming a new entry point for the crypto market.

This morning, when Asia-Pacific opened, I’m used to first checking two screens: Korea is a bit softer, while Japan is slightly lifting. Same time zone, two directions—this kind of divergence, “one nods off while the other gets energized,” is often more worth reading than a uniform rise or fall.
After seventy years in markets, what I fear most isn’t volatility—it’s everyone crowding in the same direction. Divergence indicates that the money is still choosing where to place its bets; we’re not yet at a consensus driven by fear.
The takeaway from our encryption side is very direct: Asia-Pacific is an important source of on-chain stablecoins and offshore liquidity. The split behind “Japan strong, Korea weak” reflects capital voting with its feet on “who can better withstand higher interest rates.” On the surface it looks like stocks; but the money flow is telling you something else—whichever side can hold up against the rate pressure, its risk assets will breathe first, while the other side will start to lag.