Chinese Concept Stocks | NIO and JD Shares Drop Amid Broader Market Decline; OpenAI and NVIDIA Announce $100 Billion Partnership

On September 22 (Monday) Eastern Time, the three major U.S. stock indexes collectively closed higher, with the S&P 500 index rising 0.44% to 6693.75 points; the Dow Jones index rising 0.14% to 46381.54 points; and the Nasdaq index rising 0.70% to 22788.98 points.

On September 22, the Nasdaq Golden Dragon China Index fell by 0.96%.

Among popular Chinese concept stocks, TSMC rose 2.91%, Baidu rose 0.95%, Alibaba rose 0.90%, NetEase rose 0.20%, NIO fell 6.24%, JD fell 3.33%, XPeng Motors fell 1.43%, Bilibili fell 1.11%, and Pinduoduo fell 0.70%.

Companies with consecutive gains include Zhongchi Chufu with a latest increase of 5.45% and a consecutive gain of 9 days, with a cycle increase of 19.04%. YiQi Education Technology rose 1.23% for 7 consecutive days, with a cycle increase of 57.63%. Energy Chain Smart Electric rose 6.59% for 6 consecutive days, with a cycle increase of 40.51%. Rokus rose 4.11% for 5 consecutive days, with a cycle increase of 24.27%. SOS rose 5.26% for 5 consecutive days, with a cycle increase of 22.70%. ChinaNet Online rose 4.31% for 5 consecutive days, with a cycle increase of 15.34%.

Companies with consecutive declines include Luda Technology with a latest decrease of 5.74% and a consecutive decline of 6 days, with a cycle decrease of 42.92%. Yanco Tech fell 2.49% for 6 consecutive days, with a cycle decrease of 11.31%. Dingdong Maicai fell 1.90% for 5 consecutive days, with a cycle decrease of 6.76%. Zhengye Bio fell 5.36% for 5 consecutive days, with a cycle decrease of 18.29%. Mobile Finance fell 2.24% for 5 consecutive days, with a cycle decrease of 12.50%.

OpenAI and NVIDIA Reach Cooperation Intent, NVIDIA to Invest $100 Billion OpenAI and NVIDIA announced a letter of intent to establish a partnership. OpenAI stated it will deploy the first NVIDIA systems with a scale of 1 gigawatt (1GW) in the second half of 2026. NVIDIA will invest up to $100 billion in OpenAI. OpenAI and NVIDIA will finalize the details in the coming weeks.

Futu Securities and Tiger Securities Further Close Account Opening Channels for Mainland China Residents Cross-border internet brokerages Futu Securities and Tiger Securities further closed account opening channels for mainland China residents. According to the latest regulatory requirements, Futu Securities has changed its account opening conditions, and mainland China clients now need to hold overseas permanent residence identification to open accounts. Futu NiuNiu customer service emphasized that the company is currently upgrading its system and only supports account openings for clients with Hong Kong or Macau IDs; once the system upgrade is complete, clients can open accounts using mainland IDs along with overseas permanent residence identification. Tiger Securities customer service also stated that in response to the latest regulatory requirements, the company has adjusted its account opening policy for mainland China residents, and since last week, it no longer accepts account applications from mainland China residents using overseas work or living documents, only accepting applications from clients holding non-mainland China identification.

CSRC Discloses JD Industrial Co., Ltd.'s Overseas Issuance and Listing Filing Notice The CSRC disclosed JD Industrial Co., Ltd.'s overseas issuance and listing filing notice, proposing to issue no more than 253,309,800 ordinary shares and list on the Hong Kong Stock Exchange.

Maixue Technology: Signs Strategic Cooperation Agreement with NetEase Youdao and Ferry International Maixue Technology announced that the company has signed a strategic cooperation framework agreement with NetEase Youdao Information Technology (Beijing) Co., Ltd., to jointly develop and apply AI translation technology, aiming to strengthen language solutions in the China-ASEAN region. Additionally, the company has signed a non-legally binding strategic cooperation agreement with FERRY INTERNATIONAL CONSULTING CO., LTD. to promote AI equipment applications in Cambodia. According to the agreement, NetEase Youdao intends to purchase 10,000 portable translation devices from the company, while Ferry International plans to buy 2,000 sets of AI language products.

Taobao to Launch Double 11 Simultaneously in 20 Countries Globally for the First Time On September 22, Taobao announced that it will spend 1 billion yuan on marketing subsidies in overseas markets this year to help 100,000 merchants achieve the goal of doubling their Double 11 overseas transactions. At the exchange meeting, Taobao Outbound General Manager Ye Jianqiu stated that this year's Double 11 will be launched simultaneously in 20 countries and regions globally for the first time, and will be available in five different language versions for global consumers.

Taobao Overseas GMV Maintains Double-Digit Growth for Five Consecutive Years Reporters learned that Taobao Overseas' GMV has maintained double-digit growth for five consecutive years, with the scale of new overseas users increasing nearly 200% since April this year. Additionally, 1 billion yuan will be invested in marketing for this year's Double 11 overseas.

Huatai Securities: Optimistic About the Outlook for Chinese Hardware Manufacturers Driven by AI Infrastructure, Robotics, and AI End-Side New Products Huatai Securities reported that The Information recently reported that OpenAI is discussing with suppliers to manufacture multiple hardware products, including display-less smart speakers, wearable badges (similar to AI pins), glasses, digital recorders, etc., with domestic industry chain companies like Luxshare and GoerTek involved. Huatai Securities believes that hardware is an important part of OpenAI's "core AI subscription + open-source end-side ecosystem" layout, and mass production of most hardware still relies on the production resources of Chinese suppliers' global layouts. They are optimistic about the upward trend in the prosperity of Chinese hardware manufacturers driven by AI infrastructure, robotics, and AI end-side new products in the next two years.

Zhongtai Securities' Li Xunlei: Global Economy Entering Debt-Driven Era Zhongtai International's Chief Economist Li Xunlei expressed in an article that this year marks the 80th anniversary of the end of World War II, and in the 80 years since, the world has been in a relatively long "peaceful era" despite some regional wars. Therefore, the world's population has grown significantly, from 2.5 billion in 1945 to 8.1 billion today. The growth in economic size far exceeds the multiplier effect of population expansion. However, the price paid for economic growth is also enormous, such as wealth inequality, environmental pollution, increased economic conflicts between countries, domestic debt crises, etc. Currently, the economic growth of major global economies increasingly relies on borrowing, with the growth rate of debt exceeding economic growth rate, and macro leverage ratio levels continuously rising. It is necessary to fully recognize the irreversibility of public debt growth and what needs to be done is to increase transparency in debt, make hidden debts explicit as soon as possible, and reduce local hidden debt costs through multiple channels, such as using larger-scale local special debt for swaps, allowing local governments to replace hidden debts through long-term low-interest loans from policy banks and state-owned banks, and cleaning up overdue debts as soon as possible. The central bank needs to implement substantial interest rate cuts, amend relevant laws to allow the central bank to subscribe to government bonds, and increase the proportion of government bonds in the central bank's total assets to quickly fill the social security gap.

Issuance Window Entering "Ideal Period," Floating Rate Bond Market Issuance Volume Doubles With commercial banks' net interest margins under continuous pressure, rising demand for interest rate risk management, and policy promotion, domestic floating rate bond issuance has significantly rebounded. As of September 20, this year's floating rate bond issuance number is 97, with an issuance scale of 275.57 billion yuan, a year-on-year increase of 123.5%. Among them, policy bank bonds account for more than 80%, commercial bank bonds and subordinated bonds have cumulatively issued 38.9 billion yuan since restarting issuance in June. The industry expects that future floating rate bond issuance will gradually become normalized, with the term structure extending to the medium and long end, and its defensive investment value in a volatile interest rate environment becoming increasingly prominent. In this context, investors must pay attention to the impact of interest rate cycle changes on issuance rhythm.