China's token demand is surging at an unprecedented pace. According to a September 12 report from CCTV, the China Telecom Research Institute's "2026 AI Infrastructure Development Report for the Intelligent Agent Era" reveals that as the AI industry's focus shifts from large model and compute competition to large-scale deployment of intelligent agents and application monetization, China's token demand has experienced explosive growth. Rao Shaoyang, Director of the Industry and Enterprise Strategy Research Institute at China Telecom Research Institute, projects that from 2026 to 2030, China's token consumption will see a compound annual growth rate approaching 12 times. Over the next two to three years, China's computing power demand is expected to grow nearly 10 times annually. Token-related concepts involve Hong Kong-listed stocks such as Yuegang Zhisuan (01396), Xunce (03317), and Guoxia Technology (02655).

Overnight, U.S. stocks closed higher across the board with most large tech names advancing. The Dow Jones Industrial Average rose 509.19 points to close at 52,573.29, a gain of 0.98%; the S&P 500 climbed 65.28 points to 7,656.98, up 0.86%; and the Nasdaq Composite added 251.32 points to finish at 26,333.04, a gain of 0.96%. For the week, the Dow fell 1.57%, the Nasdaq dropped 0.66%, and the S&P 500 slipped 0.8%. Among large tech stocks, Dell Technologies surged 11.98%, Apple rose 1.75%, and Amazon gained 1.94%, while the Philadelphia Semiconductor Index advanced 1.81%. Intel added 2.61% and AMD rose 2.49%. In the optical communications sector, Marvell Technology gained 4.03%. Digital currency-related stocks rallied broadly, with Hut 8 climbing 8.83%. Most popular Chinese ADRs traded higher, with the Nasdaq Golden Dragon China Index up 0.40%. The Hang Seng Index ADR rose, translating to 24,897.63 points, up 92.00 points or 0.37% from the Hong Kong close. NYMEX WTI crude oil futures for the front-month continuous contract fell $2.49 to settle at $99.99 per barrel, a decline of 2.43%. COMEX gold futures for the front-month continuous contract dropped $17.30, or 0.39%, to $4,390.0 per ounce.

Traders and sources indicate that a disruption in Saudi Arabia's oil pipeline could wipe out 4% of global oil supply if flows are not restored within days. Storage at Saudi Arabia's Yanbu port is sufficient for only 5 to 7 days of exports, with additional limited reserves held in Egypt.

A State Council executive meeting discussed computing network construction, noting that computing networks are the foundational support for AI development. The meeting stressed the need for rational layout and orderly regulation, further improving computing infrastructure, actively advancing research and application of key technologies and equipment, and building a multi-layered networked computing system. Efforts should focus on promoting coordination between computing and electricity, integrating computing with networks, strengthening monitoring, dispatching, and backbone fiber optic network construction, enhancing planning alignment between computing and power facilities, and accelerating projects such as direct green power connections and source-grid-load-storage integration. Market mechanisms should be better leveraged to support enterprises in technological innovation, resource integration, and application promotion, fostering better supply-demand matching.

On September 13, Zhipu announced the completion of approximately $5 billion in financing, including about $2 billion in share placement and $3 billion in convertible bond issuance. The funds will primarily support the next-generation GLM model, a fully self-trained system, and related computing infrastructure. According to the announcement, Zhipu's share placement price was set at HK$714 per share, a discount of approximately 9.96% to the closing price before the announcement, with placed shares representing about 4.50% of the enlarged issued share capital. The convertible bonds feature a zero-coupon structure with an issuance price of 100.5% of principal, redeemable at par upon maturity. The initial conversion price is HK$892.50 per share, a 25% premium to the placement price and approximately 12.55% above the pre-announcement closing price.

Junzhi Group (01300) plans to acquire 100% of Qinghai Zhongli Fiber Optic Technology for RMB 455 million. The target company, established in China on July 5, 2013, is wholly owned by the seller as of the announcement date. It primarily engages in the production and sale of optical fiber preforms, optical fibers, and optical fiber patch cords, while its wholly-owned subsidiary focuses on research and development of these products. Upon completion, the target company and its subsidiary will become indirect wholly-owned subsidiaries of the company.

Borayton (01333) proposes to place up to 16.6 million shares to raise approximately HK$159 million in net proceeds. The placement price is HK$10.28 per H-share. Approximately 60% of the net proceeds will be used for investment and development of projects such as Phase I of the Waxi project; about 20% for technology upgrades and demonstration-scale applications of unmanned mining trucks; and around 20% for working capital and general corporate purposes.

A subsidiary of Fubo Group (03738) has entered into a cooperation agreement with Ant Blockchain Technology (Shanghai) Co., Ltd., known as Ant Digital Technologies, to jointly build a copyright large model and create an intelligent foundation for digital content in the AI era. Ant Digital Technologies is an independently operated technology commercialization arm under Ant Group.

A subsidiary of China Hongqiao (01378) intends to acquire all equity of Weiqiao Xinchuang for RMB 240 million. Weiqiao Xinchuang primarily operates photovoltaic new energy power generation in Yunnan, China, and currently owns two grid-connected photovoltaic projects with a total rated installed capacity of 170 MW.

Hua Hong Semiconductor (01347) issued 191 million RMB shares as consideration shares. On September 9, 2026, the company issued these shares to the seller for the acquisition of 97.4988% equity in Shanghai Huali Microelectronics Corporation.

SBP GROUP (01177) plans to acquire a 5% stake in Chia Tai Tianqing from Xie Chengrun for RMB 4.48 billion, increasing its indirect stake to 65% upon completion. The company, through its buyer subsidiary Chia Tai Pharmaceutical (Lianyungang) Company Limited, will acquire the target equity in Sino Harmony Ventures Limited. On September 11, 2026, the buyer, a wholly-owned subsidiary, entered into a sale and purchase agreement with the seller, an executive director and principal shareholder, to acquire 100% of the target equity. The consideration of RMB 4.48 billion represents approximately 19 times LTM PE for the 5% stake in Chia Tai Tianqing.

SF INTRA-CITY (09699) continues to sustain high growth in its intra-city delivery business, with significant results from its "AI + unmanned" strategy. The company reported first-half 2026 results showing intra-city delivery revenue of RMB 7.189 billion, up 24% year-over-year. B-end business generated revenue of RMB 5.722 billion, a 28% increase, driven by enhanced full-scenario service capabilities and expanding customer base, with active merchants reaching 1.23 million in the first half, up 44% year-over-year. According to Shenwan Hongyuan, the company implemented its "AI + unmanned" strategy in the first half, building a full-scenario AI agent system to improve efficiency across C-end users, riders, and internal processes, while opening new traffic channels through AI Agent ordering. The unmanned delivery network continues to expand, covering 124 cities nationwide as of the first half, with over 1,000 operational vehicles and monthly active trips exceeding 60,000.