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On June 16th, JPMorgan Chase released a research report analyzing Chinas large-scale AI model industry. The report points out that as the monetization path for large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will increasingly focus on the actual capabilities, task completion rates, and pricing power of the models. Given that AI adoption demand still exceeds inference computing power supply, if developers quickly withdraw from premium pricing, it reflects a lack of market recognition of their model capability improvements. The bank is relatively optimistic about Zhipu (02513.HK) within the sector, reiterating its "Overweight" rating. The bank is optimistic about Zhipu AIs pricing power, noting that its ability to double API prices this year while maintaining continuous business growth fully validates the markets recognition of its large-scale model value. The bank raised its revenue forecasts for Zhipu AI by 26% to 42% for fiscal years 2026 to 2030, while lowering its adjusted net loss forecast, significantly increasing its target price from HK$950 to HK$1400.On June 16, Fu Linghui, spokesperson for the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the equipment manufacturing industry has played a significant supporting role in industrial production, becoming a crucial force driving accelerated industrial growth. In May, the added value of the equipment manufacturing industry increased by 9.5% year-on-year, contributing nearly 80% to the growth of the added value of industries above a designated size.According to the National Bureau of Statistics, caustic soda (100% purity) production in May was 3.9 million tons, up 2.2% year-on-year. From January to May, the cumulative production of caustic soda (100% purity) was 19.85 million tons, up 5.1% year-on-year.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in May was 8.37 million tons, a year-on-year decrease of 1.6%. From January to May, the cumulative sulfuric acid (100% purity) production was 44.29 million tons, a year-on-year increase of 1.9%.According to the National Bureau of Statistics, the output of ten non-ferrous metals in May was 6.98 million tons, up 2.2% year-on-year. The cumulative output of ten non-ferrous metals from January to May was 34.38 million tons, up 3.1% year-on-year.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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