〔Day Digest〕924 Two-Year Mark Caps 51T Yuan A-Share Build, Hengtong Files 6.6B Yuan Optical-AI Raise, US 10Y at 5.14% Pressures Asia — Structural Bull vs Long-End Headwind

0. Session Arc — [ONGOING] Anniversary Bid, [NEW] External Yield Shock, Pre-Holiday Cash Trade

The 924 two-year mark dominated sentiment: Shanghai Composite at 3,888, +45% over two years, with market cap up ~51 trillion yuan, but 47% of stocks lagging the index ^[1][2]. The rally is concentrated — STAR 50 +158.28% and ChiNext +120.82% — and structurally driven by AI and optical themes, not a broad-based re-rating ^[2]. A pre-holiday cash-management bid lifted short-duration rate-bond ETF interest, while A-shares closed the session in mild red on rate-ETF positioning ^[3]. US long-end supply pressure reappeared: 10Y at 5.143%, a 2007-era high, with the 30Y up 3.9bp on the same day ^[4].

1. Optical/AI Capital Raise — [NEW] Hengtong Placement

• **Hengtong Optic-Electric (600487.SH)** plans to raise up to 6.636 billion yuan via private A-share placement to no more than 35 specific investors, priced at ≥80% of the 20-day average, capped at 740 million shares (≤30% of pre-issue total) ^[5]. Use of proceeds spans next-generation optical fiber, Inner Mongolia optical new-materials, CPO advanced packaging, AI optical interconnect, the Hengtong data-intelligent-comms project, ocean energy interconnect and smart O&M, a 10,000-ton-class deep-sea cable-laying vessel, the Hengtong smart-manufacturing base, and working capital ^[5]. Single-source corporate announcement; price discovery pending.

2. PBOC & RMB Internationalization — [NEW] Annual Report, [NEW] FX Platform, [ESCALATED] FTZ Offshore Bond

• **2026 RMB Internationalization Report:** QDII/RQDII cross-border RMB receipts/payments totaled 80.13 billion yuan in H1 2026 ^[6]; foreign holdings of onshore A-shares hit 4.7 trillion yuan at end-June, ~3.9% of total market cap ^[7]. PBOC will further refine cross-border RMB institutional arrangements, deepen financial-market opening, and support Shanghai as an international financial center and Hong Kong as an offshore RMB hub ^[8].
• **Onshore offshore-RMB FX platform:** the CFETS platform on Sept 21 onboarded its first 5 foreign brokers — Huatai Financial Holdings (HK), CITIC Securities International Capital Management, Jiantou (Overseas) Investment, Guotai Junan Securities Investment (HK), and CICC Financial Products — covering FX spot and swaps ^[9].
• **FTZ offshore bond:** PBOC Shanghai HQ held a meeting to advance FTZ offshore bond business after one year of pilot, setting the next-phase work agenda ^[10]. Single-source press brief; agenda details undisclosed.

3. Macro Policy & Banking Regulation — [NEW] Easing Bias, [NEW] Off-Region Deposit Clampdown

• **Wang Qing, chief macro analyst at Dongfang Jincheng:** macro policy will tilt further toward growth, including faster government bond issuance and the 800 billion yuan new policy-based financial instrument; MLF and reverse-repo should be rolled over with size increases, and an RRR cut is possible as the two toolkits are partly substitutable ^[11]. This frames the near-term liquidity posture into the holiday window.
• **Off-region deposits:** some local and private banks are shrinking off-region deposit books, with one private bank planning full wind-down by end-2027; the July regulator guidance set a 5-element local-customer test (ID-address, residence, business location, phone-number region, device geolocation — at least 3 must match) and bars roll-over extensions on legacy stock ^[12]. Single-source press brief; full regulator notice not disclosed.

4. Property & Holiday Logistics — [NEW] Beijing Pre-Sale Lock-Up, Supply Build, Travel Surge

• **Beijing pre-sale tightening:** effective Sept 24, the Beijing Housing and Urban-Rural Construction Commission, the Planning and Natural Resources Commission, and the Financial Regulator require new projects to top out structurally before applying for pre-sale, with full and end-to-end supervision of pre-sale funds; from Aug 28, new projects should prefer completed-home sales, and developers may sign deposit contracts with buyers after obtaining construction permits ^[13].
• **Holiday supply:** the Commerce Ministry launched daily monitoring; 5,100 tons of central-reserve frozen beef and mutton released in minority areas; supermarket meat/egg/vegetable/dairy inventories up 3-8% from month-start in the Sept 14-20 week, with egg and vegetable prices slightly higher and fruit and aquatic product prices lower ^[14]. Domestic gasoline and diesel prices were raised ^[15].
• **Travel demand:** Transport Ministry spokesperson and Vice Minister Li Yang forecasts 21.3 billion person-trips over the 7-day National Day holiday, ~3 billion/day, ~1.7x normal levels ^[16].

5. Trade, Rates & Tail Risks — [NEW] HK Trade, [NEW] CNH HIBOR Rebound, [NEW] Service Consumption

• **Hong Kong August trade:** imports +60% y/y (prior +41%), exports +53% y/y (prior +50.7%) ^[17]. Base-effect dynamics are non-trivial after a low prior, but the print is the strongest on the year and tests the high-base narrative.
• **CNH HIBOR rebound:** overnight HIBOR +40bp to 1.27333% off the one-year low; 1-week +7bp to 1.40364% (near one-week high); 2-week +7bp to 1.42303%; 1-year +1bp to 1.66939% ^[18]. Year-end funding pressure is rebuilding quietly.
• **August service consumption:** cultural-services sales receipts +5.3% y/y; performing-arts and creative services +31.4% y/y; Northeast, Inner Mongolia, and Qinghai-Gansu region service consumption +5.2%, +8.4%, and +30.6% y/y respectively on summer travel ^[19].
• **Falsification tests:** the 800 billion yuan new policy-based financial tool's landing speed ^[11] and the Sept 29 Ministry of Agriculture and Rural Affairs '15th Five-Year Plan' briefing ^[20] are the next scheduled signals. Pre-holiday A-share turnover is typically thin ^[3], and any US long-end break above 5.14% will feed back into the regional carry debate ^[4]. Source quality flag: items ^[10], ^[12] and ^[9] rest on single-wire briefs; quote the bands, not points.