"Global interest rate hikes have had a limited suppressive impact on the technology sector, and the market’s tolerance for crowded trades has increased." Looking ahead to the second half of the year, Yayun thought that the market’s core focus is currently on the A-share interim earnings reporting season. As earnings are gradually released, market attention to fundamentals is expected to increase significantly, and the effectiveness of earnings-driven investment strategies is likely to strengthen. #ChinaAMCInsight# #MarketOutlook# #TechInsight# #Ashares# Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

BREAKING: A new SpaceX SEC filing reveals Elon Musk beneficially owns 6.42 billion shares, representing 48.4% of the company’s Class A stock on an as-converted basis. His holdings include 849.5M Class A shares, 5.22B Class B shares and options for another 350M shares.

SITUATION DETECTED: Nvidia has disclosed a major stake in SpaceX through its latest SEC filing. They hold 122.8 million Class A shares, valued at roughly $21 billion as of June 30. The position was acquired after the SpaceX IPO.

BREAKING: SpaceX is acquiring Cursor in a $60 billion all-stock deal. • Cursor is being valued at $60 billion • Cursor will become a wholly owned SpaceX subsidiary • Cursor shareholders will receive SpaceX Class A shares • The exchange ratio will be based on SpaceX’s 7-day average share price before closing • Subject to regulatory approvals and customary closing conditions • Expected to close in Q3 2026 Cursor is one of the world’s leading AI coding platforms and one of the fastest-growing software companies. This marks one of the largest AI acquisitions ever and significantly expands SpaceX’s footprint in AI.

NEWS: Valor distributed 42 million SpaceX shares to its own investors. A new SEC filing shows Valor, the fund run by SpaceX director Antonio Gracias, moved about 42.8 million Class A shares on September 11. This was not a sale. The shares went straight to the investors in Valor's funds, in-kind and with no cash changing hands, under a plan set up back in June. Gracias's total SpaceX stake went from about 503 million shares to about 461 million. Nothing was sold on the open market. Source: SEC Form 4, Space Exploration Technologies (SPCX)

BREAKING: SpaceX officially completes its $60 billion acquisition of Cursor. The merger became effective on August 14, 2026. SpaceX subsidiary X67 Inc. merged into Anysphere, with Cursor surviving as a wholly owned SpaceX subsidiary. • Cursor’s common and preferred shares were converted into the right to receive 389,289,254 SpaceX Class A shares. • Vested Cursor RSUs were converted into the right to receive 1,752,426 SpaceX Class A shares before applicable tax withholding. • Cash will be provided in place of fractional shares. • Unvested Cursor RSUs were assumed and converted into approximately 29,128,326 SpaceX RSUs. • Cursor stock options were assumed and converted into approximately 44,365,047 options to purchase SpaceX Class A shares. • The share conversion was based on Cursor’s $60 billion implied equity value and SpaceX’s volume-weighted average closing price over the seven trading days immediately before closing. • The shares were issued under the Section 4(a)(2) registration exemption as a transaction that did not involve a public offering.