36Kr 8:00 Update: Resident Home Purchase Loan Interest Subsidies Effective Oct 1 | AMD Responds to Li Feifei's Company Acquisition | Master Bao Addresses Viral Super-Long Egg Tart Crust-Only Controversy

This interest discount policy focuses on the rigid demand for first homes, and gives priority to supporting ordinary families to purchase new small and medium-sized housing units at relatively low prices.

Today's Hotspot Guide

OpenAI launches the 24/7 autonomous agent Dots and the GPT-6.1 Sol model

Changxin Technology announces an investment of 34.9 billion yuan, officially confirming the construction of two major new projects

The People's Bank of China: Cut the interest rate of the Pledged Supplementary Lending (PSL) by 0.25 percentage points

Ahead of Micron's earnings release, super bulls reaffirm the $2000 target price

Nvidia adds a record-breaking $150 billion stock repurchase

TOP3 Major News

From October 1, loan interest subsidies will be implemented for residents purchasing residential properties

Reporters learned from the Ministry of Finance on September 29 that China will launch interest subsidies for residents who buy homes with newly issued commercial personal housing loans starting from October 1, to reduce the housing purchase cost for residents, and better support and unleash the rigid housing demand of urban and rural residents.

This interest subsidy policy focuses on the first-home demand, with priority support for ordinary families to purchase new small and medium-sized, lower-priced residential properties. For each household, the floor area of the purchased housing shall not exceed 120 square meters, and the total purchase price shall not exceed 1.5 million yuan.

The maximum loan amount eligible for the interest subsidy can reach 1 million yuan. The financial authority will offer an annualized 1 percentage point interest subsidy. Based on the current commercial personal housing loan interest rate level for first homes, this is equivalent to a one-third discount on the interest rate, with the maximum interest subsidy period of 5 years. According to calculations, for a long-term commercial personal housing loan of 1 million yuan, the policy can help borrowers reduce total interest payments by nearly 50,000 yuan at most.

The policy implementation period is tentatively set as one year. (Jiemian News)

AMD Responds to the Acquisition of Li Feifei's Company, Expecting Li Feifei to Gather World-Class Talents

Recently, Advanced Micro Devices (AMD) announced on its official website that it has reached a definitive agreement with World Labs to acquire this AI lab founded by artificial intelligence pioneer Li Feifei.

AMD wrote in the press release issued on September 28 that this all-stock transaction is valued at about 8.2 billion US dollars and is expected to be completed by the end of 2026, subject to regulatory approval and satisfaction of other customary closing conditions. AMD stated that this acquisition will bring the company a world-class team of researchers and model experts, and enhance the company's ability to develop artificial intelligence hardware, software and systems around the needs of emerging models and applications.

Lisa Su, CEO of AMD, said in an interview: "The deeper you understand the entire end-to-end process, the better systems you can build." "This is why we acquire World Labs. We hope to get the world-class talents gathered by Li Feifei, and combine these talents with AMD's capabilities in hardware, software and systems." According to AMD, Li Feifei will join the company as Executive Vice President and Chief Scientist, reporting directly to Lisa Su. (Red Star Capital Bureau)

Viral extra-long egg tarts are all crust with almost no custard? Master Bao responds

Recently, many consumers have complained that after biting into Master Bao's extra-long egg tarts, most of the interior is flaky pastry structure with only a very thin layer of filling, describing the product as "dry, unpalatable, and a pure waste of money". Public information shows that Master Bao's extra-long egg tarts were launched on September 20, with a length of about 60 centimeters. Data from Douyin merchant platforms shows that its retail price is 18.9 yuan per piece, and as of September 28, the product has been sold for more than 700,000 units.

On September 28, the official customer service of Master Bao responded that the extra-long egg tarts are not available in all stores, and the sales situation depends on the specific store. The production process follows a consistent standard across all stores nationwide. The problems fed back by consumers have been reported to all stores and the company's person in charge. Regarding whether the extra-long egg tarts will be improved in the follow-up, the customer service said: "We will continue to optimize the product based on customers' consumption experience, and the specific situation depends on the subsequent adjustments made by the pastry chefs to this product."

The extra-long egg tart is a breakout hit in the baking industry in September 2026. Data from the Douyin Local Life Service Platform shows that as of September 19, the cumulative on-list exposure of hot topics related to "extra-long egg tarts" has exceeded 1 billion, the cumulative paid GMV of related group buys on Douyin has exceeded 100 million yuan, and the search frequency of consumers intending to buy the product in the latest 7 days is as high as 18.8 million. (Jiemian News)

Latest AI Frontiers

OpenAI launches 24/7 autonomous agent Dots and GPT-6.1 Sol model

OpenAI has rolled out the GPT-6.1 Sol model, whose performance is close to Astra, while the standard token price is only one fifth of that of Astra. The company also launched the 24/7 autonomous agent Dots at the same time, and stated that the ultra-fast version of GPT‑6.1 Sol will be released in the coming days. (CLS)

Doubao is set to launch a personal assistant product: internal test launched in April, previously codenamed "Spell"

Doubao is advancing relevant product planning in the personal assistant track. A person familiar with the matter said that following the strategy of Doubao mobile assistant in the personal agent field last year, Doubao launched the internal test of an exploratory product targeting the personal assistant track as early as April this year. The source revealed that the exploratory project was codenamed "Spell" at that time, which was mainly led by the Doubao mobile assistant team, but has not been officially released to the public due to factors including the release of Doubao's self-developed mobile phone. (Sina Tech)

Anthropic Invests Tens of Billions in Akamai Cloud Infrastructure, Extending the Trend of Computing Power Procurement

Akamai recently stated that Anthropic will invest 11.6 billion US dollars in Akamai cloud infrastructure within 7 years. This sum is more than six times the scale of the 1.8 billion US dollar cooperation agreement between the two parties reported in May. This procurement commitment is not absolutely rigid; according to the securities documents submitted by Akamai, the implementation of the cooperation depends on Akamai meeting specific delivery and service availability indicators, and either party can terminate the agreement under specific conditions. (Sina Finance)

DeepSeek Harness v0.2 Preview Version Officially Released

36Kr learned that on September 29, the preview version of DeepSeek Harness v0.2 was officially launched, with out-of-the-box desktop installation packages for macOS and Windows available. According to the introduction, the new version pre-configures commonly used functions for daily office and development scenarios, making all frequently used capabilities ready for immediate use. At the same time, it adds a new plugin installation and management page, and provides more flexible configuration options to facilitate on-demand function expansion, so that users can build a personalized intelligent product that better fits their own usage habits.

Kling AI Kling 4.0 has launched its internal beta test, and Kling4.0Flash is now available for trial

36Kr has learned that the brand-new Kling AI model Kling4.0 has started its internal beta and will be officially launched in October. Kling 4.0 supports a maximum of 30 seconds for single native generation, with further improved capabilities for long shots and continuous narrative; it supports up to 10 key frame inputs; and supports high-spec output in 4K and 1080p 10-bit HDR formats. At the same time, Kling AI has also launched Kling4.0Flash, which is now open for priority experience.

Big Companies / Major Events

New share N Anda rises by over 261%, triggering a temporary trading halt

36Kr learned that the new share N Anda listed on September 29 saw its increase expand to over 261%, triggering a temporary trading halt, with a transaction volume of over 110 million yuan and closing at 26.16 yuan; the total transaction amount for the whole day reached 644 million yuan, with a turnover rate as high as 96.70%. According to public information, the company is mainly engaged in the R&D, production and sales of precision aluminum alloy die castings for automobiles.

Changxin Technology announces 34.9 billion yuan of investment, officially launches the construction of two major new projects

Changxin Technology, the "top company by market capitalization" in the A-share market, has unveiled a 34.9 billion yuan investment plan. On the evening of September 28, Changxin Technology announced in a public notice that the company plans to use 13 billion yuan of excess raised funds to invest in a new technology R&D project. Meanwhile, it plans to provide 5 billion yuan of excess raised funds to its wholly-owned subsidiary Changxin Memory Products (Hefei) Co., Ltd. through capital increase and loan, for the subsidiary to invest in the Phase II project of the post-process testing base for memory wafers. The project is scheduled to build a testing factory to provide testing and module assembly services for DRAM memory chips. The total investment of the two aforementioned projects is 24.1 billion yuan and 10.8 billion yuan respectively, adding up to 34.9 billion yuan. On September 28, the share price of Changxin Technology closed down 4.27%, with a total market capitalization of 3.65 trillion yuan, ranking first in the A-share market. (Red Star News)

Anthropic's prospectus is unveiled, with its revenue hitting 4.59 billion U.S. dollars in the 2025 fiscal year

According to reports, a prospectus shows that Anthropic has put forward the development plan of transformative artificial intelligence technology in its promotion for IPO investors. The document also shows that Anthropic's revenue in the 2025 fiscal year was 4.59 billion U.S. dollars, a year-on-year increase of 1088%. However, after deducting the impact of liability impairment mainly related to previous financings, the company still suffered an operating loss of more than 8 billion U.S. dollars.

Anthropic stated that nearly a quarter of its revenue last year came from two customers, and warned in the risk factors that many of its largest customers have not signed long-term contracts, and may reduce or stop their spending in the future. This may prompt investors to be more cautious when evaluating the high valuations of high-growth enterprises. Recently, there has been a sell-off in AI and chip-related stocks, and Anthropic's upcoming listing will further test whether the market's enthusiasm for AI investment can withstand stricter scrutiny. As of December 31, 2025, the total amount of cash, cash equivalents and short-term investments held by Anthropic was 202.8 billion U.S. dollars. The prospectus shows that Anthropic plans to invest 518 billion U.S. dollars in cloud computing, computing resources and infrastructure commitments in the coming year. (CLS)

Anthropic's New Rule: Customers Will No Longer Enjoy Discounts After Reaching Their Usage Quota Cap

Anthropic is showing a strong bargaining stance to enterprise clients: once customers use up all the Token quota purchased under their contracts, their discount benefits will be directly cancelled. This practice presents opportunities for OpenAI to adopt a more flexible pricing strategy. Management personnel from three software enterprises that purchase AI services from both vendors at the same time stated that although both Anthropic and its main competitor OpenAI offer discounts for customers who commit to annual purchase volumes of millions of US dollars, Anthropic has adopted a relatively special rule: once customers touch the contracted usage cap, the discount will be terminated immediately. These people said that customers who reach the quota cap must renegotiate and sign new agreements, otherwise they will have to pay at the higher original price. (Sina Finance)

The three major U.S. stock indexes closed lower across the board, with NIO, XPeng and Li Auto down by more than 4%

36Kr has learned that at the close of September 29, the three major U.S. stock indexes weakened collectively: the Nasdaq fell 0.09%, the S&P 500 dropped 0.17%, and the Dow Jones Industrial Average slid 0.26%. Most large-cap tech stocks posted losses while only a few gained: Apple fell more than 2%, Tesla dropped over 1%, NVIDIA, Google and Microsoft saw slight declines. Meta rose more than 3%, and Amazon edged up slightly. The majority of popular Chinese concept stocks traded lower broadly: NIO, XPeng Inc. and Li Auto were down more than 4%, iQIYI fell over 3%, Bilibili, Pinduoduo and JD.com dropped more than 1%, Alibaba and Baidu registered slight declines, while NetEase rose 0.64%.

OpenAI plans to raise 30 billion U.S. dollars, with a target valuation of 1.4 trillion U.S. dollars

According to reports, OpenAI is planning to raise at least 30 billion U.S. dollars in funds and pursue a valuation of approximately 1.4 trillion U.S. dollars. The report notes that this round of financing may act as transitional financing before the IPO, providing the company with capital needed for further expansion. OpenAI completed a previous round of financing in March this year, obtaining 122 billion U.S. dollars in committed capital, pushing the company's valuation to 852 billion U.S. dollars. Sam Altman, CEO of OpenAI, previously stated that the company will not go public in 2026, and added that this decision is related to considerations over artificial intelligence security. (Jiemian News)

Trump: Will rename "Artificial Intelligence" to "Super Intelligence" via executive order

On September 29, Trump stated that he will sign a strong artificial intelligence executive order, rename "Artificial Intelligence" to "Super Intelligence" through the executive order, and will never stifle the development of AI. (CLS)

Montage Technology Successfully Achieves Mass Production of DDR5-9200 CKD Chips

36Kr has learned that Montage Technology announced that its upgraded DDR5 clock driver chip (CK01P) has been successfully put into mass production, aiming to provide stable and reliable clock driving support for next-generation client memory modules.

Will Deepal and AVATR be integrated? Changan Automobile: Establish a collaborative development department to focus on back-office resource sharing

In response to the news that Deepal and AVATR will be operated in an integrated manner, Changan Automobile stated that "the AD Collaborative Development Department has indeed been newly set up at present, to push forward the strategic collaborative development of the two major brands AVATR and Deepal, with a core focus on back-office resource sharing." Changan Automobile emphasized that the positioning and planning of the two brands will remain unchanged, and user rights and interests will not be affected. Through the coordinated overall planning of shared resources and industrial chain support from both sides, repeated investment and resource waste can be avoided, so as to further improve service capabilities. In terms of the detailed division of responsibilities and promotion plans for the two major brands, the relevant party said that specific information has not been announced yet. (The Paper)

On September 29, the central bank conducted 90.5 billion yuan of 7-day reverse repo operations at an operating rate of 1.40%

36Kr learned that the central bank launched 90.5 billion yuan of 7-day reverse repo operations on September 29, with the operating rate at 1.40%. At the same time, it carried out 698.5 billion yuan of overnight reverse repo operations.

People's Bank of China: Cut the interest rate of the Pledged Supplemental Lending (PSL) by 0.25 percentage points

36Kr learned that the People's Bank of China has adjusted and improved a series of monetary policy tools. The interest rate of the Pledged Supplemental Lending (PSL) is cut by 0.25 percentage points. The one-year Pledged Supplemental Lending interest rate is lowered from 1.75% to 1.5%, so as to better incentivize policy banks to support the real economy and serve national strategies.

Reserve Bank of Australia raises interest rates by 25 basis points to 4.6%

The Reserve Bank of Australia has raised its policy rate by 25 basis points to 4.6%, in line with market expectations, and the interest rate has risen to the highest level since November 2011. (CLS)

Institution: CPU delivery lead time extended to 25-30 weeks, AI agents drive up demand

36Kr learned that TrendForce pointed out that the CPU delivery lead time has been extended from the usual 16-20 weeks to 25-30 weeks, as personal artificial intelligence agents such as Meta Muse have pushed up the market demand for CPUs. Analysts are debating how large the CPU demand stimulated by AI agents actually is, but there is no doubt that the growth prospect of CPU demand has been established, even if the AI agent field is still in its initial stage.

Ahead of Micron's Earnings Release, Super Bull Reiterates $2,000 Target Price

Ahead of Micron Technology's earnings report to be released on September 30, a super bull of the memory chip giant reaffirmed its $2,000 target price for the stock, which is close to the highest level on Wall Street. This target price given by Gil Luria, analyst at D.A. Davidson, is about 100% higher than Micron Technology's latest closing price. Luria pointed out that memory is critical to the operation of large AI models: the larger the memory capacity, the better the model, the faster the inference, and the longer the context window. All market participants have repeatedly stated that demand is still skyrocketing, while new additional supply will not catch up for at least another year. The valuation multiple given by the current market has already priced in the end of the memory cycle, but the demand for AI computing power continues to grow. (CLS)

US Treasury Yields Breaking 5% Triggers Cross-Atlantic Resonance, Is Europe Also Sounding the "Debt Alarm"?

Interviewees believe that the core variable dominating the qualitative change of long-end interest rates lies in the revaluation of "term premium". The continuous rise of US Treasury risk premium is triggering resonance across the Atlantic. As of press time, the 10-year U.S. Treasury yield has risen to 5.247%, up about 49 basis points in the past month. Meanwhile, yields across all maturities in major European government bond markets have also risen sharply passively: the 10-year German government bond yield climbed to 3.63%, hitting a new high since 2009; the 10-year French government bond yield touched 4.77% on September 28, approaching the historical peak since 2008. (Yicai)

Heads of AI research teams from OpenAI, Anthropic and other institutions jointly call for strengthened regulation and vigilance against the out-of-control risk of AI agents

Research leaders from OpenAI, Anthropic, Meta and Microsoft are calling on policymakers to investigate the degree that various enterprises have reached in the automation of AI research, joining the widespread industry call for tighter regulation of this rapidly iterating technology. The paper was released on Monday, with authors including Jakub Pachocki, Chief Scientist of OpenAI, Jack Clark, Co-founder of Anthropic, Eric Horvitz, Chief Scientific Officer of Microsoft, and Dawn Song, Vice President of Meta Artificial Intelligence Research. It is proposed in the paper that the automation of AI research may trigger an "intelligence explosion". The authors point out that this phenomenon will compress years of technological progress into a few months or even shorter time, and its iteration speed will exceed human comprehension. (Sina Finance)

Nvidia Announces Record $150 Billion Additional Share Repurchase

Benefiting from the abundant cash brought by the artificial intelligence boom, Nvidia has launched the largest share repurchase program in the history of the United States. Nvidia stated on September 28 that its board of directors has approved an additional $150 billion share repurchase quota, bringing the total size of the company's total repurchase authorization to $235 billion. Nvidia disclosed in the presentation materials on September 28 that its investment portfolio covers 13 listed companies and 229 unlisted start-ups; the return on investment of exited projects is more than three times the principal invested. The company plans to give back the excess free cash flow brought by investments to shareholders through share repurchases and "steadily rising dividends". (Sina Finance)

Nvidia intends to bring insurance companies on board to underwrite the financing risks of AI chips

Nvidia is in negotiations with insurance companies to explore ways to share the risks associated with its artificial intelligence (AI) chip lending business. Jensen Huang, CEO of Nvidia, believes that chips should be regarded as an "investable asset class" that can be used to transfer risks and costs between users and investors. (Cailian Press)

OpenAI plans to provide funding and set up a working group to address the incident of models intruding into Australian websites

OpenAI issued a statement saying that after its agents gained unauthorized access to Australian government websites, the company decided to establish a special Australian task force to formulate practical policy recommendations for managing the risks posed by increasingly powerful AI agents. The task force will focus on improving notification processes, strengthening coordination between AI developers and the government, and identifying measures to better protect government systems. The task force is expected to complete its work by the end of this year. OpenAI also stated that it will provide credits to the Australian government and industry through its A$1 billion "Daybreak for Frontline Defenders" fund, and provide technical assistance for cyber defense. In addition, OpenAI noted that the company's Chief Strategy Officer Jason Kwon will attend the hearing of the Joint Standing Committee on Artificial Intelligence in Sydney on October 6. (Jiemian News)

Samsung Electronics Executive Says HBM Will Account for Nearly 30% of the Industry's DRAM Production Capacity Next Year

According to reports, a senior executive of Samsung Electronics stated that high-bandwidth memory (HBM) is expected to account for nearly 30% of the total wafer production capacity of dynamic random access memory (DRAM) chip manufacturers next year, higher than the current level of about 20%. (Jiemian News)

OpenAI sparks bidding war for Hugging Face with early investment proposal ahead of Nvidia's $13 billion deal

According to people familiar with the matter, before Nvidia agreed to pay about 13 billion US dollars to acquire the open-source platform Hugging Face this month, OpenAI once attempted to invest 100 million US dollars in this startup. As part of the potential deal between the two sides, Hugging Face would have served as the distribution channel for OpenAI's custom chip codenamed Jalapeño, which was jointly manufactured by OpenAI and Broadcom. A source said the negotiations fell apart at the early stage. Nvidia stepped in to acquire Hugging Face, which is the second largest acquisition in Nvidia's history, only following the $20 billion purchase of the assets of AI chip startup Groq in December. (Sina Finance)

IPO in Progress

Four companies including Robotecco will list on the Hong Kong Stock Exchange on September 29

Four companies including Robotecco will make their debut on the Hong Kong Stock Exchange on September 29, raising a total of HK$14.4 billion (US$1.8 billion), bringing one of the busiest listing days to this year's red-hot Hong Kong new share market. Robotecco raised US$660 million through its Hong Kong IPO, the largest fundraising amount among the four companies. The company's A-shares listed in Shenzhen have more than doubled so far this year. This manufacturer of automated equipment in the photovoltaic and silicon photonics sectors has introduced cornerstone investors including Temasek, Shengtian Industrial and E Fund for this Hong Kong listing. Data shows that in the third quarter, the total funds raised from Hong Kong's IPOs, rights issues and block trades reached US$45.5 billion, hitting a record for the same period, only slightly lower than the all-time quarterly high of US$47.6 billion set in 2021. (Sina Finance)

Investment and Financing

"Nuoyin Intelligence" announces the completion of a single Angel+++ round financing of several hundred million RMB

36Kr has learned that "Nuoyin Intelligence" recently announced that it has closed a single Angel+++ round financing of several hundred million RMB. This round is led by JD-affiliated funds, with participation from Loyal Valley Capital, Nanshan Strategic Emerging Industries Investment and Walden International. Only over one month has elapsed since the previous round of 500 million RMB financing.

"Tujian Technology" Completes 100-Million-Yuan Pre-A++ Round of Financing

36Kr learned that Tujian Technology has recently closed its Pre-A++ round of financing at the scale of 100 million yuan, which was jointly led by Beijing Artificial Intelligence Industry Investment Fund and Beijing New Material Industry Investment Fund. The raised funds will be mainly invested in the R&D of underlying core technologies, construction of automated production lines and process iteration, as well as improving the supporting supply chain for embodied intelligent data collection tools and consumer-grade terminals, so as to accelerate the transformation of technical achievements into end products.

Edited by | Putao