Today’s focus: Mainland A-shares hit a ten-year high, hidden fatal pitfalls behind prosperity? Trump says Putin is tired of war, hopes for a peace agreement between Russia and Ukraine; Humanoid robots repeatedly malfunction, reflecting the “false prosperity” of China’s technology.
Recently, the Chinese A-share market suddenly saw a surge. The Shanghai Composite Index surpassed 3,745 points on August 18, reaching a new high in nearly a decade. The CSI 300 Index has risen by nearly 8% so far this year. The daily trading volume exceeded 2.7 trillion yuan, hitting the third highest in history. However, this stock market boom starkly contrasts with the current state of the economy’s sluggishness, leading many to ask: is the economy really improving, or is there another reason?
Experts believe that this market surge is not accidental. It is because the real estate market continues to be sluggish, and the government hopes to stimulate consumption through the stock market. Simply put, they want people to see hope of “making money” in the stock market, encouraging them to spend and invest.
According to the latest data, nearly 2 million new A-share accounts were opened in July, a 70% increase from the same period last year. In the first seven months of this year, the total number of new accounts opened exceeded 14.5 million. This figure indicates that more and more ordinary people are returning to the market.
Experts describe this as the authorities “inviting back the leeks,” releasing positive policy news on one hand, and creating a money-making atmosphere to attract more retail investors on the other.
Financial blogger “Huihu” believes that the recent “brilliance” of the Chinese stock market is a gift to the Chinese Communist Party for the September 3 grand military parade. He said that since the Chinese real estate game is unsustainable, the government is making the next move, targeting the massive savings of the people, trying to transform them from “bargain hunters” in real estate to “financial consumers” in the stock market. Under such a strategy, many ordinary investors may eventually become sacrificial pawns for the authorities.
Former GF Securities investment manager Wang Siyuan stated that the current situation is very similar to the “5.19 market” in 1999, where the stock market experienced a short-term surge catalyzed by policy, followed by a 20% decline after six months of adjustment. This time, A-shares have also experienced similar declines and adjustments from last year’s peak to this year’s low. He questioned, “Is this just a coincidence?”
Wang Siyuan emphasized that the role played by the Chinese stock market is more like a “night pot,” something that is not used regularly but brought out hastily when the economy encounters difficulties, needs financing, or resolves major issues.
Chinese economists have openly stated that China’s capital market is hell for investors. In a healthy capital market, businesses and investors should complement each other. However, the Chinese stock market was established from the beginning to help state-owned enterprises acquire more private capital, rather than operating well and creating returns for investors. As a result, many retail investors end up being “leeks,” repeatedly harvested.
Wang Siyuan stated that unlike the slow and steady rise of “healthy stocks” supported by creating value by companies and strict regulations in the US stock market, the rapid rise of the Chinese stock market is fueled by policies and speculation. Blindly entering the market will only lead retail investors to more disastrous losses. Therefore, he advises mainland investors to maintain rationality and avoid blind following, emphasizing that there is no such thing as a “participate-all” feast, only leeks uprooted.
Swiss Foreign Minister Ignazio Cassis stated on August 19 that Switzerland is willing to host peace talks between Russia and Ukraine.
According to Reuters, after a meeting at the White House with US President Trump, Ukrainian President Zelensky, and European leaders, French President Macron suggested using Geneva as a possible meeting place for a potential meeting between Putin and Ukrainian President Zelensky.
However, Switzerland is a signatory to the International Criminal Court (ICC). In 2023, the ICC accused Putin of war crimes and issued an arrest warrant against him. Although Russia denied the allegation, the ICC did not withdraw the arrest warrant.
Cassis told Swiss National Radio SRF that despite the ICC’s arrest warrant against Putin, Switzerland is willing to host him as long as he comes for peace. Cassis said, “We have clarified the legal situation,” and “we can hold such a meeting, and we know what needs to be done to ensure the meeting runs smoothly. Although there is an arrest warrant against Putin, due to our neutral role and Geneva’s status as the European headquarters of the United Nations, we can still hold such a meeting.” “We have prepared for such a meeting and thank all parties for their trust.”
US President Trump stated in an interview with Fox News program “Fox&Friends” on August 19 that to end the war, Ukrainian President Zelensky and Russian President Putin both have to show some “flexibility.” Currently, he is working on arranging a meeting between Zelensky and Putin. He hopes that Putin will perform well during the meeting, as if he does not, the situation “will become very difficult.” Of course, he also hopes that Zelensky will do his part and show some flexibility during the talks.
Trump said, “Honestly, I don’t think reaching a peace agreement will be a problem. I think Putin is tired. I think they are all tired. But one can never be sure.” “We will know Putin’s position in the next few weeks and see how things develop. Of course, it’s also possible that he doesn’t want to reach an agreement.”
Russia has also shown some goodwill, with Russian Foreign Minister Sergey Lavrov stating on the 19th that the Kremlin does not rule out a bilateral or trilateral meeting with Ukraine.
Germany and France have also indicated that a meeting between Putin and Zelensky could take place in two to three weeks at the earliest.
Ukrainian President Zelensky posted on the X platform, stating that this meeting is a significant step towards ending the war and ensuring the safety of Ukraine and its people. He is prepared to directly engage with Putin in any form to discuss how to end the war that has been going on for more than three years. He emphasized that only at the leadership level is it possible to solve the most complex and painful issues.
Regarding the security assurances requested by Ukraine, US President Trump clearly stated that Europe will play a leading role in ensuring peace, with the US also participating. However, the US will not send troops to Ukraine but will work with European countries to jointly ensure the peace process.
From August 14 to 17, the “2025 World Humanoid Robot Games” opened in Beijing, with a total of 280 teams from 16 countries participating in events such as track and field, soccer, and boxing.
However, as the competitions in track and field, soccer, and free combat unfolded, the robots continued to experience issues. Many robots fell while running, or were too slow to complete the course; in the soccer matches, groups of four to five robots crowded together, falling one after another, and finally had to be carried off the field by staff. In the boxing ring, some robots fell due to poor balance but managed to stand up and continue the match before the referee’s count ended.
Overall, the robots’ embarrassing moments garnered laughter from the audience. Some spectators joked, “The busiest ones in the competition might be the people carrying stretchers.”
In fact, this is not the first time humanoid robots have experienced such difficulties. Prior instances of robots smoking, getting stuck, or even losing their heads and being taped back on have occurred in robot marathons and soccer matches.
Nevertheless, what worries outsiders more is the robot’s “out-of-control” behavior. For example, in one performance, a robot suddenly charged towards the crowd, making attacking movements, but was promptly intercepted by security personnel. The manufacturer explained it as “programming or sensor errors,” but such scenes still evoke thoughts of “robot rebellion” in science fiction films. Additionally, in factory tests, there have been instances of robots flailing their limbs, knocking down equipment, prompting technicians to urgently cut off power.
With the robots performing so poorly, state media could no longer boast. On August 17, Xinhua News Agency shifted from its previous boastful coverage of “comprehensively showcasing cutting-edge achievements” to a stance of “cold thinking.” The sudden silence of state media sparked ridicule.
Therefore, Xinhua had to quote the opinions of several industry insiders in their report, revealing some truths.
For instance, industry insiders stated, “The general abilities, generalization capabilities, and safety of humanoid robots need to be improved.” “Robots can perform single grabs well but struggle with continuous actions like peeling fruits.”
“Humanoid robots’ modeling capabilities and generalization capabilities need further enhancement. Human environments, especially household environments, are not standard scenarios, with greater uncertainties and complexities. Only when the robot’s generalization and safety improve can it handle most household chores.”
“The industry has not truly achieved technical convergence, and standardization of software and hardware is needed.”
“End-to-end large models, large motion control based on reinforcement learning, etc., have not yet fully converged, meaning enterprises will continue to invest heavily in research and seek better technological paths.”
“There is a great lack of real physical data, and data acquisition costs are high. As virtual simulation data can be obtained more quickly and cost-effectively, robots’ training data at this stage mainly rely on virtual simulation data, with real physical data relatively scarce.”
Commentator Zhong Yuan noted that the Chinese Communist Party (CCP) is eager to promote so-called technological innovation, but industry insiders cannot fulfill this political task in the short term. Therefore, signs of more unfinished projects have emerged, and industry insiders are forced to speak some truths. Additionally, industry insiders commonly mention safety issues. Yet, without addressing these safety concerns, the CCP blindly holds events, completely disregarding potential risks.
The reason why the CCP is in such a hurry to promote the so-called technological innovation is not only for political reasons but also harbors military intentions. The CCP hopes that robots can quickly replace soldiers on the battlefield to address the repeated emphasis on “loyalty” within the Chinese military.
However, robots require people to control them, and even those controlling the robots may have “loyalty” issues. Furthermore, once robots go out of control, they may conduct attacks indiscriminately without distinguishing between friend or foe. Therefore, although robots are machines, they might not truly be “loyal” to the party. Yet, this does not deter the CCP from viewing robot development as a political task, attempting to safeguard its rule. However, the robots’ repeated and helpless falls also indicate that the CCP’s regime could collapse at any time.