UBS writes AI into recruitment criteria; Xiaomi faces cost pressures and profit drop; Cuihua Jewelry triggers regulatory delisting.
According to Financial Times reports, UBS requires graduates and interns joining in 2027 to demonstrate AI capabilities during recruitment—not just knowing how to use ChatGPT, but being able to responsibly use AI to improve business results and willing to keep learning; AI-related questions enter interview question banks, accompanied by internal "AI Fluency Pathway" training covering real banking scenarios. Big banks chose to write AI into recruitment thresholds rather than laying off staff as Morgan Stanley predicted ("Europe will lose 200,000 banking jobs in five years"). The signal is: Leading financial institutions are betting on "job transformation" rather than "job disappearance," with entry-level employee responsibilities shifting toward AI management and supervision. This is the first time the AI productivity narrative has been written into the human resource contract of a global systemically important bank—the employment structure itself is a vote on AI ROI. Enterprise AI training and compliance tool sectors benefit directly; application-layer companies have their "augmentation over replacement" procurement stance confirmed.
At Xiaomi's autumn launch event on the evening of September 7, Lei Jun spent 40 minutes discussing three self-developed Xuanjie chips, RMB 105.5 billion in R&D investment over the past five years, and a plan exceeding RMB 200 billion for the next five years; the Xiaomi 18 Fold started at RMB 10,999, setting a new record for the brand's phone prices, while four Pengcheng range-extender SUVs were priced between RMB 209,900 and 299,900, locking in orders exceeding 10,000 units in four minutes. On the other side of the books: Adjusted net profit in H1 fell 42.8% YoY; Q2 phone shipments dropped 26.5% YoY to 31.2 million units, with gross margin falling from 11.5% to 8.5%. Xiaomi's 15-year flywheel was built on the premise that costs were fully under its control. Storage price hikes rewrote the bill of materials externally—the biggest impact falls on entry and mid-range segments. Combined with halved NEV purchase tax subsidies and IoT contracting for two consecutive quarters due to reduced national subsidies, "premiumization to protect profits" and "shipment cliff" happened simultaneously. ASP hitting historical highs still couldn't sustain gross margins; the essence of this pricing power battle is cost transmission capability. Valuation anchors are shifting from "cost-effective volume" to "self-developed chips + premium pricing." Realization depends on whether Pengcheng locked-in orders convert to deliveries and whether Xuanjie can dilute dependence on upstream suppliers. Along the entire transmission chain, storage manufacturers and domestic substitution chains benefit, while all consumer electronics brands relying on low-to-mid-end shipments must reassess gross margins—this is a common bill for edge-side AI hardware.
Established gold jewelry retailer Cuihua Jewelry issued a risk warning announcement: Failure to disclose the 2025 annual report on time triggered regulatory delisting conditions, leading to termination of listing; original auditor Lixin Zhonglian suspended business operations for 6 months due to violations, forcing the company to change auditors, adding insult to injury. CSRC investigation has preliminarily found suspected false statements in some annual report financial information. Trading suspended from September 1. This is not a single event but a closing sample of the A-share clearing mechanism: The market cap delisting line has reached 18 trading days; the closing price on August 27 already broke below the RMB 1 par value; major illegal mandatory delisting conditions loom overhead—even timely annual report disclosure might not escape delisting. Of 455 stores, 442 are franchises; this heavy-brand-light-direct-operation structure means the joint liability risk between brand owners and franchise systems is seriously priced by the market for the first time. The signal of shell value going to zero points to all "time-honored brands" and small-cap tail companies.
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