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The Shanghai Composite lost 1.25% to close at 3,810 while the Shenzhen Component dropped 0.65% to 12,472 on Wednesday, extending declines for a second day as investors took profits. Sentiment weakened further after President Xi Jinping cautioned the world faced a choice of “peace or war” and “dialogue or confrontation” during a military parade, remarks that coincided with US President Donald Trump alleging on social media that China was conspiring against the US. On the economic front, a private survey showed services activity expanded at the fastest pace in 15 months in August, driven by strong export demand. Defense-related shares slumped following the parade, while technology stocks also faced heavy selling, with sharp losses in East Money (-4.4%), Cambricon Technologies (-5.1%) and ZTE Corp (-2%).

周三，上证综指下跌1.25%，收于3810点，而深证成分股下跌0.65%，收于12472点，因投资者获利回吐，连续第二天下跌。在习近平主席在阅兵式上警告世界面临“和平还是战争”和“对话还是对抗”的选择后，市场情绪进一步减弱，与此同时，美国总统唐纳德·特朗普在社交媒体上声称中国在密谋反美。在经济方面，一项私人调查显示，在强劲的出口需求推动下，8月份服务业活动以15个月来最快的速度扩张。阅兵式后，国防相关股票暴跌，而科技股也面临大量抛售，东方财富（-4.4%）、寒武纪科技（-5.1%）和中兴通讯（-2%）大幅下跌。

The Shanghai Composite lost 1.25% to close at 3,810 while the Shenzhen Component dropped 0.65% to 12,472 on Wednesday, extending declines for a second day as investors took profits. Sentiment weakened further after President Xi Jinping cautioned the world faced a choice of “peace or war” and “dialogue or confrontation” during a military parade, remarks that coincided with US President Donald Trump alleging on social media that China was conspiring against the US. On the economic front, a private survey showed services activity expanded at the fastest pace in 15 months in August, driven by strong export demand. Defense-related shares slumped following the parade, while technology stocks also faced heavy selling, with sharp losses in East Money (-4.4%), Cambricon Technologies (-5.1%) and ZTE Corp (-2%).

在中国，上海综合指数周三下跌48点，跌幅1.25%。损失由中航沈阳飞机（-9.32%）、中航航空发动机（-3.80%）和招商证券（-3.62%）领跌。

In China, the Shangai Composite Index dropped 48 points or 1.25 percent on Wednesday. Losses were led by Avic Shenyang Aircraft (-9.32%), Avic Aviation Engine (-3.80%) and China Merchants Securities (-3.62%).

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China’s 10-year government bond yield dropped to around 1.76% on Wednesday, extending losses from the previous session and hitting a one-week low, as investors sought safer assets amid escalating geopolitical tensions. During the "Victory Day" parade, President Xi Jinping stated that the world stands at a crossroads between "peace and war" and "dialogue and confrontation." His remarks came after a statement by US President Donald Trump, who urged Xi to acknowledge America’s role in securing China’s wartime freedom and accused Beijing of orchestrating actions against Washington—further intensifying already strained US-China relations. On the domestic economic front, a private survey showed that China’s Composite PMI jumped to a nine-month high of 51.9 in August 2025, primarily driven by an improvement in manufacturing activity, which rose to a five-month high (50.5 vs 49.5), while the services sector accelerated to its strongest level in over a year (53 vs 52.6).