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Macro News 1. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, recently emphasized during a field trip in Henan that, in the new era and on the new journey, Henan should earnestly implement the strategic plans of the CPC Central Committee on accelerating the rise of the central region, ecological protection and high-quality development of the Yellow River Basin, adhere to the general principle of pursuing progress while ensuring stability, comprehensively deepen reform and opening up, focus on building a modern industrial system and a strong agricultural province, improve people's livelihoods and strengthen social governance, enhance ecological and environmental protection, and promote cultural prosperity, striving to write a new chapter in advancing Chinese-style modernization in central China with high-quality development and efficient governance. 2. On the 19th (local time), US President Trump held separate phone calls with Russian President Putin and Ukrainian President Zelenskyy to discuss issues such as the ceasefire negotiations between Russia and Ukraine. Foreign Ministry spokesperson Mao Ning stated that, on the issue of the Ukraine crisis, China supports all efforts conducive to peace. We support direct dialogue and negotiations between Russia and Ukraine, and support a political solution to the crisis. We hope that all parties can reach a fair, lasting, and binding peace agreement acceptable to all parties involved through dialogue and negotiations. 3. On May 19th, Pan Gongsheng, Governor of the People's Bank of China, chaired and spoke at a symposium on financial support for the real economy. The meeting emphasized the need to intensify support for key areas such as scientific and technological innovation, boosting consumption, private and micro enterprises, and stabilizing foreign trade. It called for making full use of existing and incremental policies to improve the quality and efficiency of financial support for the real economy, and to support economic restructuring, transformation, upgrading, and the replacement of old growth drivers with new ones. 4. According to data from the Ministry of Finance, from January to April, the national general public budget revenue was 8,061.6 billion yuan, down 0.4% YoY. Among this, national tax revenue was 6,555.6 billion yuan, down 2.1% YoY; non-tax revenue was 1,506 billion yuan, up 7.7% YoY. From January to April, stamp duty revenue was 161.4 billion yuan, up 18.9% YoY. Among this, stamp duty on securities transactions was 53.5 billion yuan, up 57.8% YoY. 5. The National Health Commission held a press conference yesterday. An Zhijie, a researcher from the Chinese Center for Disease Control and Prevention, introduced that currently, the pertussis epidemic situation nationwide is stable, with the number of reported cases down by more than 80% YoY. An Zhijie also stated that recently, the COVID-19 epidemic has shown a slight upward trend in some countries and regions, but there has been no significant change in the clinical severity of the disease. Industry News 1. The State Council Information Office will hold a press conference at 3 p.m. on May 22, 2025. Qiu Yong, Vice Minister of the Ministry of Science and Technology, Zhu Hexin, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission will introduce the relevant situation of science and technology finance policies and answer questions from reporters. 2. The Cyberspace Administration of China (CAC) and two other departments jointly issued the Key Points for Further Promoting the Large-Scale Deployment and Application of IPv6 in 2025. The Key Points specify that by the end of 2025, China will have fully established a globally leading IPv6 technology, industry, infrastructure, application, and security system. The number of active IPv6 users will reach 850 million, the number of IPv6 connections in the Internet of Things (IoT) will reach 1.1 billion, the proportion of IPv6 traffic in fixed networks will reach 27%, and the proportion of IPv6 traffic in mobile networks will reach 70%. 3. The National Energy Administration (NEA) released data on electricity consumption across society in April. In April, electricity consumption across society was 772.1 billion kWh, up 4.7% YoY. Electricity consumption for urban and rural residents' daily lives was 93.6 billion kWh, up 7.0% YoY. From January to April, cumulative electricity consumption across society was 3,156.6 billion kWh, up 3.1% YoY, with power generation from industrial enterprises above designated size reaching 2,984 billion kWh. 4. Regulatory authorities have recently initiated a new round of surveys on some leading quantitative private equity firms. This survey focuses on two aspects: one is the overall operational status of quantitative trading under the current market environment; the other is the application of AI models in quantitative strategies. 5. It has been learned from the State Grid Corporation of China that China has independently developed a high-proportion new energy large power grid operation and control system, marking that China has taken the lead in solving the world-class challenge of integrating ultra-large-scale new energy into large power grids. It is understood that currently, the proportion of installed new energy capacity in China has exceeded 40%. To ensure the safe and stable integration of large-scale new energy into large power grids, China has independently developed a new energy large power grid operation and control system. 6. A new round of interest rate cuts on deposits is on the horizon, with multiple banks, including the Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and China Construction Bank (CCB), lowering interest rates on various products such as demand deposits, time deposits, and notice deposits. As the "interest rate cut trend" in bank deposits continues, certificate of deposit (CD) products, once regarded as "powerful tools for attracting deposits," are gradually falling out of favor. Recently, several banks have simultaneously lowered interest rates on time deposits and CD products. Currently, CD products are on the verge of fully entering the "1% era." Corporate News 1. GigaDevice announced its plan to issue and list H shares. 2. TINAVI Medical Technologies announced that Advanced Manufacturing Fund and its concerted actors intend to reduce their combined shareholding in the company by no more than 3%. 3. Huili B announced that its shares may be delisted. 4. NovaSense announced that its shareholders intend to transfer a combined 3.4% of the company's shares. 5. *ST Yushun announced a trading halt for verification due to abnormal stock price fluctuations. 6. National Silicon Industry Group released a draft report on major asset restructuring, proposing to acquire a 46.7354% stake in Xinsheng Jingtou, among others. The second phase of the National Integrated Circuit Industry Investment Fund will become a shareholder holding more than 5% of the company's shares. 7. ST Huaxi announced that its controlling shareholder and actual controller, Li Renchao, had been detained and a case had been filed against him. 8. Jiuding Investment announced that management remuneration is typically realized gradually over several years after investment, leading to significant volatility in the company's performance. 9. Xichang Electric Power announced that due to adjustments in the time-of-use electricity prices mechanism, it is expected to reduce the company's net profit for 2025 by approximately 5.4 million yuan. 10. Ancai Hi-Tech announced that the selling price of its PV glass products in Q1 2025 decreased by approximately 30% compared to the same period last year. 11. Yulong Co., Ltd. announced that its shares will be delisted and removed from trading on May 27. 12. Huamao Technology announced that it is planning to acquire equity in Fuchuang Youyue, and its shares have been suspended from trading starting from the 21st. 13. Hongjing Technology announced that it has signed a service contract for an intelligent computing project worth 597 million yuan. 14. Chaohongji announced that it is planning to issue H shares for listing on the Hong Kong Stock Exchange. 15. Demai Shi announced that its controlling shareholder is planning changes to the company's control, and its shares have been suspended from trading. 16. Suzhou Longjie stated on an interactive platform that the prices of some of its new and hot-selling products have increased. 17. Rockchip announced that its shareholder, Runkexin, plans to reduce its stake in the company by no more than 2%. Global Markets 1. The three major US stock indices closed lower collectively, with the Dow Jones falling 0.27%, the Nasdaq dropping 0.38%, and the S&P 500 declining 0.39%. Most popular Chinese ADRs fell, with the Nasdaq Golden Dragon China Index closing down 0.65%. 2. WTI crude oil futures rose by 2.5% to $63.60 per barrel. News emerged that US intelligence had discovered that Israel was planning to attack Iranian nuclear facilities. 3. COMEX gold futures closed up 1.83% at $3,292.6 per ounce, while COMEX silver futures closed up 2.32% at $33.26 per ounce. Investment Opportunities Reference 1. The "Healthcare Robotics" Collaborative Development Conference is set to convene, with Huawei and Zhiyuan Robotics to collaborate The Embodied Intelligent Healthcare Robotics Collaborative Development Conference, themed "Reshaping the Future of Healthcare with Intelligent Technology," will be held on May 21. Meanwhile, the Science and Technology Innovation Board Daily learned that Huawei, Zhiyuan Robotics, and Zhongjian Technology will collaborate on healthcare humanoid robots, with cooperation in areas such as computing power, large model platforms, data collection, solutions, and application scenarios. Against the backdrop of an accelerating aging population, the embodied intelligent healthcare robotics industry is becoming an important force in promoting the implementation of the Healthy China strategy, ushering in unprecedented opportunities. Founder Securities believes that the elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. The R&D, application promotion, and ecosystem co-construction of elderly care robots provide more intelligent, efficient, and humanized elderly care solutions for groups such as the elderly, opening up a new future for "AI + elderly care." 2. Microsoft Plans to Establish an "Agent Factory," with Institutions Projecting the Global AI Agent Market to Reach $47.1 Billion by 2030 According to media reports, based on an internal Microsoft memo, the company is developing a new "Tenant Copilot" service. This new service aims to assist tenants in establishing a Copilot that can "converse, think, and work like the tenant themselves," and is expected to be announced at Microsoft's developer conference next week. Additionally, Microsoft also plans to establish an "Agent Factory" to help enterprise customers develop methods for managing AI Agents alongside human employees. According to MarketsandMarkets' forecast, the global AI Agent market is expected to grow from $5.1 billion in 2024 to $47.1 billion in 2030, with a compound annual growth rate (CAGR) of 44.8%. Shanghai Securities stated that the commercialization of AI Agents is continuously evolving both domestically and overseas, with a vast market potential. On the B-side, companies such as Microsoft, Google, Salesforce, Zoom, Baidu, Alibaba, Tencent, and ByteDance are continuously increasing their investments to drive the commercialization of AI Agents. On the C-side, remarkable AI Agents are emerging both domestically and overseas. 3. Shanghai's First Urban Low-Altitude Sightseeing Route Takes Off, with Institutions Reporting Gradual Implementation of Low-Altitude Economy Market Applications According to media reports, Shanghai's first customized urban low-altitude sightseeing route took off from the outdoor platform on the fifth floor of Global Harbor, passing by iconic Shanghai landmarks such as Shanghai Stadium, Lupu Bridge, Nanpu Bridge, Lujiazui, and Yangpu Bridge (on the Pudong side) before returning along the same route, with a total flight time of approximately 15 minutes. Guoyuan Securities stated that the current low-altitude economy sector is characterized by deepening policies and accelerating scenario implementation. On the policy side, the state has incorporated the low-altitude economy into its top-level design for the first time, including it in the preparation of the national "15th Five-Year Plan." Multiple regions, including Shenzhen and Hefei, are promoting industrialization through substantial subsidies and pilot expansions. Meanwhile, financial support is also increasing, with special bonds for the low-altitude economy providing strong support, the establishment of multiple low-altitude industry investment funds, and a gradual rise in investment preferences for low-altitude industry enterprises in the primary market. On the technology side, the airworthiness certification process for eVTOLs is accelerating, with AI drones achieving breakthrough applications in agriculture, logistics, tourism, and other scenarios. The low-altitude infrastructure network is being densely laid out to support large-scale operations of the low-altitude economy. On the market side, the low-altitude zone at the China International Consumer Products Expo has seen a surge in popularity, with multiple eVTOL producers delivering products or securing large orders, indicating the gradual implementation of low-altitude economy market applications. 4. As a typical example of "self-indulgent consumption," this type of economy is now entering a stage of high-quality development. As people's living standards improve, the demand for emotional consumption continues to grow. As a typical example of "self-indulgent consumption," the pet economy has seen consumption demand extend from basic food to high-end and service-oriented products. According to the "2025 China Pet Industry White Paper" by Petu, it is projected that by 2027, the consumer market size for pets (dogs and cats) in urban areas will surpass the 400 billion yuan mark, reaching 404.2 billion yuan, with a compound annual growth rate (CAGR) of 12.6% from 2015 to 2027. With the development of the social economy and changes in people's lifestyles, pets have transitioned from their traditional role as guardians of the home to becoming members of the family, giving rise to and fueling the growth of the pet economy. From pet food and supplies to medical care and services, the consumer market surrounding the entire life cycle of pets continues to expand, becoming a significant growth point in the global consumer sector. In recent years, China's pet industry has gone through stages of enlightenment, growth, and rapid development, and is now entering a stage of high-quality development. The market size continues to expand, domestic brands are emerging, new retail models are rising, and the concept of scientific pet care is deeply rooted in people's minds. Huaan Securities points out that, overall, China's pet industry is developing in a professional and diversified direction, with immense market potential, a continuously improving industry chain, and broad prospects for the future.