【Market Data】 As of the close on May 29, the Shanghai Composite Index fell 0.73% to 4068.57 points. The Shenzhen Component Index dropped 1.81% to 15575.13 points. The ChiNext Index declined 2.11% to 4037.95 points. The three major U.S. stock indices rose on May 29. At the close, the Dow Jones Industrial Average increased by 363.49 points, or 0.72%, to 51032.46. The S&P 500 index gained 16.43 points, or 0.22%, to 7580.06. The Nasdaq Composite Index advanced 55.15 points, or 0.21%, to 26972.62.

【Financial News】 1. The Ministry of Commerce stated that China and Europe are important and mutually beneficial economic and trade partners. China hopes the EU will abide by WTO rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism. Communication channels between China and the EU remain open, with both sides exploring the establishment of a trade and investment consultation mechanism and planning related dialogues. If the EU insists on unilaterally introducing new trade tools and discriminatory restrictions, China will resolutely counter and take effective measures to safeguard its interests. 2. The National Healthcare Security Administration released documents related to the adjustment of the 2026 National Basic Medical Insurance, Maternity Insurance, and Work-Related Injury Insurance Drug List, as well as the Innovative Drug List for Commercial Health Insurance. The documents include the adjustment work plan, application guidelines, renewal rules for negotiated drugs, and bidding rules for non-exclusive drugs. A frequently asked questions document was also issued to help the public understand the policies. 3. The National Bureau of Statistics released China's Purchasing Managers' Index (PMI) data for May. The manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month, indicating it was at the threshold between expansion and contraction. The non-manufacturing business activity index was 50.1%, up 0.7 percentage points from the previous month, showing a recovery in non-manufacturing activity. The composite PMI output index was 50.5%, up 0.4 percentage points from the previous month, indicating that overall business production and operation activities in China maintained expansion. 4. Ding Xiangqun has been appointed as the Party Committee Secretary of the National Financial Regulatory Administration. Born in June 1965, Ding has extensive experience in the banking and insurance sectors, as well as in local governments. Prior to this appointment, she served as the Party Committee Secretary and Chairman of the People's Insurance Company (Group) of China Ltd. (PICC). 5. Five government departments jointly announced the "Regulations on Multi-Channel Distribution Services for Internet Information Content," which will take effect on September 1, 2026. The regulations require that multi-channel distribution service providers register their business entities according to law and obtain corresponding administrative permits. Platforms must sign agreements with these service providers and report the registration information to provincial cyberspace administration departments. Platforms must also prominently display the name of the service provider on the public account information page of the contracted internet user. 6. The State Administration for Market Regulation (National Certification and Accreditation Administration) issued an announcement adjusting and improving the implementation requirements for CCC certification. It adds the mandatory national standard GB 47372—2026 "Safety Technical Specification for Portable Power Supplies" as a basis for CCC certification, strengthening the testing and assessment of key safety indicators such as thermal abuse and puncture. 7. A two-month nationwide campaign titled "Clear and Bright: Optimizing the Online Business Environment and Rectifying Malicious Speculation Involving Enterprise Information" has been launched. The campaign aims to centrally address the chaos of maliciously hyping enterprise-related infringing information, promptly clean up and dispose of such information and accounts, urge platforms to fulfill their primary responsibilities, improve the management mechanism for enterprise-related information content, increase the disposal of infringing enterprise information, and further optimize the online business environment to safeguard the healthy development of enterprises. 8. The "Plan for Further Deepening the Reform of State-Owned Assets and State-Owned Enterprises (2026-2029)" has been issued. Public information shows that since May, provinces such as Shandong, Henan, and Hubei have held provincial party standing committee meetings to study the deepening of state-owned enterprise reform in their respective provinces. Areas including Yuxi High-tech Zone in Yunnan Province, Peixian County in Xuzhou City, Jiangsu Province, and Etuoke Banner in Inner Mongolia have successively conveyed and studied the plan. 9. Following multiple increases, domestic fuel surcharges are set to be reduced. From 00:00 on June 5, the fuel surcharge collection standard for domestic routes will be lowered. For routes of 800 kilometers or less, the fuel surcharge per passenger will be adjusted to 80 yuan. For routes over 800 kilometers, the surcharge will be adjusted to 150 yuan. This represents a reduction of 10 yuan and 20 yuan, respectively. 10. The Shanghai Stock Exchange and China Securities Index Co., Ltd. jointly announced adjustments to the constituent stocks of several indices, including the SSE 50, SSE 180, SSE 380, and STAR 50, effective after the market close on June 12, 2026. This is a regular semi-annual adjustment based on index compilation rules. Specifically, five securities, including TBEA Co., Ltd. and Shengyi Technology Co., Ltd., will be added to the SSE 50 Index. Seventeen securities, including COSCO SHIPPING Energy Transportation Co., Ltd. and China Southern Airlines Co., Ltd., will be added to the SSE 180 Index. Four securities, including Hua Hong Company Limited and Yuanjie Technology, will be added to the STAR 50 Index. Ten securities, including MGI Tech Co., Ltd. and Focuslight Technologies Inc., will be added to the STAR 100 Index. 11. Zhongji Innolight issued an official statement refuting a fabricated article titled "Full Text of Zhongji Innolight Chairman's Speech at the 2026 Optical Interconnection Forum (May 28, Shanghai)" circulating on some online media, self-media, and social media platforms. The company stated that the entire article is fabricated false content. Neither the company nor its Chairman Liu Sheng has ever made the statements mentioned in the article. The article is unrelated to the company and does not represent the position of the company or Chairman Liu Sheng. The company urged investors to invest rationally, not to believe, spread, or create rumors, and to rely on the company's official announcements to avoid being misled by false information. 12. AI large model company MiniMax has initiated the process for an A-share IPO. The company's board of directors has resolved to explore preliminary proposals for the issuance of Renminbi-denominated shares. This matter may involve entering into agreements with professional advisors and consultations with relevant regulatory authorities. The company continues to evaluate capital markets, including assessing a listing on the Science and Technology Innovation Board (STAR Market). 13. Unitree Robotics' STAR Market IPO application will be reviewed on June 1. The Listing Review Committee of the Shanghai Stock Exchange is scheduled to hold its 31st meeting in 2026 on June 1 to review the initial public offering of Unitree Robotics Co., Ltd. 14. Iranian Foreign Minister Hossein Amirabdollahian stated in an interview broadcast by Iranian media on the evening of May 31 that current discussions about progress in negotiations with the United States are speculative. Judgments about the related process should not be made until the negotiations yield clear results.

【New Share Subscriptions】 According to the issuance schedule, there is one new share subscription this week: Monday: Jinge New Material (920083.BJ) Subscription Code: 920083, Issue Price: 9.65 yuan, P/E Ratio: 14.99, Maximum Subscription: 1.0044 million shares The company is a national-level specialized and sophisticated "Little Giant" enterprise engaged in the research, development, production, and sales of functional materials. Its current product series include thermally conductive powder materials, flame-retardant powder materials, and wave-absorbing powder materials. Downstream customers incorporate these products into polymer materials to impart characteristics such as thermal conductivity, flame retardancy, and wave absorption. The final products are widely used in fields such as new energy vehicles, consumer electronics, 5G communication, and photovoltaic energy storage.