[Market Data]

As of the close on May 28th, the Shanghai Composite Index fell by 0.02%, closing at 3,339.93 points; the STAR 50 Index fell by 0.23%, closing at 970.64 points; the Shenzhen Component Index fell by 0.26%, closing at 10,003.27 points; the ChiNext Index fell by 0.31%, closing at 1,985.38 points.

On Wednesday, Eastern Time, the three major U.S. stock indexes all fell. As of the close, the Dow Jones Industrial Average dropped by 0.58%, closing at 42098.70 points; the Nasdaq Composite fell by 0.51%, closing at 19100.94 points; the S&P 500 index fell by 0.56%, closing at 5888.55 points.

By the close of the day, the price of light crude oil futures for delivery in July at the New York Mercantile Exchange rose by 95 cents, closing at $61.84 per barrel, an increase of 1.56%; the price of Brent crude oil futures for delivery in July in London rose by 81 cents, closing at $64.90 per barrel, an increase of 1.26%.

**Financial Highlights**

1. According to Xinhua News Agency, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council He Lifeng met with Dan Cinq-Mars, co-president of Morgan Stanley of the United States, at the Great Hall of the People on May 28. He Lifeng stated that China insists on promoting high-quality development with high-level openness, which will stimulate vitality and add momentum to the Chinese and global economies. He welcomed more American financial institutions and long-term capital, including Morgan Stanley, to continuously deepen mutually beneficial cooperation with China and actively participate in the construction and development of China's capital market. Cinq-Mars expressed his pleasure at the substantial progress made in U.S.-China trade talks, stating that he would continue to delve into the Chinese market and provide high-quality services to promote investment cooperation between American and Chinese enterprises.

2. According to a report by People's Daily on May 28th, recently, the National Healthcare Security Administration conducted a screening and analysis of the healthcare settlement data from designated retail pharmacies nationwide since April. It was found that some pharmacist names (corresponding to the same ID number) appeared in the drug expense details of multiple designated retail pharmacies, which may indicate the misuse of pharmacist information or the \paper hanging\ of pharmacist licenses, a violation. This not only threatens the medication safety of the people and the security of the healthcare fund but also harms the legitimate rights and interests of legally registered pharmacists, involving 24 provinces, 23,997 designated retail pharmacies, and 9,563 pharmacists. In response to this situation, the National Healthcare Security Administration issued a notice on the 28th, requiring an investigation into the \paper hanging\ of pharmacists in designated retail pharmacies, in order to safeguard the medication safety of the people, the security of the healthcare fund, and the legitimate rights and interests of the vast number of registered pharmacists.

3. On May 28th, according to a report by CCTV News, in order to further ensure the quality and safety of important industrial products, the State Administration for Market Regulation organized the revision of the \Regulations on the Administration of Industrial Product Production Licenses\ and openly solicited opinions. The draft for comments clearly defines the scope of products, focusing more on products that directly relate to public safety, human health, and the safety of life and property, as well as other products that laws and administrative regulations require to be managed under the provisions of these regulations. At the same time, it clarifies the responsibilities and obligations of all parties, stipulating that the State Council and the relevant departments of the people's governments at or above the county level are responsible for the supervision and management of the production, sales, and business activities involving products included in the production license management catalog within their respective fields. To ensure the quality and safety of imported products listed in the catalog, the products included in the catalog are also added to the catalog of import and export commodities that must be inspected. The approval process is optimized,取消了 the pre-issuance inspection, and it is clear that enterprises submit inspection and testing reports issued by legally qualified inspection and testing institutions on their own. The approval authority is clarified, requiring that the competent departments for industrial product production licenses at the provincial level shall not delegate approval authority.

4. Data released on the Ministry of Finance's website on May 28th shows that from January to April, the total operating income of state-owned and state-controlled enterprises nationwide was 26.2755 trillion yuan, remaining unchanged from the previous year, and the total profit was 1.34914 trillion yuan, a decrease of 1.7% year-on-year. The data also indicates that from January to April, state-owned enterprises were liable to pay taxes and fees totaling 2.038 trillion yuan, a year-on-year increase of 0.1%. In terms of the debt-to-asset ratio, by the end of April, the debt-to-asset ratio of state-owned enterprises was 65.1%, an increase of 0.2 percentage points year-on-year.

5. On May 28th, Foreign Ministry spokesperson Mao Ning presided over a regular press conference. Mao Ning stated that the essence of China-US economic and trade relations is mutual benefit and win-win. As the two largest economies in the world, economic and trade cooperation has brought tangible benefits to businesses and consumers of both countries. After the China-US economic and trade talks in Geneva, there was a surge in orders from American buyers, and the China-US shipping market was in high demand, fully reflecting the huge two-way demand between the two countries. Protectionism has no way out, and we welcome businesses from all countries, including American companies, to operate and develop in China, deepen cooperation, create opportunities, and share the future together.

6. On May 28th, the State Administration for Market Regulation announced that, in accordance with the requirements for deepening the concentrated rectification of misconduct and corruption issues close to the masses, it has deployed a special rectification campaign against false propaganda of drugs and health products targeting the elderly across the country, to combat \exploiting the elderly\ and \deceiving the elderly\ behaviors in the drug and health product markets.

7. On May 28th, Xu Jinghe, a member of the Party Group and Deputy Director of the National Medical Products Administration, conducted research in Beijing. Xu Jinghe emphasized that in recent years, China's capacity for research and innovation in cosmetics has significantly improved, and the industry is full of vitality. Drug regulatory authorities should thoroughly implement the spirit of the third plenary session of the 20th Party Congress, comprehensively strengthen the regulatory system and regulatory capacity for cosmetics, take more effective measures, promote high-quality development of the industry, achieve a high level of safety, continuously meet consumer needs for makeup, and promote China's transition from a major country in makeup manufacturing to a strong country in makeup manufacturing.

8. According to The Paper, the exposure of the capital chain rupture incident of BYD's Shandong regional dealer Jinan Qiancheng has attracted industry attention. On May 28th, BYD responded, saying, \The information circulating online is not true! Over the past few years, our policies towards dealers have been consistent and stable. It is understood that this dealer group, due to blind rapid expansion and leveraged operations, has encountered capital chain issues. Since the end of last year, some 4S stores of this dealer group have been acquired by other local dealers.\ BYD emphasized, \We are also providing relief support to this dealer group, assisting them in properly handling issues related to their customers and employees.\

9. On May 28th, RT-Mart stated to the reporters from The Paper that starting from today, RT-Mart's five operational regions will be changed to four, namely East China, South China, North China, and Northeast China. The original Central China region's 16 stores in Hubei and Jiangxi will be incorporated into the East China region, 25 stores in Sichuan and Chongqing will be incorporated into the South China region, and 6 stores in Shaanxi, Gansu, Ningxia, and Qinghai will be incorporated into the North China region for operation and management. This adjustment is aimed at improving organizational integration and serving customers better. The adjustment has been basically completed, and store operations are proceeding as usual. Previously, there were rumors that RT-Mart was dismantling the Central China and Northeast regions. In response, RT-Mart told The Paper's reporters that the aforementioned news is a rumor, \There is no talk of dismantling the Northeast region, and there is no such plan.\

10. According to CCTV News, on May 28th local time, CCTV reporters learned that the U.S. Federal Court blocked the tariff policy announced by U.S. President Trump on April 2nd, \Liberation Day,\ from taking effect, and ruled that Trump overstepped his authority by imposing comprehensive tariffs on countries that export more to the United States than they import.