On Thursday local time, the three major U.S. stock indexes fell collectively. As of the close, the S&P 500 fell 0.74% to 5267.84 points; the Nasdaq fell 0.39% to 16736.03 points; and the Dow Jones Industrial Average fell 1.53% to 39065.26 points. Technology stocks fell across the board, with Apple down 2.11%, Microsoft down 0.82%, Amazon down 1.14%, Meta down 0.43%, Google-A down 1.6%, and Tesla down 3.54%; Nvidia rose more than 9%, with its share price above the $1,000 mark, and a total market value of $2.55 trillion. Most Chinese stocks fell, with Alibaba down 2.27%, Baidu down 0.96%, JD.com down 4.53%, NetEase down 3.68%, NIO down 8.4%, Ideal Auto down 5.73%, Xpeng Motors down 7.43%, and Pinduoduo up 4.45%. ►►According to Xinhua News Agency, Xi Jinping presided over a symposium with enterprises and experts and stressed that we should closely follow the theme of promoting Chinese-style modernization and further deepen reform in an all-round way. Wang Huning and Cai Qi attended. ►►According to CCTV News, Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted research in Henan from May 22 to 23. Li Qiang pointed out that we should carefully carry out summer harvest work, strengthen the organization and dispatch of cross-regional mechanized harvesting, ensure timely drying and airing, and coordinate summer grain field management, disaster prevention and mitigation, and summer sowing preparations. We should do a good job in summer grain storage, give full play to the role of the minimum purchase price as a bottom line, and ensure that farmers can make money from growing grain. We should transform more qualified farmland into high-standard farmland. He stressed that the state's policy to support grain production will only be strengthened, not weakened. He stressed that seeds are the foundation of agricultural modernization. We should promote the construction of innovative platforms in the seed industry, strengthen cutting-edge research on key varieties, accelerate the pace of industrialization, cultivate more improved varieties, and ensure national food security from the source. ►►According to CCTV News, Li Xi, a navy colonel who is the spokesperson for the Eastern Theater Command, said that on May 23, the Eastern Theater Command of the People's Liberation Army continued to carry out sea assault, land strike, air defense and anti-submarine training in the northern and southern sea and air areas of Taiwan Island to test the actual combat capabilities of the theater troops in multi-domain coordination and joint strike. ►►According to the official website of the State-owned Assets Supervision and Administration Commission, on May 21, the State-owned Assets Supervision and Administration Commission of the State Council held a meeting of directors of the offices of central enterprises and local SASACs. The meeting emphasized that in the face of new situations and new tasks, the office system of state-owned central enterprises should give full play to the functions of overall coordination, staff assistant, supervision and inspection, and service guarantee, so as to make new and positive contributions to strengthening, optimizing and expanding state-owned capital and state-owned enterprises, accelerating the realization of high-quality development, and better serving China's modernization construction. ►►According to the forecast of the China Passenger Car Association, the retail market of narrow passenger cars this month is about 1.65 million vehicles, a year-on-year decrease of 5.3% and a month-on-month increase of 7.5%. The retail sales of new energy vehicles are expected to be about 770,000 vehicles, a month-on-month increase of 13.7% and a year-on-year increase of 32.7%. The penetration rate is expected to further increase to 46.7%. ►►The General Office of the Beijing Municipal People's Government issued the "Beijing Action Plan to Accelerate Collaborative Innovation in Medicine and Health (2024-2026)". The document proposes to deploy "nuclear explosion point" projects in cutting-edge technology fields such as cell gene therapy, brain-computer interface, and synthetic biology; and to deploy applied basic research for reproductive health diseases, difficult and rare diseases, etc. ►►According to CCTV News, the reporter learned that the State Administration for Market Regulation issued a letter of supervision to the Jiangsu Provincial Market Supervision Bureau, and implemented supervision on the investigation and handling of the "ghost scale" incident in the seafood and vegetable direct sales market in Haizhou District, Lianyungang City.►►According to Securities Times, from authoritative sources, with the continuous surge in orders for the Xiaomi SU7, the target for new car deliveries for the whole year of 2024 is expected to reach 120,000 units. Previously, Xiaomi disclosed a delivery target for the SU7 of over 100,000 units.

Xiaomi Group: First Quarter Net Profit of 6.5 Billion Yuan, a Year-on-Year Increase of 100.8%

On May 23, Xiaomi Group released its performance report. In Q1 2024, the total revenue was 75.5 billion yuan, a year-on-year increase of 27.0%, achieving double-digit year-on-year growth for two consecutive quarters; the adjusted net profit reached 6.5 billion yuan, a year-on-year increase of 100.8%, setting a new record for a single quarter; the group's gross margin was 22.3%, an increase of 2.8 percentage points year-on-year, and an increase of 1 percentage point quarter-on-quarter.

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NetEase: First Quarter Revenue of 26.9 Billion Yuan, a Year-on-Year Increase of 7.2%

NetEase released its financial report, with revenue of 26.9 billion yuan in the first quarter of 2024, a year-on-year increase of 7.2%; first quarter gross profit of 17 billion yuan, a year-on-year increase of 14.2%; net profit attributable to company shareholders of 8.5 billion yuan (Non-GAAP).

Bilibili: First Quarter Revenue Grew by 12% Year-on-Year

Bilibili's financial report shows that the first quarter revenue was 5.66 billion yuan, a year-on-year increase of 12%; the adjusted net loss was 456 million yuan, narrowing by 56% year-on-year; the average daily active users were 102.4 million, a year-on-year increase of 9%.

Weibo Releases Q1 Financial Report: Total Revenue of 2.844 Billion Yuan, Operating Profit of 911 Million Yuan

On May 23, Weibo released its financial report for the first quarter of 2024. In the first quarter, Weibo's total revenue was $395.5 million, approximately 2.844 billion yuan, exceeding Wall Street expectations. Of this, advertising revenue reached $339 million, approximately 2.439 billion yuan. The adjusted operating profit for the first quarter reached $125.8 million, approximately 911 million yuan, with an adjusted net profit of $106.6 million, approximately 773 million yuan, exceeding Wall Street expectations.

Zhuolang Technology: After Self-inspection, the Company Has No Business Cooperation with NVIDIAZhuolang Technology has issued a stock trading risk warning announcement. According to information from relevant media, the company has been included in the NVIDIA concept stocks. After self-inspection, the company has no business cooperation with NVIDIA.

CITIC Securities: Looking forward to 2024, the growth of the gold jewelry industry is still mainly driven by the increase in gold jewelry sales; however, against the backdrop of high gold prices, it is expected that the sales amount of gold jewelry will not see a significant increase, and there may even be fluctuations from a quantity perspective. From an individual perspective, brands that can achieve continuous growth in "quantity" (such as the number of stores, sales volume in tons, etc.) and "quality" (such as gross profit per gram based on brand strength, design capabilities, etc.) are expected to come out on top.

CITIC Construction Investment: In the long run, the decoupling of the home appliance sector from real estate demand is an inevitable trend, and it will not change due to changes in real estate policies. The core competitiveness in areas such as white goods, black goods, and cleaning appliances still lies in going overseas, to win a larger market share and optimize the structure in a broader space.

Huatai Securities: On May 21st, Wuhan, Changsha, and Hefei took the lead in implementing reduced down payment ratios and canceling the lower limits of mortgage loan interest rates. The decrease in down payment ratios will lower the threshold for purchasing a home, and the adjustment of mortgage loan interest rates will effectively alleviate the pressure on residents to buy a house. The demand for housing for the first time and for improvement is expected to be further released, helping the market to stabilize. The outlook is positive for high-quality real estate companies and property management companies that have more resources in core cities and operate steadily.