On May 21st, the three major A-share indices experienced fluctuating adjustments. By the midday break, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index fell by 0.56%, and the ChiNext Index fell by 0.62%.

Looking at the market, sectors such as AI PCs, real estate services, pork, poultry farming, banking, and gaming were among the leaders in terms of gains, while precious metals, lab-grown diamonds, rare earth permanent magnets, low-altitude economy, military industry, and auto parts were among the leaders in terms of losses.

Let's review the market hotspots from the morning session.

**AI PC Concept Soars**

The AI PC concept saw a lift, with Inligo shares hitting the daily limit up, and Siquan New Materials and Leishen Technology both rising by more than 10% by midday. In terms of news, Microsoft announced the launch of a new personal computer (PC) with integrated Copilot features, capable of handling more artificial intelligence tasks without the need for cloud data centers. Additionally, the latest technology GPT-4o introduced by OpenAI last week will soon be provided to users as part of Microsoft's Copilot.

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**Pork Stocks Rise**

Pork stocks were on the rise, with Zhenghong Technology's shares hitting the daily limit up, and Jingji Zhinong, Xinwufeng, and Shunxin Agriculture following suit.

**Gaming Sector Shows Activity**

The gaming sector was active, with Caesar Culture's shares hitting the daily limit up, and Zhongqingbao, Tom Cat, and Xinghui Entertainment also seeing gains.The National Press and Publication Administration released the approval information for domestic online games in May 2024 yesterday, with a total of 96 games approved. "Bai Gong Ling" by Kaiying Network and "Miracal War Chronicles" by Zhongqing Bao are among them.

**Zhongtai Chemical's Stock Halts Trading Due to False Financial Records**

ST Zhongtai's stock opened at a limit down, and as of midday, it was reported at 4.68 yuan.

On May 17, Zhongtai Chemical announced that the company and related responsible persons received an "Administrative Penalty Decision" from the Xinjiang Securities Regulatory Bureau on May 17. It was found that there were false records in the company's 2022 annual report; there was a failure to disclose the related transactions of non-operational fund occupation by the controlling shareholder and its related parties in a timely manner, and there were significant omissions in the 2021 and 2022 annual reports; the annual reports disclosed during the existence of the company's bonds and debt financing instruments involved in the case contained false records and significant omissions, and the information disclosed in the bond prospectus was inaccurate. The Xinjiang Securities Regulatory Bureau decided to order the company to correct, give a warning, and impose a fine of 5 million yuan; the relevant parties were given warnings and fines of varying amounts. In addition, the company's stock will be subject to other risk warnings starting from the opening of the market on May 21, the stock abbreviation will be changed from "Zhongtai Chemical" to "ST Zhongtai", and the daily price fluctuation limit for stock trading will be 5%.

**National Development and Reform Commission: Will Accelerate the Establishment of a Mechanism for Equipment Updates and Consumer Goods Replacement**

The National Development and Reform Commission held a press conference in May, where the spokesperson introduced that promoting equipment updates and consumer goods replacement is to adhere to the market as the main body and government guidance. We fully respect the wishes of enterprises and consumers and support all types of business entities to actively participate. In the fields of industrial, agricultural, construction, medical equipment, and durable consumer goods such as automobiles, home appliances, and home furnishings, many private enterprises have a strong competitive advantage in research and development, production, and sales. They have the ability, conditions, and willingness to actively participate in large-scale equipment updates and consumer goods replacement. Next, the National Development and Reform Commission will accelerate the establishment of a mechanism for equipment updates and consumer goods replacement, work with relevant departments to continuously improve, promote the implementation of the "1+N" policy system, give full play to the role of business entities, guide the whole society including private enterprises to jointly invest, and participate more comprehensively and deeply in all aspects of equipment updates and consumer goods replacement.

**National Development and Reform Commission: Expand Consumption of Automobiles, Home Appliances, Mobile Phones, and Services Consumption such as Cultural Tourism**

The National Development and Reform Commission held a press conference, where the spokesperson introduced that in terms of promoting domestic consumption, the National Development and Reform Commission will accelerate the implementation of employment priority policies, do everything possible to stabilize employment and promote income growth, and improve residents' consumption capacity. It will accelerate the replacement of consumer goods, expand the consumption of goods such as automobiles, home appliances, and mobile phones, and services consumption such as cultural tourism, and increase efforts to cultivate and create new consumption scenarios, new business formats, and other new growth points.

**National Development and Reform Commission: Prepare for the Issuance of the First Batch of Projects Supported by Ultra-Long-Term Special Treasury Bonds**

Li Chao, the spokesperson of the National Development and Reform Commission, stated that since the beginning of this year, the National Development and Reform Commission, in conjunction with relevant departments and localities, has promoted the preparation work for the construction supported by ultra-long-term special treasury bonds from three aspects, including project reservation, detailing tasks and measures, and preparing for the issuance of the first batch of projects. Li Chao mentioned that in accordance with the recent Central Political Bureau meeting's requirement to issue and use ultra-long-term special treasury bonds as soon as possible, and the work deployment of the State Council's video conference on supporting the construction of "two heavy" projects, the National Development and Reform Commission has identified a number of major projects that meet the requirements of "two heavy" construction and can be immediately invested, based on the work carried out in the early stage. These projects can be accelerated as soon as the treasury bond funds are in place.【HZMB Sees Over 10 Million Passengers This Year, Setting the Fastest Record in History】

According to CCTV News, with the ongoing trend of "two-way travel" between Hong Kong, Macao, and Mainland China, coupled with the impact of several favorable customs policies such as "Hong Kong vehicles going north," "Macao vehicles going north," and "flying via Zhuhai to Hong Kong," the passenger traffic through the Hong Kong-Zhuhai-Macao Bridge has continued to grow rapidly this year. Data from the HZMB immigration inspection station shows that as of 9:40 AM on May 21st, the number of passengers passing through the Zhuhai road port of the HZMB exceeded 10 million, a year-on-year increase of over 127.7%. This achievement of breaking the 10 million passenger mark is 4 months ahead of 2023, setting the fastest record since the port's opening. This year, the number of passengers from Hong Kong and Macao passing through the port reached 6.025 million, a year-on-year increase of 126.3%, accounting for 60.4% of the total port traffic; the number of single-plate vehicles from Hong Kong and Macao exceeded 1.095 million times, with a monthly growth rate of over 10%.

【Tongyi Qianwen GPT-4 Model Price Drops by 97%, 1 Yuan for 2 Million Tokens】

On May 21st, Alibaba Cloud dropped a bombshell: the main model of Tongyi Qianwen GPT-4, Qwen-Long, saw its API input price plummet from 0.02 yuan per thousand tokens to 0.0005 yuan per thousand tokens, a 97% decrease. This means that for 1 yuan, one can purchase 2 million tokens, equivalent to the text volume of five "Xinhua Dictionaries." This model supports up to 10 million tokens for long text input, and after the price drop, it is about 1/400th of the GPT-4 price, breaking the global bottom price.