(1) Stock Market News

- U.S. Market: The Dow Jones closed up 331 points or 0.85% at 39,387; the S&P 500 rebounded by 0.51%, reaching above 5,200 points at 5,214 points; the Nasdaq, dominated by technology stocks, rebounded by 0.27%, closing at 16,346 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, rebounded by 1.64%.

- Hong Kong Market: The Hang Seng Index closed up 223 points at 18,537 points. The total daily turnover exceeded 123.6 billion yuan. The technology index rose by nearly 2%, closing at 3,947 points.

- Mainland Market: The Shanghai Composite Index closed at 3,154 points, up 25 points or 0.83%, with a transaction volume of 398.979 billion yuan. The Shenzhen Component Index closed at 9,788 points, up 149 points or 1.55%, with a transaction volume of 502.137 billion yuan. The SSE 300 Index was at 3,664 points, up 34 points or 0.95%; the ChiNext Index was at 1,900 points, up 34 points or 1.87%.

(2) Economic News

- Secretary for Financial Services and the Treasury, Mr. Edward Yue, stated that the Hong Kong Stock Exchange (HKEX) today co-hosted the "Hong Kong-Saudi Capital Markets Forum" with the Saudi Stock Exchange Group to deepen cooperation between mainland China, Hong Kong, and the Middle East in financial markets, and to explore opportunities in cross-border listings, equity acquisitions, and optimizing infrastructure.

- The National Financial Regulatory Authority issued a notice that commercial banks are not limited in the number of insurance companies they can cooperate with for internet insurance, telephone sales insurance, and other insurance businesses at all levels of branches and outlets. However, the notice requires that insurance companies ensure they have offline service capabilities in the cooperation area, and the commission rate agreed upon in the entrusted agency agreement must not exceed the level at which the insurance company's product is filed with the authorities.

- The Central Bank of Brazil slows down the pace of interest rate cuts. Faced with increased domestic economic and fiscal uncertainty, the Central Bank of Brazil announced a 0.25 percentage point cut in interest rates after its interest rate meeting, bringing the benchmark rate down to 10.5%. The Central Bank emphasized the need for caution due to the unclear economic outlook.

(3) Corporate News

- Alibaba (09988), through its subsidiary Alibaba Cloud, released a new version of its artificial intelligence (AI) language model. At the AI Leaders Summit, Alibaba Cloud launched the "Tongyi Qianwen 2.5" model, claiming to surpass OpenAI's GPT-4 Turbo in multiple functionalities such as Chinese text understanding, text generation, knowledge Q&A, lifestyle advice, and safety risks. Additionally, Alibaba Cloud stated that Tongyi Qianwen has served over 90,000 companies, with the cumulative download volume exceeding 7 million.

- Country Garden (02007) was unable to make a payment of interest due today (9th) on an onshore bond. Country Garden Real Estate stated that due to the continuous fluctuation in the industry, the group is facing an increasingly complex and severe operating environment. As the sales recovery is not as expected, coupled with difficulties in fund allocation, the company is unable to make the interest payment of 35.55 million yuan as scheduled today.

- The China Securities Regulatory Commission (CSRC) introduced five measures last month to support the Hong Kong capital market, including encouraging leading mainland enterprises to list in Hong Kong. Hong Kong Stock Exchange (00388) Group Chief Executive Officer, Mr. Charles Li, said that after the introduction of the measures, the listing department has received many companies expressing interest and inquiring about the listing process, with approximately 100 IPO applications currently on file.

(4) Corporate Earnings Announcements

- Hualing Semiconductor (01347) saw a 79% decrease in profit for the first quarter. The net profit was $31.81 million, a 79% year-on-year decrease and a 10% sequential decrease. During the period, revenue was nearly $460 million, a 27% year-on-year decrease, but a slight 1% sequential increase. The gross margin was 6.4%, up 2.4 percentage points sequentially. The company expects the second quarter's revenue to increase to a maximum of $500 million, with a gross margin ranging from 6% to 10%.

- SJM Holdings (00880) saw a significant narrowing of its first-quarter loss compared to the same period last year. The company's loss for the quarter was $74 million, down from a loss of nearly $870 million in the same period last year. During the period, the adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) increased by more than 26 times year-on-year to $864 million, with net revenue growing by 73% to $6.92 billion. Among them, gaming net revenue increased by more than 74% year-on-year.