1. The Political Bureau of the Communist Party of China Central Committee held a meeting on April 30th, emphasizing the need to develop new quality productive forces according to local conditions. We need to strengthen the layout of national strategic scientific and technological forces, cultivate and expand emerging industries, advance the layout and construction of future industries, and use advanced technology to empower the transformation and upgrading of traditional industries. We should actively develop venture capital and strengthen patient capital. The meeting also emphasized the need to coordinate the research and digestion of existing real estate and optimize policy measures for incremental housing, accelerate the construction of new models for real estate development, and promote high-quality development of real estate. We will continue to promote the reform and insurance transformation of small and medium-sized financial institutions, and take multiple measures to promote the healthy development of the capital market. The meeting pointed out the need to actively expand domestic demand, implement large-scale equipment updates, and implement action plans for exchanging old for new consumer goods. The meeting also pointed out the need to flexibly use policy tools such as interest rates and reserve requirement ratios, increase support for the real economy, and reduce the comprehensive financing costs of society. 2. The Shanghai and Shenzhen Stock Exchanges have officially released 9 business rules, including the Review Rules for Stock Issuance and Listing, to answer questions from reporters. The Shanghai Stock Exchange stated that companies that have been "delisted risk warning" (* ST) due to a lack of sustained operating ability and are on the verge of delisting due to lack of strict supervision, as well as companies on the brink of trading delisting indicators, are planning major asset restructuring to strictly prevent illegal "shell protection" and "shell speculation". The Shenzhen Stock Exchange stated that the delisting rules target "shell zombies" and "black sheep" and do not target "small cap" companies. 3. The Hang Seng Index rose for the ninth consecutive trading day, setting a record for the longest consecutive rise since 2018. The Hong Kong Hang Seng Index closed up 1.48% last Friday, marking the ninth consecutive day of gains and setting a record for the longest consecutive rise since 2018. The Hang Seng Technology Index rose 2.74% last Friday, reaching its highest level since the end of November 2023.