Post-Labor Day, A-shares opened with strong momentum, witnessing a breakthrough with trading volume exceeding 3 trillion yuan, indicating a volume-backed surge. Hong Kong stocks followed suit, rising 1.22% today, with turnover also surpassing 300 billion Hong Kong dollars. Numerous developments occurred during the holiday period, but the core catalyst remains former US President Donald Trump's planned mid-month visit to China, which is now highly unlikely to be postponed again. According to CCTV News, Foreign Ministry spokesperson Lin Jian stated during a regular press conference on May 6 that China and the US maintain communication regarding President Trump's visit. Generally, such visits aim to achieve tangible outcomes, otherwise they hold little significance. This naturally inclines the market towards a bullish stance. Regarding the Middle East situation, a stalemate persists, with full-scale conflict appearing improbable due to time constraints, unless Trump is confident of a swift resolution. Iran, seemingly aware of this, has taken proactive measures, including attacking US escort vessels and conducting operations against the UAE, with reports of missiles hitting an Emirati oil port. The US response has been notably calm, downplaying the incidents. Trump stated on social media on Tuesday that the US would suspend its 'Freedom of Navigation' plan guiding vessels through the Strait of Hormuz. On May 6, Iranian Foreign Minister Araghchi visited China, preceding Trump's visit, a move rich in implications. Pre-summit negotiations are a necessary part of the process. On May 2, responding to US sanctions on five Chinese companies related to Iranian oil, China issued a blocking statute, prohibiting the recognition, execution, or compliance with US sanctions. This marks the first official activation of the "Rules on Counteracting Unjustified Extra-Territorial Application of Foreign Legislation and Other Measures" since its implementation in January 2021. Previously, China exercised restraint regarding sanctions on Huawei and ZTE due to relative weakness; now, with bolstered confidence, it is directly countering, signaling that if others dare to follow the sanctions, China has legal grounds for retaliation. This challenges US long-arm jurisdiction and helps protect corporate interests, making arbitrary rule-making ineffective. A new development emerged on May 5 local time, with a four-day marathon hearing commencing regarding the Section 301 investigation. The USTR and other US government agencies will hear testimonies from nearly 150 representatives from businesses, trade groups, foreign governments, and think tanks. Such tactics appear increasingly ineffective, and the market largely disregards them. What exemplifies national confidence? Consider the FIFA World Cup broadcasting rights fees: a bundled price for two World Cups was merely $35 million for India, while China was quoted $300 million, previously treated as an easy target. Now, CCTV adheres to a budget of 60-80 million yuan, adopting a take-it-or-leave-it stance, especially given the absence of a Chinese team. Considering the unlikelihood of US military action, oil prices retreated from highs, while gold prices surged vertically, with COMEX gold futures reclaiming the $4,600 threshold. Lingbao Gold (03330), Shandong Gold (01787), Chifeng Gold (06693), and Zijin Mining International (02259) all rose over 7%. The market continues to track overseas trends, with the Nasdaq hitting new record highs and the Philadelphia Semiconductor Index advancing over 4% to a fresh peak. AMD projected the CPU market to grow over 35% annually by 2030 and expects its Q2 CPU revenue to surge over 70%, significantly exceeding market expectations. The ChiNext Index also advanced strongly, nearing its 2015 historical high. Cambricon (688256.SH) rose 13.82%, hitting a new record high intraday at 1,966 yuan, the highest stock price achieved in A-shares in recent years. On the demand side, ByteDance revised its Capex upwards, increasing its 2026 GPU procurement budget from 160 billion yuan at the start of the year to 231 billion yuan (with plans to double again next year), suggesting continued Capex revisions in the second half of the year (430 billion yuan). Montage Technology (06809), connected upstream with global DRAM chip and CPU platform manufacturers and downstream with memory module giants like Samsung, SK Hynix, and Micron, ultimately supplies AI servers and data centers for top global cloud service providers. Long-term strategic shareholder Huangpu River Capital's deep support is notable, being the only domestic institution to invest in Montage Technology twice in the primary market. The stock surged over 16% today. Among ZhiTong's May top picks, SMIC (00981) rose nearly 6%, and Hua Hong Semiconductor (01347) gained over 9%. The memory sector also surged. On the morning of May 6, South Korea's Samsung Electronics and SK Hynix both rose over 10%, again reaching record highs. Overnight in US markets, memory giants Micron Technology and SanDisk also hit new all-time highs. Jeremy Werner, head of Micron's core data center business unit, stated that five super wafer fabs are being built globally simultaneously, each the size of 10 football fields, yet still insufficient for AI demand. The company's CEO indicated orders are backlogged until 2028. GigaDevice (03986), a domestic leader in memory and MCUs, is driven by edge AI and import substitution. As a leading global Fabless chip supplier with diversified布局 in "sensing, storage, computing, control, and connectivity," its Doubao service initiated a收费 model, achieving commercialization. Transitioning to收费 is inevitable, as sustained burning of cash is unsustainable; however,收费 will likely target premium needs, with basic services remaining free. Direct stimulus for computing power propelled GDS Holdings (09698) up over 5%. CIMC (02039) was primarily driven by its AIDC concept, with the successful shipment of the first modular office building project in Central Africa and the delivery of the first batch of modules for the inaugural concrete modular construction project in Hong Kong. The stock rose over 9% today. ZTE (00763) innovatively launched the OEX super-node interconnection architecture and 800G chassis-based AI computing switches, building a full-stack AI computing infrastructure with optimal TCO. Its computing power products advanced rapidly, with Q1 revenue contribution significantly rising to 27%. The stock gained over 5% today. Various AI material suppliers also rose. The global PCB drill bit market size is projected to be approximately 5.91 billion yuan by 2025, with the Asia-Pacific region being the largest market, holding about 85% share, making it the most directly受益 segment in the AI computing power产业链. Guanghe Technology (01989) surged 16.20%, and Kingboard Laminates (01888) rose over 6%. China National Building Material (03323) benefited mainly from improved performance at its two glass fiber subsidiaries, rising over 8%. Tianyue Advanced (02631), a leader in silicon carbide materials, gained over 6%. Recent repeated mentions of new property policies across regions have indeed yielded positive inventory digestion effects. During the Labor Day holiday, Shenzhen recorded 396 cumulative transactions for primary and secondary homes. Among these, 275 were new home pre-sales and existing sales net signings, a year-on-year increase of 45.5%; secondary home transactions reached 121, up 80.6% year-on-year, indicating a warming property market. Further positive signals emerged: land auctions in April in Beijing, Shanghai, Shenzhen, and Hangzhou saw multiple plots sold at high premiums, with central state-owned enterprises remaining the main participants. From January to April, Yuexiu Property (00123) ranked first with new land value of 81.9 billion yuan, rising over 7%; China Resources Land (01109) followed with new land value of 52 billion yuan, gaining over 6%; Poly Development (600048.SH) was third with new land value of 26.9 billion yuan, up over 4%. After years of industry consolidation, surviving developers are predominantly central state-owned enterprises, whose strong backgrounds naturally confer greater competitiveness. Others like China Jinmao (00817) rose nearly 8%; China Overseas Land (00688) and China Overseas Grand Oceans (00688) both gained over 6%. Among domestic property stocks, ZhiTong's May top pick China Resources Land (01109) is just a step away from its historical high. Li Ka-shing is again selling UK assets. CK Hutchison (00001) agreed to sell its 49% stake in UK mobile operator VodafoneThree for 4.3 billion pounds in cash (approximately 45.5 billion HKD). This strengthens its financial position, and the stock rose over 3% today. Selling at a relatively high valuation aligns with his style of avoiding the last penny of profit, while the seizure of Panama assets may serve as a warning. His next investment direction warrants close observation.