Pre-market News Summary 1. National "15th Five-Year" Urban Renewal Plan Released, Set to Drive Trillions in Investment Type: Sector Sentiment Impact: Positive The State Council issued the "National '15th Five-Year' Urban Renewal Plan," aiming to achieve significant progress in urban renewal actions by 2030. This includes initial success in transforming urban development and construction methods, strengthening the foundation for safe development, continuously improving service efficiency, and notably enhancing the living environment. Analysis suggests this policy dividend will comprehensively activate related industrial chains. The shift in urban development towards improving existing stock for quality and efficiency will benefit sectors such as construction related to urban renewal and renovation of old residential districts.

2. Key Document on Artificial Intelligence Issued by Two Ministries Type: Sector Sentiment Impact: Positive Recently, the State Administration for Market Regulation and the National Development and Reform Commission jointly issued the "Guidelines for Artificial Intelligence Metrology System and Capacity Building (2026 Edition)," systematically planning the construction of AI metrology capabilities. The release of these guidelines marks a crucial step for China's AI field in transitioning from "building computing power and expanding scale" to "improving quality and strengthening foundations." It holds significant importance for promoting the deep integration of AI technology with the real economy and accelerating the development of new quality productive forces.

3. NDRC Deploys National Energy Supply Work for Summer Peak, Strengthens Coal Transport Security Type: Sector Sentiment Impact: Positive The National Development and Reform Commission convened a meeting to arrange national energy supply work for the summer peak period. The meeting required ensuring the production and supply of primary energy such as coal and natural gas, strengthening coal transport security for power generation, and meeting peak electricity demand. It is reported that the national maximum electricity load this summer is expected to reach around 1.6 billion kilowatts, an increase of approximately 90 million kilowatts compared to last year. Institutions indicate that the triple catalysts of "electricity prices + climate + computing power" support a positive outlook for structural opportunities in the power sector.

4. Big Fund Continues Divestment: Reduces Holdings in Multiple Semiconductor Stocks Including SMIC and NSIG Type: Company Sentiment Impact: Neutral The divestment plan of the National Integrated Circuit Industry Investment Fund continues to advance. On the evening of May 28th, two semiconductor companies, NSIG and Debang Technology, disclosed progress announcements regarding the Big Fund's share reductions. On the same day, Hong Kong Exchange filings showed that the Big Fund's long position in SMIC's H-shares had fallen below 8%. Market analysts believe the Big Fund's divestment is a routine market-based exit with a defined cycle, and the market has already formed sufficient expectations.

Investment Calendar Brain-Computer Interface Future Industry Conference

Investment Insight Investment Insight: On a magician's stage, we see things that weren't there before, just as when buying stocks, we sometimes see things that aren't real. - John Magee, "The Psychology of Investing"

Institutional Views 1. Galaxy Securities: The ChiNext Index hitting new highs is fundamentally driven by both the industrial cycle and earnings delivery; upside potential remains. 2. Founder Securities: The ChiNext Index surpassing the Shanghai Composite Index is an intuitive reflection of industrial transformation; focus on the recovery trend in the computing power sector. 3. Oriental Securities: Trading in a market with limited incremental funds requires pursuing certainty and high-growth sectors; investors need to adapt to this market atmosphere and structure.

Positive and Negative Catalysts Outlook 1. US AI Application Software Sector Surges; AI Data Cloud Platform Snowflake Soars 36.48% Type: Market Buzz Sinolink Securities: 2026 will be a critical year for AI applications transitioning from "technical validation" to "commercial promotion." Software-defined computing power offers the certainty of "selling shovels." The powerful semantic understanding and data analysis capabilities of large models are beginning to reap commercial dividends.

2. BYD Announces Self-Developed 4nm Smart Driving Chip; Wang Chuanfu: R&D Investment Exceeds 100 Billion Yuan Type: Market Buzz CITIC Securities: Import substitution is the core development logic for the smart driving chip industry. High-end smart driving chips represent an incremental market within this trend. Focus on two main lines: the BYD supply chain and chip localization. Monitor follow-up from domestic automakers in 2026.

3. CCTV Finance Reports on Space Computing Power; Space Economy Market Size May Exceed Trillion Dollars Type: Institutional Commentary Huaxi Securities: The characteristics of space computing power—"low cost, abundant resources, large space"—have found a stable, long-term profit model for commercial aerospace. The industry is currently in a transitional phase towards "space-based days and calculations." A globally covered space-air computing power network will form in the future.

Announcement Digest Positive-leaning Announcements 1. Jianglong Shipbuilding: Subsidiary signs a contract for approximately 185 million yuan for two anchor handling tug supply vessels. 2. Wonders: Signs a contract for approximately 302 million yuan for an industrial wastewater resource utilization EPC+O project. 3. Zhixiang Jintai: Signs a licensing agreement with Youcare Pharmaceutical for the GR1803 project, with a total potential value of up to 1.82 billion yuan.

Negative-leaning Announcements 1. Newtouch Software: Shareholders plan to collectively reduce holdings by no more than 3% of the company's shares. 2. China Southern Airlines: Chief Engineer Li Zhigang is under investigation for suspected serious violations of discipline and law. 3. Chuangshi Technology: Controlling shareholder and actual controller released from residential surveillance, changed to an order to await investigation.

Overseas Markets Note: Amid rumors of a "US-Iran understanding memorandum," the three major US indices collectively rose, continuing to set new closing record highs. On the market front, AI data cloud platform Snowflake's stock price surged 36.48%, driving a collective rally in the software sector. Oracle rose over 6%, Microsoft gained over 3%. Popular Chinese concept stocks showed mixed performance, with Alibaba down 1.25% and Baidu up 1.65%.