A-Share Pre-Market Highlights on May 25

Huo Xing Finance News, May 25: Pre-market highlights for A-shares: 1. The State Council recently issued the "Opinions on Implementing Basic Public Services Provided by Place of Residence," emphasizing that basic public services should be provided based on place of residence to ensure that non-local residents enjoy the same basic public services as registered residents. 2. Pakistani Prime Minister Shehbaz attended the Third China-Pakistan Information Technology & Telecommunications, Battery Energy Storage Systems, and Agricultural B2B Investment Conference in Hangzhou, witnessing multiple signing ceremonies in the field of economic and trade cooperation. Pakistan also announced several collaborations with Alibaba, expected to accelerate the development of Pakistan’s digital economy and AI. 3. The General Administration of Customs stated that, to facilitate data accessibility, mainland customs will collaborate with Hong Kong and Macao to jointly research, compile, and periodically release foreign trade statistics for the Guangdong-Hong Kong-Macao Greater Bay Area as a whole. 4. The China Securities Regulatory Commission (CSRC) and seven other departments recently jointly issued the "Implementation Plan for Comprehensive Governance of Illegal Cross-Border Securities, Futures, and Fund Activities." A CSRC official stated that foreign institutions are strictly prohibited from providing account opening and trading services in China through any means, with a two-year concentrated rectification period to eliminate existing illegal activities. 5. On May 22, Vice Minister of Commerce and Deputy Chief Negotiator for International Trade, Ling Ji, chaired a roundtable meeting with foreign-funded pharmaceutical enterprises. Over 50 foreign companies, including Sanofi, Novartis, Merck, Becton Dickinson, Gilead Sciences, Eli Lilly, and Danaher, participated. 6. China is accelerating the development of national integrated computing power network technical standards; 12 guiding technical documents have been finalized, covering computing power monitoring and scheduling, computing-power-electricity synergy, security protection, and more, promoting optimized allocation of national computing resources. 7. On May 24, the launch ceremony for the China-ASEAN Artificial Intelligence Industry Innovation Center was held in Beijing. The center will focus on four key areas: promoting R&D and innovation cooperation, building an AI industry ecosystem, deepening AI governance practices, and supporting regional capacity building to jointly develop intelligent infrastructure and share AI development benefits, helping bridge the global intelligence gap. 8. Leading loan facilitator Yixin is undergoing a "benign wind-down" of its quasi-fixed-income products. Yixin is currently consolidating data; once a plan is finalized and submitted to regulators, it is expected to be announced within four to six weeks, followed by individual agreements with clients. 9. On May 22, the CSRC announced that due to illegal cross-border operations, it intends to confiscate all illegal gains from Tiger, Futu, and Changqiao’s domestic and overseas entities and impose severe penalties. According to the newly released "Implementation Plan for Comprehensive Governance of Illegal Cross-Border Securities, Futures, and Fund Activities," the property safety of existing investors is not affected by this rectification. 10. Last Friday, the SSE Composite Index rose 0.87% to 4,112.90 points, down 0.54% for the week; the SZSE Component Index rose 2.30% to 15,597.30 points, up 0.23% for the week; the ChiNext Index rose 2.84% to 3,938.50 points, up 0.24% for the week. 11. Last Friday, the Hang Seng Index rose 0.86% to 25,606.03 points, down 1.37% for the week; the Hang Seng Tech Index rose 2.11% to 4,869.57 points, down 1.45% for the week; the Hang Seng China Enterprises Index rose 0.89% to 8,550.87 points, down 1.61% for the week. 12. Amid sustained momentum in China’s semiconductor sector, multiple leading companies’ shareholders have announced planned share reductions. Seven semiconductor and AI supply chain firms—including Micro Electronics and澜起科技—issued concentrated reduction notices; estimated at latest closing prices, the total planned reduction amounts to RMB 12.692 billion—the largest single-day reduction announcement in the semiconductor sector recently. 13. On May 22, Futu Holdings announced it received a pre-penalty notice from the CSRC proposing a total fine of approximately RMB 1.85 billion. Futu stated that as of the end of Q1 2026, mainland China-funded accounts accounted for approximately 13% of its total funded accounts. 14. *ST Wenyi announced that its lawsuit against six defendants including Anshi Holding has been accepted by the court; it demands cessation of discriminatory restrictions and compensation for economic losses totaling RMB 8 billion provisionally. 15. Huatian Technology announced that its subsidiary plans to invest RMB 3 billion in an advanced IC packaging and testing project. China Nuclear Construction announced plans for a non-public offering of no more than RMB 4 billion to fund Phase I Units 1 and 2 nuclear islands and associated BOP civil works for the Xuwei Nuclear Heating and Power Plant in Jiangsu. 16. Last Friday, U.S. major indices closed higher: Dow Jones rose 0.58% to 50,579.70 points (+2.13% for the week); S&P 500 rose 0.37% to 7,473.47 points (+0.88% for the week); Nasdaq rose 0.19% to 26,343.97 points (+0.45% for the week). 17. Last Friday: Germany’s DAX30 rose 0.88% to close at 24,888.56 points (+3.92% for the week); France’s CAC40 rose 0.37% to close at 8,115.75 points (+2.05% for the week); UK’s FTSE 100 rose 2.66% for the week to close at 10,466.26 points. 18. Amid easing U.S.-Iran tensions, Asian morning trading saw U.S. stock index futures extend gains: Nasdaq futures rose 1%, S&P 500 futures rose 0.63%. WTI and Brent crude oil futures both fell over 5% at one point. 19. India’s market is currently experiencing a sell-off wave: international capital continues to exit Indian equities, further pressuring the rupee’s depreciation. Data shows that since the beginning of this year, global investors have withdrawn approximately $23 billion from Indian equities—exceeding last year’s total foreign outflows from India’s stock market. Meanwhile, JM Financial reported that foreign ownership in Indian equities has dropped to 14.7%, its lowest level in nearly 14 years. 20. Due to Memorial Day holidays in the U.S., U.S. markets will be closed on May 25; U.S. stock and Treasury futures trading will conclude early at 1:00 AM Beijing time on May 26. Due to spring bank holidays in the UK, UK markets will be closed on May 25 for one day. 21. As SpaceX’s highly anticipated IPO approaches, space-themed ETFs are experiencing explosive growth: in just the past month, space-related ETFs attracted $1.3 billion in new inflows, pushing total assets under management in this emerging sector to $3.3 billion. 22. Tesla China has officially renamed FSD as “Tesla Assistive Driving,” completely removing all FSD branding and autonomous driving terminology from its interface; pricing remains unchanged at RMB 64,000. The company clarified that this system falls under Level 2 driver assistance—drivers must remain fully attentive and keep hands on the wheel at all times during operation. 23. Advanced Micro Devices (AMD) has begun mass production of its sixth-generation AMD EPYC CPU codenamed “Venice,” marking a significant milestone in AMD’s collaboration with TSMC on 2nm technology. AMD plans to conduct this mass production at TSMC’s Arizona wafer fabrication facility in the United States in the future. 24. According to sources familiar with the matter, Anthropic is expected to complete its latest funding round as early as this week with a raise exceeding $30 billion; Anthropic anticipates annualized revenue exceeding $50 billion next month. 25. On May 22 Eastern Time, SpaceX successfully completed its twelfth test flight of Starship; its second stage landed safely in the Indian Ocean region. 26. Dalian Wanda Group’s Shanghai Wanda Microfinance Company’s 70% equity will be auctioned from May 26 to July 25 by Shanghai’s Second Intermediate People’s Court; opening bid is approximately RMB 409 million with an appraised value of RMB 731 million—this equity has previously failed to sell twice; this auction price matches that of the second auction attempt. 27. DeepSeek announced a permanent price reduction of its DeepSeek-V4-Pro API to just 25% of its original price—the lowest global price for large models to date—while advancing a RMB 70 billion fundraising effort exceeding earlier reports of RMB 50 billion and potentially setting a record for China’s largest single AI company financing round ever recorded. 28. On May 23 Eastern Time, U.S. President Trump posted on social media that the U.S.-Iran agreement has been largely finalized and awaits final confirmation by both sides and relevant Islamic nations; the Strait of Hormuz will subsequently open accordingly. 29. On May 24 local time, Iran released a statement indicating that President Trump’s recent social media post regarding “opening of the Strait of Hormuz” was “incomplete.” 30. On May 24, U.S. President Trump posted on social media that negotiations between the U.S. and Iran are progressing “in an orderly and constructive manner.” He instructed U.S. representatives not to rush into an agreement because “time is on America’s side.” 31. According to U.S.-based media reports on May 23, as part of an impending U.S.-Iran agreement, Iran has agreed to relinquish its stockpile of highly enriched uranium (Ke Gu Bao Report).