【Today's Headlines】State Council Tariff Policy Committee: Adjusts Tariff Measures on Imported Goods Originating from the United StatesAccording to Zhitong Finance APP, on May 13, the State Council Tariff Policy Committee announced that, with the approval of the State Council, starting from 12:01 PM on May 14, 2025, it will adjust the tariff measures on imported goods originating from the United States. The adjusted tariff rate specified in the &#34;Announcement of the State Council Tariff Policy Committee on Imposing Tariffs on Imported Goods Originating from the United States&#34; (Announcement No. 4 of 2025) will be changed from 34% to 10%, and the 24% additional tariff rate on the U.S. will be suspended for 90 days. The implementation of the &#34;Announcement of the State Council Tariff Policy Committee on Adjusting Tariff Measures on Imported Goods Originating from the United States&#34; (Announcement No. 5 of 2025) and the &#34;Announcement of the State Council Tariff Policy Committee on Adjusting Tariff Measures on Imported Goods Originating from the United States&#34; (Announcement No. 6 of 2025) will be halted.The U.S. Customs and Border Protection has issued a notification regarding reciprocal tariff adjustments.【Market Outlook】U.S. Stock Indices Mixed, Most Large Tech Stocks RiseAs of the market close overnight, the Dow Jones Industrial Average fell by 269.67 points from the previous trading day, closing at 42,140.43 points, a decrease of 0.64%; the S&amp;P 500 index rose by 42.36 points, closing at 5,886.55 points, an increase of 0.72%; the Nasdaq Composite Index rose by 301.74 points, closing at 19,010.08 points, an increase of 1.61%. Most large tech stocks rose, with NVIDIA (NVDA.US) up over 5%, reaching a closing high since February 27; Tesla (TSLA.US) rose nearly 5%, reaching a closing high since February 24; Netflix and Meta rose over 2%. Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 0.07%. WenYuan ZhiXing fell over 6%, TAL Education fell over 2%, and XPeng fell nearly 2%. The Hang Seng Index ADR rose, closing at 23,337.71 points, an increase of 229.44 points or 0.99% compared to the Hong Kong close.【Hot Topics Ahead】National Market Supervision Administration and Four Other Departments Interview Takeout Platform EnterprisesAccording to Zhitong Finance APP, recently, the Market Supervision Administration, together with the Central Social Work Department, the Central Internet Information Office, the Ministry of Human Resources and Social Security, and the Ministry of Commerce, interviewed platform enterprises such as Ele.me regarding prominent issues in the current competition within the takeout industry. They required relevant platform enterprises to strictly comply with the &#34;E-commerce Law of the People's Republic of China,&#34; the &#34;Anti-Unfair Competition Law of the People's Republic of China,&#34; the &#34;Food Safety Law of the People's Republic of China,&#34; and other legal regulations, to strictly implement their main responsibilities, actively fulfill social responsibilities, strengthen internal management, operate legally and normatively, compete fairly and orderly, jointly create a good market environment, effectively safeguard the legitimate rights and interests of consumers, operators within the platform, and delivery riders, and promote the standardized, healthy, and orderly development of the platform economyMeituan (03690) subsidiary delivery service Keeta enters the Brazilian market, plans to invest $1 billion in 5 yearsOn May 13, reporters learned from Meituan (03690) that during the &#34;China-Brazil Business Seminar&#34; held on May 12, Brazilian President Lula met with Meituan founder and CEO Wang Xing and witnessed the signing of an investment agreement. Meituan will officially introduce its delivery service Keeta to Brazil in the coming months and plans to invest $1 billion in Brazil over the next five years to support the project's development.The U.S. considers allowing the UAE to purchase over one million advanced Nvidia chipsAccording to informed sources, the Trump administration is considering an agreement that would allow the UAE to import over one million advanced Nvidia chips, a quantity far exceeding the limits set by the Biden administration's regulations on AI chips. The sources indicated that the agreement is still under negotiation and may change. From now until 2027, the UAE could import 500,000 of the most advanced chips on the market each year. One-fifth of these will be allocated to Abu Dhabi AI company G42, while the remainder will be reserved for U.S. companies building data centers in the UAE.MSCI adds 30 stocks to the MSCI ACWI Index and removes 61 stocksMSCI announced the results of its May index review. The MSCI Global Equity Index added 30 stocks and removed 61 stocks. Among them, the MSCI China Index added six stocks: Chipone Technology, Baillie Gifford, Huatai Medical, Light Media, and Haikang Technology; it removed 17 stocks including Hisense Home Appliances, FAW Jiefang, Shanghai Pharmaceuticals, and Jincheng Holdings. This adjustment will take effect after the market closes on May 30. Since the MSCI China Index is nested within the MSCI Emerging Markets Index, stocks entering the MSCI China Index will also enter the MSCI Global Standard Index series, thus attracting passive fund tracking.FIT HON TENG (06088) plans to inject $150 million into FIT SingaporeAccording to Zhitong Finance APP, FIT HON TENG (06088) announced that its board approved a proposal for the company to inject $150 million into its wholly-owned subsidiary Foxconn Interconnect Technology Singapore Pte. Ltd. (FIT Singapore), which will in turn inject $150 million into its wholly-owned subsidiary Fu Wing Interconnect Technology (Nghe An) Company Limited.BeiGene (06160) releases first-quarter results, revenue of 8.048 billion yuan, a year-on-year increase of 50.2%According to Zhitong Finance APP, BeiGene (06160) released its first-quarter results for 2025, reporting revenue of 8.048 billion yuan, a year-on-year increase of 50.2%Nuo Cheng Jian Hua (09969) announces first quarter performance with net profit attributable to shareholders of approximately 17.9676 million yuan, turning losses into profits year-on-yearAccording to Zhitong Finance APP, Nuo Cheng Jian Hua (09969) announced its first quarter performance for 2025, achieving total operating revenue of 381 million yuan, a year-on-year increase of 129.92%. The gross profit margin was 90.5%, an increase of 5.1 percentage points from 85.4% in the same period last year. The net profit attributable to shareholders of the listed company was approximately 17.9676 million yuan, turning losses into profits year-on-year. The basic earnings per share were 0.01 yuan.EOCON Vision Biologics -B (01477): OT-703 approved for real-world study in Boao, HainanAccording to Zhitong Finance APP, EOCON Vision Biologics -B (01477) announced that its product OT-703 (ILUVIEN®, fluocinolone acetonide intravitreal implant), an injectable, non-biodegradable fluocinolone acetonide intravitreal implant for the treatment of diabetic macular edema (DME), has recently been approved for real-world research in the Boao Lecheng International Medical Tourism Pilot Zone in Hainan Province, People's Republic of China.Longpan Technology (02465): Signs strategic cooperation agreement with Chuangneng New Energy, expected total contract sales to exceed 5 billion yuanLongpan Technology (02465) announced that on May 9, 2025, its subsidiaries Changzhou Lithium Source and Nanjing Lithium Source signed a strategic cooperation agreement for the procurement of production materials with Chuangneng New Energy. The agreement stipulates that from 2025 to 2029, the seller will supply 150,000 tons of lithium iron phosphate cathode materials to the buyer, with specific unit prices determined monthly. The total contract sales amount is expected to exceed 5 billion yuan.JD Group -SW (09618) releases first quarter performance, net profit attributable to shareholders of 10.89 billion yuan, a year-on-year increase of 52.73%According to Zhitong Finance APP, JD Group -SW (09618) released its first quarter performance for 2025, achieving revenue of 301.1 billion yuan (same unit below), a year-on-year increase of 15.8%; the net profit attributable to ordinary shareholders of the company was 10.89 billion yuan, a year-on-year increase of 52.73%; basic earnings per share were 3.76 yuan.JD Logistics (02618) first quarter non-IFRS profit approximately 751 million yuan, a year-on-year increase of 13.4%According to Zhitong Finance APP, JD Logistics (02618) announced its first quarter performance for 2025, with revenue of approximately 46.967 billion yuan, a year-on-year increase of 11.5%; gross profit of approximately 3.387 billion yuan, a year-on-year increase of 4.8%; period profit of approximately 611 million yuan, a year-on-year increase of 89.5%; non-IFRS profit for the period was approximately 751 million yuan, a year-on-year increase of 13.4%; profit attributable to the company's owners was approximately 451 million yuan, a year-on-year increase of 89.14%JD Health (06618) reports operating profit of 1.071 billion yuan in Q1, a year-on-year increase of 119.8%According to Zhitong Finance APP, JD Health (06618) released its Q1 2025 performance, with revenue of 16.645 billion yuan (RMB, same below), a year-on-year increase of 25.5%; operating profit of 1.071 billion yuan, a year-on-year increase of 119.8%.【Stock Highlights】Tencent Music -SW (01698) reports impressive Q1 performance with net profit attributable to equity holders of 4.29 billion yuan, a year-on-year increase of 201.8%According to Zhitong Finance APP, Tencent Music -SW (01698) announced its Q1 2025 performance, with total revenue of 7.36 billion yuan (1.01 billion USD), a year-on-year increase of 8.7%. The net profit attributable to equity holders of the company was 4.29 billion yuan (591 million USD), a year-on-year increase of 201.8%. The net profit attributable to equity holders of the company under non-International Financial Reporting Standards was 2.12 billion yuan (293 million USD), a year-on-year increase of 24.6%. The diluted earnings per American Depositary Share were 2.77 yuan, and as of March 31, 2025, the total balance of cash, cash equivalents, time deposits, and short-term investments was 37.67 billion yuan (5.19 billion USD)

The Tariff Commission of the State Council announced on May 13 that starting from May 14, 2025, the tariff rate on imported goods originating from the United States will be adjusted from 34% to 10%, and the implementation of the 24% additional tariff will be suspended. In addition, the U.S. Customs and Border Protection also issued a notice regarding the reciprocal tariff adjustments. In the U.S. stock market, major indices showed mixed results, with large technology stocks generally rising

- The State Council Tariff Commission announced a reduction in tariffs on U.S. imports from 34% to 10%, effective May 14, 2025, and suspended a 24% tariff for 90 days.  
- In U.S. stock markets, the Dow Jones fell by 0.64%, while the S&P 500 and Nasdaq rose by 0.72% and 1.61%, respectively, with major tech stocks showing gains.  
- The National Market Supervision Administration held discussions with food delivery platforms to ensure compliance with relevant laws and promote fair competition in the industry.

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Zhitong Hong Kong Stock Early Knowledge | China and the United States Release Notification on Reciprocal Tariff Adjustments, MSCI Announces May Index Review Results