Xin Lang Cai Jing·2025-05-15 00:40Market Performance - On May 14, 2025, A-shares saw a rise in major indices, with the Shanghai Composite Index increasing by 0.86% to 3,403.95 points, and the total trading volume in Shanghai and Shenzhen reaching 13,168 billion yuan, up 253 billion yuan from the previous trading day [1] - Hong Kong's three major indices all rose over 2%, with the Hang Seng Index up 2.3% to 23,640.65 points and a total trading volume of 2,228.41 billion HKD [1] - In the U.S., the S&P 500 index closed slightly up by 0.1% at 5,892.58 points, while the Nasdaq Composite Index rose by 0.72% to 19,146.81 points, marking its sixth consecutive day of gains [1] Monetary Supply - As of the end of April, China's broad money supply (M2) reached 325.17 trillion yuan, growing by 8% year-on-year, which is higher than market expectations [3] - The narrow money supply (M1) stood at 109.14 trillion yuan, with a year-on-year increase of 1.5%, while the currency in circulation (M0) was 13.14 trillion yuan, up 12% year-on-year [3] - In the first four months of the year, a net cash injection of 319.3 billion yuan was recorded [3] Policy Initiatives - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, announced the establishment of a "Technology Board" in the bond market to support high-quality development of technology innovation bonds [3] - The policy aims to enhance financial support for major national technology tasks and small and medium-sized technology enterprises, focusing on venture capital, monetary credit, capital markets, and technology insurance [3] - A total of 15 policy measures were outlined to strengthen the technology finance ecosystem and improve the financing support mechanism for technology innovation [3] Company Performance - Tencent Holdings reported a first-quarter revenue of 1,800.2 billion yuan, a year-on-year increase of 13%, surpassing the expected 1,756 billion yuan [4] - The company's net profit attributable to equity holders was 478.2 billion yuan, up 14% year-on-year, although it fell short of the forecast of 516.9 billion yuan [4] - Non-International Financial Reporting Standards operating profit reached 693.2 billion yuan, reflecting an 18% year-on-year growth [4]