牛市早报｜持续推进城市更新行动意见印发，证监会强化上市公司募资监管

Market Data - The Shanghai Composite Index fell by 0.68% to 3380.82 points, while the ChiNext Index dropped by 1.92% to 2043.25 points as of May 15 [1] - The Dow Jones Industrial Average rose by 0.65% to 42322.75 points, and the S&P 500 increased by 0.41% to 5916.93 points, while the Nasdaq Composite decreased by 0.18% to 19112.32 points [1] - International oil prices declined, with WTI crude oil futures falling by $1.53 to $61.62 per barrel (a decrease of 2.42%) and Brent crude oil futures dropping by $1.56 to $64.53 per barrel (a decrease of 2.36%) [1] Economic Policies - The State Council held a meeting focusing on strengthening the domestic economic cycle, emphasizing support for foreign trade enterprises and stabilizing employment, particularly for college graduates and migrant workers [2] - The government aims to boost consumption and effective investment, accelerate project construction, and promote private investment through technological innovation and resource utilization [2] Urban Development - The Central Committee and State Council issued guidelines for sustainable urban renewal, emphasizing the need for optimizing urban structures and enhancing living quality [3] - Eight main tasks were outlined, including the renovation of old buildings, improvement of urban infrastructure, and preservation of historical culture [3] Financial Support for Technology - A meeting was held to enhance financial support for major technological tasks and small and medium-sized tech enterprises, addressing weaknesses in financial services [3] Corporate Financial Performance - Alibaba Group reported Q4 revenue of 2364.54 billion yuan (approximately $325.84 billion), a year-on-year increase of 7%, with a non-GAAP net profit of 298.47 billion yuan (approximately $41.13 billion), up 22% [7] - Adjusted EBITA grew by 36% to 326.16 billion yuan, driven by revenue growth and improved operational efficiency, despite increased investments in e-commerce and technology [7]