Market Insights - The 20-year U.S. Treasury auction results were disappointing, with a final yield of 5.047%, leading to a surge in bond yields and a significant drop in U.S. stock markets, marking the largest decline in a month [1] - Bitcoin surpassed the $110,000 mark for the first time, with a total market capitalization exceeding $2.1 trillion, as the cryptocurrency market continues to rise [4] Macro Developments - Shanghai has launched a special action plan to boost consumption, which includes six major initiatives such as promoting vehicle consumption and accelerating the renovation of old residential areas [2] - Eight government departments have jointly issued a document supporting small and micro enterprises in equity financing, allowing eligible companies to list on the New Third Board and subsequently on the Beijing Stock Exchange [3] Policy Focus - In May, 130 domestic online game licenses were approved, with a projected total of 1,306 licenses for the year, representing a growth of over 34% compared to the same period in 2023 [9] - The Shanghai Computing Power Trading Platform has been initiated, with institutions optimistic about the timing for computing power allocation driven by AI demand [10] Company Announcements - Shanghai Laishi's controlling shareholder plans to increase its stake in the company by 250 million to 500 million yuan [12] - Guokewai is planning a major asset restructuring, leading to a suspension of its stock [14]