Market Overview - As of May 28, 2025, the Shanghai Composite Index closed down 0.02% at 3339.93 points, the Shenzhen Component Index down 0.26% at 10003.27 points, and the ChiNext Index down 0.31% at 1985.38 points, indicating a broad market decline [1] - The total trading volume of both markets reached 1.01 trillion yuan [1] Sector Performance - The top three sectors by increase were jewelry, non-white liquor, and beverage dairy, with respective gains of 5.09%, 2.43%, and 2.23% [1] - The sectors with the largest declines were professional chains, passenger vehicles, and internet e-commerce, with respective losses of 2.00%, 1.98%, and 1.74% [1] ETF Performance - A total of 293 non-currency ETFs rose, representing an increase rate of 26% [1] - The China Securities Index Communication Equipment Index rose by 1.28%, while the Communication ETF increased by 1.42% [1] - The China Securities Modern Logistics Index rose by 1.01%, with the Logistics Express ETF and Logistics ETF increasing by 1.23% and 1.16%, respectively [1] - The China Securities 800 Free Cash Flow Index rose by 1.00%, with the 800 Cash Flow ETF increasing by 1.37% [1] Notable ETFs - The Communication ETF (515880.SH) has a latest share size of 2.055 billion shares and closely tracks the China Securities Index Communication Equipment Index, which includes major companies like ZTE Corporation and Huazhong University of Science and Technology [3] - The S&P 500 ETF (159612.SZ) has a latest share size of 347 million shares and tracks the S&P 500 Index, which includes 500 leading companies representing about 80% of the available market capitalization [4] - The 800 Cash Flow ETF (563990.SH) has a latest share size of 124 million shares and tracks the China Securities 800 Free Cash Flow Index, which selects 50 companies with high free cash flow rates [4] Valuation Metrics - The current P/E ratio (TTM) for the China Securities Index Communication Equipment Index is 28.26, which is below 68.77% of the time over the past three years [4] - The S&P 500 Index has a current P/E ratio (TTM) of 26.50, below 76.20% of the time over the past three years [4] - The P/E ratio (TTM) for the China Securities 800 Free Cash Flow Index is 10.95, below 57.02% of the time over the past three years [5] Declining ETFs - A total of 760 non-currency ETFs declined, representing a decrease rate of 67% [5] - The top declining sectors included the China Securities Semiconductor Materials and Equipment Index and the China Securities All-Index Automotive Index, with respective declines of 1.57% and 1.46% [5] Premium Rates - The S&P 500 Consumer Select Index had a premium rate of 26.13%, while the S&P 500 ETF had a premium rate of 20.06% [8][10]

Core Viewpoint - The private economy plays a crucial role in driving development in Ningxia, contributing nearly 50% of the regional GDP, over 50% of tax revenue, more than 60% of R&D investment, nearly 70% of social employment, and over 90% of business entities [1] Group 1: Economic Contribution - The private economy contributes nearly 50% of Ningxia's regional GDP and over 50% of its tax revenue [1] - Private enterprises account for more than 60% of R&D investment and nearly 70% of social employment in the region [1] - Ningxia's private sector has invested over 50 billion yuan in various projects, generating over 40 billion yuan in revenue and contributing over 3 billion yuan in taxes [2] Group 2: Policy Support and Development - Ningxia has been continuously improving its policy framework and development environment to support the private economy [1][3] - A recent training program was held to enhance the capabilities of officials in implementing policies that support private enterprises [1] - The region has established a "policy library" with 13 categories and 3,455 policy documents aimed at benefiting enterprises [7] Group 3: Business Environment - The business environment in Ningxia is characterized by significant reductions in administrative burdens, including a decrease in required documentation and processing times [3][8] - The city of Yinchuan has implemented measures to streamline processes, reducing the time for project approvals from 234 days to 57 days [8] - The region has seen a 9.6% year-on-year increase in industrial added value, with private enterprises growing by 15% [8] Group 4: Financial Support - Over the past three years, Ningxia has implemented tax reductions and refunds exceeding 52 billion yuan, benefiting 45.8 million private enterprises [9] - The government has introduced financial measures to alleviate the financing difficulties faced by private enterprises, including a 60 billion yuan investment from government funds [9] - In 2024, Ningxia plans to allocate 8.7 billion yuan for interest subsidies and guarantees, aiming to mobilize 784 billion yuan in credit funds [9]