Market Overview - The market experienced a rebound in early trading on May 20, with the ChiNext Index leading the gains. The North Star 50 Index rose by 1.37%, reaching a historical high. The total trading volume in the Shanghai and Shenzhen markets was 726.7 billion, an increase of 19.1 billion from the previous trading day [1] - Consumer and pharmaceutical sectors were the main focus, with a majority of stocks rising. The pet economy, beauty care, and IP economy sectors saw significant gains, with multiple stocks hitting the daily limit [1][3] - The Shanghai Composite Index increased by 0.38%, the Shenzhen Component Index rose by 0.79%, and the ChiNext Index gained 1.04% by the end of the trading session [1] Pet Economy - According to a report by Pet Read, the urban pet consumption market in China is expected to exceed 400 billion yuan by 2027, with a compound annual growth rate of 12.6% from 2015 to 2027 [3] - The pet economy sector saw a strong performance, with stocks like Reliable Co., Tianyuan Pet, and Daqian Ecology hitting the daily limit. The overall pet economy index rose by 8.75% [2][15] - The growth of the pet economy is driven by industry expansion and domestic substitution, with large domestic pet food companies expected to increase their market share [3] IP Economy - The IP economy sector also experienced significant growth, with stocks such as Bubble Mart and Zhengzhong Design achieving daily limits. Bubble Mart's market capitalization surpassed 280 billion Hong Kong dollars, setting a new historical high [7][18] - The overall performance of the IP economy stocks was bolstered by the popularity of cultural and creative products, with several companies in this sector seeing substantial gains [3][18] Innovative Pharmaceuticals - On May 20, Sanofi announced a licensing agreement with Pfizer for the exclusive development, production, and commercialization of a product, indicating a significant increase in the scale of domestic innovative drug transactions [11][19] - The innovative pharmaceutical sector was active, with stocks like Yipin Hong and Huahai Pharmaceutical hitting the daily limit. The overall market for innovative drugs is expected to continue its upward trend [11][20]