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On May 21, Goldman Sachs issued a research report stating that Alibaba (09988.HK)s (the first day of the Alibaba Cloud Summit in Hangzhou, coupled with the Chairman and CEOs letter to shareholders released on the same day, indicates that the group is entering a new phase of significant investment in the era of AI agents. Management emphasized that the industry is at a critical turning point in the development of Artificial General Intelligence (AGI), with a large number of AI agents driven by model-generated tokens taking on a larger share of work and becoming the main interface between humans and the digital world. The bank believes that a portfolio of AI agent products can support Alibabas recently announced annual recurring revenue (ARR) targets for MaaS, reaching RMB 10 billion in the June quarter and RMB 30 billion by the end of fiscal year 2027. Goldman Sachs believes that Alibabas current valuation does not fully reflect its comprehensive AI layout and international cloud potential, and expects the group to increase its investment in AI enterprises and the consumer sector in the next 12 to 24 months, while achieving double-digit profit growth. The bank maintains its buy rating on Alibaba and places it on its Asia Pacific conviction buy list, with a 12-month target price of HKD 180.Germanys May composite PMI preliminary reading was 48.6, below the expected 48.4 and the previous reading of 48.4.Germanys preliminary manufacturing PMI for May was 49.9, below the expected 51 and the previous reading of 51.4.Germanys preliminary services PMI for May was 47.8, in line with expectations of 47 and the previous reading of 46.9.On May 21, the General Administration of Customs held a briefing to interpret the recently issued "Several Measures on Promoting the Expansion and Quality Improvement of Comprehensive Bonded Zones" and invited relevant enterprises to exchange and explain their policies. The meeting noted that by 2025, comprehensive bonded zones will achieve an import and export value of 7.2 trillion yuan, a year-on-year increase of 8.2%, accounting for 15.9% of the national total. From January to April this year, the import and export value reached 2.7 trillion yuan, a year-on-year increase of 25.2%, accounting for 16.8% of the national total. With only 0.05% of the countrys land area, these zones contribute one-sixth of the nations foreign trade import and export value, becoming an important platform for serving my countrys foreign trade development.

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