The Shanghai Composite Index fell 0.4% to 3,917, while the Shenzhen Component Index dropped 0.3% to 13,756 on Thursday, retreating after two consecutive sessions of gains as investors weighed conflicting signals surrounding efforts to ease tensions in the Middle East. The US reportedly delivered a 15-point proposal to Iran aimed at ending the ongoing conflict, with the plan conveyed via Pakistan. However, uncertainty persisted after Iranian state media reported a negative response, citing a senior political-security official who outlined a counterproposal. Meanwhile, the White House said US President Donald Trump is set to visit Beijing on May 14–15 for a high-level summit with Chinese President Xi Jinping. Losses were led by BYD Company (-1.1%), Ping An Insurance (-1.5%), NAURA Technology Group (-1.1%), and Zijin Mining Group (-1.3%). In contrast, Contemporary Amperex Technology (2.6%), Sungrow Power Supply (1.1%), and PetroChina (0.3%) were among the notable gainers.