Core Points - The collaboration between Tesla CEO Elon Musk and Republican candidate Donald Trump during the 2024 U.S. presidential election marked a significant political-business alliance, with Musk donating nearly $300 million to Trump's campaign and actively supporting him in key swing states [1] - Tensions escalated between Musk and Trump following the passage of a controversial tax reform bill, leading to public attacks and significant stock market impacts for Tesla and SpaceX [2][3] - The fallout from their partnership highlights structural contradictions in their interests, power dynamics, and ideological conflicts, particularly regarding fiscal policies and government spending [5][6][7] Group 1: Financial Impact - Tesla's stock plummeted by 14.26% on June 5, 2025, resulting in a market value loss exceeding $150 billion, marking the largest single-day drop in its history [3] - SpaceX's stock also fell by 9.3%, with its $4 billion collaboration with NASA facing potential suspension due to the escalating tensions [3] Group 2: Political Dynamics - The Republican Party experienced internal divisions, with some members advocating for Musk's fiscal conservatism, while Democrats criticized Trump's unsustainable policies [4] - Musk's initiative to form a centrist political party garnered over 3 million support votes, indicating his significant political influence despite the breakdown of his collaboration with Trump [4] Group 3: Industry Changes - If Trump follows through on threats to terminate contracts, NASA may lose its only reliable manned spaceflight capability, potentially relying on Russian spacecraft for International Space Station operations [9] - The cancellation of electric vehicle consumer tax credits is projected to reduce Tesla's 2025 sales by 120,000 units, allowing competitors like BYD and Ford to capture market share [10] - Musk's political endeavors may have failed, but his centrist movement could lead to the emergence of new political forces, while Trump must repair relations with tech capital to maintain voter support [11]

东兴证券指出，在指数维持区间震荡的前提下，建议维持中等仓位，可参与市场结构性投资的机会。在 7月之前市场有望维持大的区间震荡走势，由于市场成交量维持在较低水平，市场成交难以支撑大市值 板块持续上涨，因此，市场热点轮动态势将会十分明显，即使人工智能、机器人等产业向好的主线，目 前量能情况下也难有整体性上涨基础，因此，积极参与主线轮动将是较为合理的策略。在二季度存在业 绩压力的预期下，对于低估值板块可逢低布局，随着利率持续下行，机构资金尤其是中长线资金配置的 方向仍在低估值高分红板块。一旦进入6月之后，市场开始重新回归业绩预期，低估值板块有望迎来恢 复性反弹。 中原证券认为，周三A股市场高开高走、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在3378点 附近遭遇阻力，午后股指维持震荡，盘中消费电子、互联网服务、证券以及有色金属等行业表现较好； 航空机场、物流、航天航空以及化学制药等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特 征。当前上证综指与创业板指数的平均市盈率分别为13.78倍、36.16倍，处于近三年中位数平均水平， 适合中长期布局。两市周三成交金额11776亿元，处于近三年日均成交量中位数区域上 ...

Market Overview - On June 4, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3378 points[2] - The Shanghai Composite Index closed at 3376.20 points, up 0.42%, while the Shenzhen Component Index rose 0.87% to 10,144.58 points[3] - Total trading volume for both markets reached 11,776 billion yuan, above the median of the past three years[3] Sector Performance - Consumer electronics, internet services, securities, and non-ferrous metals sectors performed well, while aviation, logistics, aerospace, and chemical pharmaceuticals lagged[3] - Over 70% of stocks in the two markets rose, with jewelry, beauty care, packaging materials, and light industry leading the gains[8] Economic Indicators - The average P/E ratios for the Shanghai Composite and ChiNext indices are 13.78 times and 36.16 times, respectively, indicating a suitable environment for medium to long-term investments[3] - Industrial profits for large-scale enterprises grew by 3.0% year-on-year in April, with significant improvements in steel, agricultural products, transportation equipment, and TMT manufacturing sectors[3] Policy and Market Outlook - Recent monetary policies, including reserve requirement ratio cuts and interest rate reductions, aim to support technology innovation, inclusive finance, and consumption, boosting market liquidity confidence[3] - The market is expected to maintain a steady upward trend in the short term, with a focus on consumer electronics, internet services, electronic components, and non-ferrous metals for investment opportunities[3]

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

每经记者｜可杨 每经编辑｜张海妮 中国石油发布3000亿参数昆仑大模型，标志着中国石油在人工智能领域又迈出关键一步，全力推动"人 工智能+"行动走深走实。中国石油围绕26条业务线、119个业务域，优化形成"十域百景千应用"的全景 视图。本次共发布100个应用场景，其中迭代升级43个、新增57个，已全部投产。 点评：在数字化浪潮席卷全球的今天，中国石油的这一创新举措无疑为传统能源企业的转型提供了宝贵 经验。昆仑大模型的成功发布，是中国石油在智能化道路上迈出的重要一步，期待中国石油在人工智能 领域继续深耕，为能源行业的高质量发展贡献更多力量。 丨 2025年5月29日 星期四 丨 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.1 马斯克回应"星舰"第九次试飞未成功：比上次有很大进步 "618"大促叠加国补，彻底点燃了消费电子厂商的"上新"热情。近日，软通动力旗下PC（个人电脑）品 牌"机械革命"在成都举办新品发布会，宣布进军中高端商务轻薄本。值得注意的是，近两年虽然用户换 机意愿不强烈，但PC市场高端化趋势逐渐明显。根据洛图科技最新发布的报告，2025年第一季度，国 ...

智通财经5月28日电，美国太空探索技术公司（SpaceX）进行"星舰"第九次试飞任务。美国中部时间6时 45分左右，"星舰"的上升推进阶段已完成，目前正在太空中滑行。 美"星舰"进行第九次试飞 ...

Core Viewpoint - SpaceX's Super Heavy booster exploded during landing, while the Starship is currently gliding in space [1] Group 1 - The Super Heavy booster experienced an explosion during its landing phase [1] - The Starship's ascent burn has been completed successfully [1] - The Starship is now in a gliding phase in space [1]

星舰与超重型助推器（Super Heavy）分离，此次助推器不再尝试返回发射场捕获，而是瞄准得克萨斯 州南部墨西哥湾海域进行软着陆后直接废弃。 ...

Core Viewpoints - The recent LPR reduction and deposit rate cuts are part of a broader monetary easing policy, with limited impact on bank interest margins expected in the short term [3][21][22] - The small-cap stocks are likely to continue outperforming due to a lack of systemic risk in the capital market and improving risk appetite [6][25] - The aerospace sector is expected to benefit from increased military spending and China's growing share in the global arms trade [13] Interest Rate and Monetary Policy - The LPR was lowered for the first time this year, with the 1-year rate dropping to 3% and the 5-year rate to 3.5%, both down by 10 basis points [3] - Major banks have also reduced deposit rates, with cuts ranging from 5 to 25 basis points, indicating a shift in the monetary policy landscape [3][21] - The impact of these rate cuts on bank net interest margins is expected to be limited, as the trend of deposit rates falling faster than loan rates continues [3][21] Equity Market Insights - Citic Securities highlights that uncertainty surrounding Trump’s policies remains a key factor in asset allocation, with a focus on potential shifts towards domestic policies [5] - The Hong Kong stock market is currently lacking catalysts for upward movement, with external uncertainties and insufficient internal momentum [7] - The small-cap stock trend is expected to persist, supported by a favorable liquidity environment and ongoing economic transformation [6] Industry Research - The aerospace and defense sector is poised for growth due to rising global military expenditures and China's technological advancements in military equipment [13] - The U.S. nuclear energy sector has seen a surge following policy changes, which may influence the domestic nuclear power industry positively [14] - A balanced investment approach is recommended, with optimism for AI and high-end manufacturing sectors amid ongoing uncertainties in U.S.-China trade relations [15] Macro and Fixed Income - The recent deposit rate cuts are not expected to significantly disrupt the funding landscape before 2024, with limited effects on market liquidity anticipated [21] - Short-term interest rate bonds are seen as having strong investment value due to the downward pressure on rates from deposit rate cuts [22] - Gold is viewed as a strategic asset in light of ongoing uncertainties in U.S. policies and potential dollar weakness, suggesting a diversified approach to asset allocation [23]

Group 1 - Musk is refocusing on the operations of X, xAI, and Tesla, indicating a return to a rigorous work schedule due to critical technology releases [1] - Tesla's upcoming projects include the launch of a robotaxi platform in Austin, the introduction of Cybercab, and several affordable new models in the first half of the year, which are crucial for the company's future [2] - SpaceX is preparing for its ninth Starship test flight, with Musk emphasizing the urgency of achieving his Mars ambitions, aiming to send a fleet to Mars during a favorable window in 2026 [3] Group 2 - Musk's political engagement has decreased, with fewer visits to Washington and a significant drop in his social media activity, focusing more on his companies rather than political news [4] - Despite significant layoffs and budget cuts, Musk expressed dissatisfaction with his achievements in reducing federal spending, which has impacted Tesla's sales and led to internal conflicts [4] - Musk remains a close advisor to Trump, indicating ongoing political connections despite his reduced public presence [5]