Report Summary 1. Report Industry Investment Rating - The report gives a "long" rating for the global economy in the macro and finance sector [1] 2. Core View - The global economy maintains an upward trend, with factors such as the rise of US manufacturing PMI, the progress of US - EU tariff negotiations, the increase in container prices, China's economic data, and the recovery of European manufacturing all contributing to this positive outlook [1] 3. Summary by Related Contents Important Information - Asian life insurance's huge losses expose the systemic risk of dollar - asset maturity mismatch, and a capital shift from focusing on US assets to seeking alternatives has begun, with a "big retreat" of up to $7.5 trillion starting [1] - US National Economic Council Director Hasset said more trade agreements may be seen in the future, and tariffs on some countries may drop to 10% or lower [1] - The Reserve Bank of New Zealand cut the benchmark interest rate by 25 basis points to 3.25%, the sixth consecutive cut since last year, and warned about the threat of US trade policy to the global economy [1] - The yield of 30 - year Japanese government bonds rose 10 basis points to 2.93%, and the yield of 10 - year Japanese government bonds rose 6.5 basis points to 1.525% after weak demand in the 40 - year bond auction [1] - South Korean retailers' sales in April increased by 7% year - on - year due to strong demand for online food and grocery delivery services [1] - Goldman Sachs said tariffs will push the US core PCE inflation rate to rebound to 3.6% later this year, but it's a "one - time" price increase [1] - SpaceX's "Starship" ninth test flight ended in failure as the spacecraft disintegrated in the air due to cabin leakage [1] - Peru's Ministry of Economy and Finance plans to hold high - level meetings with China and Brazil to promote the "Two - Ocean Railway" project [1] Global Economic Logic - The preliminary value of the US Markit manufacturing PMI in May was 52.3, reaching a three - month high [1] - The acceleration of US - EU tariff negotiations boosts market risk appetite [1] - The price of 40 - foot containers (FEU) on the Shanghai - US West Line on June 15 reached $9100, more than three times the average price in early May [1] - China cut the 1 - year deposit interest rate by 15 basis points to 0.95% [1] - China's total retail sales of consumer goods in April increased by 5.1% year - on - year [1] - Germany's rearmament and the European Central Bank's interest rate cut promote the recovery of European manufacturing [1]

本文字数：817，阅读时长大约1.5分钟 作者 | 第一财经 乔心怡 北京时间5月28日早间，在第七次和第八次发射失败之后，美国太空探索技术公司（SpaceX）在美 国得克萨斯州进行了第九次试飞。在飞行过程中，星舰再次遭遇了意外的快速解体。SpaceX官方确 认了飞船因失控启动自毁程序，最终在印度洋上空解体。 这次飞行是14号超重型火箭助推器的第一次重复飞行。飞船的意外解体也意味着本次飞行没有完成 全部的既定的目标，包括验证星舰飞船热防护系统的可靠性、测试印度洋受控溅落技术、部署8颗模 拟星链卫星等。 SpaceX的创始人马斯克在X上表示，星舰按照计划关闭了发动机，"相比上次飞行有了很大的改 善"。与此同时，在上升过程中，隔热瓦片也没有明显损坏。对于本次失败，他表示，泄漏导致了滑 行和再入阶段主油箱压力下降，"大量有用数据值得回顾"。通讯经理丹·胡特也在直播中说："（我 们）还有很多工作要做，但这是一个非常重要的时刻。" 马斯克称将加快未来三次飞行的发射节奏。图片来源：X截图 马斯克同时称，SpaceX接下来三次飞行的节奏将会更快，大约每3-4周发射一次。 2025.05. 28 SpaceX的前两次发射分别 ...

Core Insights - The article highlights the advancements in technology and innovation in Macau, particularly through the launch of the "Macau Science No. 1" satellite, which is the highest precision satellite for geomagnetic field detection in China [1][2]. Group 1: Satellite and Space Research - "Macau Science No. 1" satellite, developed collaboratively by mainland China and Macau, has completed over 10,000 orbits since its launch in May 2023, yielding significant scientific results [2]. - The satellite project is a successful example of cooperation under the "One Country, Two Systems" framework, aiming to enhance scientific research and applications related to the Earth's magnetic field [2][3]. - The project team is preparing for the launch of "Macau Science No. 2" in the first half of 2028, which will work alongside "Macau Science No. 1" to form a high-precision geomagnetic constellation [3]. Group 2: Traditional Chinese Medicine (TCM) Industry - The TCM industry in Macau is experiencing new development opportunities, focusing on talent cultivation, research development, and international platform establishment [4]. - Macau aims to leverage emerging technologies like AI and big data to create internationally recognized TCM standards, facilitating the development of new formulations and shortening research cycles [6]. - The Guangdong-Macau Cooperation TCM Science and Technology Industrial Park has successfully helped several companies obtain registration for TCM products in Mozambique and Brazil, indicating a growing international market for Macau's TCM [7]. Group 3: Entrepreneurship and Innovation - The Hengqin Guangdong-Macau Deep Cooperation Zone is fostering innovation and entrepreneurship, with significant support for startups, as evidenced by the 100 million yuan prize awarded in a technology competition [8]. - Young entrepreneurs from Macau are increasingly returning to start businesses, driven by the vibrant innovation atmosphere in the Greater Bay Area [9]. - The article emphasizes the importance of Macau's youth engaging with national development and seizing opportunities in the evolving economic landscape [9].

Group 1 - The core focus of the research is on the current industrial development status and challenges faced by enterprises in Jiaozhou, aiming to support high-quality industrial development in the region [1][3]. - The research targets three main directions: modern light industry, low-altitude economy, and future industries, involving visits to nine companies to gather insights on their operational conditions and market prospects [3]. - The initiative is part of the implementation of the "Qingdao Industrial Research Collaborative Mechanism Initiative," promoting cooperation among various industrial research institutions in Qingdao [5]. Group 2 - The research group conducted in-depth discussions and observations at companies such as Qingdao Fengguang Precision Machinery Co., Ltd. and Yihai Kerry (Qingdao) Food Industry Co., Ltd., focusing on production, market development, and industry chain issues [3]. - The roundtable meeting members expressed intentions to establish a long-term communication mechanism to enhance information sharing and collaborative efforts for the development of an innovative industrial system in Qingdao [5]. - Future plans include continuous tracking of industrial development across various districts in Qingdao to inject new momentum into the construction of an innovative industrial system [5].

Core Viewpoint - The successful launch of the "Three-Body Computing Constellation" marks a significant advancement in space-based intelligent exploration and establishes a critical technological foundation for the world's first space computing system [1][3] Group 1: Launch and Technology - The "Three-Body Computing Constellation" was successfully launched on May 14, using the Long March 2D rocket from Jiuquan, carrying a domestically developed laser communication terminal [1] - The launch set two national records in the laser communication field: the highest number of laser communication models launched in a single mission and the most terminals and communication links established [1] Group 2: Technical Achievements - The constellation employs a distributed onboard computing model, achieving breakthroughs in three core technologies: real-time data transmission between satellites, dynamic computing power scheduling, and collaborative space networking [3] - The in-orbit computing capability of the first constellation reaches 5 Peta Operations Per Second (POPS), with inter-satellite laser communication speeds up to 100 Gbps, forming the strongest space computing capability globally [3] Group 3: Innovation and Cost Efficiency - Key components of the laser communication terminal, such as the EDFA optical amplifier and precision mirror system, are 100% independently developed, reducing inter-satellite link establishment time to 15 seconds and system power consumption by approximately 30% [3] - The modular design and industrial manufacturing process innovation have shortened the development cycle of the terminal from 24 months to 4 months, significantly lowering the cost per unit [3] Group 4: Industry Impact - This launch represents a pivotal moment in the transition of aerospace technology to industrialization, establishing a space-based distributed computing architecture that extends ground cloud computing capabilities to near-Earth orbit [3] - The large-scale application of commercial-grade laser communication systems addresses the traditional aerospace technology challenge of being usable but unaffordable, creating a real-time communication network covering air, space, land, and sea for future deep space exploration and ocean monitoring projects [3]

Group 1 - Japan's Prime Minister Shigeru Ishiba stated that Japan will not accept any temporary trade agreement with the U.S. that does not include auto tariff provisions, emphasizing that auto tariffs must be a core issue in negotiations [1] - Japan's Economic Revitalization Minister Akira Amari reiterated that Japan will continue to demand the removal of all tariff measures from the U.S. [1] - Japan has proposed a comprehensive plan to the U.S. regarding the automotive industry, which includes expanding investment in the U.S. automotive sector and strengthening cooperation in shipbuilding [1] Group 2 - Japan's firm stance against U.S. tariff policies has been consistent, with Ishiba stating that Japan will not sacrifice its agricultural market to protect the automotive sector [1] - Recent economic data shows a concerning trend, with a reported 8.7% year-on-year increase in corporate bankruptcies in Japan, totaling 826 companies, marking the longest recession period in over three years [1] - The Bank of Japan has halved its annual GDP growth forecast to 0.5%, with the 25% punitive tariffs imposed by the U.S. on Japanese automobiles being a significant burden on the Japanese economy [1]

Core Viewpoint - The launch of China's first integrated orbital computing satellite constellation, "Three-Body Computing Constellation," marks a significant advancement in space computing capabilities, aiming to enhance data processing efficiency in various applications [1][2]. Group 1: Naming and Concept - The term "Three-Body" is derived from Newton's "Three-Body Problem," representing the complex interactions among multiple objects, akin to celestial bodies [2]. - The "Three-Body Computing Constellation" is classified as a fourth type of artificial satellite, focusing on computational tasks rather than traditional communication, navigation, or remote sensing [2][3]. Group 2: Purpose of Space Computing - Traditional satellite data processing involves sending data back to Earth, which is limited by ground station resources and bandwidth, resulting in low data transmission efficiency [4]. - The "Three-Body Computing Constellation" aims to perform data processing in orbit, allowing for immediate transmission of processed results to Earth, thereby expanding the boundaries of space applications [4][5]. Group 3: Technical Specifications and Capabilities - The initial launch includes 12 computing satellites, which are the first step in building a constellation with a total computing power of 1000 Peta Operations Per Second (POPS) [5]. - The onboard intelligent computing system enhances satellite computing power from Tera to Peta scale, achieving a 10 to 100 times improvement [5]. - The constellation will utilize an 8 billion parameter space-based model, enabling autonomous multi-source remote sensing data processing in orbit [5]. Group 4: Future Applications - The "Three-Body Computing Constellation" is expected to significantly reduce data processing times in applications such as forest fire monitoring, from hours to minutes or even seconds [7]. - Future applications will include urban governance and emergency response, providing effective data support and intelligent services for smart city development [7]. - The laboratory plans to complete the deployment of over 50 computing satellites this year and aims to establish around 100 satellites by 2027 [7].

精彩导读 5月16日，湖南省自然资源全要素市场入湾区推介会在深圳成功举办。本次活动作为2025年湖南—粤港澳大湾区经贸合作交流会的关键部分，由省自然资 源厅、省人民政府驻广东办事处、省商务厅联合主办，旨在依托全国首个省级自然资源全要素市场平台，促进"湖南资源"与"湾区资本""湾区智慧""湾区 技术"深度融合。活动吸引了粤港澳大湾区近600家企业及机构踊跃参与，为湘粤两地经济合作搭建起重要桥梁。 省委常委、常务副省长张迎春出席并讲话，省人民政府副秘书长毛朝晖主持会议，省自然资源厅党组书记、厅长、省自然资源总督察李全胜，省人民政府 驻广东办事处党组书记、主任敖琢分别致辞，自然资源部开发利用司副司长周霆等领导嘉宾出席。 张迎春指出，湖南省自然资源全要素市场深入贯彻党中央、国务院关于全国统一大市场建设和要素市场化配置改革决策部署，坚持全品类集成，实现了资 源科学配置；坚持数字化赋能，促进了信息全面贯通；坚持全流程服务，助力了项目高效落地。下一步，湖南将充分发挥湖南省自然资源全要素市场的作 用，让广大企业家进一步了解湖南、走进湖南、投资湖南，携手共创美好未来。湖南也将凭借优质项目储备，夯实合作根基；打造一流营商环境，厚 ...

Core Viewpoint - The successful launch of China's first space computing satellite constellation marks a significant advancement in space-based computing capabilities, aiming to address the challenges posed by the rapid increase in the number of satellites in orbit [1][6][10]. Group 1: Overview of the Space Computing Satellite Constellation - The launch on May 14 involved 12 satellites and is part of the "Star Computing" plan led by Guoxing Aerospace, which aims to establish a network of 2,800 satellites for space-based computing [6][11]. - The "Three-body Computing Constellation" is designed to provide a computing infrastructure in space, with a total computing power of 1000 POPS (peta-operations per second) once fully operational [1][10]. Group 2: Technical Innovations and Capabilities - The satellites are equipped with advanced onboard intelligent computing systems, enhancing their computing power from Tera to Peta level, achieving a 10 to 100 times increase in performance [13]. - Each satellite can achieve a maximum single satellite computing power of 744 TOPS, with inter-satellite laser communication speeds reaching up to 100 Gbps, resulting in a combined computing capability of 5 POPS and a storage capacity of 30 TB [13][16]. Group 3: Applications and Future Prospects - The space computing constellation is expected to revolutionize scientific research and applications, providing critical computing support for near-Earth spacecraft, lunar, and Mars exploration [17]. - It will enable real-time data processing in space, significantly improving the efficiency of satellite data handling from days or hours to minutes or seconds, thus facilitating the application of artificial intelligence in space [10][18]. - The constellation will support various applications, including real-time monitoring of wildfires, low-altitude aircraft tracking, and dynamic optimization of deep space exploration tasks [17][18].

澳大利亚原计划于当地时间15日在昆士兰州北部的鲍文轨道太空港发射首枚自主研制运载火箭，但就在 发射窗口打开前半小时，火箭鼻锥掉到地上，导致发射再次被取消。该火箭研发制造公司吉摩尔太空科 技表示，早期检查显示火箭或发射台没有损坏。新的鼻锥将从位于黄金海岸的工厂送到发射场。后续调 查将需要两周时间。就在前一天，由于地面支持系统出现问题，原定于5月15日的发射被取消。(央视新 闻) ...