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]

摘要 1、今天，A股再迎调整，亚太市场集体下跌，发生了什么？端午节后A股会怎么走？ 2、 2025 陆家嘴 论坛将于2025年6月18日至19日召开， 央行、金监总局、证监会、外管局等部门表示若干重大政策发布在即。6月，还 有这些大事要来。 3、 上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1358 篇白话财经- - 今天，A股再迎调整，亚太股市集体下跌，好消息是，有三天不用亏钱了！ （图片来源：东方财富APP，统计截至2025/5/30，不作投资推荐） 两市成交额1.14万亿元，盘面上，银行、航天航空、中药等板块逆势上涨，汽车、半导体等板块回调。 分析人士认为， 当前短期扰动因素增加主要是美国不确定性重新增加，美欧关税风波再起、美国经济仍存不确定性等，都将压制风险偏好。预计6月 A股市场将大概率震荡上行，未来市场主线有望逐步聚焦于核心资产。 A股回调，重大金融政策即将发布 今天，亚太市场集体下跌，港股恒生指数跌超1%，恒生科技指数跌超2%。 （图片来源：东方财富APP，统计截至2025/5/30，不作投资推荐） ...

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]

Core Viewpoint - The FAA has officially approved SpaceX's ninth test flight of the Starship, marking a significant step forward after the March incident, with the earliest launch expected next week [1][2]. Group 1: FAA Approval and Safety Review - The FAA announced on May 22 that it has approved the resumption of flight operations for the Starship, stating that SpaceX has adequately addressed the causes of the previous accident [1]. - The FAA conducted a comprehensive safety review of the eighth test flight incident, which involved a "high-energy event" leading to multiple Raptor engine failures and loss of vehicle control [1][2]. - The FAA's decision to allow the ninth flight comes despite the ongoing investigation into the previous incident, based on a safety risk assessment [1]. Group 2: Changes in Safety Protocols - The safety flight area for the ninth test flight has been significantly expanded, extending approximately 1,600 nautical miles (2,960 kilometers) east from the Texas Starship base, covering the Florida Straits, Bahamas, and Turks and Caicos Islands [2]. - This new safety area is nearly double the size of the previous flight's safety zone, which was only 885 nautical miles (1,640 kilometers) [2]. - The expansion of the safety area is influenced by SpaceX's plan to reuse previously launched Super Heavy boosters for the ninth test flight, prompting updated flight safety analyses [2]. Group 3: Launch Timeline - As of now, SpaceX has not disclosed the exact launch date for flight 9, but temporary flight restrictions indicate preparations for a potential launch as early as May 27 [2].