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].

美国联邦航空管理局（FAA）：将核实SpaceX是否已采取所有纠正措施。 ...

Core Viewpoint - The A-share market experienced a decline, with major indices showing negative performance, while certain sectors like banking performed well amidst overall market weakness [3][4][6]. Market Performance - On May 22, the Shanghai Composite Index fell by 0.22% to 3380.19 points, the Shenzhen Component Index decreased by 0.72% to 10219.62 points, and the ChiNext Index dropped by 0.96% to 2045.57 points. The North Star 50 Index saw a significant decline of over 6% [3][4]. - Over 4400 stocks in the market experienced declines, with sectors such as beauty care, pet economy, chemical fiber, and aquaculture showing the largest drops [7]. Sector Analysis - Banking stocks, including Shanghai Pudong Development Bank, Jiangsu Bank, and Chengdu Bank, reached historical highs, indicating strength in this sector [6]. - Solid-state battery concept stocks faced significant declines, with companies like Ningxin New Materials, Lingge Technology, and Honggong Technology dropping over 10% [6]. Capital Flow - Main capital flows showed net inflows into aerospace, gaming, and insurance sectors, while there were net outflows from power, photovoltaic equipment, and food and beverage sectors. Notable net inflows included Kunlun Wanwei (1.274 billion), Qingdao Jinwang (455 million), and Hongbo Shares (393 million) [9]. - Conversely, Tianqimo, Hongbaoli, and Guoxuan High-Tech faced significant sell-offs, with outflows of 985 million, 616 million, and 599 million respectively [9]. Institutional Perspectives - Galaxy Securities noted that the fundamentals are being revised upwards for Q2, with global funds showing a preference for Hong Kong stocks over A-shares [11]. - CITIC Securities highlighted that the index has repeatedly tested the 3400-point mark without significant volume increase, suggesting potential for a breakthrough. They recommend investors focus on sector rotations and domestic technological innovations [11]. - Shanghai Securities emphasized that market liquidity remains ample, and even with adjustments, the downside is limited. They foresee continued foreign capital inflows and support for technology sectors as a long-term investment theme [11].

Group 1: Market Performance - The A-share market experienced fluctuations on May 22, with the military industry sector becoming active, leading to a significant rise in the Aerospace and Aviation ETF (159208), which saw an intraday increase of over 1.8% [1] - The National Defense and Military Industry, as well as the Aerospace and Aviation sectors, have shown resilience, with the National Aerospace and Aviation Index rising nearly 7% since the beginning of May [1] Group 2: Industry Insights - The Aerospace and Aviation ETF closely tracks the National Aerospace and Aviation Index, which encompasses sub-sectors such as aerospace equipment, military electronics, and satellite internet, indicating high technical barriers and strong R&D attributes [1] - The manager of Wanji National Aerospace and Aviation ETF, He Fangzhou, noted that the outstanding performance of Chinese equipment in recent overseas geopolitical conflicts has attracted attention, potentially expanding the global military trade market and opening up industry and profit space [1] - Pacific Securities anticipates that 2025 will mark a turning point for the National Defense and Military Industry, with a recovery from the past two years of stagnation, as orders normalize and are released, leading to a "Davis Double-Click" phase for the military sector [1] Group 3: Commercial Aerospace Developments - The successful docking of the Shenzhou-20 manned spacecraft with the Tianhe core module of the space station marks a historic moment in China's aerospace history, indicating a promising year for commercial aerospace enterprises [2] - Supportive policies have been introduced across various regions, and breakthroughs in reusable rocket technology are expected to lower satellite launch costs and improve launch efficiency [2] - Experts believe that China's commercial aerospace industry is on the brink of explosive growth [2]