01 大盘 昨夜美股三大股指集体收跌。截至收盘，道指跌 0.25%，纳指跌 0.83%，标普跌 0.53%。恐慌指数VIX 涨 4.94%至18.48。美元指数昨日跌 0.09%，报98.74。美国十年国债收益率涨0.849%，收报4.393%，相 较两年期国债收益率差47.1个基点。现货黄金昨日跌 0.58%，报3352.65美元/盎司。布伦特原油收涨 0.62%至65.24。 02 行业&个股 行业板块方面，除通讯收涨0.14%外，标普其他9大板块悉数收跌：日常消费、原料、半导体、科技、 公用事业、医疗、能源、工业和房地产分别收跌0.96%、0.59%、0.42%、0.28%、0.16%、0.14%、 0.1%、0.07%和0.02%。 中概股多数收跌，KWEB涨0.85%，台积电涨 0.46%，阿里涨 0.43%，拼多多跌 0.32%，京东跌 0.72%， 理想跌 0.64%，小鹏跌 1.91%， 富途跌 4.07%，蔚来跌 3.47%。 大型科技股涨跌互现。微软涨 0.82%，英伟达跌 1.36%，苹果收跌 1.08%，美国上诉法院驳回苹果暂停 执行App Store整改命令的请求。亚马逊涨 0.33 ...

Core Viewpoint - The public feud between Tesla CEO Elon Musk and former President Donald Trump highlights the tensions surrounding the proposed spending bill, known as the "Big Beautiful Bill," which Musk criticizes for its potential negative impact on the electric vehicle industry and federal budget deficit [1][7][14]. Group 1: Musk's Criticism of Trump's Policies - Musk has openly criticized the spending bill, claiming it will exacerbate the federal budget deficit, potentially reaching $2.5 trillion [14]. - He argues that the bill retains cuts to electric vehicle and solar tax incentives, which he finds unfair [9]. - Musk has called for the public to contact Congress to oppose the bill, emphasizing the urgency of the situation [17]. Group 2: Trump's Response to Musk - Trump expressed disappointment in Musk, stating that Musk had previously shown no objections to the bill until it threatened the electric vehicle mandate [2][7]. - Trump suggested that Musk's criticism stems from the removal of the electric vehicle mandate, which he claims was financially beneficial for the electric vehicle sector [7]. - Trump hinted at the possibility of terminating government contracts with Musk's companies, citing potential savings of billions [2]. Group 3: Relationship Dynamics - The relationship between Musk and Trump has soured, with Musk previously supporting Trump during the election but now openly opposing his policies [7][8]. - Trump's administration had previously nominated Musk's ally, Isaacman, for a NASA position, but this nomination was withdrawn, further straining their relationship [8]. - Musk's social media posts indicate a significant shift in his stance towards Trump, suggesting a breakdown in their previously amicable relationship [9][10].

在5月底尼泊尔政府公布的2025—2026财年预算方案中，电动汽车、混动汽车现有税率保持不变。此举 打破了此前各方对尼政府可能上调新能源汽车进口关税的猜测，极大缓解了市场焦虑情绪，也体现了尼 政府对清洁能源、可持续交通的承诺。 近年来，得益于尼泊尔政府的大力推广，尼泊尔电动汽车市场快速增长。尼泊尔政府计划到2025年实现 电动汽车销量占私人乘用车25%的目标，并力争到2030年将这一比例提升至90%；强制要求超20年车龄 的燃油车必须报废，部分地方政府还要求新出租车必须为电动汽车，同时，银行可提供最高达到车价 90%的电动汽车购车贷款。 尼泊尔政府5月中旬批准了《国家自主贡献3.0》，在"气候承诺"专章中进一步明确提出，将在2035年把 新能源汽车占比提至95%。其中，私家摩托、四轮车辆中新能源占比达到95%，商业公交车辆中新能源 占比达到90%。而目前，尼泊尔新能源汽车整体占比仅为12.38%，缺口大，潜力也大。 尼泊尔政府大力推广电动汽车，除了看中电动汽车能够为本国创造经济、环保等多重价值，更看中电动 汽车与尼泊尔独特能源结构的适配性。尼泊尔位于喜马拉雅山脉南麓，水力资源富集，电价低廉，90% 的电力供应 ...

Group 1 - Tesla's stock price decreased by 5.18% to $314.85 per share, with a trading volume of $5.938 billion and a total market capitalization of $1,014.118 billion as of June 5 [1] - As of March 31, 2025, Tesla reported total revenue of $19.335 billion, a year-over-year decrease of 9.23%, and a net profit attributable to shareholders of $409 million, down 70.58% year-over-year [1] Group 2 - Tesla is scheduled to release its fiscal year 2025 mid-year report on July 22, with the actual disclosure date subject to company announcement [2] - Founded on July 1, 2003, Tesla is an American electric vehicle and energy company that designs, develops, manufactures, sells, and leases high-performance all-electric vehicles and energy generation and storage systems [2] - Tesla aims to launch electric vehicles to cater to a wide consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2]

Group 1 - The report released by Peking University National School of Development and other institutions highlights a significant increase in China's online consumption brand index (CBI), rising from 59.42 in Q1 2023 to 63.38 in Q1 2025, indicating a notable recovery in consumption quality [1][3] - The report emphasizes that China's large-scale market advantages are becoming increasingly prominent, making it a core market for global brand strategies [3][10] - Both domestic and foreign brands are thriving in the Chinese market, showcasing a successful integration into consumer lifestyles through advanced technology and strong brand influence [4][6] Group 2 - The report utilizes a multi-dimensional evaluation standard based on platforms like Taobao, assessing brand quality through sales, pricing, search, and reviews, which reflects the current development status of brands [4][9] - Chinese brands are successfully breaking into global markets, with examples like BYD leading in electric vehicle manufacturing and DJI in the drone industry, demonstrating the effectiveness of technological innovation [6][7] - The integration of traditional cultural elements into product design is attracting international consumers, as seen in the fashion industry where traditional Hanfu elements are combined with modern aesthetics [6][9] Group 3 - Despite the achievements, challenges remain for Chinese brands in the global market, including cultural differences, trade barriers, and increasing international competition [7][9] - The report stresses the importance of continuous investment and innovation in brand building, as China still faces "bottleneck" issues in high-end technology [9][10] - The certainty of the Chinese consumer market, driven by a large population and supportive policies, is seen as a major attraction for both domestic and international brands [10][12]

Group 1: New Consumption Sector Performance - The new consumption sector in Hong Kong has seen significant volatility, with stocks like Laopuhuangjin, Maogeping, and Mixue Group experiencing declines of over 9%, 8%, and 7% respectively [1] - The "four flowers of Hong Kong stocks" including Pop Mart, Mixue Ice City, Laopuhuangjin, and Maogeping reached a combined market capitalization of 798.2 billion HKD as of June 4 [1] - Year-to-date stock performance shows Pop Mart with a rise of 174.4%, Mixue Group at 134.9% since its listing on March 3, Laopuhuangjin at 324.2%, and Maogeping at 127.4% [3] Group 2: U.S. Market and Economic Policies - Elon Musk has publicly criticized Trump's tax reform, urging Americans to oppose it, as it could negatively impact the electric vehicle industry, particularly Tesla [5] - The "Beautiful Tax Law" proposed by Trump includes a clause that imposes a 20% additional tax on foreign investors, which may deter investment in U.S. assets and shift capital to Europe [5] - Goldman Sachs predicts that the trend of investors withdrawing from U.S. assets could lead to a capital inflow of 1.2 trillion euros (approximately 1.4 trillion USD) into European stock markets over the next five years [9] Group 3: Hedge Fund Activity - Following a significant market downturn in April, hedge funds have begun to re-enter the market as stock prices recover [6] - In May, U.S. stocks recorded their largest monthly gain in nearly 30 years, with hedge funds increasing their positions in global equities at the fastest pace in six months [7] - European stock markets have gained attention, with eight out of the ten best-performing markets globally being from Europe, driven by a shift in investor sentiment [8] Group 4: A-Share Market Trends - In May, A-share new account openings totaled 1.5556 million, a decrease of 19.16% month-on-month but a 23% increase year-on-year [11] - The trend in new account openings reflects market sentiment, with a recovery observed in the A-share market supported by institutional investments [12] - The monthly data indicates that new account openings are correlated with market performance, showing a general upward trend compared to the previous year [16]

Group 1: Technology and Innovation - The core battlefield of the US-China rivalry is in the technology sector, particularly in areas like artificial intelligence, semiconductors, and 5G [2] - Despite US sanctions, China has made significant strides in technology self-sufficiency, exemplified by Huawei's development of the Kirin 9000s chip and the launch of the DeepSeek R1 AI model, which outperformed some US models [4][5] - China's commitment to increasing R&D investment in core technologies like semiconductors and AI is expected to enhance its competitiveness [5] Group 2: Trade Relations - The trade war initiated by the Trump administration in 2018 has not subsided, with tariffs imposed on hundreds of billions of dollars of Chinese goods [7] - China has responded to US tariffs by imposing its own tariffs on US agricultural and industrial products, showcasing its economic resilience [9] - The potential for negotiation and compromise remains, as evidenced by the temporary suspension of certain tariffs during Geneva talks [9] Group 3: Global Supply Chain and Manufacturing - The US has attempted to exclude China from global supply chains, but China's position as the "world's factory" remains strong due to its superior infrastructure and production efficiency [11][12] - In the electric vehicle sector, BYD is projected to surpass Tesla as the largest EV manufacturer by 2024, indicating China's growing influence in this market [13] Group 4: Military Dynamics - China's military modernization, including advancements in missile technology and aircraft, demonstrates its growing military capabilities [15] - The US continues to conduct military operations in the South China Sea, but both nations have shown restraint in escalating military tensions [17] Group 5: Overall Economic Outlook - The US faces challenges such as manufacturing hollowing out and rising social tensions, while China is steadily advancing its economic reforms and expanding its international relationships [19] - The strategic patience and resilience of China may lead to a potential shift in the balance of power, allowing it to break the US's dominant position in the future [19]

与此同时，Colin Rusch指出，特斯拉(TSLA.US)计划于6月推出的自动驾驶汽车将成为投资者关注的焦 点，这一事件可能对未来几个月该公司的股价起到决定性作用。他认为，特斯拉的未来在于"实体"人工 智能和自动驾驶技术，而投资者将把该公司是否具备实现正向自由现金流能力作为一个关键衡量标准。 值得一提的是，在马斯克离开政府效率部的前一周，他曾在电视节目中表示，对特朗普政府增加预算赤 字的巨额支出法案感到失望，其破坏了政府效率部团队正在做的工作。在此之前，马斯克也曾抨击特朗 普政府实施的关税政策，称不赞成"扭曲市场"的行为。有分析称，马斯克此番评论似乎表明，他与特朗 普之间的"蜜月期"已经结束。 当地时间5月30日，马斯克作为"特殊政府雇员"的任期结束。在去年的美国大选投入超2.9亿美元、为特 朗普胜选"立下汗马功劳"之后，马斯克在新一届美国政府中领导政府效率部，该部门的建立旨在"削减 政府开支，提高政府效率"。 然而，根据美国"政府效率部"网站的数据，截至4月20日政府效率部已为联邦政府节省约1600亿美元， 这仅完成了马斯克此前宣布的削减10000亿美元联邦开支目标的不足五分之一。尽管通过大规模裁员、 ...

Group 1 - The Chinese ambassador to Canada, Wang Di, criticized the U.S. ambassador's call for a united front against China, labeling it as outdated "Cold War thinking" [1][3] - Wang highlighted that high tariffs imposed by Canada on Chinese electric vehicles hinder Chinese investment in Canada, which in turn affects new automotive factories and job opportunities in Canada [1][7] - He emphasized the complementary strengths of China's electric vehicle technology and Canada's automotive manufacturing base, suggesting potential for collaboration [1][2] Group 2 - Wang mentioned that Chinese electric vehicle manufacturers had previously shown interest in investing in Canada, but tariffs have deterred their investment intentions [1][2] - The article noted that Canada had imposed a 100% tariff on Chinese electric vehicles and a 25% tariff on steel and aluminum, following the Biden administration's lead [7][8] - Wang pointed out that Chinese investments in the automotive sector have already created new factories and jobs in the U.S., Europe, and Asia [2][1] Group 3 - The article discussed the impact of China's tariffs on Canadian canola oil and peas, which took effect in March, and the ongoing anti-dumping investigation into canola [1][8] - Wang stated that the only way for China to lift these tariffs is for Canada to remove its tariffs on Chinese imports [1][7] - The article also mentioned that Canada exports over 50% of its canola to China, with export value close to 5 billion Canadian dollars, and the price of canola has plummeted due to these tariffs [8][1] Group 4 - Wang expressed that unilateral tariffs imposed by the U.S. have harmed the interests of people in various countries and violated World Trade Organization rules, representing typical unilateral protectionism [9][1] - He called for strengthening communication and coordination with Canada and other countries opposing unilateralism and protectionism to defend free trade and multilateralism [9][1]

然而，来自欧洲市场的数据显示情况并非如此。今年5月，德国的电动汽车销量同比增长近45%。 作为 特斯拉主要电动汽车竞争对手，比亚迪5月份在德国的销量增长了8倍，创造了中国电动汽车制造商的最 强劲表现。今年4月，比亚迪在欧洲的纯电动汽车销量首次超过了特斯拉。尽管欧盟在2024年对其征收 了17%的关税，但比亚迪仍在拓展欧洲市场。 德国联邦汽车运输管理局的数据显示，比亚迪5月在德国售出了1857辆纯电动汽车和插电式混合动力 车，同比增长824%。 虽然马斯克已不再担任白宫相关职务，但他涉足政治的行为仍对特斯拉的销量造成影响。今年4月，特 斯拉称其第一季度汽车销量同比下滑13％，利润也跌至四年来的最低水平。(作者/箫雨) 特斯拉在其他欧洲国家的销量同样低迷。上个月，特斯拉法国销量下滑超过67%，西班牙销量下降了 29%。唯一的例外是挪威，特斯拉5月在该国售出2600辆汽车，是去年同期的三倍多，主要得益于其最 受欢迎车型Model Y焕新版的交付。在德国的邻国瑞典，大众最新款电动车ID.7的销量几乎是特斯拉新 款Model Y的两倍，而特斯拉在该国的整体销量则下滑了53%。 面对这一局面，特斯拉CEO埃隆·马斯克(E ...