The aviation airbags market refers to the ecosystem of technologies, systems, and components involved in the development and integration of airbag-based safety solutions in aircraft cabins. These systems are engineered to deploy rapidly upon detecting an abnormal aircraft motion or crash impact, cushioning the passenger’s upper body and reducing trauma. This market includes airbag control modules, inflators, sensors, and integrated seat systems. Innovations in lightweight materials, sensor fusion, and predictive deployment mechanisms are driving new product development. The market is a convergence point for aerospace safety engineering, passenger ergonomics, and regulatory compliance, with a strong focus on minimizing injury risks without adding significant weight to the aircraft.

2025 财年以来，美国财政赤字规模整体超预期，而关税以及美丽大法案也会对未来的赤字路径产生影响。我们认为，考虑关税收入和美丽大法案对财政收支影响，预计 2026 财年美国财政赤字规模可能达到 2.2 万亿美元，赤字率上升至 7%，超过市场预期。这一预测对美国宏观走势和资产价格变化均有重大意义。赤字规模上升加大美债供给压力，短期内财政部仍有腾挪空间，避免付息国债供给明显增加。但中长期看，美债财政可持续担忧推高美债利率、并进一步加剧财政负担的“负循环”或成为美元资产持续的波动源。

中美大幅互降关税，制造业景气度小幅回升。PMI 生产回升 0.9 个百分点至 50.7%，内外需均有改善。分行业来看，农副食品加工、专用设备、交运设备的 产需指数表现较好，纺织、化纤及橡塑制品、黑色冶炼、有色冶炼等相对承压。工业原材料价格小幅回落，预计 5 月 PPI 同比约-2.7%。5 月 PMI 原材料购 进价格与 PMI 出厂价格均回落了 0.1 个百分点，根据高频指标测算 5 月 PPI 环比可能在 0.1%左右，同比在-2.7%左右、较前值降幅扩大。

5 月制造业 PMI 整体与分项读数均有改善；相对来看，生产指数恢复程度更好，而需求指数偏低。5 月制造业 PMI 有所回升，边际上行 0.5pct 至 49.5%。主要分项中，生产、新订单指数均有回升，边际分别上行 0.9、0.6pct。由于 PMI 为环比指标，反映本月制造业景气度较上月的边际变化；产需对比看，生产指数回升至荣枯线以上（50.7%），而新 订单指数（49.8%）仍在收缩区间，反映生产明显加快，但需求仍较弱。

5 月工业生产景气总体平稳，我们预计 5 月规模以上工业增加值同比增速或为 5.9%。一方面，“两新”政策持续发力，从内需侧带动相关行业生产向好，工业稳增长着力于装备制造业促使其保持积极态势；另一方面，在中美关税豁免期，抢出口（转口）对工业生产有较强支撑。5 月份服务业景气相对平稳，生产性服务业积极，生活性服务业在五一假期带动下向好。

从 5 月 PMI 指数来看，中美日内瓦经贸会谈之后，市场信心修正，经济景气度环比改善，生产重回扩张区间，内需小幅改善，仍存在改善空间，生产修复好于需求，供需缺口有所扩大，有效需求不足仍是制约当前经济的主要矛盾，短期 PPI 同比增速或仍会承压符合我们前期基准假设，即基于未来不确定性，短期市场微观主体采取谨慎策略，以订单驱动生产，短期生产、投资和消费或趋于收缩。

自2016年初至2025年5月30日，综合模型超额年化收益率4.81%，超额波动率 7.22%，信息比率 0.67，最大回撤 9.51%，IC 均值 5.00%，ICIR 18.23%，年化换手 3.20 倍。模型在 2025 年 6 月份推荐的行业包 括汽车、电力设备及新能源、石油石化、有色金属、食品饮料、煤炭。5 月宏观驱动策略绝对收益 2.04%，超额收益为-0.58%。2025 年以来至 5 月 31 日，综合模型绝对收益 1.47%，相对偏股混合型基金指数超额收益-1.89%，在主动权益基金中排名 48.40%。

A health & wellness spa is a facility that focuses on promoting overall well-being through a wide range of services, aimed at improving mental, emotional, and physical health, often including treatments, relaxation techniques, and activities. A wellness spa is beyond just a place for rejuvenation & relaxation. It is a place for transformation and self-care. It offers a comprehensive approach to health. The spas offer a holistic approach to health & wellness, by combining traditional spa services with various wellness programs and health treatments for body, mind, and spirit.

Hearing aids are devices typically fitted in or behind a wearer ear. These are designed to amplify and modulate sound. A typical hearing aid includes a microphone, receiver or speaker, and amplifier and is powered by a battery.

Helicopter tourism is a new dimension of the tourism industry that allows passengers/tourists to reach spots difficult to reach by other means of transport and to enjoy views of tourist destinations from the air.