Core Viewpoint - The article discusses the U.S. government's initiative to establish a minimum price system for critical minerals to stabilize supply and reduce dependence on China, particularly in the context of rare earth elements [2][5][7]. Group 1: U.S. Government Initiatives - The U.S. government, under Vice President Vance, proposed a cooperative effort with Japan and EU countries to create a trade circle for critical minerals that is insulated from external influences through a mandatory minimum price system [2]. - A meeting was held at the U.S. State Department with various countries to establish a trade circle aimed at preventing low-priced critical minerals from China from entering the market, allowing time for the development of mining and recycling networks independent of Chinese supply chains [4]. Group 2: Minimum Price System - The core of the proposed measures is the "minimum price system," which aims to reflect the appropriate market value of critical minerals and prevent the influx of low-priced Chinese products [5]. - U.S. Secretary of State Rubio indicated that 55 countries and regions are expected to join this initiative, with the U.S. Trade Representative's Office (USTR) set to negotiate the specifics of the system with participating countries [5][6]. Group 3: Addressing Price Manipulation - The U.S. is focused on the pricing of rare earths due to past experiences where low-priced overseas rare earths undermined efforts to reduce dependence on China [7]. - The U.S. House of Representatives' "China Task Force" criticized China's Price Law, which artificially suppresses rare earth prices, creating structural downward pressure on prices [7]. - Rubio emphasized that the minimum price system is designed to ensure that rare earth prices do not fall below a certain threshold, thereby protecting investments in critical minerals across participating countries [7].

Core Viewpoint - The article discusses the transformation of President Trump's foreign policy approach, suggesting that he is moving away from being perceived as a populist isolationist to adopting a more interventionist stance reminiscent of Cold War-era establishment figures [6]. Group 1: Trump's Foreign Policy - Trump's initial image as a peace-oriented leader who avoids unnecessary wars is being challenged by his actions during his second term, which indicate a more aggressive foreign policy [6][7]. - Contrary to the belief that Trump would not engage in foreign conflicts, evidence shows that under his administration, the U.S. has conducted military actions in seven countries, matching the total during Obama's eight-year presidency [8]. - The frequency of U.S. airstrikes has increased significantly, with over 620 airstrikes conducted in less than a year, surpassing the 555 airstrikes during Biden's four-year term [8]. Group 2: Public Perception and Reality - The public and experts initially viewed Trump as a peace advocate, believing he would not initiate wars and could effectively end ongoing conflicts [7]. - The ongoing conflicts, such as the Russia-Ukraine war and the Israel-Iran tensions, have contradicted the narrative of Trump as a peacekeeper, as military actions have escalated during his presidency [8].

Core Viewpoint - The expiration of the New START treaty on February 5 marks the first disappearance of a nuclear arms control framework between the US and Russia since 1972, raising concerns about a potential nuclear arms race reminiscent of the Cold War era [2][4]. Summary by Sections Nuclear Arms Control Framework - The New START treaty, effective since February 2011, limited the number of deployed strategic nuclear warheads for both the US and Russia to below 1,550 and restricted the number of delivery systems to 800, allowing for mutual verification and information sharing [4]. - The treaty was extended for five years in February 2021, but cannot be extended again, necessitating a new agreement. However, Russia has ceased compliance due to dissatisfaction with Western criticism regarding its actions in Ukraine, and the US has also stopped providing information [4][5]. Strategic Nuclear Arsenal - As of January 2025, Russia is projected to have 4,309 deployable nuclear warheads, while the US has 3,700, and China has around 600, with expectations that China's arsenal could exceed 1,000 by 2030 [6]. - The lack of a framework to constrain China's nuclear capabilities is seen as a strategic imbalance, as the New START treaty does not limit Russia's tactical nuclear weapons [6]. Future Negotiations and Military Developments - Former President Trump expressed intentions to initiate nuclear disarmament talks involving China and Russia, aiming for a consensus on halving defense budgets. However, China has rejected calls to join such negotiations, citing disparities in nuclear capabilities [6]. - Both the US and Russia are increasingly enhancing their nuclear arsenals, with Trump indicating plans for nuclear weapon testing and Russia successfully testing new nuclear-capable systems [6][7]. Historical Context - The necessity for conflict avoidance and arms race containment has been underscored by historical events such as the 1962 Cuban Missile Crisis, leading to treaties like the ABM Treaty in 1972 and the START I treaty in 1994, which set limits on strategic nuclear warheads [7].

Core Viewpoint - The Chinese luxury goods market is expected to experience fluctuations in 2025, with a projected decline in the first half of the year followed by a recovery in the second half, driven by a rebound in consumer spending among the affluent class due to rising stock market performance [2][4]. Group 1: Market Trends - The Chinese luxury goods market is forecasted to decline by 7-9% year-on-year in Q1 2025 and by 8-10% in Q2 2025, but is expected to stabilize in Q3 2025 and grow by 1-3% in Q4 2025 [2][4]. - The beauty and cosmetics sector, particularly skincare and perfumes, is projected to grow by 4-7% year-on-year, contributing positively to the overall luxury market [4]. Group 2: Consumer Behavior - The affluent class in China, with a higher ratio of stock asset holdings, is showing improved consumer sentiment as stock prices rise, reversing the negative impact of declining real estate prices [6]. - There is a notable shift in spending habits, with a significant decline of 14-17% in watch sales, indicating a growing trend towards practical consumption, such as purchasing second-hand or smart watches [6]. Group 3: Economic Context - The luxury market in China expanded rapidly in the late 2010s but faced negative growth due to the impact of the real estate downturn and the COVID-19 pandemic [4]. - The consumer confidence index has remained below the optimistic threshold of 100 since the strict COVID-19 measures in Shanghai in spring 2022, reflecting ongoing consumer sentiment challenges [6].

特朗普与莫迪2025年2月在华盛顿会谈（REUTERS） 印度此前增加了价格因欧美制裁而下跌的俄罗斯产原油的采购量，为持续进攻乌克兰的俄罗斯提供了战 争经费的支持。试图调停俄乌战争的特朗普对印度征收了额外关税，以迫使对方停止购买俄罗斯原油。 据芬兰智库"能源与清洁空气研究中心"统计，从2022年12月至2025年4月俄罗斯原油的出口目的地来 看，中国占47％，印度占38％。 美印已就印度停止购买俄罗斯产原油达成协议。作为回报，美国准备撤销作为对俄制裁一环而对印度启 动的额外关税。美国开始将重点放在与盟友构建合作关系上，而不是利用关税制造对立…… 美国总统特朗普2月2日表示，美印已就印度停止购买俄罗斯产原油达成协议。据悉印度将改为从美国和 委内瑞拉采购原油。作为回报，美国准备撤销作为对俄制裁一环而对印度启动的额外关税。 特朗普在社交媒体上发文称，2日早间与印度总理莫迪"讨论了包括贸易以及终结俄乌战争在内的诸多事 项"。特朗普写道："他已同意停止购买俄罗斯产原油，并从美国大幅增加采购。也有可能从委内瑞拉 （购买）"。 特朗普2日宣布，将对印度实施的对等关税税率从25％下调至18％。据美国《华盛顿邮报》报道，美方 ...

和记港口的拖船正在引导集装箱船（1月30日，巴拿马，Reuters） 巴拿马运河两座港口成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂化…… 2月4日，香港长江和记实业（CK Hutchison，以下简称"长和"）宣布，已启动对巴拿马政府的国际仲裁 程序。巴拿马最高法院裁定管理巴拿马运河两端港口的长和旗下企业和巴拿马政府签订的合同违宪，长 和对此表示反对。 美国总统特朗普试图消除中国在中美洲地区的影响力，将长和认定为中国企业并对其实施排除措施，巴 拿马运河两端的这两座港口也由此成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂 化。 自1990年代起，巴拿马运河两端的两座港口便由长和旗下的和记港口（Hutchison Ports）受巴拿马政府 委托负责运营管理。2021年，巴拿马审计长办公室认为和记港口与政府续签的、有效期至2047年的港口 管理合同存在违规问题，以违宪为由向巴拿马最高法院提起诉讼。 巴拿马政府在此次违宪判决作出后，正式推进针对长和的排除举措。1月 30日，作为决定新运营商之前 的临时措施，巴方宣布由丹麦海运巨头马士基集团旗下企业接手港口的运营管理工作。 美国特朗普政府对巴 ...

记者会后，武田药品工业社长韦伯（右）与京都大学教授山中伸弥一同拍摄纪念照（2月3日，东京都中央区） 即将结束的联合研究项目"T-CiRA"于2016财年启动，武田在10年内提供了200亿日元的研究经费，是日 本制药行业规模最大的产学合作之一。武田通过人员交流得以及早接触前景广阔的iPS细胞技术，而 CiRA则借助企业充足的资金和经验加快研发进程。 研究课题涵盖利用iPS细胞开发心脏病、精神疾病等治疗药物。10年间共申请专利58项，发表论文66 篇。转移至新公司的1项糖尿病治疗候选药物已进入医生主导的临床试验，癌症等治疗候选药物也移交 给初创企业，但截至目前，尚无确定实现上市或实用化前景的项目。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 尽管在人才培养和基础技术积累方面取得一定成果，但未能促成具体的新药问世…… 武田药品工业与京都大学iPS细胞研究所（CiRA）2月3日表示，将于2025财年末结束持续10年的iPS细 胞产学合作研究。尽管在人才培养和基础技术积累方面取得一定成果，但未能促成具体的新药问世。 ...

将在2月内完成子公司的全部股权转让。麦克赛尔过去一直生产用于游戏机和智能手机等的方形锂离子 电池。不过，由于需求变动较大，而且取代方形电池的长方形软包（Pouch）电池的洽购变得强劲，因 此该公司已于2025年5月退出生产业务。 麦克赛尔表示，子公司由解散改为出售对该公司2025财年（截至2026年3月）合并业绩产生的影响轻 微。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 麦克赛尔的方形锂离子电池 出售金额约4900万元人民币。该子公司原计划解散，但在收到中国企业的收购意向后决定出售…… 日本电子与材料企业麦克赛尔（Maxell）2月4日发布消息称，将把生产锂离子电池的子公司出售给中国 企业。出售金额约为4900万元人民币。锂离子电池生产业务已经停止，该子公司原本计划解散，但在收 到中国企业的收购意向后决定出售。 ...

日经Gaming . 商业视角的日本游戏媒体。日经BP旗下。 编者荐语： 日经Gaming是2025年7月创刊的"以商业视点出发的游戏媒体"。日经BP利用在经营、技术、消费、营销 各领域培养的采访力、信息发布力，从商业角度出发，发布游戏及其周边产业的最新动向、商业模式。 以下文章来源于日经Gaming ，作者品田彩华 《原神》 已经迎来上线第六年。配合新版本"月之四"的发布，原神近期在日本多地推出了 大型线下活 动"月之所在（月の在処へ）" 。 隶属中国米哈游的品牌HoYoverse，为进入上线第6年的动画风开放世界RPG《原神》举办了名为"月之 所在"的大型线下活动，以此为新版本"月之四"发布 造势。 阅读更多内容请点击下方" 阅读原文 " （本文由日经BP提供） 三处会场中，东京东急歌舞伎町塔以展览、周边售卖、集章活动与联动餐饮等多条线同时展开。活动以 游戏最新上线的重磅角色 月神"哥伦比娅" 为核心， 打造一个能在现实中体验游戏世界观的场景 。这一 系列活动的反响如何呢？ ...

Core Viewpoint - The article discusses the significant fluctuations in gold prices, highlighting a sharp decline followed by a rapid rebound, driven by increased buying activity from investors in Japan and China, and the impact of leveraged ETFs on market volatility [2][4][5]. Group 1: Price Fluctuations - On February 2, the London spot price of gold dropped to $4,403 per ounce, a decrease of up to 21% from the peak of $5,594 on January 29 [4]. - On February 3, gold prices rebounded, returning to the $4,900 range during Asian trading hours [4]. - The Osaka Exchange's gold futures triggered a circuit breaker due to a 10% increase, leading to a temporary halt in trading [4][5]. Group 2: Investor Behavior - Following the price drop, there was a surge in buying from Japanese and Chinese investors, indicating a strong demand for gold at lower prices [4]. - Market expert Rona O'Connell from StoneX noted that geopolitical risks continue to support gold prices, encouraging new investments [4]. Group 3: Market Mechanisms - The article explains the circuit breaker mechanism, which temporarily halts trading during significant market fluctuations to allow investors to make informed decisions [5]. - The presence of leveraged ETFs, such as ProShares Ultra Gold, has amplified price volatility, with trading volumes increasing significantly during market peaks [5][6]. Group 4: Retail Impact - Retail gold prices in Japan have been subject to frequent adjustments due to market volatility, with major retailers like Tanaka Kikinzoku experiencing increased customer traffic [7]. - Customers expressed urgency in purchasing gold, believing in its value amidst global economic uncertainties [7].