即使中国自主品牌在欧洲进行本地化生产，"比亚迪被当作欧洲制造商来看待"的图景不 会轻易发生，至少不可能在短期内发生。 文丨FT中文网专栏作家 张冬方 在过去的两年间，中国汽车品牌比亚迪给奥地利人托马斯•哈内德（Thomas Haneder）带来 了一些变化。作为一个过去十二年间一直销售意大利车的销售，自两年前同时成为比亚迪在 奥地利销售以来，哈内德称自己逐渐变成了中国迷。他对中国文化和美食都产生了兴趣，尤 其是对中国人尽一切努力实现目标的心态。在采访中，哈内德向我描述，"中国人的此种心 态和欧洲人的相对松懈形成了反差，在欧洲，目标常有，但有时缺乏最终实现它们所需的意 志。" 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 ...

Core Viewpoint - The article discusses the shift in U.S. military strategy under President Trump regarding Iran, highlighting the potential for escalating conflict and the implications for U.S. foreign policy and economic stability [1][2]. Group 1: U.S. Military Strategy and Iran - President Trump initially aimed to avoid "endless wars" but has been drawn into conflict with Iran, influenced by Israeli interests [1]. - The U.S. has gained air superiority over Iran and is considering further military actions, which could lead to a more severe situation for Iran [1]. - The article suggests that Israel has strategically weakened Iran through proxy attacks, ultimately leading to U.S. involvement [1]. Group 2: Risks of Prolonged Conflict - A prolonged conflict could expand the Middle Eastern front, posing significant risks [2]. - There is a concern that the U.S. may not fully dismantle Iran's nuclear capabilities, as Iran reportedly possesses 400 kilograms of highly enriched uranium, enough for nine nuclear weapons [2]. - Economic risks are highlighted, with oil prices already rising by 10% due to Iranian attacks, potentially exceeding $100 per barrel if conflict continues [2]. - The U.S. faces risks related to long-term interest rates and potential inflation, which could harm the economies of heavily indebted nations [2]. - The article notes that rising oil prices could benefit Russia and impact peace efforts in Ukraine, undermining U.S. hegemony [2]. Group 3: U.S. Objectives - Preventing Iran's nuclear development is a key objective for the U.S., and the success or failure of this effort will significantly affect evaluations of Trump's presidency [3].

Core Viewpoint - Chinese e-commerce platforms are expanding their operations in Japan, with Temu recently opening up merchant recruitment and competing against established players like Amazon and Rakuten [1][2]. Group 1: Temu's Expansion - Temu began recruiting Japanese merchants at the end of January 2023, initially through an invitation system, which has now been fully opened for free applications [1]. - The platform aims to expand its product offerings to align with consumer preferences in Japan, directly competing with Amazon and Rakuten [1][2]. - Temu launched its services in the U.S. in September 2022 and has since expanded to over 90 countries, focusing on cross-border sales of low-priced goods from Chinese small and medium-sized factories [2]. Group 2: Competitive Landscape - Other Chinese e-commerce companies are also entering the Japanese market, with Alibaba set to launch its platform "TAO" in the fall of 2024 [2]. - The Chinese fast-fashion brand Shein is leveraging Chinese clothing factories to penetrate the Japanese market [2]. - TikTok is also starting to recruit merchants in Japan, preparing to launch e-commerce services, showcasing the competitive nature of the market [2].

Core Viewpoint - Nissan is reintroducing the LEAF as a compact SUV with significant improvements in range and charging efficiency, aiming to regain its presence in the competitive EV market [1][2]. Group 1: Product Overview - The third-generation LEAF features a range increase of 30%, exceeding 600 kilometers, making it one of the best in the world [1][2]. - The new LEAF can be charged to meet daily usage needs in just 35 minutes [3]. - Nissan plans to sell the new LEAF in the U.S. starting in fall 2025, followed by Japan and Europe [2]. Group 2: Market Positioning - The LEAF is positioned as a standard vehicle within Nissan's EV lineup, alongside other models like the "Sakura" and "ARIYA" [2]. - The shift from a hatchback to a compact SUV format is expected to enhance consumer appeal, as SUVs are increasingly popular globally [2]. Group 3: Competitive Landscape - The new LEAF's range surpasses competitors like BYD's "ATTO3" and Volkswagen's "ID.3," which both have ranges below 600 kilometers [2]. - The first-generation LEAF was a market leader, but Nissan has fallen behind competitors like BYD and Tesla in price and performance [4]. Group 4: Strategic Challenges - Nissan's recent operational restructuring includes significant personnel adjustments and the abandonment of plans to build a domestic battery factory in Japan, which could impact cost competitiveness [4]. - The pricing strategy for the new LEAF remains a key focus, with Nissan aiming for competitive pricing while ensuring profitability [4].

Core Viewpoint - The article discusses the rising copper prices in the U.S. driven by increased demand and potential tariffs under Trump's administration, highlighting the implications for the copper market and related industries [1][3]. Group 1: Copper Market Dynamics - The U.S. is the second-largest copper consumer globally, following China, and has seen a surge in domestic prices due to heightened demand amid tariff discussions [1][3]. - As of June 16, LME's three-month copper futures reached $9,703 per ton, marking an 11% increase since the beginning of the year, contrasting with stable prices for aluminum and nickel [1]. - Traders are actively transporting copper from Asia to the U.S. to capitalize on higher prices, with LME inventories down 60% since early 2025 [1][3]. Group 2: Tariff Implications - Although no tariffs on copper have been implemented yet, the potential for increased tariffs has created a speculative environment, with traders anticipating price hikes [3]. - Following the announcement of higher tariffs on steel and aluminum, copper futures on the COMEX rose by 6%, indicating market sensitivity to tariff news [3]. Group 3: Inventory Concerns - A significant reduction in global copper inventories has been noted, with stocks in six countries dropping to approximately 107,000 tons, the lowest in over a year, reflecting a 60% decline since the beginning of the year [4]. - The concentration of copper in the U.S. could lead to shortages elsewhere, raising concerns about supply stability [4]. Group 4: Market Signals - The futures market is showing signs of "backwardation," where spot prices exceed futures prices, indicating a potential shortage of physical copper [5]. - The price difference between spot and three-month futures reached $96 in early June, the highest in nearly three years, suggesting strong demand for immediate delivery [5]. - Market analysts express concerns that insufficient inventory could lead to increased speculative activity, making it difficult for short positions to be maintained [5].

日经GO 探店大阪世博寿司郎：未来寿司什么味？ 原创 阅读全文 ...

Core Viewpoint - The article discusses the divergence of Hong Kong's interest rates from those of the United States, highlighting the implications of this discrepancy on the local economy and financial markets [1][4]. Group 1: Interest Rate Dynamics - Despite the peg to the US dollar, Hong Kong's interest rates are declining, with the gap between Hong Kong Interbank Offered Rate (HIBOR) and the Secured Overnight Financing Rate (SOFR) reaching a record high [1]. - The 1-month HIBOR is currently around 0.5%, the lowest level in approximately three years, while the SOFR is about 4.3% [1]. - The divergence in interest rates has persisted for over a month, attributed to a lack of active arbitrage trading due to trends of de-dollarization [3]. Group 2: Market Reactions and Implications - The Hong Kong Monetary Authority (HKMA) intervened in the currency market by selling and buying US dollars, which increased market liquidity and led to a sharp decline in interest rates [2]. - Major real estate companies in Hong Kong, such as Henderson Land and Sun Hung Kai Properties, have seen their stock prices rise by approximately 20% since the HKMA's intervention [4]. - There are concerns that low interest rates may not last long, as the HKMA may need to buy Hong Kong dollars to stabilize the currency, potentially leading to a rise in HIBOR [4]. Group 3: Broader Economic Context - The article highlights the contradiction of Hong Kong's monetary policy being tied to the US economy while facing local economic challenges, such as a downturn [1][4]. - The significance of the linked exchange rate system is diminishing amid a declining trust in the US dollar, which may lead to adjustments in Hong Kong's monetary policy [4].

Core Viewpoint - GAC Toyota is collaborating with Xiaomi to enhance the value of its upcoming electric vehicle, the "Platinum Smart 7," set to launch in Q1 2026, by incorporating Xiaomi's products such as wireless charging stands and decorative lights [1] Group 1: Collaboration with Xiaomi - GAC Toyota will utilize Xiaomi's products in the "Platinum Smart 7," including easy-to-install items like wireless charging stands and decorative lights [1] - The partnership aims to localize the vehicle offerings and boost sales by leveraging Xiaomi's brand recognition among consumers in China [1] - Other new models may also feature Xiaomi products, enhancing in-car comfort with items like color-changing lights, multifunctional flashlights, and aroma devices [1] Group 2: Previous Collaborations - GAC Toyota has previously announced a partnership with Huawei, planning to integrate Huawei's HarmonyOS into the smart cockpit of the "Platinum Smart 7" [2] - The vehicle will also utilize motors manufactured by Huawei and advanced driver assistance technologies from Beijing Initial Velocity Technology (Momenta) [2]

Core Viewpoint - BYD has announced a significant reduction in payment terms for suppliers to within 60 days, responding to government policy changes aimed at stabilizing the supply chain in the electric vehicle (EV) industry. This adjustment may lead to an annual cost increase of up to 400 billion yen for BYD, contributing to a recent 10% decline in its stock price [1][3]. Group 1: Policy Changes and Industry Impact - The Chinese government has implemented adjustments to the funding turnover policy, particularly affecting the EV sector, with a focus on shortening payment terms for suppliers [1][3]. - Other major EV companies, including Geely, Xpeng, and Xiaomi, are also expected to follow suit in reducing payment terms, indicating a broader industry trend [3]. - The tightening of payment terms is seen as a response to the ongoing financial challenges faced by small and medium-sized enterprises in China [3]. Group 2: Financial Implications for BYD - BYD's accounts payable and notes payable are projected to reach 2.44 trillion yuan by the end of 2024, a nearly sevenfold increase from 361 billion yuan in 2019 [4]. - The company's cash flow could have been negative without the increase in accounts payable, highlighting the reliance on extended payment terms for financial stability [4]. - If payment terms are reduced to 60 days, BYD may face increased financial costs, potentially amounting to 400 billion yen annually if it resorts to bank loans as an alternative financing method [5]. Group 3: Market Reactions and Broader Concerns - The stock market has begun to view the expansion of accounts payable as a potential issue, leading to increased selling pressure on companies with significant accounts payable growth [6]. - Companies like CATL, Transsion Holdings, and Longi Green Energy, which have seen their accounts payable double over the past five years, are experiencing stagnant stock prices despite holding leading global market positions [6]. - Analysts suggest that the reduction in payment terms could create financial pressure across various industries, raising concerns about the sustainability of growth for large enterprises [6].

Core Viewpoint - Japan's overall exports in May decreased by 1.7% year-on-year, marking the first decline in eight months, primarily due to a drop in automobile exports to the United States [1]. Group 1: Export Performance - Japan's total export value fell to 8.1349 trillion yen in May, with a significant reduction in exports to the U.S. by 11.1%, amounting to 1.514 trillion yen [1]. - Exports of automobiles to the U.S. saw a substantial decline of 24.7%, indicating a notable impact from the additional tariffs imposed by the Trump administration [1]. - The decrease in export volume was only 3.9%, suggesting that the decline in export value was primarily driven by falling prices [1]. Group 2: Trade Balance - The trade balance with the U.S. showed a surplus of 451.7 billion yen, which is a reduction for the first time in five months [1]. - Japan's exports to China also decreased by 8.8%, totaling 1.4417 trillion yen, with declines in semiconductor manufacturing equipment, copper, and hybrid vehicles [1]. - Overall imports into Japan amounted to 8.7726 trillion yen, down 7.7%, marking a consecutive two-month decline [1]. - The trade balance, after subtracting imports from exports, resulted in a deficit of 637.6 billion yen, continuing a trend of deficits for two consecutive months [1].