以下文章来源于FT中文网 ，作者张冬方 FT中文网 . 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。 而据英国《金融时报》3月报道，布鲁塞尔正在调查中国是否向匈牙利的比亚迪电动汽车工 厂提供了不公平的补贴。两位知情人士向该媒体表示，欧委会对比亚迪工厂的外国补贴调查 正处于初步阶段，如果布鲁塞尔发现比亚迪受益于不公平的政府补贴，可能会迫使其出售部 分资产、减少产能、偿还补贴，并可能因不合规而支付罚款…… 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 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。 张冬方：中欧关系的不确定性，欧盟和欧盟国家在外国投资审查上的趋严，注定会让中企 更加谨慎。 文 | FT中文网专栏作家张冬方 比亚迪最近在欧洲的行动和遭受的境遇，集中反映了中国车企和其他汽车在欧投资的复杂 性。5月 ...

Core Viewpoint - China's dominance in rare earth minerals, particularly in the production and processing of rare earth magnets, is significantly impacting global supply chains and international relations, especially with the recent export controls implemented by the Chinese government [1][2]. Group 1: Production and Export Control - China holds approximately 70% of the global rare earth mineral reserves and over 90% of the refining market share [1][2]. - The production of rare earth magnets in China accounts for more than 80% of the global market, which is crucial for high-tech products and military applications [1][2]. - In April, China's rare earth magnet exports dropped by 43% year-on-year, with significant reductions in shipments to the US (59%) and South Korea (76%) [1]. Group 2: Impact on Global Supply Chains - The US Automotive Innovation Alliance has raised alarms about potential production halts in the coming weeks due to China's export controls [3]. - Japanese automaker Suzuki has halted production of all models of its "Swift" car since May, with the suspension extended due to supply chain disruptions [4]. - Indian companies, including Suzuki's subsidiary, are in discussions with the government to address the impact of China's export restrictions on electric vehicle production [4]. Group 3: Strategic Responses and International Relations - The Inner Mongolia government announced plans to start trial production of a new rare earth magnet factory in October, with an investment of 31.8 billion yuan aimed at enhancing refining and manufacturing capabilities [2]. - China's government may consider easing export controls to Europe, indicating a strategic maneuver to improve relations while leveraging rare earths as a negotiating tool [2].

资料图（REUTERS） 用于高性能磁铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处 于高点附近。由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增 强…… 日经中文网 https://cn.nikkei.com 纯电动汽车（EV）和风力发电所等所必需的稀土的价格处于历史最高点附件。用于高性能磁 铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处于高点附近。 由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增强。很多观点认为 一段时间内价格仍将居高不下。 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。 英国调查公司阿格斯媒体（Argus Media）汇总了作为中国以外价格指标的欧洲的6月上旬价 格。截至4日，镝和铽分别比上月下跌12%和5%，仍处于有可比数据的2015年5月以来的最 高附近。 ...

Core Viewpoint - The resale prices of the Nintendo Switch 2 have decreased significantly on the Mercari platform, with most items now priced between 70,000 to 80,000 yen, down from initial prices close to 100,000 yen, indicating a shift in the resale market dynamics [1][2][3]. Group 1: Resale Market Dynamics - Prior to the official release, resale prices for the Nintendo Switch 2 were as high as 100,000 yen (approximately 4,973 yuan), but have since dropped to a range of 70,000 to 80,000 yen on Mercari [1][2]. - The highest confirmed resale price was around 90,000 yen (approximately 4,477 yuan), which is about double the suggested retail price of 49,980 yen (approximately 2,637 yuan) [2]. - The decline in resale prices is attributed to the presence of a large number of listings on Mercari, leading sellers to adjust their prices downward [3]. Group 2: Seller Behavior and Market Regulation - Nintendo implemented strict measures to prevent high-priced reselling, including conditions for lottery sales that require applicants to have over 50 hours of gameplay on existing models [3]. - The emergence of "amateur resellers" is noted, as individuals who are not typically involved in reselling are now participating due to high competition for lottery entries [3]. - Despite the price drop, consumer criticism is directed at Mercari for not effectively regulating resale prices, with concerns about the balance between free trade and necessary regulation [4].

Core Viewpoint - Tokyo's real estate investment in the first quarter ranked first in the world, indicating a strong recovery and attractiveness of the market [1]. Group 1: Investment Trends - The total real estate investment in Tokyo for the first quarter reached a significant amount, surpassing other major global cities [1]. - The increase in investment reflects a growing confidence among investors in the Japanese real estate market [1]. Group 2: Market Dynamics - Factors contributing to Tokyo's leading position include favorable economic conditions, low interest rates, and a stable political environment [1]. - The demand for commercial properties, particularly in prime locations, has been a driving force behind the investment surge [1].

Core Viewpoint - Chinese investors are cautious about the rapid rise in gold prices, while platinum prices have not seen a significant increase, indicating a potential shift in investment demand towards platinum [1][2]. Group 1: Market Dynamics - The U.S. tariff policies negatively impact consumer sentiment, particularly in the automotive sector, where a 1% increase in car prices could lead to a 0.5% decrease in platinum demand due to reduced automotive demand [1]. - Despite the downward pressure on the global economy from tariffs, there is a trend of capital flowing from risk assets to safe-haven assets, benefiting the gold market and potentially increasing investment demand for platinum as well [1]. Group 2: Investment Demand - Investment demand for platinum is expected to grow as it has not experienced the same level of price increase as gold, which has risen nearly 30% since the end of 2024, compared to platinum's 20% increase [1]. - Chinese investors are leading the investment demand for platinum, attracted by its relatively lower risk of sharp declines and greater potential for price increases compared to gold [1]. Group 3: Jewelry Demand - China's jewelry demand, which had been slowing until last year, saw a significant increase of 26% in the first quarter of 2025, driven by a shift from gold to platinum jewelry due to high gold prices [2]. - The overall trend indicates that while automotive demand may decrease, the increase in investment and jewelry demand could offset this decline [2].

Core Insights - KATE is adjusting its Asian strategy in response to the rising competition from South Korean and Chinese brands such as CLIO and Huaxizi [1][2] - The promotional budget for KATE's overseas strategy will increase to five times its previous amount, focusing on social media marketing and brand consistency [1][2] Group 1: Strategic Adjustments - KATE's main products include lipsticks and eyeshadows, priced between 1,000 to 2,000 yen (approximately 50.26 to 100.52 RMB) [1] - The brand plans to launch limited edition products featuring popular anime characters to attract younger consumers [1] - KATE will collaborate with around 10 influencers in Japan and Asia for a large-scale social media marketing campaign [1] Group 2: Market Position and Goals - KATE operates in nine Asian countries, including Thailand and Taiwan, but faces challenges in brand consistency due to localized promotional efforts [2] - The company aims to increase its overseas sales by 13% by 2027, targeting over 800 billion yen in total sales [2] - KATE's current sales exceed 300 billion yen, accounting for about 10% of the overall cosmetics sales, with plans to grow to 500 billion yen by 2030 [2]

Core Viewpoint - Japan's seafood industry is optimistic about the resumption of exports to China, but local fishermen express concerns due to the established new export channels and rising prices in the global market [1][3]. Group 1: Resumption of Trade - In late May, China and Japan reached an agreement on the conditions for resuming seafood trade, following China's suspension of imports due to the Fukushima nuclear water discharge [3]. - Japan's fisheries representatives view the agreement as a significant step forward, while some fishermen remain skeptical due to previous disruptions [3][4]. Group 2: Market Dynamics - During the import suspension, Japan's scallop exports diversified, leading to a doubling of wholesale prices, reaching 5,500 yen per kilogram, which is approximately 276.5 RMB [4]. - The price of farmed yellowtail increased from 900 yen to 1,500 yen per kilogram, and farmed salmon prices rose by 20% during the same period [4][5]. Group 3: Supply Chain Challenges - The Japanese seafood market has undergone structural changes during the import ban, making it uncertain whether previous trade channels can be quickly reestablished [4]. - Concerns are raised about the potential impact of increased Chinese demand on domestic supply, as Japan's fisheries face a decline in production, projected to drop by 5% in 2024 [5][6].

Group 1 - The CEO of Arm, Rene Haas, received a salary of approximately 4.9 billion yen (about 245 million RMB) for the fiscal year 2024, which represents a 40% increase compared to the previous fiscal year [1] - The compensation for Arm's CEO includes 4.8 billion yen from Arm and 960 million yen from SoftBank Group [1] - SoftBank Group's founder and CEO, Masayoshi Son, received a salary of 100 million yen (approximately 4.99 million RMB), with stock compensation of 88 million yen and a fixed basic salary of 12 million yen [1] Group 2 - As of March 2025, Masayoshi Son holds approximately 426 million shares of SoftBank Group, representing 29.68% of the company's issued shares (excluding treasury stock) [1] - The income from dividends for Masayoshi Son reached 18.7 billion yen (approximately 934 million RMB) [1]

Core Viewpoint - The article highlights the growing popularity of comedy, particularly traditional Chinese xiangsheng (crosstalk), among foreign performers, exemplified by Japanese comedian Nishida Satoshi, who is bridging cultural gaps through humor and performance [3][5][6]. Group 1: Performance and Cultural Exchange - Nishida Satoshi, a Japanese performer, engages in xiangsheng, showcasing the cultural differences between China and Japan through humor [3][4]. - The performance titled "The Son-in-Law is Coming" humorously addresses marriage customs and gift-giving practices in both cultures, resonating well with the audience [3][4]. - Nishida's background includes studying Chinese literature and language, which enhances his ability to connect with Chinese audiences [3][4]. Group 2: Growth of the Comedy Market - China's comedy industry has surpassed 20 billion yuan in 2023, growing at an annual rate of over 15% [5]. - The number of registered companies related to the comedy economy has exceeded 400, with over 50 new registrations in 2023 [5]. - The demand for comedy as a form of stress relief is increasing, particularly among young people facing competitive job markets, with a significant portion of the audience for popular comedy shows being aged 18-24 [5]. Group 3: Audience Reception and Impact - Audience members express appreciation for the cultural insights gained from Nishida's performances, indicating a positive reception and interest in cross-cultural understanding [6]. - Nishida emphasizes the potential for comedy to foster deeper connections and understanding between China and Japan, highlighting the cultural differences that can be explored through humor [6].