Core Points - Japanese Prime Minister Shigeru Ishiba announced his resignation as the president of the Liberal Democratic Party (LDP) during an emergency press conference on September 7, citing the conclusion of U.S.-Japan tariff negotiations as an appropriate time for his departure [1][6]. - Ishiba expressed a desire to initiate the process for selecting a new party president, stating that there is no need to advance discussions on holding an early presidential election according to the LDP's regulations [2][4]. - He emphasized that his resignation was a difficult decision, made to prevent potential divisions within the party, and called for unity among party members during this challenging time [4][5]. Election and Responsibilities - Ishiba confirmed that he would not participate in the upcoming presidential election for the LDP and acknowledged having considered various options regarding the dissolution of the House of Representatives and holding general elections [5][6]. - He reiterated the importance of ensuring that government functions do not stagnate, which influenced his decision to resign [5]. - While the tariff negotiations with the U.S. have reached a temporary conclusion, Ishiba noted that they are not entirely finished and that it is crucial to ensure the agreement is executed properly [7].

Core Viewpoint - The article discusses the political struggles of Japanese Prime Minister Shigeru Ishiba following the loss in the July 20 Senate elections, highlighting the pressures for his resignation and the subsequent delays in government policy initiatives [2][4][7]. Group 1: Election Results and Political Pressure - Ishiba failed to secure a majority for the ruling party in the Senate elections, leading to increased calls for his resignation [4]. - Following the Senate election loss, Ishiba attempted to justify his continued leadership by engaging in tariff negotiations with the U.S. and addressing rising prices [2][4]. - The pressure for Ishiba to resign intensified after a temporary agreement was reached in U.S.-Japan tariff negotiations, leading to a perception that his justification for remaining in power was no longer valid [4][6]. Group 2: Internal Party Dynamics - Ishiba faced mounting pressure from within the Liberal Democratic Party (LDP) to resign, with discussions about holding a presidential election before his term ends in September 2027 [4][5]. - Despite the internal pressures, Ishiba expressed a commitment to avoid creating a political vacuum and emphasized the need for stable governance [5][6]. - The LDP's internal conflicts have delayed policy adjustments, with factions within the party pushing for early presidential elections and criticizing Ishiba's leadership [6][7]. Group 3: Economic Policy and Public Support - Ishiba's government has struggled to present concrete economic measures in response to rising prices and U.S. tariff policies, with a supplementary budget proposal's viability remaining uncertain [6][7]. - Despite the internal party challenges, a media survey indicated a rise in Ishiba's cabinet approval rating to 42%, a 10 percentage point increase from July [6]. - The lack of specific economic initiatives and the postponement of policy statements have contributed to a perception of stagnation in government action [6][7].

在日本自民党两院议员总会上发言的日本首相石破茂（9月2日） 随着事实上相当于"下台劝告"的自民党总裁选举提前举行的要求不断扩大，石破判断自身应主动辞职。 石破于2024年10月就任日本首相，这意味着他就任仅1年就将退任…… 日本首相石破茂9月7日确定了辞去首相职务的意向。随着实际上相当于"下台劝告"的自民党总裁选举提 前举行的要求不断扩大，石破判断自身应主动辞职。石破于2024年10月就任日本首相，这意味着他就任 仅1年就将退任。 日本自民党原定于8日决定是否提前举行总裁选举。如果党内295名国会议员和47个都道府县支部的过半 数提出提前选举要求，就将决定启动选举。据日本经济新闻的调查，截至7日已有超过四成表示赞成， 过半数的可能性正在升高。 在2024年总裁选举中曾作为石破的首相推荐人的议员和阁僚中，也出现了要求提前进行总裁选举的声 音。自民党内有担忧称："如果8日确认各议员的态度，党可能会分裂"。6日夜间，自民党副总裁菅义伟 和农相小泉进次郎也劝说石破尽早表明辞职。 首相在 7 月的参议院选举中设定了自民、公明两党合计确保超过半数议席的必达目标，但未能达 成。继 2024 年的众议院选举和 2025 年 ...

Temu等中国电商平台在中南美地区的存在感提高（Reuters） 墨西哥政府针对Temu和SHEIN等，将对从中国等国家发货的小额商品进口关税提高到了 33.5％。自2024年11月特朗普胜选以来，墨西哥大规模查处了品牌仿冒品，并向特朗普展示 了相关成果…… 中南美各国为了应对来自中国的廉价商品通过电商平台出口的情况，纷纷取消进口时的免税 措施或提高关税额。随着电商用户的急速增加，以本国零售业为中心的产业界强烈要求加强 管制。不过，电商平台方面则通过增加当地生产等方式应对，销售势头并未减弱。 墨西哥征收33％关税，厄瓜多尔征税20美元 8月15日，墨西哥政府针对中国跨境电商平台"Temu"和"SHEIN（希音）"等，将对从中国等 国家发货、价值低于50美元的小额商品进口关税提高到了33.5％。1月，墨西哥取消了小额 进口免税制度，对未与墨西哥签订贸易协定的国家发出的商品征收19％的关税。 智利将废除41美元以下进口商品的免税政策，从10月起征收19％的关税。厄瓜多尔对小额货 物征收20美元的固定费用，乌拉圭也在探讨相关方案，考虑对除美国以外的海外电商网站超 出限定购买次数的低价商品征税。 在中南美，中国电商平 ...

Core Viewpoint - Toyota and Panasonic are re-entering the autonomous driving market in the U.S., leveraging the current geopolitical climate to seek new opportunities through corporate collaboration [2][4][12] Group 1: Toyota's Strategy - Toyota is set to launch a new software platform, "Arene," on the SUV "RAV4" by 2025, which will control safety functions and vehicle performance [4] - The company has shifted from solely in-house development to partnerships, including a basic agreement with Waymo to co-develop a vehicle platform for ride-hailing services [6] - Toyota's head of autonomous driving, Katsuya Kariya, emphasized the need to utilize external technologies to create synergies in the development of autonomous driving [6] Group 2: Panasonic's Transformation - Panasonic is also moving away from its previous closed-door approach, collaborating with Amazon Web Services (AWS) to enhance software development for next-generation vehicles [8] - The partnership with AWS allows for software development on a cloud platform, improving efficiency and enabling proposals to U.S. automakers without the need for hardware [8] Group 3: Market Opportunities - Goldman Sachs predicts that the North American autonomous driving market will grow to approximately $7.3 billion by 2030, a 20-fold increase from 2025, with 8% of the ride-hailing market adopting autonomous vehicles [9] - The U.S. policies promoting "inward" strategies, such as tariffs and data restrictions, are seen as beneficial for local development in the autonomous driving sector [12] - Toyota's Kariya noted that stricter data regulations will necessitate localized development, focusing on data collected within specific regions [12] Group 4: Challenges and Considerations - Japan's automotive industry excels in engine technology but lags in software development, primarily due to difficulties in integrating data from infrastructure and vehicles [12] - The shift in strategy towards collaboration and data utilization is crucial for Japanese companies to compete in the AI-driven autonomous driving market [12]

美国StoneX的市场调查负责人罗娜·奥康奈尔：中美双方都理解彼此作为贸易伙伴的重要性， 最终将达成妥协。我认为不会再出现像4月宣布对等关税时那样的冲击。预计到12月底，金价 将朝着3000美元回落…… 9月2日，纽约黄金期货（主力合约月）和伦敦黄金现货价格均创出历史新高。日本经济新闻 （中文版：日经中文网）记者询问了专家对2025年底黄金现货价格的展望。 记者：金价的预期如何？ 罗娜·奥康奈尔 ： 预计到12月底，金价将向3000美元回落。地缘政治风险、美国降息、中央 银行购买黄金等仍将继续支撑金价，但许多因素在2023年下半年至2025年上半年的金价上涨 中得到消化。 罗娜·奥康奈尔（Rhona O'Connell） 美国关税政策的不确定性大部分已被市场考虑在内。中美双方都理解彼此作为贸易伙伴的重 要性，最终将达成妥协。我认为不会再出现像4月宣布对等关税时那样的冲击。 记者：美国的财政恶化不是金价的利好因素吗？ 罗娜·奥康奈尔 ： 是一个上涨因素，但以特朗普减税永久化为核心的大规模减税和支出法案 已于7月通过。这意味着不确定性消失了一项，不会成为市场走势上行的因素。关于债务上 限，共和党在两院中占据多数， ...

Core Viewpoint - The trend of de-dollarization is accelerating globally due to U.S. tariff policies, leading to an increase in the value of precious metals as physical assets [2][6]. Group 1: Gold Price Outlook - Gold prices are expected to continue a moderate upward trend, potentially reaching around $3,600 per ounce, with an average price of $3,200 for the year [4]. - The market has recognized $3,000 as a strong support level for gold prices, despite a slowdown in central bank purchases and reduced demand for jewelry [5]. Group 2: Factors Influencing Gold Prices - The weakening of the U.S. dollar and loose fiscal discipline globally are key factors driving the value of precious metals higher [6]. - Institutional investors are increasing their hedging demand against a weaker dollar, with funds likely to flow into the gold market alongside currencies like the euro, Swiss franc, and Japanese yen [6]. Group 3: Impact of U.S. Monetary Policy - The U.S. monetary policy is perceived to resemble that of emerging market countries, which is favorable for the gold market [6]. - Expectations of two interest rate cuts by the Federal Reserve this year are already priced in, and if cuts exceed three, further buying of gold is anticipated [6].

Core Viewpoint - The demand for hard disk drives (HDD) in the Chinese market is increasing, leading to a 1% rise in bulk trading prices from Q2 to Q3. This price increase is attributed to rising component costs and strong procurement demand from data centers, with expectations for continued price growth in large-capacity HDDs [1][4]. Group 1: HDD Price Trends - HDD prices for 3.5-inch 1TB drives used in desktop computers and surveillance cameras reached approximately $51.0 each in Q3, marking a 1% increase from the previous quarter. Similarly, 2.5-inch 1TB drives for laptops also saw a 1% rise, priced at about $48.4 each. Both products have experienced price increases for two consecutive quarters, maintaining high price levels [2][3]. Group 2: Factors Influencing Demand - The surge in demand from China is driven by government policies encouraging the purchase of domestic computers, with specific needs arising from educational computers. There are indications that HDDs are being used in computers equipped with Huawei's HarmonyOS [6]. - A major HDD manufacturer reported receiving orders from Chinese clients that exceeded production capacity before the Golden Week, particularly for 3.5-inch products, indicating a notable shortage [6]. Group 3: Market Dynamics - Despite expectations that the rise of solid-state drives (SSD) would reduce HDD usage in computers, the current price increase is a result of declining HDD shipments, rising component costs, and unique demand from China. There is uncertainty about whether prices will continue to rise after Q4 [6]. - For nearline data center applications, demand for large-capacity HDDs remains strong. In Q2, global shipments of nearline HDDs increased by 1.86 million units (12.7%) compared to the previous quarter, reaching 16.47 million units [6].

Core Viewpoint - Japanese companies dominate the global market in 9 categories but are struggling in rapidly growing markets, particularly in AI-related sectors, highlighting a significant challenge for the industry [2][4][5]. Market Share Analysis - A survey by Nikkei identified that Japanese firms hold the top position in 9 categories, a decrease of 1 from the previous year, ranking third globally behind the US (27 categories) and China (18 categories) [4]. - The categories where Japan leads include automotive, motorcycles, CMOS image sensors, lithium batteries for mobile phones, digital cameras, A3 laser copiers, silicon wafers, photoresists, and mask blanks [4]. Market Growth and Decline - Japanese companies are facing difficulties in both shrinking and growing markets, with 16 categories experiencing a decline in market size compared to the previous year [5]. - In expanding markets, Japanese firms account for only 14% of the top 266 companies, while they represent 23% of the 79 companies in shrinking markets [5]. Specific Product Performance - The A3 laser copier market shrank by 7.1% year-on-year, with Canon, Ricoh, Konica Minolta, and Kyocera all showing declines in shipment volumes [6]. - Despite Canon's market share increasing by 0.9 percentage points to 18.6%, its shipment volume fell by 2.3% to 590,000 units [6]. Emerging Market Trends - The fastest-growing market is for text-generating AI tools, which saw a staggering growth rate of 18,700% year-on-year, with OpenAI's market share increasing by 12.7 percentage points to 81.7% [6][7]. - In the semiconductor materials sector, Japanese companies are noted for their strong presence, which is crucial for advanced semiconductor manufacturing processes [7][9]. Investment and Future Outlook - Japanese companies are investing significantly in semiconductor-related equipment, with total investments from the top 10 global semiconductor firms expected to reach $135 billion (approximately 20 trillion yen), a 7% increase from the previous year [8]. - Companies like Tokyo Ohka Kogyo and Fujifilm Holdings are planning substantial investments to expand their production capabilities in the semiconductor sector [8].

Core Viewpoint - The article discusses the rise of Cambrian, a company specializing in AI chips, which has recently surpassed Kweichow Moutai to become the "king" of A-shares, highlighting its rapid growth and the challenges it faces in the competitive AI chip market [5][21]. Company Overview - Cambrian was founded in 2016 by two talented brothers from Nanchang, Jiangxi, focusing on AI chip development [5][6]. - The founders, Chen Yunji and Chen Tianqi, have impressive academic backgrounds, with both having pursued advanced degrees in related fields [7][8]. Development Milestones - Cambrian developed the world's first deep learning-specific processor prototype within five years of its establishment [11]. - The company gained significant recognition in 2017 when Huawei's AI smartphone chip, Kirin 970, utilized Cambrian's 1A processor, leading to a valuation increase from $100 million to $1 billion within a year [17][18]. Financial Performance - Cambrian's initial public offering (IPO) in 2020 saw its market value exceed 100 billion RMB on the first day [18]. - However, post-IPO, the company faced a prolonged downturn due to external competition and internal challenges, including Huawei's shift to in-house chip development [21][22]. - Cambrian has reported substantial financial losses over four consecutive years, amounting to tens of billions [22]. Recent Achievements - The launch of the SiYuan 590 chip in 2024 marks a significant milestone, with performance comparable to NVIDIA's A100 and support for major domestic AI models [23]. - Cambrian experienced explosive growth in revenue, achieving a 43-fold increase year-on-year in the first half of the year, with total revenue reaching approximately 2.88 billion RMB [24][25]. Market Position and Future Outlook - Cambrian's recent success is attributed to the increasing demand for domestic AI chips amid import restrictions, leading to its first quarterly profit in the last quarter [24]. - The company is positioned to continue its growth trajectory, but it must maintain technological innovation to sustain its market leadership [28][29].