Core Viewpoint - Renesas has dissolved its silicon carbide (SiC) team at the Takasaki factory, indicating a strategic shift in its next-generation power semiconductor strategy due to competitive pressure from rapidly growing Chinese semiconductor companies [1][4]. Group 1: Market Dynamics - The sales of silicon carbide power semiconductors are projected to reach 391 billion yen in 2024, an 18% increase from 2023, but lower than the previously forecasted 491.5 billion yen [3]. - The decline in electric vehicle (EV) sales growth, exacerbated by the end of European subsidies and increased production from Chinese companies, has led to a surplus in supply and falling prices [3][7]. - In 2024, three Chinese companies, including BYD, are expected to occupy three of the top ten positions in the silicon carbide power semiconductor market, collectively holding a market share of 8.8% [4][5]. Group 2: Competitive Landscape - BYD plans to officially launch its power semiconductor factory around 2024, aiming to increase its market share in silicon carbide products and enhance its core technology development [5]. - The Chinese government has been actively promoting domestic semiconductor production through policies and subsidies, particularly in the automotive semiconductor sector, which is not subject to U.S. export controls [7]. - The competitive gap in technology between Chinese and Western semiconductor manufacturers has narrowed, with Chinese companies producing at lower prices [7].

Core Insights - The maritime container transport volume from Asia to Europe increased by 8.7% year-on-year in the first quarter, reaching a historical high of 4.471 million TEUs, driven by a significant rise in shipments from the Greater China region, which grew by 11.2% [1][2] - The EU's imports from China showed strong growth in key categories, with electrical and AV equipment increasing by 30.8% and machinery by 29.2% in the first two months [1] - However, Northeast Asia's shipping volume decreased by 4.1%, while Southeast Asia saw a growth of 5.4% [2] Group 1 - The container transport volume from Asia to Europe reached 4.471 million TEUs in Q1, marking an 8.7% increase compared to the previous year [1] - The Greater China region accounted for nearly 80% of the total transport volume, with a notable increase of 11.2% [1] - The EU's imports from China in January and February showed significant growth in electrical equipment (30.8%) and machinery (29.2%) [1] Group 2 - Container shipping rates from Asia to Europe have declined, with Shanghai to Europe rates dropping by 56% from December 2024 to March 2025 due to an oversupply of container transport capacity [2] - The ongoing US-China tariff war may impact shipping volumes and rates to Europe, as Chinese companies seek to expand their market share in Europe amid slowing sales in the US [2] - The transport volume from Europe to Asia decreased by 6.0% in Q1, continuing a downward trend for seven consecutive months, attributed to declining demand in the Chinese real estate market [2]

世界资金已开始再次转向新兴市场国家资产。从股票和债券的资金流入流出额来看，5月份可能 是8个月以来的首次正增长。巴西股市等徘徊在高点区域。以美国特朗普政府的关税政策为契 机，资金向美国境外转移的趋势启动，新兴市场国家也成为选项。美元升值暂歇预期和央行下调 利率的预期正在引起投资者的关注。 国际金融协会（IIF）每天统计非居民（海外投资者）的资金在多大程度上投入新兴市场国家股票 和债券，将其作为衡量市场心理的指标之一。5月截至22日为净流入100亿美元。如果截至月底仍 保持正增长，将是美联储（FRB）时隔3年半决定降息的2024年9月以来的首次。 资金流入新兴市场国家资产有两个原因。首先，投资者开始调整偏重于美国的资产结构。其次， 美元贬值加剧被认为有利于新兴市场国家经济。以美国特朗普政府的关税政策为契机，资金向美 国境外转移的趋势启动…… 观察过去的美元贬值局面，新兴市场国家股票也比发达国家股票更有优势。例如2001年至2010 年，在美元指数下跌的背景下，MSCI新兴市场国家股票的回报高于发达国家股票。2010年以后 呈现美元升值趋势，新兴市场国家股票开始处于劣势。这一次，着眼于美元升值暂歇和转向美元 贬值 ...

Group 1 - Major Japanese manufacturers, including Toyota and Honda, are collaborating on AI-based autonomous driving technology to ensure safety and build AI infrastructure while nurturing talent [1][2] - The Japanese government is supporting the establishment of a collaborative system among large enterprises in the AI autonomous driving sector and is providing assistance to small and medium-sized enterprises to promote domestic production of components [1][2][3] - The development of Software Defined Vehicles (SDV), which rely on software updates via the internet to enhance performance, is a key focus for the Japanese government [2][3] Group 2 - The revised "Digital Transformation Strategy for Vehicles" aims to accelerate the development of AI autonomous driving and includes collaboration in seven areas, such as utilizing generative AI in semiconductor and manufacturing processes [2][3] - Japan's goal is to achieve a domestic and international sales target of 12 million vehicles and a global market share of 30% by 2030 [3] - AI-based autonomous driving is expected to provide smoother driving experiences and reduce the number of cameras and sensors needed, thereby lowering average costs per vehicle [3]

Core Viewpoint - The sales related to "LABUBU" have increased more than eightfold within a year, indicating a significant growth in popularity and market presence for Pop Mart, which has surpassed the market value of Japan's Sanrio [1][5]. Group 1: Company Performance - Pop Mart's LABUBU sales reached 3 billion RMB in the fiscal year 2024, an increase of 8.3 times compared to the previous fiscal year [5]. - The company's operating revenue for fiscal year 2024 grew to 13 billion RMB, 2.1 times higher than the previous year, while net profit surged to 3.1 billion RMB, a 2.9 times increase [5]. - Pop Mart's total market value has risen to approximately 250 billion HKD, which is 9.2 times that of the end of 2023, surpassing Japan's Sanrio [6]. Group 2: Market Expansion - Pop Mart plans to expand its store count outside of China to about 230 by the fiscal year 2025, an increase of 80% from the end of the previous fiscal year [1]. - The company has established a total of 130 stores in overseas markets, with nearly 40% of its overall revenue coming from international operations [6]. - In fiscal year 2024, Pop Mart opened 50 new stores, primarily in Vietnam and India, and plans to open 100 more stores in Japan, Thailand, and other regions by 2025 [6]. Group 3: Brand Strategy and Competition - LABUBU, a character from illustrator Kasing Lung's works, has become a fashion statement among young consumers, particularly in Southeast Asia, aided by endorsements from popular figures like BLACKPINK [3][5]. - Pop Mart is recognized as a pioneer in China's intellectual property (IP) business, focusing on developing its own characters through collaborations with various artists [5]. - Competitors like Miniso are also leveraging well-known IPs for their products, but Pop Mart is committed to nurturing its own IPs alongside established ones [5]. Group 4: Industry Trends - The success of LABUBU reflects a broader trend in the Chinese market, where companies are increasingly moving from manufacturing to leveraging intellectual property and creative content [6]. - The gaming industry, exemplified by the global success of the mobile game "Genshin Impact," shows similar trends in the popularity of Chinese-origin characters and merchandise [7]. - Southeast Asia is identified as a crucial market for companies like Pop Mart, second only to China in importance [8].

日经GO 富士胶片推出纵向拍摄数码相机 原创 阅读全文 ...

HOB在中国推广的草莓品种"PECHIKAHONOKA"（图片由HOB提供） 在日本，由于农户老龄化等原因，草莓种植出现了难以为继的情况。而中国拥有丰富劳动力和巨 大市场，对高品质果实的需求也在增加。HOB从4月开始向中国出口种苗，并在当地启动与种植 指导相关的业务…… 日本商用草莓品种开发和销售巨头HOB将扩充海外业务。从4月开始向中国出口种苗，并在当地 启动与种植指导相关的业务。正式的生产和销售由中国当地的合作企业负责，并把部分销售收入 支付给HOB。HOB还计划以同样的模式在越南和美国推进项目，在草莓需求不断扩大的海外寻求 出路。 在日本，由于农户老龄化等原因，草莓种植出现了难以为继的情况。除了拥有丰富劳动力和巨大 市场的中国之外，HOB还打算进军越南及美国等地区来强化收益能力。 在海外业务中领先的印度尼西亚和马来西亚，HOB也计划于2025年内开始试验栽培。这两个国 家的全年气温都比较高，一般不适合种植草莓，但HOB认为只要是高原，就可以收获高品质的果 实。 HOB将通过海外业务来弥补日本国内业务的下滑（4月4日，位于东神乐町的总部） 在中国的生产由南京金色庄园负责，销售由百果园负责。中方企业将向HO ...

大阪经济大学教授 福本智之：特朗普政府的关税政策将成为中国的"闹钟"，也就是结构性改革的 催化剂。中国如果无法依赖外需，就必须振兴内需。以中国为基地的制造业供应链似乎不会发生 急剧变化…… 大阪经济大学教授 福本智之： 美国大幅下调了对中国的加征关税。由于家电和玩具等许多产品 依赖于从中国进口，关税博弈对美国不利。尽管如此，如果算上以往征收的关税，美国的对华关 税仍然保留高水平。还有各行业的关税，很难说贸易战已经停止。 村田制作所正在推进面向中国和美国的业务划分。松下控股也利用当地人才和生产基地，在中国 扩大家电销售。随着中国内需振兴的推进，占国内生产总值(GDP)40%的个人消费将增长，这将 给日本企业带来商机。 与贸易战伴随的风险是中国的过剩产能。如果光伏面板、钢铁和半导体等众多产品难以出口到美 国，有可能流向其他国家，打乱市场的供需平衡。这是全世界必须应对的课题。 日本经济新闻（中文版：日经中文网）安西明秀 汇总 此次创造了第二届特朗普政府上台以来中美谈判的机会，这一点值得肯定。随着谈判框架的建 立，预计谈判将不仅局限于关税，还将涉及中国政府提供补贴的产业振兴政策等广泛问题。 颇有意思的是特朗普政府的关 ...

Core Viewpoint - Nissan is considering selling its headquarters building in Yokohama, Japan, valued at over 100 billion yen, to reduce high operational costs associated with its factories, proposing a "sale and leaseback" arrangement to continue using the facility after the sale [1]. Group 1 - Nissan plans to reduce its global manufacturing footprint by closing seven factories, including two in Japan and several overseas, aiming to cut fixed and variable costs by a total of 500 billion yen compared to the 2024 fiscal year [2]. - The company reported a loss of 670.8 billion yen for the 2024 fiscal year, marking its first loss in four years and the third-highest loss in its history, influenced by U.S. tariff policies [2]. - The workforce reduction will exceed 20,000 employees, with an increase of over 10,000 from previous estimates, as part of the restructuring efforts [2].

Core Viewpoint - The Japanese bond market has become the starting point for the rise in global ultra-long-term interest rates, with increasing interconnectivity between domestic and international rates being a significant factor [1][3][5]. Group 1: Market Dynamics - The yield on Japan's 40-year government bonds reached a record high of 3.135% during the auction on May 28, marking the highest since the auction's inception in November 2007 [3]. - The bid-to-cover ratio for the auction was 2.21, indicating weak demand and the lowest level since July 2024 [3]. - The yield on newly issued 40-year bonds peaked at 3.675% on May 22, which is 1% higher than the end of 2024, reflecting a rapid increase in market rates [4]. Group 2: Global Impact - The instability in Japan's ultra-long-term bonds has led to fluctuations in the global bond market, with U.S. 30-year bond yields also rising to 5.1% on May 22, the highest since October 2023 [4]. - The heightened interconnectivity of domestic and international rates has made the Japanese market more susceptible to global events, particularly those originating from the U.S. [5]. Group 3: Investor Behavior - The shift in major buyers of Japanese ultra-long-term bonds to overseas investors has contributed to the increased global market interconnectivity [5]. - Market participants are cautious, as many investors engage in strategic buying and selling during periods of volatility, making it difficult to predict market reversals [5]. Group 4: Future Outlook - The feasibility of reducing the issuance of ultra-long-term bonds remains uncertain, with expectations of a potential decrease in supply that could lead to lower rates if confirmed [6]. - The upcoming auction of 30-year bonds on June 5 is critical, as disappointing results could lead to renewed market instability [6]. Group 5: Stock Market Reactions - The volatility in the bond market has begun to affect the stock market, with significant fluctuations in the Nikkei average on May 28 due to interest rate changes [7]. - The sensitivity of the stock market to bond market fluctuations raises concerns about overall market stability [7].