Core Viewpoint - Murata Manufacturing anticipates a peak in performance around 2030, driven by the widespread adoption of AI-equipped devices, despite a projected decline in profits for the current fiscal year [3][10][12]. Group 1: Investment and Growth Strategy - The company plans to increase its capital investment for the fiscal year ending March 2026 to 270 billion yen, a 50% increase from the previous year, in anticipation of growing demand for electronic components due to AI [3][6]. - A new factory is under construction in Izumo City, Shimane Prefecture, with an investment of approximately 47 billion yen, set to become Murata's largest facility upon completion in 2026 [5][6]. - The company aims to expand its market share of multilayer ceramic capacitors (MLCC) to 43% by 2030, up from the current 40% [15]. Group 2: Market Position and Challenges - Murata holds the largest market share in the MLCC segment, which is essential for smartphones and electric vehicles, with about 40% of a global market valued at approximately 2 trillion yen [6][7]. - Despite its leading position, the company faces challenges due to stagnation in the smartphone and automotive markets, with a projected net profit of 177 billion yen for the fiscal year 2025, a 24% decrease from the previous year [9][10]. - The competitive landscape is intensifying, with companies from Taiwan and South Korea aggressively pursuing market share, prompting Murata to invest heavily to maintain its leadership [16]. Group 3: Historical Performance and Future Outlook - Historically, Murata has experienced performance peaks every 15 years, with significant profit margins during the fiscal years of 1984, 2000, and 2015, linked to technological advancements in electronics [11][12]. - The upcoming peak in 2030 is expected to be driven by the integration of AI in consumer electronics, with the company preparing for a surge in demand for electronic components [12][15]. - The company acknowledges the need for substantial investment to stay ahead of competitors and capture market share, even if it means sacrificing short-term profits [16].

日经GO 拉布布在日本二手平台交易过热，炒至定价3倍 原创 阅读全文 ...

Core Viewpoint - The article discusses the significant inflow of capital into the Hong Kong stock market from mainland China, driven by government policies aimed at stimulating consumption through stock price increases, while also highlighting the risks of capital outflow and potential depreciation of the Renminbi [2][9]. Group 1: Capital Inflows and Market Performance - Since the beginning of 2025, nearly 1 trillion Hong Kong dollars have been net bought by mainland Chinese funds in the Hong Kong stock market, exceeding the previous record set in 2024 by about 20% [2][8]. - The Hang Seng Index has risen over 20% compared to the end of 2024, outperforming other major indices like the Nikkei and the Dow Jones [8]. - The Shanghai Composite Index has reached its highest point since August 2015, reflecting a positive trend in the mainland stock market [8]. Group 2: Capital Outflows and Investment Restrictions - In July, a record net outflow of 58.3 billion USD occurred, marking a tenfold increase from June and the highest level since comparable data began in 2010 [6][9]. - The increase in outflows is attributed to the relaxation of overseas investment restrictions, allowing qualified domestic institutional investors (QDII) to invest abroad under certain conditions [7][8]. - The State Administration of Foreign Exchange expanded investment quotas by 2% in June, contributing to a more stable foreign exchange market and easing restrictions on overseas investments [8]. Group 3: Economic Implications and Consumer Behavior - The Chinese government is promoting stock investment to stimulate consumption through the wealth effect, especially in light of the declining real estate market [9]. - The share of housing in household assets is reported to be as high as 80%, and the decline in property values has increased the burden on consumer spending [9]. - The gap between bank deposits and loans reached a record high of 52 trillion yuan by the end of July, indicating a growing tendency towards savings amid economic uncertainty [9]. Group 4: Market Dynamics and Investor Behavior - The mainland stock market is primarily composed of individual investors, leading to volatility where prices can surge during bullish trends and plummet during bearish phases [11]. - Concerns have been raised regarding the lack of depth in the investor base and the potential for herd behavior during market fluctuations [11]. - Economic analysts caution that the underlying issues of insufficient demand in the real economy remain unresolved, which could impact market stability [11].

Core Viewpoint - Yadea's electric two-wheeler "PORTA" is set to enter the Japanese market, priced at 21.78 million yen (approximately 10,514 RMB), aiming to provide an affordable alternative to local brands [2][4]. Group 1 - The "PORTA" model is a modified version of the "Modern" electric scooter sold in China, tailored to meet Japanese specifications [2][4]. - The pricing of PORTA is significantly lower than that of Japanese brands, which typically exceed 300,000 yen [4]. - The vehicle has a rated output power of under 0.6 kW, classifying it as an electric lightweight motorcycle, with a charging time of 5-6 hours and a maximum range of 60 kilometers [4]. Group 2 - Yadea is the largest electric two-wheeler manufacturer globally, with annual sales exceeding 17 million units, and products exported to over 100 countries [4]. - The launch of PORTA coincides with Japan's upcoming stricter exhaust emission regulations, which will phase out existing gasoline-powered lightweight motorcycles by the end of October [4]. - HASEGAWA MOBILITY, Yadea's official importer in Japan, has initiated pre-orders for PORTA starting September 1, with an official release scheduled for November 1 [2][4].

Core Viewpoint - The Chinese AI industry is moving towards a stage of software and hardware integration, significantly reducing reliance on foreign products like those from Nvidia [2][4]. Group 1: Market Performance - The stock price of Cambricon Technology has surged, reflecting growing market confidence in the development of Chinese AI independent of American companies [2]. - The Shanghai Stock Exchange's STAR Market 50 Index rose by 8.6% on August 22, reaching a new high since February 2022, driven by optimism surrounding domestic AI advancements [4]. - Goldman Sachs raised Cambricon's target stock price from 1,223 yuan to 1,835 yuan, with the stock price doubling since late July [5]. Group 2: Technological Developments - DeepSeek released its new large language model (LLM) "V3.1" on August 21, which is designed for upcoming domestic chip architectures [4]. - Eight companies, including Cambricon and Huawei, passed the AI model adaptation test conducted by the China Academy of Information and Communications Technology [4]. Group 3: Future Projections - Cambricon expects its revenue for the fiscal year 2025 to reach between 5 billion to 7 billion yuan, which is 4.3 to 6 times higher than the previous year [6]. - The total market capitalization of Cambricon is projected to exceed 600 billion yuan, surpassing SMIC in the STAR Market [6].

Core Insights - The article highlights the competitive landscape of global markets, indicating that the U.S. leads in 27 product categories, while China leads in 18 categories, an increase from 17 the previous year [2][7] - Despite some categories showing a decline in market share for Chinese companies, there are 24 categories where they have expanded their share, up from 21 the previous year [6] Group 1: Market Share Trends - In 2024, Chinese companies saw a reduction in market share across 15 categories, an increase from 13 categories in 2023 [4] - The market share of Chinese companies in the camera segment decreased from 52.5% to 49.9%, with Hikvision's share dropping by 1.8 percentage points [4] - The cloud services sector, previously growing, is now showing signs of decline, with Alibaba's share down by 0.7 percentage points [6] Group 2: Economic Impact - The ongoing real estate downturn in China, exacerbated by the crisis of Evergrande Group, has led to a sluggish domestic demand, impacting sectors like home appliances [6] - The real estate and related industries are estimated to account for 30% of China's GDP, contributing to economic stagnation and poor sales in home-related products [6] - The beer market also reflects this trend, with China Resources Beer’s market share declining by 0.2 percentage points to 5.2% [6] Group 3: Competitive Landscape - In the electric vehicle (EV) sector, Tesla's market share decreased by 2.3 percentage points to 16.1%, while the combined market share of Chinese companies like BYD exceeds 30% [6] - In the smartphone market, companies like Xiaomi and Transsion are gaining traction, particularly in emerging markets [7] - The U.S. government continues to exert pressure on Chinese companies through tariffs and regulations, which is expected to prolong the stagnation of the Chinese economy [7]

编者荐语： 日经Gaming . 日经 Gaming 是日经 BP 旗下专业游戏媒体。以商务视点出发，经营、消费、营销为切口，传递游戏及关联领域的最新动向。 2025 年 9 月 25 日至 28 日，备受瞩目的 " 东京电玩展 2025" （ TGS2025 ）将在千叶幕张展览馆拉开帷幕。本届展会的商务日（收费）预登 记已于 8 月 1 日正式启动，商务日为 2025 年 9 月 25 日、 26 日，仅面向游戏商务相关人员开放，需通过事先审查方可参加。同时，展会的基调演 讲信息也已对外公布。 " 东京电玩展 2025" 的商务日（收费）预登记于 2025 年 8 月 1 日开始。图为 2024 年东京电玩展商务日期间（照片 / 木村辉） 此次"东京电玩展 2025 "（ TGS2025 ）将商务日设定为 2025 年 9 月 25 、 26 日， 27 、 28 日为一般公开日。 8 月 1 日开始接受网上预登记的是商务日两天有效的预登记。只有游戏商务相关人员才能注册，需进行事先审查。未满 18 岁，学生、婴幼儿 和学龄前儿童不能入场。注册费，通常的「商务票」为 1 万 1000 日元（含税，以下同），「 ...

森山表示"已将进退交给石破总裁决定"（9月2日） 担责任"。 石破茂在两院总会上就参议院选举大败进行了道歉，在强调对物价上涨和关税谈判等政策课 题"指明方向是我的责任"的同时，表示"不会逃避责任，会在适当的时候做出妥当的决断"。 虽然石破茂表示"完全没有贪恋地位的想法"，但并未明确表示"适当时机"的具体时期和"决 断"的内容。 对于参议院选举中自民党众多候选人落选一事，他低头道歉道："选举最终是作为总裁的我的 责任。必须再三道歉"。 森山在两院议员总会上总结了参议院选举，他说"已将进退问题交由身为任命者的石破总裁决定"。石破 茂表示，森山裕对于政权运营而言"无人能替"，并明确了让其继续担任干事长的方针…… 因参议院选举大败，日本自民党干事长森山裕等党内四大要职人员于9月2日表明了辞职意 向，将进退完全交由日本首相石破茂决定。石破茂有意让森山留任，并再次表达了继续执掌 政权的意愿。 森山在两院议员总会上总结了参议院选举，他说："未能取得预期的结果"。他表示"我作为干 事长，是此次选举的负责人"，表明了辞职的意向。此外，他还解释道："已将进退问题交由 身为任命者的石破总裁决定"。 石破茂在两院总会后对记者团表示， ...

此前两家公司被列入不需要特别许可程序的"经验证最终用户（VEU）"名单，但目前已被剔除。如果两 家公司将美国生产的半导体制造设备引入中国工厂，必须单独从美国政府获得出口许可…… 在中美对立下，韩国厂商在中国的半导体生产可能受阻（图片由SK海力士提供） 后与美方进行磋商。 美国商务部9月2日宣布，针对韩国半导体巨头三星电子和SK海力士的中国法人，将取消对于 在美国生产的半导体制造设备的出口优惠措施。如果两家公司将美国生产的半导体制造设备 引入中国工厂，必须单独从美国政府获得出口许可。 美国商务部在官方公报中披露了上述消息。此前，两家公司被列入不需要特别许可程序的"经 验证最终用户（VEU）"名单，但目前已被剔除。新措施自2025年12月31日起实施。 三星在中国西安市、SK在无锡市和大连市分别设有工厂，主要生产旧一代半导体。今后在引 进美国的应用材料公司和泛林集团（Lam Research）等的半导体制造设备时，需要获得美国 政府的出口许可。 SK表示，"将与韩国和美国政府紧密沟通，尽量减少对业务的影响"。三星也表示，"无法置 评"。韩国政府认为本国企业运营的中国工厂"对全球半导体供应链的稳定至关重要"，计划今 ...

新浪刚史 新浪刚史于1981年进入三菱商事，负责海外业务和经营企划，2002年就任罗森社长。肩负经 营重建的任务，通过强化自有品牌和转向医疗保健路线等，给流通业界注入新风，使罗森走 上了增长轨道。 新浪刚史2014年就任三得利控股社长后，以收购美国Beam公司为杠杆，加速了饮料和酒类 业务等的海外市场拓展。 新浪刚史在政治财经界也崭露头角，2023年就任经济同友会的代表干事。在少子化对策和培 育初创企业等广泛领域积极建言献策，传播力受到好评。 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。 三得利会长新浪刚史因获取在日本存在违法嫌疑的海外药品而被福冈县警方调查。警方被认为将慎重调 查是否负有刑事责任。新浪刚史在三得利任职期间，加速了饮料和酒类业务等的海外市场拓展…… 日本三得利控股公司9月2日正式发布消息，该公司会长新浪刚史已于1日辞职。在1日的董事 会会议上，新浪刚史提交的辞呈已被受理。相关人士透露，新浪刚史因获取在日本存在违法 嫌疑的海外药品而被福冈县警方调查。警方被认为将慎重调查是否负有刑事责任。 2日，三得利控股的社长鸟井信宏和副社长山田贤治出席了紧急记者会，对相关情况进行了 ...