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），「 ...

Core Viewpoint - The article discusses the resignation intentions of key figures in the Japanese Liberal Democratic Party (LDP) following a disappointing outcome in the recent House of Councillors election, with a focus on the leadership decisions being left to Prime Minister Shigeru Ishiba [2][4][5]. Group 1 - Moriyama Hiro, the LDP Secretary-General, expressed that he has handed over the decision regarding his resignation to Prime Minister Ishiba, acknowledging the failure to achieve expected results in the election [2][4]. - Ishiba emphasized that Moriyama is irreplaceable for the operation of the government and indicated a desire for him to continue in his role as Secretary-General [2][4]. - Other senior LDP officials, including Onodera and Suzuki, also expressed their intention to resign, citing responsibility for the election results [4][5]. Group 2 - Ishiba apologized for the LDP's poor performance in the election, stating that he takes responsibility for policy directions related to rising prices and tariff negotiations [5]. - He mentioned that he has no desire to cling to his position but did not specify the timing or nature of any decisions he might make regarding leadership changes [5]. - Following the election summary report, the LDP's presidential election management committee notified party members about the possibility of an early presidential election, requesting signatures from those in favor by September 8 [5].

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 ...

Core Viewpoint - Alibaba is significantly increasing its investment in artificial intelligence (AI) and cloud computing, aiming to establish AI as a major growth pillar alongside its e-commerce business [2][4][6]. Investment and Financial Performance - Alibaba's capital expenditure for the period of April to June 2025 has surged to 386 billion yuan, which is 3.2 times higher than the same period last year [6]. - In comparison, Tencent's capital expenditure during the same period was 191 billion yuan, which is 2.2 times its previous year's spending, indicating that Alibaba's investment is double that of Tencent [6]. - Alibaba's sales revenue for the same period grew by 2% to 247.6 billion yuan, while net profit increased by 78% to 43.1 billion yuan [4]. Cloud Business Growth - The growth of Alibaba's cloud business is primarily driven by generative AI, with the "Tongyi Qianwen" series being widely adopted and downloaded over 400 million times [6]. - The company plans to invest 380 billion yuan over three years to strengthen its AI and cloud business [6]. - Alibaba aims to maintain a growth rate above the industry average and expand its market share in the cloud computing sector [6]. AI Development and Market Strategy - Alibaba is developing its own AI chips to reduce reliance on U.S. suppliers like Nvidia, especially in light of export controls [7]. - The Chinese government is promoting the integration of AI across various sectors, which presents growth opportunities for private enterprises like Alibaba [7]. Competitive Landscape - Alibaba's stock price has increased by over 60% since the end of 2024, but its total market value remains only 40% of its peak and is half that of Tencent [9]. - The e-commerce sector, a major profit source for Alibaba, faces intense competition, particularly from JD.com, which is expanding into food delivery and quick delivery services [9]. - To counter competition, Alibaba plans to invest 50 billion yuan in its e-commerce sector over the next year, which may increase promotional expenses and compress profits [9]. Dual Strategy - Alibaba is navigating a dual strategy of pursuing growth through AI and cloud services while simultaneously working to improve profitability in its e-commerce business [9].

Core Viewpoint - BYD has initiated a significant price reduction for its electric vehicles (EVs) in Japan, aiming to expand its market share amid challenges in the Chinese market [1][7]. Group 1: Price Reduction Details - The price reduction ranges from 500,000 to 1,170,000 Japanese yen (approximately 24,200 to 56,700 RMB) [1][6]. - The Dolphin model will become the cheapest EV in Japan, with a new price of 2,492,000 yen (approximately 120,700 RMB), undercutting Nissan's Sakura by 100,000 yen [6][9]. - The Seal model's four-wheel drive variant will see a price drop of 1,170,000 yen, bringing its price down to 4,550,000 yen (approximately 220,500 RMB) [6][8]. Group 2: Market Context and Strategy - BYD's sales in Japan from January to July increased by 50% year-on-year, reaching 1,936 units, indicating strong performance in a growing market [1][9]. - The company is responding to intensified competition in the Chinese market, where its global new car sales grew only 0.6% in July, a significant slowdown compared to over 10% growth earlier in the year [7][9]. - The price cuts are part of a broader strategy to stimulate demand in Japan, where government subsidies can further reduce the effective price of the Dolphin to as low as 1,490,000 yen (approximately 72,200 RMB) [6][9]. Group 3: Competitive Landscape - Other automakers, such as Hyundai, have also announced price reductions for their EVs in Japan, intensifying competition in the market [11][13]. - The price war initiated by BYD in China has drawn criticism from industry groups and other car manufacturers, highlighting the challenges of maintaining profitability amid aggressive pricing strategies [8][9].

Core Viewpoint - The technological innovations in artificial intelligence (AI) and biotechnology are driving factors for the Chinese stock market, with expectations of capital inflow from Western investors by the second half of 2025 if this perspective spreads among them [1][3]. Group 1: Investment Trends - There has been an increase in inquiries about Chinese stocks from clients, but actual capital inflow from Western investors has not yet materialized due to concerns over stock prices, tariffs, and economic realities [3]. - The Hong Kong stock market has reached a high not seen in approximately 3 years and 10 months, while the Shanghai stock market is at its highest in nearly a decade, indicating renewed interest from investors [1]. Group 2: AI Development Approaches - Chinese and American tech companies have different approaches to AI development; U.S. firms focus on foundational infrastructure like large language models (LLM), while Chinese companies emphasize the development of AI-driven services [4]. - Tencent is utilizing AI to enhance advertising click-through rates, and Alibaba is being monitored for its efforts to strengthen its cloud business [4]. Group 3: Government Regulation - Government intervention in the tech sector has been cyclical, with a notable absence of significant intervention from 2010 to 2017, followed by periods of increased scrutiny. However, a softening of this stance is anticipated post-2024, with no major changes expected in the next 3 to 5 years [5]. - Signals of government intervention typically emerge months in advance, and ongoing monitoring of government officials' statements is crucial for anticipating regulatory changes [6].

Core Viewpoint - The allocation of funds to Chinese stocks is increasing as investors recognize the Chinese government's shift towards economic support, marking a turning point for long-term growth expectations in China [1][2]. Group 1: Fund Flows and Market Performance - The return of funds to the Chinese market is not a short-term phenomenon, with a resurgence of investor confidence in China's long-term growth potential [2]. - Hong Kong's stock market has reached a high not seen in approximately 3 years and 10 months, while Shanghai's stock market is at its highest in nearly a decade [1]. Group 2: Consumer Sector Resilience - Consumer concept stocks, particularly in tourism and education, are performing strongly, supported by government policies and increasing national purchasing power [3]. - Companies like Xiaomi are diversifying their product offerings beyond smartphones to include electric vehicles and smart home appliances, enhancing brand recognition and product quality over time [3]. Group 3: Geopolitical Concerns - Concerns regarding US-China tensions persist, but there has been no panic selling among clients in response to tariff announcements, indicating a more measured approach to geopolitical risks [4][6].

Core Viewpoint - NHK has filed a lawsuit against a Chinese male employee for making statements during a live broadcast that were not included in the original script, which NHK claims damaged its credibility and objectivity [2][4]. Group 1 - The employee made comments about the Nanjing Massacre and referred to the Senkaku Islands (Diaoyu Islands in China) as Chinese territory during a live broadcast on August 19, 2024 [2][4]. - The Tokyo District Court ruled on September 1, 2024, that the employee must pay 11 million yen (approximately 532,200 RMB) in damages to NHK [2][4]. - NHK terminated the employee's contract on August 21, 2024, shortly after the incident [4]. Group 2 - The presiding judge, Kenta Adachi, stated that the employee's remarks severely harmed the social reputation of NHK's broadcast content [4]. - NHK commented after the ruling that their claims had been recognized [5].