在横滨港停放的车辆（4月9日，KYODO） 预计2025财年日本上市企业的合计净利润同比减少7%，6年来首次减少。美国关税和日元升值成为重 担，汽车、钢铁、海运等行业表现不佳。特别是盈利依赖美国市场的汽车行业，预计利润将减少 32%…… 日本企业此前增长的业绩正在踩下刹车。预计2025财年（截至2026年3月）的合计净利润同 比减少7%，6年来首次减少。美国关税和日元升值成为重担，汽车、钢铁、海运等行业表现 不佳。尽管利润水平仍然处于较高位置，但能否面向中长期推进增长投资、业务改革和工资 上调将成为课题。 日本经济新闻（中文版：日经中文网）统计了约1000家在东证prime上市、财年截至3月的企 业（不包括母子公司均上市的企业的子公司等）的业绩预期。如没有公司预期，则使用市场 预期。显示盈利能力的销售额净利润率将近6%，比新冠疫情前的2018财年上升1个百分点。 有很多企业提升了盈利能力，例如推进业务转型、抓住快速增长的AI需求的日立制作所等。日 本上市企业的手头资金在2024年12月底达到约110万亿日元，比2019年3月底增加了3成， 创出历史新高。 野村证券的北冈智哉指出，"有必要具备灵活性，通过分散生 ...

Core Viewpoint - Japan's gold exports have surged to record levels due to the impact of U.S. tariff policies, with monthly export values reaching approximately 300 billion yen, marking the highest levels since records began in 1996 [1][3]. Group 1: Export Trends - Japan's gold exports have recently reached around 300 billion yen per month, significantly higher than historical levels, with February's export value reported at 281.1 billion yen, approximately 4.7 times that of ten years ago [1][3]. - The export volume for 2023 is projected to exceed 190 tons, with current outflows occurring at a rate surpassing this figure [3]. - Major export destinations include the U.S., U.K., Hong Kong, and Singapore, with recent exports equating to about 20 tons per month [3]. Group 2: Factors Influencing Exports - The surge in gold exports is attributed to U.S. tariff policies, particularly speculation regarding potential tariffs on gold bar imports, prompting traders to consolidate gold in U.S. warehouses [3][4]. - Japan's Ministry of Finance suggests that previously smuggled gold is now being exported, indicating a shift in the market dynamics [3][4]. Group 3: Domestic Gold Situation - Despite the increase in exports, Japan is experiencing a domestic gold shortage, which is unusual given the scale of current exports [3]. - Japan's gold imports have decreased significantly, with February's import value at only 5 billion yen, a 40% decline compared to ten years ago [5]. Group 4: Smuggling and Regulatory Concerns - The rise in gold smuggling into Japan has been linked to increased consumption tax rates and has become a source of funding for criminal organizations [4]. - In 2024, there were 493 reported cases of gold smuggling, with confiscated amounts reaching approximately 1.2 tons, marking a significant increase from the previous year [4]. Group 5: Market Dynamics - Gold is viewed as a safe asset, with its value remaining stable compared to stocks and bonds, leading to increased demand amid economic uncertainties [4]. - As of April 22, the international gold price reached a historic high, surpassing $3,500 per ounce, driven by concerns over economic recession due to U.S. tariff policies [4].

*1：本书从"会计+战略思维"的独特视角解读了财务报表，并用此预测企业发展方向。 编辑荐语： 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于 1969年。作为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。 敬请读者关注。 文章来源于 日经BP ，作者 日经BP 财报预言：用会计数据预测企业发展 出版社:中国科学技术出版社 编辑推荐 早稻田大学教授对财报的独到解析 用一份财报看清企业发展趋势 让会计思维与战略思维巧妙碰撞 *2：详细介绍理解财务报表的多元工具。 *3：不仅帮助财务人员更好地理解企业情况，更帮大众读者学会判断企业发展，灵活投资。 阅读更多内容请点击下方"阅读原文" （本文由日经BP提供） ...

Group 1 - The recent downgrade of the US government bond rating by Moody's has shaken trust in what was once considered a safe asset [2] - The passage of significant legislation, including the extension of Trump's tax cuts, is projected to increase US government debt by $3.1 trillion over the next decade [1] - The Federal Reserve Board member Waller expressed concerns about the unsustainable nature of the US fiscal deficit, indicating that the market will seek higher interest rates on US bonds until government spending is controlled [1][2] Group 2 - The US bond market is facing instability due to multiple factors, including the downgrade of the bond rating, reduced purchases by China, and weak demand for 20-year bonds [2] - The Trump administration's push for a weaker dollar to boost manufacturing may conflict with the need for a strong dollar to attract foreign investment [2][3] - The US Treasury Secretary emphasized that exchange rates should be determined by the market, indicating a preference for currency stability over inducing a weaker dollar [3]

Core Viewpoint - The profitability of Chinese banks is declining, as evidenced by a significant reduction in net interest margins, with 93% of the banks reporting a decrease compared to the previous fiscal year [1][3]. Group 1: Net Interest Margin Trends - 54 out of 58 listed banks in mainland China and Hong Kong reported a decrease in net interest margin for the fiscal year 2024 [1]. - 90% of listed banks experienced a reduction in net interest margin due to falling loan interest rates, with 81% of these banks having a net interest margin below the critical threshold of 1.8% [3]. - The average net interest margin for all banks, including non-listed small and medium-sized banks, is projected to be 1.52% by the end of 2024, marking a decline of 0.17% from the previous year [3]. Group 2: Economic and Financial Risks - The ongoing economic challenges, including insufficient domestic demand and potential impacts from tariffs, are contributing to weak funding demand from businesses and households [3]. - Concerns are rising regarding the credit risk associated with small and micro enterprises, as the average loan interest rate for these entities is not significantly higher than that for larger corporations [5]. - Potential non-performing loan ratios are estimated to reach 7.8% by the end of 2024, with real estate being a central risk factor [5]. Group 3: Government Intervention and Capital Injection - To mitigate financial instability, the Chinese government has decided to inject 500 billion yuan of public capital into the banking sector [6]. - There are concerns that merely injecting capital into large banks may not suffice, as smaller banks in economically distressed areas face increasingly severe operating conditions [6].

移民法专业法律事务所Green and Spiegel的管理合伙人Jonathan Grode 美国特朗普政府停止哈佛大学接收留学生的资格。据悉目前在校的留学生若要维持在美居留 资格，也需要转学至其他大学。移民法专业律所的管理合伙人Jonathan Grode指出：大学有 上诉的途径。流程会很漫长…… 美国特朗普政府5月22日通知哈佛大学，停止其接收留学生的资格。因此，哈佛大学 2025年度以后将无法再接收留学生。据悉目前在校的留学生若要维持在美居留资格，也需要 转学至其他大学。日本经济新闻（中文版：日经中文网）就此事采访了移民法专业法律事务 所Green and Spiegel的管理合伙人Jonathan Grode。 Jonathan Grode： 我从未见过像哈佛大学这样具有高知名度的大学被暂停留学生招收资 格的例子。虽然美国国土安全部（DHS）在认定大学违反学生签证发放条件的情况下，可以 取消"学生及交流访问者项目"（SEVP）认证，但之前的对象一直是恶意使用学生就业制度的 以营利为目的的大学。 此次，客座研究员等研究人员也会受到影响，留学生的就业许可也有可能被取消。如果美国 国土安全部取消认证（的效 ...

各厂商在电动摩托车市场上也展开激烈竞争。新兴企业Ola Electric Mobility走在前列，但由 于质量和服务问题，客户流失逐渐加剧。本田在2月份推出了印度首款电动摩托车"ACTIVA e"，力争扭转局面。 日本经济新闻（中文版：日经中文网）冈部贵典 艾哈迈达巴德（印度西部） 本田当天在印度第四工厂举行了纪念仪式，庆祝该公司全球摩托车累计产量达到5亿辆。本田 在印度当地的摩托车子公司社长大谷包表示，建设新生产线，将创造1800个就业岗位，并强 调："希望将其打造成中南美及其他全球市场的战略性出口基地"。 本田在印度国内拥有4家摩托车工厂。古吉拉特邦第4工厂的产能为196万辆，新的生产线完 成后，将增至261万辆。超过位于卡纳塔克邦的工厂（250万辆），成为本田全球最大的摩托 车生产基地。 预计到2027年，印度总产量将增至700万辆。本田在全球的摩托车产量约2000万辆。如果印 度产量增至700万辆，将占到3成左右，作为全球核心基地的地位或进一步加强。 印度汽车制造商协会（SIAM）的数据显示，印度2024年度的摩托车销量为1960万7332辆， 同比增长9%。2023年度超越中国，成为全球最大摩托车 ...

Core Viewpoint - BYD's electric vehicle (EV) sales in Europe surpassed Tesla for the first time, marking a significant shift in the European automotive market dynamics [1][2]. Group 1: Sales Performance - In April, BYD's EV sales in 28 European countries increased by 169% year-on-year, reaching 7,231 units, while Tesla's sales decreased by 49% to 7,165 units [1]. - Including plug-in hybrid vehicles (PHVs), BYD's total sales growth reached 359% [1]. - The sales gap between BYD and Tesla, although narrow, signifies a major impact on the European automotive market [1]. Group 2: Market Dynamics - The European Union plans to impose additional tariffs on imported Chinese EVs starting October 2024, raising the total tax rate to a maximum of 45.3% [2]. - Despite the impending tariffs, Chinese manufacturers saw a 59% increase in EV sales in Europe in April, totaling 15,300 units [2]. Group 3: Strategic Developments - BYD is planning to establish an EV assembly plant in Hungary to enhance its production capabilities for the European market [1]. - The company is also deploying its own large EV transport ships to improve supply capacity [1].

日经GO 日本2025年应届本科生就业率98.0%，历史第二 原创 阅读全文 ...

Core Viewpoint - Japan's real wages, adjusted for price fluctuations, decreased by 0.5% in 2024 compared to the previous year, marking three consecutive years of negative growth. Despite nominal wage increases, the impact of rising prices, particularly for rice, has led to a reduction in real wages [1]. Group 1: Wage Statistics - The actual wage decline in 2024 is less severe than in 2023, narrowing by 1.7 percentage points. The consumer price index used for calculating real wages increased by 3.5%, continuing a trend of over 3% for three years [1]. - The average nominal cash wage for 2024 is 349,388 yen (approximately 17,500 RMB), reflecting a 3.0% increase from the previous year, which is the highest nominal wage growth since 1991 [1]. - For regular employees, cash wages increased by 3.5% to 455,726 yen (approximately 22,900 RMB), while part-time workers saw a 3.9% increase to 112,637 yen (approximately 5,659 RMB) [2]. Group 2: Sector Analysis - Fixed wages, including base salary and family allowances, rose to 263,381 yen (approximately 13,200 RMB), with a growth rate of 2.1%, surpassing 2% for the first time since 1994 [2]. - The mining and quarrying sector experienced the highest growth in fixed wages at 5.6%, followed by the life-related services and information communication sectors at 4.4% and 3.8%, respectively [2]. - Bonuses and special payments increased by 7.5%, a significant rise of 5.9 percentage points from the previous year, indicating a strong performance in this area despite overall real wage declines [2].