Core Viewpoint - Emerging market stocks are experiencing significant gains, driven by strong economic performance, expectations of monetary easing, and a trend of US dollar depreciation, leading to increased demand for non-US assets [3][5][6]. Group 1: Emerging Market Performance - The MSCI Emerging Markets Index rose nearly 9%, outperforming major indices such as the Nikkei, Euro Stoxx 600, and S&P 500, marking the first time in five years that the emerging markets index's annual gain exceeded that of developed markets [5]. - Brazil's stock market has seen substantial foreign investment, with net purchases by foreign investors reaching 17.7 billion reais (approximately 23.7 billion yuan) from early January to January 23, 2026, which is more than half of the total for 2025 [8]. - South African stocks are benefiting from rising resource prices, particularly in gold, leading to increased buying in mining-related companies [8]. Group 2: Investment Trends and Risks - The uncertainty surrounding US government policies has prompted investors to reconsider their asset allocations, with emerging market stocks being viewed as a diversification option [6]. - The geographical diversity of emerging market investments is notable, with strong performances observed in East Asian markets, particularly in South Korea and Taiwan, driven by expectations related to AI demand [6]. - Risks for emerging market stocks include potential global economic slowdowns and the possibility of a stronger US dollar if expectations for US interest rate cuts diminish, which could lead to temporary adjustments in these markets [8].

三菱电机的工厂自动化设备等FA业务的对华销售比例较高。将通过合作，来开发符合客户需 求的软件，以增强提案能力…… 日本三菱电机通过中国当地法人向从事引进和构建用于生产现场生产计划与质量管理的软件 业务的中国企业"ADT Technology Service（达智汇科技服务，简称：ADTTech，总部位于 苏州）"出资，并签署了合作协议。三菱电机的工厂自动化设备等FA（Factory Automation）业务的对华销售比例较高。将通过此次合作，来开发符合客户需求的软件，以 增强提案能力。 日经中文网 https://cn.nikkei.com 三菱电机在中国的FA设备等的制造基地 视频号推荐内容： FA系统是三菱电机的核心业务之一。在中国市场，该业务受到智能手机和机床相关需求等的 支撑。三菱电机方面表示："通过本次合作，三菱电机智能制造解决方案与ADTTech的工业AI 赋能及工程服务能力深度融合，打造覆盖数据采集、分析建模、智能决策与闭环优化的一站 式智能工厂整体解决方案"。 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。 ...

Core Viewpoint - The competition in the semiconductor lithography equipment market is intensifying, particularly in the back-end process, where Canon currently holds a dominant position. However, ASML is entering this market, posing a significant threat to Canon's market share [2][6]. Group 1: Market Dynamics - Canon entered the back-end lithography equipment market in 2011 and has nearly monopolized the sector used by semiconductor giants [2][6]. - ASML, the largest lithography equipment manufacturer, has begun to challenge Canon by launching equipment for the back-end process, which is increasingly important for enhancing the performance of advanced semiconductors [2][4]. - Nikon plans to start mass production of back-end lithography equipment by 2026, further intensifying competition in this space [2][6]. Group 2: Technological Advancements - ASML's new "XT:260" equipment reportedly has a production efficiency four times that of front-end lithography equipment and can handle thicker substrates, addressing issues related to substrate warping caused by multiple chip stacking [6]. - The demand for advanced packaging technology, which combines multiple chips like GPUs and memory, is growing, leading ASML to expand into this area [4][7]. - Canon's sales of lithography equipment are projected to reach 241 units by 2025, nearly doubling over five years, driven by the demand for back-end solutions [6]. Group 3: Industry Trends - The trend towards larger intermediate substrates is emerging, with a shift from 300mm round silicon wafers to larger square substrates to reduce waste [7]. - Companies like Panasonic are also entering the advanced packaging market, developing equipment for vertically stacked chips to meet AI semiconductor demands [7]. - The development direction for back-end technology remains unclear, requiring equipment manufacturers to be adept at capturing industry trends and demands [7].

Group 1 - The core focus is on the potential investment project in the U.S. for synthetic diamonds, which are crucial for semiconductor manufacturing and are currently predominantly produced in China. The project is part of a $550 billion investment initiative based on the U.S.-Japan tariff agreement [2][4] - The Japanese government has included specific types of synthetic diamonds in its export control list for 2025, highlighting the importance of stable procurement for both Japan and the U.S. [4] - Element Six Holdings is discussing a project to establish a facility for manufacturing diamond particles using high-pressure and high-temperature methods, with a total business scale of $500 million. Japanese suppliers and off-takers are expected to participate [4] Group 2 - Hitachi's power transmission and distribution equipment project has also emerged as a candidate under the investment initiative, focusing on strengthening the supply chain for power infrastructure, including transmission and substation equipment and data center transformers [5]

日本2025年内容产业盗版损失或超10万亿日元 原创 阅读全文 日经GO ...

Core Viewpoint - China's natural gas production is projected to reach 261.9 billion cubic meters by 2025, marking a 6% increase from the previous year and setting a new record [2][4]. Group 1: Natural Gas Production and Development - The development of unconventional natural gas, particularly shale gas, is accelerating in China's inland regions, contributing to a domestic self-sufficiency rate of approximately 60% despite rising consumption [2][4]. - China's domestic natural gas production has doubled over the past decade, with the 2025 output equivalent to about 19.3 million tons of LNG, which is approximately three times Japan's annual natural gas demand [4][5]. - By 2030, natural gas production is expected to increase to 300 billion cubic meters, driven by shale gas production, which is anticipated to exceed 100 billion cubic meters in 2024, accounting for nearly 50% of domestic output [5][6]. Group 2: Import Dynamics and Energy Security - China aims to diversify its energy sources to enhance energy security, combining domestic production with LNG and pipeline imports [4][8]. - In 2025, natural gas imports are projected to decrease for the first time in two years, with a 3% year-on-year reduction, and LNG imports specifically dropping by 11% to 6.843 million tons [8][11]. - The import of LNG from the U.S. has plummeted by 94%, down to 250,000 tons, largely due to trade tensions and tariffs imposed on U.S. LNG [8][11]. Group 3: Consumption Trends and Future Outlook - Despite a slight decline in natural gas consumption in early 2025, the overall demand remains robust, supported by government initiatives to reduce air pollution by transitioning from coal and heavy oil to cleaner natural gas [12]. - Long-term forecasts suggest that natural gas consumption will increase by 30% by 2030, reaching 550 billion cubic meters [12].

Group 1 - The total labor force in Japan has surpassed 70 million, reaching 70.04 million in 2025, marking a historical high [2][4] - The number of employed individuals is projected to increase by 470,000 from the previous year, totaling 68.28 million in 2025 [2] - The growth in the labor force is primarily driven by an increase in female and elderly workers, with female participation rising by 1.4% and those aged 65 and above increasing by 1.5% [4] Group 2 - Despite the increase in the labor force, average working hours are decreasing, with the average monthly employment time for December 2025 at 148.4 hours, a reduction of 6.0% compared to a decade ago [5] - The proportion of women in non-regular employment is 52.0% in 2025, although this represents a slight decrease of 0.6 percentage points from the previous year [5] - Future growth in Japan's labor force is expected to be limited, with projections indicating a potential decline in the 15-64 age group labor force by the 2030s due to population decrease [5]

数据中心的服务器对微小积层陶瓷电容器的需求高涨 我们从今年起，在小松村田制作所（石川县小松市）进入量产阶段的电源模块也有望发展成主力产品。 目前已经在准备向一家大型云服务企业供货。这是采用自主小型化技术的产品，可以缩短芯片与电源之 间的距离（通过减少电力损耗来实现节能），有助于提高供电效率。 村田制作所社长中岛规巨对AI领域的业务增长充满期待 村田制作所社长中岛规巨：不仅需要检查矿山，还必须核查精炼工序，并且还需要获得使用这些稀土制 造产品的客户的认可。这是一项大约需要3年左右的长期工作，但我们正在加快进度推进…… 村田制作所正在扩大人工智能（AI）相关业务。村田制作所认为，随着AI应用的发展，数据中心服务 器对电路中用于储存和释放电能的积层陶瓷电容器的需求将增长。村田制作所还将开始量产为图形处理 器（GPU，AI的心脏部位）进行电压转换并供电的电源模块。日本经济新闻（中文版：日经中文网） 就今年的展望采访了村田制作所的社长中岛规巨。 记者 ：您如何看待2026年的业务环境？ 中岛规巨 ：为处理使用AI所需的海量信息而增设新数据中心的投资在全球范围内处于扩张周期之中。 数据中心的每台服务器需要配备1.5万至2 ...

编者荐语： 日经中文网与36氪开展内容交换合作。将精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪 ，作者邱晓芬 36氪 . 36氪是服务中国新经济参与者的卓越品牌和开创性平台，提供新锐深度的商业报道，强调趋势和价值，我们的slogan是：让一部分人先看到未来。 平头哥自研PPU已成为中国新增AI算力市场的主力芯片之一。 文 ｜ 邱晓芬 封面来源 ｜ 日经中文网 1月22日，接近市场人士称，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立上市。平头哥是阿里巴巴全资子公司，于2018年成立。 成立8年以来，公司已在计算、存储、网络等领域推出多款性能业界顶级的芯片，据悉，平头哥自研PPU已成为中国新增AI算力市场的主力芯片之一。 互联网公司里， 自研芯片的早期探索者 芯片一直被认为是科技领域最难坑的骨头之一，而平头哥创立之前，阿里巴巴的硬件研发「履历」几乎空白，互联网公司造芯在国内更无先例，平头哥研 发芯片的难度不亚于阿里投入云计算。 虽然现实很骨感，但在这场技术和资本的游戏里，阿里的战略决心不亚于对阿里云的长期投入。 公司成立后，内部芯片研发的路线和模式非常清晰，即重点围绕云端数据中 ...

Core Viewpoint - The focus of the U.S. Treasury has shifted from monetary policy to other factors influencing the currency market, particularly regarding Japan's economic policies and the yen's depreciation [2][5]. Group 1: U.S. Treasury Report Insights - The U.S. Treasury's semi-annual currency report, released on January 29, indicates a change in stance regarding Japan's monetary policy, removing previous recommendations for the Bank of Japan to continue tightening [2][4]. - Japan remains on the "monitoring list" for potential currency manipulation, with trade surpluses exceeding specified thresholds, but not meeting the criteria for frequent intervention [2][5]. - The report highlights that the yen's depreciation is influenced not only by interest rate differentials but also by the new government's expansionary fiscal policy outlook [5]. Group 2: Currency Market Dynamics - The recent appreciation of the yen has been influenced by scrutiny from U.S. and Japanese authorities, leading to a temporary stabilization of the market [5]. - The U.S. Treasury Secretary emphasized the pursuit of a "strong dollar," which has contributed to the dollar's depreciation against other major currencies [5]. - The report does not designate any countries as "currency manipulators," but includes Japan, China, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland on the monitoring list, with Thailand being a new addition [5].