Core Viewpoint - Chinese automotive companies are expanding their supply chains in Thailand, aiming to capture demand in the Asian market, particularly in the context of increasing challenges faced by Chinese automakers due to tariffs and trade tensions with the US and Europe [1][2][3]. Group 1: Investment and Expansion - Since the 1960s, Japanese automakers have established production bases in Thailand, with around 1,400 related suppliers [1][4]. - Chinese companies, including BYD and Great Wall Motors, are entering Thailand, with over 20 brands localizing EV production around the Eastern Economic Corridor (EEC) [2]. - Sunwoda plans to invest over $1 billion to establish an EV lithium battery production base in Thailand, with production expected to start by 2025 [1][2]. Group 2: Supply Chain Dynamics - The number of automotive-related local entities established by Chinese companies in Thailand has reached 165 by March 2025, a 3.4 times increase compared to the end of 2017 [2]. - Chinese suppliers are offering parts at prices nearly 30% lower than those from Japanese companies, which may lead to a shift in sourcing by local manufacturers [4]. - The presence of Chinese suppliers is raising concerns among local businesses about potential disruptions to existing supply chains [3][4]. Group 3: Market Competition - Japanese automakers, including Toyota and Honda, maintain over 70% market share in Thailand, but this is declining due to the aggressive expansion of Chinese companies [4]. - The competitive landscape is shifting, with local executives noting that reliance on Chinese suppliers for EV components could threaten the business of existing Japanese suppliers in Thailand [4].

穆迪下调美国主权信用评级，日元兑美元升值和股票下跌压力或将增强。也有观点认为影响有限，"根 据过去经验法则，在公布后不久美国国债会被抛售，导致美国利率上升，但不久之后，避险效应加强， 美国国债被买入…… 在美国市场，货币贬值、债券下跌、股市下跌的"三杀"再次上演的风险令人警惕。大型信用 评级机构宣布下调美国的信用评级。市场相关人士的脑海中浮现出过去美国信用评级下降导 致美国资产抛售的经验。在5月19日开始的一周的初期,日元兑美元升值和股票下跌的压力或 将增强。 大型信用评级公司穆迪评级公司5月16日宣布下调美国的主权信用评级。随着穆迪的下调，美 国的信用评级在三大评级机构中都不再是最高的。这是继2011年美国标普全球评级(S&P Global Ratings)、2023年惠誉评级之后的又一下调。 由于2011年的信用评级下调，日元对美元的汇率在公布前徘徊在1美元兑79日元左右，但在2 个交易日内升值至77日元左右。美国股市也在两个交易日内下跌5%。 视频号推荐内容： 围绕美国股市，日本松井证券的高级市场分析师窪田朋一郎表示，"市场认为随着此次的评级 下调，美国被全面下调评级，短期内抛售美国股票的趋势将会扩大" ...

美国特朗普政府称"无法一次与多个国家谈判"（REUTERS） 特朗普在16日说"我们无法一次与多个国家谈判"。美国财长贝森特也表示，考虑对中美洲和非洲等 以"地区为单位"决定税率…… 关于美国特朗普政府对贸易伙伴国和地区设定的对等关税的税率，美国财政部长贝森特5月18日表示， 考虑对中美洲和非洲等以"地区为单位"决定税率。他接受了美国有线电视新闻网（CNN）的采访。 美国与主要国家以外的国家之间，将不进行贸易谈判，而是单方面统一确定税率。贝森特表示，对于与 美国贸易量少的国家，"可以马上给出数字"，同时表示"像'中美洲是这个税率、非洲是这个税率'这样以 地区为单位的交易也会很多"。 这也有可能遭到贸易伙伴国的反对。 美国提出的对等关税由10%的基本税率和按国家和地区设定的加征税率构成。加征税率目前已暂缓90天 实施，7月上旬将到期。特朗普政府原计划根据与贸易伙伴国的谈判决定如何确定加征税率。 美国总统特朗普表示，希望进行谈判的国家约有150个。他在16日说："我们无法一次与多个国家谈 判"，表示将在未来两到三周内同时发出有关各国关税税率的信函。 不过，今后新提出的税率将高于还是低于对等关税的加征税率等细节尚不 ...

Group 1 - Nissan is considering shutting down two factories in Mexico and two in Kanagawa, Japan, along with one factory each in South Africa, India, and Argentina, indicating a shift in strategy towards focusing on markets in Japan, the US, Europe, and China [1][2] - The company plans to reduce its global production capacity, with a target of 3.1 million units for the fiscal year 2024, where Mexico contributes 670,000 units (20%), India over 150,000 units, Argentina nearly 20,000 units, and South Africa 10,000 units [1][2] - Nissan's previous strategy under Carlos Ghosn emphasized expansion in emerging markets, but the current approach reflects a pivot away from this focus, aiming to enhance efficiency and competitiveness in established markets [2][3] Group 2 - The company is facing intense competition in China, particularly from local firms like BYD, and is working to improve production efficiency while launching new AI-equipped electric vehicles [3] - In the US, Nissan is struggling with sales due to an inability to launch hybrid vehicles, and plans to shift some production from Japan to local facilities in response to tariffs imposed by the Trump administration [3][4] - Nissan aims to reduce the number of vehicle platforms from 13 to 7 by 2035, and cut the number of components by 70% to enhance development efficiency [4] Group 3 - The company plans to reduce fixed and variable costs by a total of 500 billion yen by the fiscal year 2026, and increase the scale of layoffs to 20,000, comparable to the restructuring plan proposed by Ghosn [4][5] - The restructuring is expected to increase the profitability of each product, as the company seeks to leverage its brand appeal while enhancing operational strength [4][5]

中国教育国际交流协会副秘书长王鲁新说："中华全国日语演讲比赛多次列入中日两国政府项目清单， 得到各界人士的广泛支持与好评，历届比赛的选手中，已有不少成长为推动中日友好的中坚力量"。 日本华人教授会议的杜进教授分享了"中华全国日语演讲比赛"创办时的经历，鼓励年轻人投身中日交 流。 在18年前举办的第2届比赛中获得亚军的于淼也出席表彰会。她回顾了自己因为学习日语和参加演讲比 赛发现了日本的"美"。这也成为了日后进入代表"日本之美"的企业——资生堂工作的契机。 日本驻华大使金杉宪治（右1）向 "中华全国日语演讲比赛"运营方颁奖（左起：日本华人教授会议的杜进、日本经济新闻社专务董事荒川 大祐、中国教育国际交流协会副秘书长王鲁新） "中华全国日语演讲比赛"自2006年由日本经济新闻社、日本华人教授会议、中国教育国际交流协会三方 合作创办，至今已举办18届。日本驻华大使金杉宪治在颁奖仪式上说："已经发展成为中国最知名的， 最有权威的日语演讲比赛"…… "中华全国日语演讲比赛"运营方，由于在日语教育的普及与发展、中日相互理解与友好亲善方面做出的 贡献，日前获得日本外务省在外公馆表彰。5月17日在北京的日本驻中国大使公邸举办 ...

Group 1 - The Chinese government plans to increase fiscal spending in autumn 2024 to support the real estate market, as concerns over a financial system crisis have eased, leading to stable bank stock performance [1][3] - Despite government support, the real estate market remains sluggish, with key sales figures declining and housing inventory at 5.4 times the annual sales volume, posing a potential obstacle to the Chinese economy [1][4] - The Hong Kong market's Hang Seng China Mainland Bank Index shows a clear upward trend, while the Hang Seng China Mainland Property Index has dropped by 80% since the end of 2019, indicating a significant divergence in performance between banks and real estate stocks [3][4] Group 2 - Major real estate companies, including Evergrande and Country Garden, are facing severe financial distress, with Evergrande's total liabilities reaching 2.3882 trillion yuan as of mid-2023, raising credit risk concerns [3][4] - The residential inventory in China is projected to reach approximately 4.4 billion square meters in 2024, which is 5.4 times the annual sales area, highlighting the oversupply issue [4] - Sales figures for China's top 100 real estate companies fell by 8.7% year-on-year in April 2024, marking the first consecutive monthly decline since September 2024, indicating ongoing challenges in the market [4][5] Group 3 - The Chinese government is committed to preventing the collapse of major real estate companies and mitigating risks, but the situation remains dire in some regions [5] - The recovery rate for investors in overseas debt restructuring of Chinese real estate companies is only 0.6%, reflecting severe challenges in financial recovery [5] - The Hang Seng Index remains 30% lower than its peak in 2018, indicating that the real estate market in China is still in a prolonged downturn with no clear exit in sight [5]

日经GO 中国赴大阪游客人数要破纪录 原创 阅读全文 ...

Core Viewpoint - SMC anticipates a recovery in the Greater China market, driven by demand for electric vehicles (EVs) and semiconductor manufacturing equipment, leading to a projected net profit increase of 7% for the fiscal year ending March 2026 [1][2]. Group 1: Financial Projections - For the fiscal year 2025, SMC expects consolidated net profit to reach 167 billion yen, marking a 7% year-on-year increase [1]. - Sales are projected to grow by 7% to 850 billion yen, with operating profit increasing by 13% to 215 billion yen, primarily due to increased sales in the Greater China region [2]. - The company anticipates a profit increase of 480 million yen from sales growth, with an additional 79 million yen from improved operating rates due to increased production [2]. Group 2: Market Dynamics - SMC's air pressure equipment is seeing a resurgence in demand, particularly in the EV and semiconductor sectors, as the Chinese government stimulates domestic demand [1]. - The company reports a significant increase in factory operating rates, indicating strong demand from clients pursuing local production [1]. - Despite price increases contributing only 20 million yen to profit growth, SMC remains confident in its competitive advantage in the U.S. market, where it holds a dominant market share [3]. Group 3: Inventory and Costs - SMC is working to reduce excess inventory accumulated during the COVID-19 pandemic, with expected profit growth from inventory write-downs of 137 million yen in fiscal year 2024 and 93 million yen in fiscal year 2025 [2]. - The company faces challenges from U.S. tariffs, which are projected to reduce profits by 62 million yen directly and an additional 38 million yen indirectly due to decreased automotive-related sales [2].

Core Viewpoint - Moody's has downgraded the U.S. government's credit rating from "Aaa" to "Aa1," marking a significant shift in the perception of U.S. Treasury securities as a safe asset [1][3][4]. Group 1: Rating Downgrade Details - Moody's decision to downgrade the U.S. credit rating was unexpected, occurring before the resolution of ongoing negotiations in Congress regarding major fiscal legislation [3]. - The downgrade reflects concerns over the increasing U.S. government debt and rising interest expenses, with projections indicating a potential increase in government debt by $5 trillion over the next decade due to proposed tax cuts [3][4]. - Following the downgrade announcement, the yield on 10-year U.S. Treasury bonds briefly rose to 4.49%, an increase of approximately 0.05% from before the announcement [4]. Group 2: Market Reactions and Implications - Despite the downgrade, major financial institutions, including Barclays, believe that there will not be a forced sell-off of U.S. Treasuries, as they continue to be viewed as "risk-free" assets [4]. - Japanese financial institutions have expressed that the impact of the downgrade is limited, with no plans to reduce their holdings of U.S. Treasuries [4]. - There is a noted trend of foreign investors, including China, reducing their holdings of U.S. Treasuries, with China's holdings dropping to $765.3 billion, a decrease of $18.9 billion from the previous month [5][6]. Group 3: Broader Economic Context - The downgrade comes at a time when U.S. interest rates are already under upward pressure, influenced by various economic factors including the potential for a stronger fiscal policy under the Trump administration [5]. - The sentiment among investors remains cautious, with ongoing concerns about the U.S. government's ability to manage its debt effectively, which could hinder the return of capital to the U.S. [6].

美国先后与英国和中国就关税的部分下调达成了协议，日本政府内部因此出现了焦虑的声 音。日本一直以来都要求全面取消加征关税，但随着与中国达成协议，特朗普向其他国家让 步的理由降低。为此，日本想将对美关税要求从"取消"转为"下调"…… 围绕与特朗普政府的关税谈判，日本政府内部出现了将"下调税率"作为选项的方案。面对一直以来要求 全面取消加征关税的日本，美国仍然保持只同意磋商对等关税的加征部分的态度。目前存在如日本方面 不显示出让步、就无法将汽车、钢铁和铝关税摆到谈判桌上这一危机感。 美国于5月8日和12日分别与英国和中国就关税的部分下调达成了协议。对英国，将每年10万辆进口车的 加征关税从25%下调至10%。与中国的协议内容为，双方都将加征关税下调115%。 美国总统特朗普4月16日与日本经济财政和再生相赤泽亮正见面时表示，"与日本的磋商是最优先的"。 不过，美国首先与中英达成了协议。已从最优先行列中掉队的日本将不得不改变谈判战术。 日本首相石破茂5月12日在自民党高层会议上表示，"虽然美英达成协议，美中磋商正在进行，但我希望 能努力确保（日本的）国家利益并取得成果"。石破表示，将为赤泽访美、举行第三次部长级磋商而 ...