Core Viewpoint - Bismuth prices are rapidly increasing due to China's export controls, which have led to a significant supply shortage in the market, particularly affecting the electronics and medical industries [1][3]. Group 1: Price Increase and Supply Control - Bismuth prices in Europe have surged to approximately $45 per pound, up from just over $6 in late January, marking a sevenfold increase [1][3]. - China's share in global bismuth production is 81%, and the country has implemented export controls that resulted in zero exports of unprocessed bismuth in March [3]. - The export control measures were initiated as a response to U.S. tariffs, with a reported 80% decrease in unprocessed bismuth exports in February compared to the previous month [3]. Group 2: Market Reactions and Alternatives - The market is currently relying on existing inventories to meet demand, and there are discussions about sourcing bismuth from countries outside of China to mitigate supply risks [3]. - Japan, which accounts for 3% of global bismuth production, is considering increasing its output to satisfy demand [3]. Group 3: Broader Export Control Trends - China is tightening export controls on various critical minerals, including gallium and germanium, with plans to extend these measures to antimony and certain rare earths in the coming years [4]. - The tightening of export controls is raising concerns among market participants about potential rapid price increases for related resources [4]. Group 4: Bismuth in Other Applications - Bismuth is also popular in the mineral collecting community due to its unique crystallization properties and rainbow-like appearance when heated and cooled [5]. - There is a growing interest in home-based bismuth crystal production, with materials available for purchase online, although current prices for ornamental bismuth have not yet increased [6].

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Pro ，作者胡香赟 海若镜 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 文 ｜ 胡香赟 编辑 ｜ 海若镜 封面来源 ｜ 日经中文网 全球药价最贵的美国，终于坐不住了。 北京时间5月12日晚，特朗普召开白宫新闻发布会，宣布正式签署名为《为美国患者提供最惠国处方药定价》的行政令，要求相 关部门在30天内商议出一个最惠国定价，即药价向国际同等发达国家"看齐"。 行政令认为，美国人口不足世界的5%，却承担了高达75%的药品利润。药价上，对比法国、加拿大等国家，美国处方药价格平均 高出2-4倍。而本次文件落地后，一些处方药价格可能会"直接降低50%至80%，甚至是90%"。 尽管在实操层面尚未有定论，但过去两天，全球医药行业又一次随着特朗普的"处方药降价大戏"而上下颠簸。 其核心争议在于，行政令是否会导致美国7000亿药品市场"缩水"，进而影响药企收入，甚至颠覆过往以美国高价市场为核心形成 的全球医药投资逻辑。 尤其是对于中国药企来说，在药品集采和医保政策之下， ...

Core Viewpoint - Chinese home appliance companies are increasing their presence in Japan's smart home appliance market, focusing on smart features to attract Japanese consumers, despite the current low ownership rate of smart appliances at approximately 10% [1][8]. Group 1: Xiaomi's Strategy - Xiaomi has opened its first physical stores in Japan, selling not only smartphones but also smart home appliances, with over 160 products on display [1][3]. - The company aims to replicate its successful model from China, where home appliances account for 50% of sales in its stores [3]. Group 2: Other Chinese Companies' Initiatives - Haier launched its first IoT air conditioner in Japan on March 1, 2023, and plans to strengthen its smart appliance offerings targeting family-sized products [6]. - Hisense is also entering the Japanese market with products like a washing and drying machine and large refrigerators, focusing on enhancing its brand recognition through TV sales [6][7]. Group 3: Market Dynamics - Chinese companies have captured over 50% of the flat-panel TV market in Japan, with local brands like Sony and Panasonic holding less than 10% market share [7]. - OPPO has introduced a low-cost LCD TV without a built-in tuner, targeting consumers interested in streaming services like Netflix [7]. Group 4: Challenges and Consumer Perception - Despite the push for smart appliances, the penetration of such products remains low in Japan, indicating a need for better consumer education on the benefits of smart home technology [8]. - Chinese brands are leveraging price competitiveness to attract younger consumers in Japan, but they must also effectively communicate the advantages of smart appliances to increase brand recognition among family consumers [8].

Core Viewpoint - The semiconductor industry is experiencing a shift towards localized production due to geopolitical risks and supply chain diversification, leading to potential market disruptions and overcapacity risks [1][2][5]. Group 1: Supply Chain and Geopolitical Risks - The semiconductor supply chain is complex and cannot be independently managed by any single country, prompting nations like the U.S. to push for domestic production [1][2]. - The U.S. Department of Commerce has initiated an investigation into the semiconductor supply chain, focusing on national security concerns related to imports [1]. - The investigation will assess reliance on specific countries and may recommend corrective measures, including tariffs or import quotas [1]. Group 2: Market Dynamics and Production Costs - The semiconductor industry is at a turning point, with potential chaos arising from changes in international division of labor [2]. - The U.S. accounts for 35% of global semiconductor sales, but only about 10% of global production capacity [3]. - The cost of producing advanced semiconductors in the U.S. is approximately 10% higher than in Taiwan, raising concerns about competitiveness [4]. Group 3: Investment and Production Initiatives - Companies like NVIDIA are moving towards localized production in the U.S., with plans to produce AI semiconductors and servers domestically [3][4]. - The global semiconductor industry plans to build 108 new factories between 2025 and 2027, a 30% increase from previous years, driven by geopolitical tensions and local support for industries [4]. Group 4: Market Outlook and Demand Concerns - The slowdown in global economic growth is negatively impacting sales of personal computers, smartphones, and electric vehicles, which could lead to an oversupply in the semiconductor market [5]. - If tariffs lead to further economic deceleration, demand for semiconductors may decline, exacerbating the risk of oversupply [5].

Core Viewpoint - Japan's GDP experienced a decline of 0.2% in the first quarter of 2024, marking a return to negative growth due to weak personal consumption and a decrease in exports [1][2]. Group 1: Economic Performance - Japan's GDP, adjusted for seasonal variations, fell by 0.2% in Q1 2024, equivalent to an annualized decline of 0.7% [1]. - Personal consumption, which accounts for over half of GDP, grew only 0.04% in the same period, indicating stagnation [1]. - Exports decreased by 0.6%, marking the first negative growth in four quarters, influenced by reduced intellectual property fees and the end of large R&D service orders [1]. Group 2: Consumption and Investment - Food consumption, including meat and fish, saw negative growth, while dining out maintained positive growth due to favorable weather [1]. - Equipment investment, a key component of private demand, increased by 1.4%, particularly in R&D and software, likely linked to digital transformation initiatives [2]. - Public investment declined by 0.4%, while government consumption remained flat with a growth rate of 0.0% [2]. Group 3: Demand Contributions - Domestic demand contributed positively to GDP growth by 0.7 percentage points, marking the first positive contribution in two quarters [2]. - External demand, however, contributed negatively by 0.8 percentage points, also the first negative contribution in two quarters [2].

Group 1 - The overly pessimistic views on China's economy are decreasing, with ING raising its 2025 GDP growth forecast from 4.5% to 4.7% [1][2] - Goldman Sachs revised its forecast for China's annual economic growth from 4.0% to 4.6%, indicating a positive adjustment from previous expectations [1][2] - Morgan Stanley and Barclays have also updated their economic outlooks for the US, with Morgan Stanley predicting a "no recession" scenario and raising China's growth forecast to 4.8% [1][2] Group 2 - The reduction of tariffs between the US and China is expected to lower the average effective tariff rate in the US from 24% to 14%, resulting in a $300 billion "tax cut effect" [1] - Morgan Stanley anticipates that the US economy will avoid slow contraction in the second half of 2025, projecting slow growth instead [1] - Barclays has shifted its outlook for the US economy, stating that a mild recession in the second half of 2025 is no longer the base case [1] Group 3 - Goldman Sachs' US stock team predicts that the reduction in tariffs will boost corporate earnings per share (EPS), raising the S&P 500 index target from 5900 to 6100 points [3] - The S&P 500 index closed at 5892 points on May 14, reflecting a 4% increase compared to before the tariff reduction announcement [3] - In China, the Shanghai Composite Index rose above 3400 points for the first time in two months, indicating a recovery in the market [3]

预订可能会在事后被取消，或实际上并没有被运输。尽管如此，随着关税下调，货主似乎已 开始着手重启海上运输。 中美两国政府于5月10日至11日在瑞士举行了部长级会谈。双方在12日的记者会上说明了磋 商内容的概要和今后的方针等，并于北京时间14日中午生效。 VIZION的数据显示，从中国发往美国的集装箱预订量在5月12日换算成20英尺集装箱为3万 9340个，13日为4万2350个。集装箱通常在工作日预订。上周工作日的预订量约为2万～2.3 万个。 辽宁省大连市的集装箱物流点（4月下旬） 自4月上半月中美关税超过100%以来，从中国发往美国的集装箱预订数量持续大幅同比减少约3～6成。 5月12～13日，从中国发往美国的集装箱预订数量增至上周的约2倍…… 美国和中国之间的物流出现了复苏迹象。分析海上运输预订情况的美国调查公司VIZION透 露，5月12～13日，从中国发往美国的集装箱预订数量增至上周的约2倍。中美两国政府就大 幅下调关税达成协议，可能使原本停滞的物流再次活跃起来。 VIZION正在追踪和分析全球数百万集装箱的预订数据。自4月上半月中美关税超过100%以 来，从中国发往美国的集装箱预订数量持续大幅同比减 ...

（AWS）、微软和谷歌的地位。阿里希望通过基础模型的提供来加速此前滞后的海外市场拓 展，在墨西哥和泰国扩充了数据中心。 阿里同时发布的2025年1~3月财报显示，营业收入同比增长7%，达2364亿元，净利润同比 增至3.8倍，达123亿元。投资对象的估值增加等作出贡献。按业务来看，海外电商的营业收 入增长22%，但增长率与以往相比有所放缓。 营业收入增长6%，增至9963亿元，低于此前的市场预测（超过1万亿元）。按业务来看，主 力的中国国内电商增长3%，海外电商增长29%，云业务增长11%。 阿里的首席执行官（CEO）吴泳铭在财报相关资料中表示，将加强AI和云技术，使之成为长 期发展的火车头。阿里将在电商等各项业务当中推进与人工智能的结合，以提振业绩。 阿里通过云业务提供生成式AI的基础模型。4月开始提供的最新版"通义千问（Qwen）3"使用 时的性价比很高，有助于促进云平台的使用。 该公司认为，随着生成式AI的普及，作为基础的云的需求将会增加，2月宣布在今后3年内至 少向云和AI的基础设备投资3800亿元。2024财年设备投资等资本支出增至上年的2.7倍，达 到859亿元。 阿里是中国国内最大的云业务企业， ...

山上徹也在被移送途中（2023年2月，奈良市） 奈良地方法院向检方和辩方表示，首次公审将在10月下旬进行。预计将进行陪审团审判。辩方并未向法 院申请精神鉴定，也未表现出积极争辩刑事责任能力的意图…… 5月15日，日本经济新闻（中文版：日经中文网）通过采访相关人员获悉，关于因枪击日本前 首相安倍晋三元而被起诉杀人等罪名的山上徹也（44岁），奈良地方法院向检方和辩方表 示，首次公审将在10月下旬进行。预计将进行陪审团审判。 起诉书等资料显示，被告山上徹也于2022年7月8日上午11点半左右，在奈良市近铁大和西大 寺站前的街道上持自制手枪，向正在进行街头演讲的安倍两次发射了数发子弹，导致其死 亡。 在枪击安倍的前一天，他还用自制枪支向世界和平统一家庭联合会（原"统一教"）相关设施 所在的奈良市一栋大楼射击，造成外墙等损坏，并因无许可制造多种枪支和火药等，被控违 反《武器等制造法》、《火药类取缔法》和《枪刀法》等罪名。 辩方并未向法院申请精神鉴定，也未表现出积极争辩刑事责任能力的意图。 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。 日经中文网 https://cn.nikkei.com 奈 ...

Group 1 - The core viewpoint of the article highlights the intensifying competition between China and the United States in the field of quantum computing, exacerbated by the decoupling of technology between the two nations [3]. - 2025 marks the 100th anniversary of quantum mechanics, which has been recognized by the United Nations as the "International Year of Quantum Science and Technology (IYQ)," aimed at promoting the practical application of quantum technologies through global events [4]. - Quantum computing is identified as a representative of the next-generation technology that is expected to become practical, following the foundational work established by physicists in 1925 [4].