特朗普2025年12月已宣布，允许H200等的对华出口，但需"抽成"25%。此次加征关税实际上相当于抽 成。目前在台湾生产的H200等AI半导体若要出口至中国大陆，必须在美国内事先接受第三方机构的检 验…… 1月14日，美国总统特朗普宣布，对美国英伟达的"H200"等部分尖端半导体加征25%的关税。在美国国 内使用可免征关税，仅对再出口到中国等地的部分征税。关于今后扩大征税范围则留有余地。 特朗普2025年12月已宣布，允许H200等的对华出口，但需"抽成"25%。此次加征关税实际上相当于抽 成。 特朗普1月14日签署了总统令。这是基于《贸易扩展法》第232条实施的新行业关税，将于美国东部时间 15日凌晨0点1分生效。 在美国国内使用的进口产品不会被征收关税。"国内用途"的定义广泛，包括数据中心、工厂、游戏机和 个人电脑等面向消费类市场的产品。 台湾制造的产品需在"美国内"接受检验 特朗普允许H200出口，但要求缴纳"抽成"（1月14日白宫，Reuters） 美国商务部1月13日公布了关于H200及美国AMD的"MI325X"等部分人工智能（AI）半导体的出口规则 草案，有条件地允许对中国大陆出口。 美国商务 ...

Core Viewpoint - Tesla has halted the development of its low-cost global strategic model, the Model 2, due to unexpected price competition from Chinese automakers, indicating a shift away from the concept of a unified global vehicle model in favor of localized strategies [2][6][12]. Group 1: Tesla's Strategic Shift - Tesla's CEO Elon Musk initially envisioned the Model 2 as a $25,000 electric vehicle (EV) to compete with rising Chinese competitors, but has now acknowledged the project's cessation, stating that owning such a vehicle is meaningless [6][11]. - The company plans to extend the lifecycle of the Model Y, which has been a significant driver of sales, while re-evaluating its new vehicle development direction [11][12]. - Tesla's reliance on a global supply chain has been challenged by rising tariffs and protectionist policies, which have inadvertently strengthened the position of Chinese manufacturers [7][12]. Group 2: Competitive Landscape - Chinese automaker BYD is projected to become the world's top EV seller by 2025, with Xiaomi entering the market and offering competitive pricing and superior range compared to Tesla's Model Y [7][9]. - The competitive advantage of Chinese companies lies in their ability to control the EV supply chain domestically, allowing them to offer better price-performance ratios [7][12]. - The automotive industry is experiencing fragmentation, with a decline in the market share of the top-selling models, indicating a shift towards more localized and diverse vehicle offerings [12][13]. Group 3: Industry Trends - The automotive sector is moving towards a fragmented model, where companies must adapt to varying regulations and consumer preferences across different regions [13]. - The trend of global strategic vehicles is diminishing, as manufacturers are increasingly required to develop multiple powertrain options to meet diverse market demands [12][13]. - The ongoing transition to EVs is being influenced by geopolitical factors, with companies like Ford navigating complex market dynamics by balancing investments in both EVs and traditional vehicles [12].

Group 1 - The core viewpoint of the article is that the Constitutional Democratic Party of Japan and the Komeito Party have reached an agreement to form a "new party" for the upcoming House of Representatives election, aiming to support each other in single-member districts and proportional representation elections [1][3] - The two parties are responding to the conservative shift in Prime Minister Kishi's administration regarding security policies and constitutional amendments, and they are attempting to unite the centrist forces [1][3] - The parties will create a "unified list" of candidates to reduce wasted votes and enhance their electoral strength, with a focus on collaborating in both single-member districts and proportional representation [3] Group 2 - The new party will primarily operate at the House of Representatives level, while members of the House of Councillors and local assemblies are likely to remain affiliated with their respective parties in the short term [3] - The collaboration is seen as a way to compensate for each party's weaknesses, with the Constitutional Democratic Party considering prioritizing Komeito candidates in proportional representation [3] - Komeito, having ended its coalition with the Liberal Democratic Party, faces challenges in winning single-member districts on its own, thus the partnership with the largest opposition party is expected to improve its chances [3]

在传出日本首相高市早苗考虑解散众议院的消息后，日经平均股指连日刷新最高点。以股价走高而给市 场留下印象的小泉、安倍政权在解散众议院时，约半年内股价上涨了约2成。很多观点认为目前股价还 有上行空间，但也已显现出短期过热迹象…… 1月14日，日经平均股指继续大幅上涨，收盘首次站上5万4000点大关。以股价走高而给市场留下印象的 小泉、安倍政权在解散众议院时，约半年内股价上涨了约2成。在已基本敲定解散众议院的高市早苗政 权下，目前股价已上涨1成，很多观点认为还有上行空间。不过，与小泉和安倍两届政权相比，投资指 标方面估值显得偏高，也显现出短期过热的迹象。要维持解散带来的股价走高行情面临的门槛并不低。 "这是继2025年自民党总裁选举之后、高市政权下的第二次股价暴涨。其冲击力足以与'安倍经济学'的 解散相比肩"，以新加坡为基地、投资日本股票的对冲基金Village Capital的高松一郎如此表示。 日经平均股指在1月14日收盘首次站上5万4000点大关 例如，时任首相小泉在2005年8月实施的"邮政解散"。由于股价因事前报道等影响而波动，从以包含解 散日在内的前后总共约6个月的行情来看，日经平均指数上涨27%。另外 ...

Group 1 - The core viewpoint of the article emphasizes Germany's significant role in advocating for the relaxation of the EU's 2035 ban on internal combustion engine vehicles, highlighting the ongoing debate and negotiations within the EU regarding this regulation [5][6]. Group 2 - The EU's decision, made on March 28, 2023, mandates that from 2035, the production of new internal combustion engine vehicles will cease, and new passenger cars and light commercial vehicles must have zero carbon emissions. However, vehicles using carbon-neutral e-fuels may still be registered after 2035 [6]. - Following the formal introduction of the 2035 ban, Germany's Christian Democratic Union (CDU) and Christian Social Union (CSU) have been actively pushing for the repeal of this controversial ban on fuel vehicles [6].

Core Viewpoint - China's exports to the United States are projected to decline to $420 billion in 2025, marking the largest drop since 1994, as the country gradually reduces its reliance on the U.S. market [2][4]. Group 1: Trade Statistics - In 2025, China's exports to the U.S. are expected to decrease by 20% year-on-year, reaching $420 billion, the highest decline since comparable data began in 1994 [2]. - The trade surplus with the U.S. will also decrease by 22%, the largest drop since 2007 [8]. - The decline in exports to the U.S. surpasses the previous record of a 13% drop in 2023 and exceeds declines during the trade war in 2019 and the Lehman crisis in 2009 [4]. Group 2: Trade Relations and Tariffs - Ongoing trade frictions have negatively impacted trade relations, with the U.S. imposing tariffs on Chinese imports since February 2025, leading to a near embargo-like situation [6]. - In May 2025, the impact of tariffs exceeding 100% peaked, resulting in a 35% year-on-year decline in exports [6]. - Despite some tariff reductions following a summit in November, exports continued to remain below the previous year's levels [6]. Group 3: Sector-Specific Impacts - From January to November 2025, smartphone exports from China fell by 35%, while fireworks exports decreased by 11% [6]. - Imports from the U.S. also saw a 15% decline, marking four consecutive years of negative growth [4]. Group 4: Economic Context and Future Outlook - The ongoing downturn in China's real estate sector has led to persistent domestic demand shortages and sluggish economic growth [8]. - To maintain growth rates, there is an increasing necessity to boost external demand, suggesting a gradual bottoming out of exports to the U.S. [8]. - China's five-year plan from 2026 to 2030 emphasizes self-reliance in high-tech sectors like AI and semiconductors, aiming to build supply chains independent of the U.S. [8].

Reuters 特朗普在自身社交媒体上表示将对伊朗的贸易伙伴国加征25%关税。中国是伊朗最大的贸易伙伴，一旦 美国启动关税，对中国的实际税率有可能超过60%。中美在2025年10月举行的首脑会谈上达成了为期一 年的贸易战"停战"协议…… 随着美国总统特朗普决定对伊朗的贸易伙伴加征25%关税，有观点担心会危及中美贸易战的"停战"。中 国是伊朗最大的贸易伙伴，一旦美国启动关税，对中国的实际税率有可能超过60%。在关系恶化不可避 免的情况下，很多人怀疑特朗普的决心。 特朗普1月12日在自己的社交媒体上表示将对伊朗的贸易伙伴国加征25%关税。有分析认为此举旨在间 接施压，迫使伊朗政府停止镇压示威游行。 但是其内容很模糊。虽然特朗普声称"立即生效"，但截至1月13日下午，启动新关税时发布的总统令、 政府公报、美国海关向进口商发出的通知等都尚未发布。 目前还不清楚"25%"是否会被加征到现有关税之上。 伊朗最大的贸易伙伴是进出口总额均占整体3成左右的中国，如果特朗普启动新关税，中国受影响最 大。 中美在2025年10月举行的首脑会谈上达成了为期一年的贸易战"停战"协议，但美国彼得森国际经济研究 所的数据显示，美国对中国征 ...

日本首相高市早苗在东京与意大利总理梅洛尼举行会谈，在会谈前夕向《日本经济新闻》发来了联合署 名文章。我们不仅以各自国家首位女性领导人的身份，更是从所有政府肩负的责任这一角度出发…… 日本首相高市早苗 1月16日 将在东京与意大利总理梅洛尼举行会谈。双方将就经济及国家安全保障等领 域展开讨论，就加强双边关系发表联合声明。两位领导人在首脑会谈前夕向《日本经济新闻》发来了联 合署名文章。以下为主要内容： 1866年日本与意大利建立外交关系时，全球出现了改变交通、通信和生产的技术，并形成了以市场竞争 和资源竞争为特点、相互联系程度越来越高的国际体系，世界由此迈入全新时代。 如今，日本和意大利迎来建交160周年，我们面临着形式不同但与当年一样带来变革性力量的动态局 面。数字革命、能源转型、人工智能（AI）的崛起、围绕战略性资源的竞争、全球价值链的重新定 义，正在塑造着新的全球秩序。 在这样的形势下，日本和意大利能够发挥主导性作用。而且我们共同承担着塑造未来国际秩序形态的责 任。 尽管在地理位置上相距遥远，但我们是植根于悠久传统、拥有共同基本价值观的人民和国家，这使得我 们能够拥有对社会的共同愿景。 日本首相高市早苗（右 ...

日本财务相片山皋月和财务官三村淳14日接连发表抑制日元贬值的言论，日元汇率出现上涨。美国财长 贝森特之前也对韩元贬值表示担忧。有市场人士指出："日韩已具备了买入本国货币进行干预的环 境"…… 1月14日的欧美外汇市场上，日元汇率上涨，一度升至1美元兑158日元区间前半，与当天东京市场17点 时（159.1日元区间）相比，日元升值1日元左右。随着日本财务相片山皋月和财务官三村淳接连发表抑 制日元贬值的言论，市场开始考虑到日本政府实施买入日元干预的可能性，引发日元回购。此外，美国 财长贝森特对韩元贬值表示担忧，推动美元走弱、韩元走强，也一度带动日元买盘、美元卖盘。 野村国际的新加坡团队在1月14日的报告中也总结称："韩国和日本一直对本币贬值不满，外汇干预的风 险正在上升"。报告还建议应警惕美元贬值、日元升值与美元贬值、韩元升值共振的局面。 虽然韩国的外汇储备不及日本（2025年年底超过1万亿美元），但仍是全球主要的外汇储备国之一。而 且韩国与美国关系良好，可通过货币互换协议等灵活获得美元。尽管过去十几年外汇市场规模大幅扩 大，但日韩的存在感仍不容忽视。 目前市场上多数观点认为："在日元贬值超过2024年7月干预前 ...

日经平均股指连日创出新高 "担心错过股价上涨，只能跟着买"，日经平均股指较前一交易日上涨792点，收于5万4341点。股市上涨 的原因与前一日相同，主要在于对高市政权政策的期待。也有观点认为股价已基本上涨到位…… 当前的股市上涨在很大程度上由投机性买盘主导，一旦地缘政治风险上升等不利因素出现，资金可能迅 速撤离。若无视过热感而追逐行情上涨，一旦局势逆转、股价下跌，投资者可能会遭受较大损失。 日经QUICK新闻 川上纯平 1月14日的东京股市，日经平均股指较前一交易日上涨792点，收于5万4341点。继13日在"高市早苗首相 将解散众议院"的预期推动下大涨1609点之后，指数继续大幅走高，首次站上5万4000点关口。与去年年 底相比，累计上涨已达4000点，市场开始意识到过热感，但日本股票仍被持续买入，原因在于市场 被"害怕错过"的情绪所主导。 "担心错过股价上涨，只能跟着买"，菲利普证券股票部交易主管增泽丈彦这样代投资者发声。投资者脑 海中浮现的是去年日经平均上涨逾1万点的历史性行情。他表示，"由于反省过于谨慎就会错失行情的上 涨，从年初开始，围绕大型股增加日本股票持仓的买盘十分活跃"。 股市上涨的原因与前一 ...