Core Viewpoint - The article discusses the impact of tariff policies on global stock markets, highlighting companies that are less affected by these policies, particularly in the AI and content development sectors, while noting significant declines in the market values of Chinese companies and energy-related stocks due to trade tensions and economic concerns [1][5]. Group 1: Companies with Increased Market Value - Palantir Technologies, an AI systems development company, saw its market value increase by 43% to $293.1 billion, making it a favored stock among investors due to its perceived immunity to tariff impacts [2]. - Netflix's market value increased by 24%, attributed to its diversified content distribution strategy and the advantages of its subscription business model [4]. - Nintendo's market value rose by 19%, driven by expectations surrounding the performance of its newly launched gaming console [4]. - ServiceNow and CrowdStrike Holdings, both in the software sector, experienced a 19% increase in market value, benefiting from their domestic service models [3]. Group 2: Companies with Decreased Market Value - JD.com, a major Chinese e-commerce company, saw its market value decrease by 18%, impacted by domestic competition and trade tensions with the U.S. [5]. - BP's market value fell by 20%, while Chevron and ConocoPhillips experienced declines of 17% and 14%, respectively, due to stagnating demand and increasing supply in the oil market [5].

会场首次设置了人形机器人和送餐机器人等的专用展区。中国国内共有46家企业参展，展示 了60个领域的共计500种产品。不仅有作为人形机器人核心部位的关节零部件，还进行了机器 人的现场演示。 广交会于4月15日开幕。每年春季和秋季各举办一次。由于吸引了来自世界各国的采购商，展 会期间的成交金额被认为可以预测今后中国的出口动向。 参会的采购商人数增长17％，达到约28.9 万人。来自一带一路国家的采购商增长17％，达到约 18万人。另一方面，来自欧美的采购商为约5万人，仅增长3％…… 5月5日，中国最大规模的贸易洽谈会"中国进出口商品交易会（广交会）"闭幕。中国制造商与 海外采购商达成的签约金额比2024年春季举办时增长了3％，并首次设置了机器人的专用展 区。 据主办方介绍，出口签约金额增长3％，达到约254.4亿美元。与加入一带一路构想国家的采购 商达成的合约占比6成。主办方表示，这是拉动经济增长的重要引擎。 参会的采购商人数增长17％，达到约28.9 万人。来自一带一路国家的采购商增长17％，达到 约18万人。 另一方面，来自欧美的采购商为约5万人，仅增长3％。被认为受到了美国特朗普政府对中国 产品提高关税的影 ...

防卫和经济安保成为欧洲股投资主体（Reuters） 在美国以外的投资者持有美国股票的金 额为18万亿美元。其中，欧洲投资者持有9万亿。由于特朗普政府的关税政策和经济不确定性， 部分资金开始回流欧洲，防卫和科技成为主题…… 欧洲的投资者已开始重新审视此前偏重于美国的资产配置。焦点是持有额在5年内翻倍的9万 亿美元美国股票。由于特朗普政府的关税政策和经济不确定性，部分资金回流欧洲，将支撑 欧洲股价。以"摆脱对美国依赖"为主题，在推动担负防卫和经济安全的欧洲企业的重新评估。 自美国总统特朗普公布对等关税详情的4月2日以来，欧洲的投资者正式开始重估投资战略。 例如，德意志银行旗下的资产管理巨头DWS，将欧洲股票的投资评价从"中性"提高到了"超 配"。 此前，欧洲投资者一直将大量投资资金投向美国资产，但DWS全球首席投资总监Vincenzo Vedda认为："资金的回流将持续一段时间"。调查公司EPFR的数据显示，在截至4月23日的两 周内，美国股票基金流出了65亿美元。另一方面，欧洲股票基金在同一时期内流入了93亿美 元。 美国财政部的数据显示，截至2025年2月，居住在美国以外的投资者持有美国股票的金额为18 万亿 ...

亚开行总裁神田真人 亚开行总裁神田真人5月4日表示，亚洲各国"拥有开放的经济结构，容易受到（美国关税政策的） 冲击"…… 亚洲开发银行（ADB）总裁神田真人于5月4日召开记者会，就美国的关税政策表达警惕 称，"这是前所未有的不确定性，不可掉以轻心"。同时表示，亚洲各国"拥有开放的经济结 构，容易受到冲击"。 当天，亚开行年会在意大利米兰开幕。神田总裁强调："对于亚洲和太平洋各国而言，这也是 一个与地区内伙伴以及新伙伴之间加强合作，提高经济复苏能力、韧性和开放性的机会"。 围绕美国的关税政策，日美两国政府于当地时间5月1日在美国首都华盛顿举行了部长级磋 商，日本经济财政再生相赤泽亮正参加了此次磋商。5月2日，又根据部长级磋商的情况，在 华盛顿举行了事务级别会议。日本外务省和经济产业省的课长级别官员参加了会议。 赤泽亮正将于长假结束后的5月7日出席自民党的综合对策本部会议，对日美磋商的一系列过 程进行说明。 美国的关税政策已成为影响整个亚洲经济的风险因素。再加上中国经济增长停滞，各国正在 逐渐失去有前景的出口市场。在5月4日开幕的亚开行年会上，通过扩大自由贸易来分散风险 等内容成为主要讨论议题。日本方面由财务相加 ...

Core Viewpoint - The article discusses the advancements in China's manufacturing capabilities under the "Made in China 2025" policy, highlighting its impact on various industries and the resulting international competition, particularly with the United States. Shipbuilding - China has become a global leader in shipbuilding, with 2024 orders reaching a historical high of 46.5 million CGT, accounting for 70% of global orders, while South Korea holds only about one-fifth of that amount [2][4]. - The U.S. shipbuilding industry has weakened, unable to meet the demands for new ship construction and maintenance, reflecting a decline in American manufacturing [6]. Space Development - China has made significant strides in space development, achieving independent manned spaceflight and becoming the only country with a fully operational manned space station [7][8]. - In contrast, the U.S. has faced delays in its Artemis program, which aims for manned lunar exploration, indicating a stagnation in its space initiatives [8]. Automotive Industry - China has emerged as the world's largest producer of electric vehicles (EVs), with one in every two EVs globally being a Chinese brand by 2024 [12]. - In the battery sector, CATL holds a 38% market share, with the top three Chinese companies capturing about 60% of the global market [12]. Semiconductor Industry - China's self-sufficiency in semiconductors is currently at about 20%, falling short of its 70% target, but it holds a 24% share of the global capacity for mature semiconductor products [13]. - Companies like SMIC and YMTC are rising in prominence, focusing on domestic production of critical technologies [13]. Overview of "Made in China 2025" - The "Made in China 2025" policy aims to elevate China's manufacturing capabilities by 2049, selecting ten key sectors and serving as a foundation for various industrial support policies [14].

Core Viewpoint - The number of children under 15 in Japan has fallen below 14 million for the first time, marking a historic low for the country [1] Group 1 - The decline in the population of children under 15 is indicative of broader demographic challenges facing Japan, including an aging population and low birth rates [1] - This demographic shift may have significant implications for various sectors, including education, healthcare, and consumer goods, as fewer children could lead to reduced demand in these areas [1] - The trend of declining youth population is expected to continue, raising concerns about the future workforce and economic growth potential in Japan [1]

在美国出口限制之下，非尖端半导体的市场行情走软 因美国的出口管制，中国企业无法进口最尖端半导体的制造设备。即便是DeepSeek，也使用美 国英伟达的GPU。数据显示，2024年中国厂商（不包括中芯国际等代工企业）的半导体全球销 售份额下滑。中国离"半导体强国"目标依然遥远…… 2024年，中国厂商的半导体全球销售份额时隔1年再次下滑。降至3.9%，较上年下降0.2个百分 点。在美国对中国强化半导体制造设备出口管制的背景下，由于无法生产生成式AI所需的尖端半 导体，导致中国厂商的市场份额下滑。虽然对非尖端制造设备的巨额投资仍在持续，但距离实现 中国政府提出的"半导体强国"目标依然遥远。 美国调研公司Omdia以美元为基准汇总了总部位于中国的半导体厂商的销售额。不包括中芯国际 集成电路制造（SMIC）等半导体代工企业。2024年中国厂商的销售额为269亿美元，较2023年 增长21%，但未达到全球整体增长率（25%）。全球半导体总体销售额为6833亿美元。 由于美国的出口管制，中国企业无法进口用于生产最尖端半导体的制造设备。中国厂商所生产的 半导体主要是线宽在28纳米及以上的通用产品和成熟产品。 中国经济减速， ...

Core Viewpoint - The U.S. film industry is perceived to be in decline, prompting President Trump to propose a 100% tariff on foreign-produced films to protect domestic production [1][2]. Group 1: Tariff Proposal - President Trump announced a directive to impose a 100% tariff on foreign films, citing the need to protect the U.S. film industry from foreign competition [1]. - The current tariff rate on imported film stock is 0%, and the proposal aims to address the perceived decline in the industry [1]. Group 2: Industry Impact - Trump argues that the decline of the U.S. film industry has devastating effects on many regions, framing it as a national security crisis caused by foreign government collusion [1]. - The proposal may highlight the weakening of Hollywood on a global scale, contrasting with previous U.S. criticisms of other countries' cultural protectionism [2]. Group 3: Digital Content Concerns - There is uncertainty regarding whether the proposed tariffs will apply to digital content, as the World Trade Organization (WTO) members have committed since 1998 not to impose tariffs on digital content [2]. - If the U.S. were to impose tariffs on digital content, it could violate international agreements and face criticism from other nations, potentially affecting U.S. platform companies that benefit from the current tariff-free environment [2].

美国特朗普政府最想通过高关税取得的成果是纠正美元升值——市场上的这种猜测也许暂时会平 息下来。 4月24日，日美财长会谈在美国华盛顿举行。虽然市场对美国财政部长贝森特的态度感到担忧， 但日本财务相加藤胜信透露，美方并没有提出特别的要求。 美国政府刚刚因为高关税冲击而遭到包括美国国债在内的股债汇"三杀"打击。目前，美国最想要 的可能不是让美元走弱，而是美国国债和美元的稳定。 日本财务相加藤胜信（右）与美国财政部长贝森特握手（4月24日，华盛顿，图片由日本财务省提供） 在美国因关税冲击而出现股债汇"三杀"时，名为"海湖庄园协议"的构想正在市场上传播，即让其他 国家把美元储备换为不产生利息的100年期美国国债。然而，中国全面抛售美国国债的风险也并 非为零…… 之所以出现纠正美元升值的猜测，很大程度上是因为"海湖庄园协议"构想在市场上自行传播。 自行传播的"海湖庄园协议"构想 米兰的观点是首先征收惩罚性关税，强行将各国拉到谈判桌前。如果这些国家想要依赖美国的防 卫力量，那就强迫它们抛售外汇储备中的美元资金。为了消除因抛售美国国债而带来的利率上升 压力，（让这些国家）把手头留存的美元储备换为100年期美国国债，使其长期 ...

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