Core Viewpoint - Kao aims to increase the overseas proportion of its cosmetics business operating profit from 30% to 70% by expanding sales in the Eurasian market, focusing on six key brands as the domestic market matures [2][5]. Group 1: Strategic Initiatives - Kao's new strategy emphasizes creating competitive products through unique technology rather than relying on mass production, aiming to build a global network [4]. - The company plans to deepen its presence in Europe with the "Curel" brand, targeting the 40% of the population suffering from dry skin, and will launch new moisturizing products by 2026 [4]. - By 2027, Kao intends to increase its specialty stores in Europe to 3,000, expanding the number of SKUs from 7 to 50 and increasing the number of countries from 12 to 20 [4]. Group 2: Financial Goals - The strategic plan aims to boost cosmetics business revenue by 20% to 300 billion yen by 2027, with the overseas operating profit ratio also increasing to 70% and targeting an operating profit margin of over 7% [5][6]. - Kao has set a long-term revenue target of 400 billion yen for its cosmetics business by 2030, with an operating profit margin of 15% [6]. Group 3: Market Challenges - Kao's cosmetics business has faced difficulties, with revenue dropping to 244.1 billion yen in the fiscal year ending December 2024, resulting in an operating loss of 3.7 billion yen [6]. - The company has reduced its brand portfolio from around 50 to approximately 20 since 2018, focusing on profitability [6]. - Despite recent improvements, with a profit of 400 million yen in the first half of 2025, concerns remain regarding Kao's global strategy, as highlighted by Oasis Management, which holds about 5% of the company's shares [6].

Key Points - The volume of goods transported from Southeast Asia and South Asia has seen significant growth, with Vietnam increasing by 40%, Thailand by 16%, Sri Lanka by 77%, India by 33%, and Singapore by 21% [4] - Conversely, the volume of goods transported from mainland China has decreased by 6%, Japan by 7%, South Korea by 10%, and Taiwan by 3% [4] - According to Descartes Datamyne, the volume of sea containers shipped from Asia to the U.S. in August increased by 4% year-on-year, reaching 1,862,590 TEUs, although it decreased by 3% compared to July [2] - The largest category of transported goods, furniture, grew by 5%, while six other categories, including plastics (up 15%) and machinery (up 3%), exceeded last year's levels [4] - The U.S. National Retail Federation (NRF) predicts that container import volumes will decrease by 3.4% in 2025 compared to 2024, citing tariff policies as a significant factor for a slowdown in goods transportation by the end of the year [4]

Core Viewpoint - The expansion of public REITs in China is gaining momentum, with the government actively promoting the development of the market to attract diverse investments and enhance market vitality [2][4][5]. Group 1: Market Overview - China's public REITs began in June 2021, with 74 REITs listed in Shanghai and Shenzhen as of September 17, 2023, and a total market capitalization exceeding 220 billion RMB [8]. - The first batch of REITs included 9 funds, and the market has since expanded to include various asset types, with industrial park REITs being the most prevalent [8]. - The upcoming listing of foreign commercial facility REITs, such as CapitaLand's, indicates strong investor interest, with an IPO subscription rate exceeding 500 times [8]. Group 2: Government Initiatives - The National Development and Reform Commission (NDRC) has issued guidelines to cultivate the REIT market, emphasizing the importance of infrastructure projects and encouraging local governments and state-owned enterprises to establish REITs [4][5]. - The NDRC aims to broaden the investment scope of REITs to include railways, ports, and renewable energy, thereby attracting more private sector participation [5]. Group 3: Investment Performance - The average distribution yield of public REITs in China is projected to reach 6.37% by the end of 2024, surpassing Japan's 5.15% [10]. - Renewable energy-related REITs are expected to achieve a distribution yield of 11.55%, highlighting the potential for stable returns in this sector [10]. Group 4: Challenges and Market Dynamics - Despite the growth of the REIT market, challenges remain, including high vacancy rates in commercial properties due to over-investment and shifts in consumer behavior towards online shopping [9]. - The REIT model in China is not a quick fix for the country's bad debt issues, as significant real estate inventory remains to be addressed [12]. - The market's ability to sustain required yields and the potential for conflicts of interest in the REIT structure are ongoing concerns [11][12].

Core Viewpoint - The article discusses the advancements in Japan's autonomous AI technology, particularly its application in humanoid robots that can perform activities such as skateboarding, showcasing the potential of AI in enhancing robotic capabilities [2]. Group 1: AI Technology Advancements - Japan's autonomous AI has significantly improved the performance of humanoid robots, enabling them to master complex physical activities like skateboarding [2]. - The integration of AI in robotics is expected to revolutionize various industries by enhancing automation and efficiency [2]. Group 2: Implications for Robotics Industry - The development of skateboarding humanoid robots highlights the growing intersection of AI and robotics, which could lead to new applications in entertainment, sports, and beyond [2]. - Companies in the robotics sector may see increased investment and interest as AI capabilities expand, potentially leading to new market opportunities [2].

| | | | | IA BOLL FOR | | --- | --- | --- | --- | --- | | C WHET 2 E L . | | Company of Children College of Children Company of Children | | 日發市場 | | | | | | 45630.23 | | 1.665 | | | 148.32-33 | +584.42 | | +0.0245 | | | +0.41 | | | 1.650 给 9:42 | | | 147.91 1 6:55 | # 9:00 45193.77 | | 图 9:42 | 1.650 | | 148.37 高 12:00 | 13:03 45757.74 | | 安 3:49 | | 1.665 | 安 7:02 147.87 | 安 9:00 45193.77 | | | | | | 三 六六六 中文网= | 受到长 期利率上涨的影响，日本的银行股明显上涨（9月22日，东京都中央区） 日本央行9与19日发表了出售ETF的方针，不过由于出售速度缓慢，有分析认为这对市场的影响轻微。 有观点认为，" ...

编者荐语： 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 以下文章来源于日经BP ，作者日经BP 纯电动汽车（EV）用全固态电池的量产最早将于2026年启动。为了实现这个目标，当然必须先于电池 量产全固态电池特有的材料，即固态电解质。从推进这种材料量产的情况来看，也可以了解什么样的全 固态电池今后将成为主流。 出光兴产在硫化物类的 开发方面压倒其他企业 从结论来说，量产方面进展最快的固态电解质是被称为硫化物类的材料。作为其原料的是硫化锂。目 前，在这种硫化锂以及硫化物类固态电解质的生产方面行动较快的厂家之一是日本出光兴产。 出光兴产在全固态电池、硫化物类固态电解质和硫化锂领域的专利申请数与其他公司的比较 （来源：日经XTECH拍摄的出光兴产的解说 板） 出光兴产透露称，截至2024年底，该公司硫化锂相关的专利申请数为19件，高居首位，达到第2位的近2 倍，从硫化物类固态电解质来看，出光兴产也以223件排在第2位，正在接近第1位。用于相关量产的投 资额达到约213亿日 ...

Core Viewpoint - Warren Buffett's Berkshire Hathaway has completely divested its shares in BYD, citing increased competition in the Chinese automotive industry, slowing performance, and geopolitical risks as key reasons for the decision [3][4][5]. Group 1: Reasons for Selling BYD - Increased competition in the Chinese automotive sector has led to a slowdown in BYD's performance, with five out of six major automotive companies reporting reduced profits or losses in the first half of 2025 [3]. - The profit growth rate of BYD has also declined compared to the previous year, indicating a potential ceiling on its performance [3]. - Geopolitical risks have influenced Berkshire's decision to reduce its stake in BYD, with the holding dropping below 5% by June 2024 [4]. Group 2: Shift to Japanese Investments - Berkshire Hathaway has increased its stake in Japanese trading company Mitsui & Co., with the shareholding exceeding 10% as of September 22 [7]. - The company has expressed a commitment to continue seeking investment opportunities in Japanese enterprises, viewing this as a strategic shift away from Chinese stocks [5][6]. - The positive market reaction to Berkshire's investment in Mitsui & Co. was evident, with the stock price rising to a new high since July 2024 following the announcement [7].

Core Viewpoint - The Japanese Liberal Democratic Party (LDP) presidential election is drawing significant attention from financial and capital markets, with varying predictions on market impacts depending on the candidates' economic policies [2][4][5]. Group 1: Candidate Analysis - Among the candidates, Takashi Kawai is noted for his strong fiscal expansion and monetary easing stance, with predictions suggesting that if he wins, the Nikkei average could rise to around 48,000 points by year-end [2][5]. - Shunichi Suzuki, representing a continuation of the current government's fiscal tightening policies, is perceived as lacking the ability to drive overall market growth, leading to expectations of a slight market adjustment if he wins [4][7]. - Yoshihide Suga's policies are expected to maintain the status quo, with limited impact on market fluctuations if he is elected [7][8]. Group 2: Market Reactions - The market has reacted positively to the prospect of Kawai's victory, with short-term foreign capital inflows boosting related stocks, indicating a strong correlation between candidate selection and market performance [5][8]. - In the foreign exchange market, there is a consensus that Kawai's election would not hinder the Bank of Japan from raising interest rates, with expectations for the yen to appreciate towards 145 yen per dollar [4][7]. - Conversely, if Suzuki wins, the yen may depreciate by approximately 2 yen against the dollar, reflecting concerns over fiscal policy direction [7]. Group 3: Economic Policy Implications - Kawai's economic policies emphasize growth through advanced technologies and tax revenue increases, while also showing signs of pragmatic adjustments, such as reconsidering previous tax reduction proposals [7][8]. - Concerns about fiscal deterioration are prevalent, with predictions that the 30-year government bond yield could drop to around 3% from its current level of approximately 3.2% [4][7]. - The upcoming election is expected to be more dynamic than in 2024, with a smaller candidate pool allowing for more in-depth discussions, potentially exposing weaknesses in candidates like Suzuki [8].

参选者分别为日本前经济安全保障相小林鹰之、自民党前干事长茂木敏充、内阁官房长官林芳正、前经 济安保相高市早苗、农相小泉进次郎。这5人均参加过2024年9月的总裁选举。选举的争论焦点之一是物 价上涨对策…… 日 本自民党确定石破茂首相接班人的总裁选举于9月22日发布公告，共有5人申请参选。主要争论焦点 是包括应对物价上涨在内的经济政策、外交与安全保障政策。估计还将围绕反省政治与金钱问题的自民 党改革以及与在野党合作的具体对策展开辩论。此次选举将于10月4日进行投计票。 按照报名顺序，参选者分别为日本前经济安全保障相小林鹰之、自民党前干事长茂木敏充、内阁官房长 官林芳正、前经济安保相高市早苗、农相小泉进次郎。各阵营均向自民党总部提交了参选所需文件，包 括20名自民党籍国会议员的推荐人名单。 与在野党合作的具体方案将成为争论焦点 这5人均参加过2024年9月的总裁选举。9月22日下午，他们将出席演讲会发表政见，9月23日还将召开联 合记者会。 总裁选举的争论焦点之一是物价上涨对策。小 林鹰之倡导针对年轻人及在职群体实施所得税定率减税 措施。茂木敏充提议设立数万亿日元规模的"生活支援特别地方拨款"。林芳正提出使实际工 ...

Group 1 - The Nikkei average stock index rebounded to 45493.66 points on September 22, up 447.85 points (0.99%) from the previous weekend, surpassing the previous high of 45303.43 points on September 18 [2][3] - The rise in the Tokyo stock market is attributed to the positive performance of major US stock indices, with expectations that the US Federal Reserve will continue to lower interest rates, supporting a stable US economy [2][3] - Semiconductor-related stocks such as Tokyo Electron and Lasertec saw significant buying, driven by speculation of strong pre-order performance for Apple's new iPhone, leading to a notable increase in Japanese electronic component stocks like TDK [3] Group 2 - The Bank of Japan's decision to sell its holdings of exchange-traded funds (ETFs) was unexpected, but the market perceives it as a move to minimize its impact on the overall Japanese stock market [3] - Despite domestic institutional investors selling stocks due to high-risk concerns and seasonal factors, long-term overseas investors are buying undervalued stocks across various sectors [3]