Core Viewpoint - ASEAN has become China's largest export destination, with an expanded free trade agreement focusing on nine key areas including digital trade and renewable energy to counteract U.S. tariff measures [2][5][6]. Group 1: Free Trade Agreement Expansion - The free trade agreement between China and ASEAN, effective since 2005, has reduced tariffs and is now being expanded to include digital trade, renewable energy, and streamlined customs procedures [4][5]. - The digital trade aspect aims to digitize settlement and documentation processes, enhancing system interoperability and infrastructure [4][5]. - China is accelerating the expansion of its Cross-Border Interbank Payment System (CIPS) to increase the use of the Renminbi in settlements within ASEAN [4][5]. Group 2: Renewable Energy and Customs Procedures - The agreement will expedite transactions related to new energy vehicles, including electric vehicles (EVs) and photovoltaic power generation, while increasing investments in these sectors [5]. - A new mechanism will be introduced to allow trade applications to be processed at a single window, simplifying customs procedures [5]. Group 3: Trade Dynamics and U.S. Tariffs - As of August 2025, trade between China and ASEAN is projected to account for 17% of China's total trade, remaining above the levels of 2024 [8]. - In response to U.S. tariffs, China is enhancing "roundabout exports" through ASEAN, where components are sent to ASEAN for assembly before being exported to the U.S. [8]. - ASEAN countries are also looking to strengthen ties with China to offset the impact of U.S. tariffs, with some countries seeking to increase exports to China as a substitute for the U.S. market [8].

Core Viewpoint - The recent surge in stock prices of pre-prepared food companies in A-shares is attributed to the upcoming national food safety standards for pre-prepared dishes, which will provide a unified identity and safety baseline for the industry [12][13]. Industry Overview - The pre-prepared food industry in China has a history dating back to the 1990s, with significant developments occurring between 2000 and 2005 when many current leading companies were established [13]. - Regulatory frameworks for pre-prepared foods have only begun to take shape in recent years, with standards being introduced by various governmental bodies [13][14]. Market Dynamics - The stock prices of companies such as Deli Foods, Longda Food, and Huifa Foods have seen increases of over 5%, with Deli Foods hitting a 10.10% rise [7][11]. - The rise in stock prices is linked to the public's renewed interest in the pre-prepared food debate, sparked by recent comments from industry figures [12]. Consumer Perception - There is a disconnect between the regulatory definition of pre-prepared foods and consumer understanding, leading to concerns about food safety and transparency [14]. - Consumers express frustration over the lack of knowledge regarding the preparation of their meals, reflecting a deeper societal issue of time constraints and the desire for authentic dining experiences [14][17]. Operational Trends - The adoption of pre-prepared foods is becoming widespread among restaurants, as they are more cost-effective than hiring chefs and allow for a diverse menu without extensive culinary skills [16]. - The rise of central kitchens and cold chain logistics post-2008 has facilitated the expansion of pre-prepared foods, standardizing offerings across various dining establishments [16].

Core Viewpoint - Nissan has significantly reduced the production plan for its new electric vehicle "LEAF" due to delays in battery procurement and lower-than-expected battery yield from its supplier, AESC, which poses challenges for the company's operational recovery [2][4][5]. Group 1: Production and Supply Chain Issues - The production plan for the new LEAF has been cut to less than half of the original plan for the months of September to November due to battery supply delays [2][4]. - The production plan for the new LEAF at the Tochigi plant has been adjusted for the fiscal year 2025, with significant reductions in production expected for September and October, with some months seeing declines of several thousand units [4]. - The battery yield from AESC has not met expectations, impacting Nissan's ability to secure sufficient battery supply, which may affect actual sales performance [4][5]. Group 2: Market Performance and Strategic Direction - Nissan is facing declining sales in the U.S. market, with a projected consolidated loss of 670.8 billion yen for the fiscal year 2024, compared to a profit of 426.6 billion yen in the previous year [5]. - The new LEAF is positioned as a key model for improving Nissan's performance, with the company implementing factory restructuring and layoffs as part of its strategy to enhance long-term performance [5]. - Nissan's global new car sales fell to 1.61 million units in the first half of 2025, a 6% year-on-year decrease, marking a 16-year low, and the company has dropped out of the top ten in global new car sales [7]. Group 3: Competitive Landscape - Nissan, once a leader in the EV market, is losing market presence due to the rise of competitors like Tesla and BYD, particularly in the U.S. market [7]. - The domestic market in Japan is becoming increasingly competitive, with Honda launching its lightweight electric vehicle "N-ONE e:" and BYD planning to introduce a lightweight electric vehicle by fiscal year 2026 [7].

Core Insights - The article discusses the competition among athletic shoe brands during the World Athletics Championships, highlighting Asics' significant market presence with a 30% wearing rate among athletes [2]. Group 1 - Asics has achieved a 30% wearing rate at the World Athletics Championships, indicating strong brand recognition and athlete preference [2]. - The competition in the athletic shoe market is intensifying, with various brands vying for visibility and endorsement from top athletes [2]. - The article emphasizes the importance of performance and innovation in athletic footwear as key factors influencing athletes' choices [2].

Core Viewpoint - The Bank of Japan (BOJ) has decided to maintain the policy interest rate at 0.5% while initiating the sale of its holdings in Exchange-Traded Funds (ETFs) and Real Estate Investment Trusts (REITs) [2][5]. Group 1: ETF and REIT Sales - The BOJ will sell ETFs at an annual pace of approximately 3.3 trillion yen based on book value, or about 6.2 trillion yen based on market value [2][4]. - The sale of REITs will follow a similar pace, with approximately 5 billion yen based on book value and 5.5 billion yen based on market value [4]. - The total book value of ETFs held by the BOJ is 37 trillion yen, with a market value of 70 trillion yen, while the book value of REITs is 650 billion yen, with a market value of 700 billion yen [2][4]. Group 2: Interest Rate Decisions - The BOJ has decided to keep the policy interest rate unchanged at 0.5%, despite proposals to raise it to 0.75% being rejected due to majority opposition [5]. - The BOJ is closely monitoring the potential impact of tariffs on the Japanese economy, as indicated by the Deputy Governor's remarks [5]. Group 3: Market Expectations and Political Context - Market expectations suggest a 1% probability of an interest rate hike in September, 33% in October, and 32% in December, with a 23% probability in January 2026 [5]. - The upcoming election for the president of the ruling Liberal Democratic Party on October 4 may influence economic and fiscal policies, thereby affecting financial markets [5].

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 铃木首款EV"e-Vitara"（9月16日，东京都港区） 算上日本政府补贴后，实际价格为312.3万日元（约15.1万元）。该车采用了丰田的技术…… 铃木于9月16日发布消息称，该公司首款纯电动汽车（EV）"e-Vitara"将于2026年1月16日发售。车辆价 格为399.3万日元（约合人民币19.3万元）起，算上日本政府补贴后，实际价格为312.3万日元（约合15.1 万元）。铃木的轻型汽车占该公司日本国内销量的8成，推出EV旨在摆脱对轻型车的依赖。 e-Vitara在印度生产，将在全球100多个国家和地区销售。在日本，将推出两轮驱动和四轮驱动共计3个 级别的车型。两轮驱动车型的续航距离（WLTC模式）分为433公里和520公里两种规格。 该车采用了合作方丰田的多项技术，底盘由铃木、丰田及大发工业3家企业联合开发。EV用驱动装 置"eAxle"采用了爱信（AISIN）、电装以及二者共同出资成立的BluE Nexus这三家企业共同开发的产 品。 铃木于2月发布了以截至2030年 ...

Group 1 - The world economy is facing a complex situation with "Trump tariffs" acting as a brake and major countries' monetary easing serving as an accelerator [2][9] - The Federal Reserve has restarted interest rate cuts after nine months, indicating a shift in monetary policy [2][5] - Major central banks, except for the Bank of Japan, are lowering interest rates, with the average policy rate in developed countries dropping from 4.2% to 3% [5][7] Group 2 - The number of corporate bankruptcies in the U.S. has reached the highest level since 2010, with 446 large enterprise bankruptcies reported from January to July 2025 [3] - Employment market is slowing down, prompting the Federal Reserve to cut rates by 0.25% on September 17 [3][7] - Despite the influx of monetary easing, funds are not flowing into the real economy, leading to a distortion in financial markets [2][8] Group 3 - Investment in equipment is stagnating, with U.S. equipment investment expected to increase by only 0.8% in 2025 and 0.5% in 2026 [7][8] - Companies are diverting funds from equipment investment to financial markets, with a significant increase in Bitcoin holdings among global listed companies [8][9] - The average tariff rate has increased from 2.4% to 16.4%, adding an estimated $450 billion burden annually on imports [8][9] Group 4 - If monetary easing does not stimulate the real economy, investment returns in financial markets may decline, posing a risk of cooling down [9] - The Trump administration aims to attract $550 billion from Japan and $600 billion from Europe to revitalize domestic industries [9]

Core Viewpoint - BYD plans to launch its plug-in hybrid vehicle (PHV) "Sea Lion 6" in the Japanese market around January 2026, as part of its strategy to capture the market and address the significant demand for alternatives to electric vehicles (EVs) [2][4]. Group 1: Market Strategy - The introduction of PHVs is seen as a crucial step for BYD to penetrate the Japanese market, especially given the challenges faced in selling EVs since 2023 [7]. - BYD aims to promote PHVs as a viable alternative for consumers hesitant about purchasing EVs, leveraging the advantages of PHVs for long-distance travel [2][9]. - The company is confident that Japan is ready for electrification, given the existing popularity of hybrid vehicles (HVs) [7]. Group 2: Product Features and Comparison - PHVs can be charged externally and can serve as a power source during emergencies, distinguishing them from traditional HVs [5][7]. - Compared to competitors like Toyota and Mitsubishi, BYD's Sea Lion 6 is positioned as a cost-effective option, priced below 5 million yen (approximately 241,300 yuan), while competitors' PHVs exceed this price point [7][9]. - In terms of sales, BYD's PHV sales are projected to reach 2.48 million units in 2024, accounting for 58% of total vehicle sales, indicating a significant preference for PHVs over EVs [9]. Group 3: Global Market Presence - BYD is expanding its PHV offerings globally, with plans to launch in Europe and Southeast Asia, including Thailand, the Philippines, and Singapore [11]. - The global market share of PHVs is comparable to that of HVs, with PHVs accounting for 7.6% of new car sales in the first half of 2025, closely trailing EVs at 14.1% [12]. Group 4: Environmental Considerations - The environmental impact of PHVs is a critical factor, with IEA estimates indicating that PHVs have a 20% higher CO2 emission than EVs but 10% lower than HVs [16]. - The evaluation of PHV performance varies by region, influencing sales strategies based on local policies regarding subsidies for new energy vehicles [16].

Core Viewpoint - NVIDIA's investment of $5 billion in Intel is seen as a strategic move to strengthen ties with the U.S. government while also gaining access to Intel's competitive CPU technology, despite not committing to outsourcing production to Intel [2][6][7]. Group 1: Investment and Collaboration - NVIDIA announced a $5 billion investment in Intel, aiming to collaborate on semiconductor development, particularly for data centers and personal computers [2][5]. - The partnership is expected to create a market effect of $25 billion to $50 billion annually through joint development efforts [6]. - NVIDIA's CEO Huang Renxun described the collaboration as "historic" during a press conference with Intel's CEO [4]. Group 2: Government Relations and Strategic Implications - The investment aligns with the Trump administration's efforts to revitalize the U.S. semiconductor industry, with Huang reporting the collaboration to U.S. Commerce Secretary Gina Raimondo [7]. - The move is interpreted as a way for NVIDIA to position itself favorably for potential future government incentives [7]. - Huang's avoidance of discussing Intel's operational struggles during the press conference indicates a focus on the potential benefits of the partnership rather than existing challenges [5][6]. Group 3: Risks and Challenges - NVIDIA's close ties with the Trump administration may introduce operational risks, particularly concerning relations with China, as the Chinese government has restricted the procurement of NVIDIA's AI semiconductors [8][9]. - Intel faces its own challenges, having reported losses for six consecutive quarters and struggling to attract new clients [9]. - The reliance on government support for Intel's recovery could lead to moral hazard, potentially impacting NVIDIA's investment returns if Intel fails to improve [9].

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