Core Viewpoint - China's trade surplus from January to November increased by 21% year-on-year, reaching $1.0758 trillion, which is over 50 times the surplus at the time of China's WTO accession in 2001 [1][3]. Group 1: Trade Surplus and Exports - The trade surplus is calculated by subtracting imports from exports, with the surplus exceeding $1 trillion for the first time since comparable data began in 2000 [1][3]. - Exports to ASEAN, the largest export destination, grew by 14%, while exports to the EU increased by 8%. In contrast, exports to the US decreased by 19% [5]. - The average proportion of major export goods with declining prices reached over 60% from January to November 2025, indicating a trend of "tight exports" due to domestic overcapacity [3][5]. Group 2: Impact of US-China Trade Relations - The trade surplus significantly declined during the first Trump administration's trade war in 2018 but expanded again after 2019 [3]. - The US imposed tariffs on Chinese imports starting in February, leading to reciprocal tariffs from China, resulting in a de facto embargo state [5]. - In November, US imports from China decreased by 19%, amounting to $10 billion, while the decline in October was 23% [8]. Group 3: Future Outlook - Following the agreement between US and Chinese leaders, actual tariff reductions were delayed until mid-November, affecting the recovery of Chinese exports [7]. - There are expectations for a potential increase in exports to the US in December, despite a 29% year-on-year decrease in November [7]. - The relationship between China and Japan remains stable despite tensions, with trade volume increasing by 6% in November [8].

12月9日，高市早苗表示："截至目前，已接到30人受伤、1起住宅火灾等灾情报告"。提醒北海道、东北 地区、关东地区的7个道县182个市町村，今后一周内警惕更强地震，并未要求民众提前避难…… 当地时间12月8日晚上11点15分左右（北京时间10点15分），日本青森县八户市发生地震，当地观测到 震度为6强。日本气象厅一度向青森县太平洋沿岸、岩手县以及北海道太平洋沿岸中部地区发布海啸警 报。截至12月9日凌晨1点10分，在岩手县久慈港观测到了70厘米高的海啸等。 据日本气象厅介绍，此次地震发生在日本海沟·千岛海沟沿线的巨大地震预测震源区域内。鉴于该区域 发生更大规模地震的可能性高于平时，日本气象厅发布了"北海道·三陆近海余震预警"。这是自2022年 12月启动相关机制以来首次发布。 提醒北海道、东北地区、关东地区的7个道县182个市町村，今后一周内警惕更强地震。并未要求民众提 前避难，而是督促大家重新确认家具的固定、应急物品的准备等日常防灾措施。如果一周内没有发生地 震，将停止提醒注意。 青森市发生的火灾现场（12月9日凌晨1点23分，Kyodo） 日本政府已于12月8日晚间在首相官邸危机管理中心设立官邸对策室。日 ...

在涉台问题引发的中日对立上，美国正刻意保持距离。 在美国高级官员中，虽然驻日本大使格拉斯对中国提出了批评，但正副总统及内阁成员级别的人物均未 在公开场合表态。只有美国务院副发言人曾于11月20日在X（原推特）上发表声明称，对日本防卫的承 诺不变。 在涉台问题引发的中日对立上，美国正刻意保持距离。在美国高级官员中，虽然驻日本大使格拉斯对中 国提出了批评，但正副总统及内阁成员级别的人物均未在公开场合表态。当前处于美国有意避免与中国 产生摩擦的局面…… 对于中国对日本采取的威慑性行动，作为日本盟国的美国的特朗普总统保持了沉默。如果对中国试探坐 视不理，东亚秩序发生动摇的风险将会上升。 日本联合美国之外的友邦的外交努力也迎来考验。 美国白宫和美国国务院12月7日并未就6日中国战机对日本自卫队战机照射雷达一事回应日本经济新闻的 置评请求。 对特朗普而言，美国中期选举将于2026年11月举行，这样做意在维系制造业的工人及农户等核心支持群 体。 在中美首脑会谈前，美方曾高调表态的台湾问题未被纳入会谈议程。有观点认为，考虑到中方不愿提及 凸显与美国分歧的台湾问题，希望中方在稀土和大豆问题上做出让步的美方选择了妥协。 在中美关 ...

Core Insights - Toyota maintains its leading position with a 3% increase in global sales, reaching 2.81 million units [1][3] - Honda's sales decline by 50,000 units year-on-year, dropping to 9th place in the global rankings, with significant reductions in the Chinese and Southeast Asian markets [1][5][6] Group 1: Global Sales Rankings - The top five automakers remain unchanged, with Volkswagen and Hyundai-Kia in second and third places, respectively [3][5] - Honda's global sales for July to September are reported at 850,000 units, marking the largest decline among the top 20 companies [5][6] Group 2: Regional Performance - In the Chinese market, Honda's sales decreased by 9%, totaling 160,000 units [5][6] - Sales in Asia and Oceania, excluding Japan and China, fell by 29%, amounting to 80,000 units [5] - North American sales for Honda decreased by 1%, reaching 390,000 units, with further reductions expected due to semiconductor supply issues [6]

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 日经BP . 日经BP成立于1969年4月, 隶属于日本经济新闻社集团。作为日本领先的B2B媒体公司，我们聚焦"经营 管理"、"专业技术"及"生活时尚"三大主要领域，满足客户多元化的需求。 WAIC 机器人展区的情形 （图片来源： WAIC 及匠新） "世界人工智能大会2025"此前在上海举行，日本企业匠新的斋藤庆太结合此次展会深入观察和分 析了代表中国人形机器人的"具身智能"加速发展与进步的主要原因。据他观察，2025年与2024年 有两个很大的不同。一个是企业间的增长差距…… 中国人工智能（AI）相关企业和组织展示各自技术和产品的世界人工智能大会（简称WAIC 2025）7月 在上海举行。这是能了解中国AI全貌的最大规模展会。对中日创新和新业务开发提供支持的日本企业 匠新的斋藤庆太结合此次展会深入观察和分析了代表中国人形机器人的具身智能(Embodied AI，是指 ...

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Core Viewpoint - Vice President Vance is emerging as a strong contender for the next Republican presidential nomination, resonating with a new generation of conservative forces while partially adopting liberal policies [2][4]. Group 1: Political Positioning - Vance's leadership style is seen as relatable, allowing people to feel they could also achieve similar success, contrasting with the heroic image of former President Trump [4]. - The Claremont Institute, which supports Vance, emphasizes a return to Christian-based values and critiques the federal government's focus on liberal ideologies that have undermined traditional moral foundations [4][5]. - Vance's political core is centered on "social unity and community rebuilding," addressing issues like income inequality and drug addiction [5]. Group 2: Personal Background and Influence - Vance's upbringing in Middletown, Ohio, amidst economic decline and family struggles, has shaped his political views, leading him to critique both leftist and rightist ideologies [7]. - His book "Hillbilly Elegy" highlights the realities of white poverty, contributing to his political narrative and public persona [5][7]. Group 3: Policy and Ideological Trends - Vance's policies reflect a blend of conservative cultural values and liberal economic policies, such as increasing taxes on the wealthy and enhancing protections for workers, marking a new trend in the Republican Party known as "reform conservatism" [7][8]. - Support from "tech libertarians," including investor Peter Thiel, indicates a coalition that seeks to innovate through technology while aligning with the MAGA movement [8]. Group 4: Challenges Ahead - Vance faces the challenge of uniting the conservative base while distancing himself from Trump's charismatic influence, which could complicate his appeal to independent voters crucial for electoral success [9].

中国山东省的青岛港（kyodo） 汽车大幅增长50％。稀土也高于去年同期。对美出口下降28.6％，对日本出口增长4.3％…… 中国海关总署12月8日发布的11月贸易统计（以美元计价）数据显示，出口同比增长5.9％，达到3303亿 美元。2个月来再次转为增长。包含纯电动汽车（EV）在内的汽车出货量增加。 进口同比增长1.9％，达到2186亿美元，连续6个月实现正增长。出口额减去进口额得出的贸易顺差为 1116亿美元。由于出口增幅高于进口增幅，贸易顺差规模相较于去年同期有所扩大。 从出口品类来看，汽车大幅增长50％。稀土也高于去年同期。智能手机和个人电脑则分别低于去年同 期。 从出口目的地来看，对美出口下降28.6％。对最大出口目的地东盟（ASEAN）出口增长8.2％。对日本 出口增长4.3％。对欧盟（EU）出口也高于去年同期。 日本经济新闻（中文版：日经中文网）盐崎健太郎 北京 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 视频号推荐内容： ...

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Group 1 - The policy to attract semiconductor manufacturing back to the U.S. officially started after 2022, but there are now delays in the construction of new factories in both Europe and the U.S. due to weak semiconductor demand, except for AI semiconductors [2][10] - The EU is shifting its support focus from attracting foreign companies to funding R&D for domestic firms, with discussions on a budget framework in the trillions of yen [2][4] - The EU Commission is proposing amendments to the European Semiconductor Act and is collecting opinions from industry groups, with a request for a budget of €20 billion to be announced by spring 2026 [4] Group 2 - The EU will prioritize support for regional semiconductor giants like ASML and Infineon Technologies, focusing on R&D and building a domestic semiconductor supply chain in the medium to long term [5] - The U.S. has seen delays in new factory openings, with the Trump administration injecting approximately $8.9 billion into Intel and planning to renegotiate support policies from the Biden administration [7][9] - Weak demand for semiconductors, particularly in personal computers, smartphones, and automotive sectors, is leading companies to scale back new investments to avoid a supply-demand imbalance [10]