零跑汽车和斯泰兰蒂斯实现了扬长避短和优势互补。换句话说，众车企可能已经进入 一个单枪匹马已无法轻易胜出的时期了。 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 零跑汽车在广州车展上展出的低价EV"A10"（11月21日，资料图） 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 文丨FT中文网专栏作家 张冬方 和很多其他中国汽车品牌进入欧洲的路径不一样，零跑汽车选择了和欧洲车企斯泰兰蒂斯合 资的方式，也和大多数中国汽车品牌要么选择电动汽车渗透率高的北欧，要么选择本土汽车 产业没那么强悍的南欧国家作为首站，从而避开德国市场的做法不同，零跑汽车去年秋陆续 进入了包括德国在内的九个市场。 短短一年之后，零跑汽车在销量上实现了一个几乎其他任何中国汽车品牌都没有达成的效 果，那 ...

Group 1 - The approval rating of Prime Minister Sanna Takashi's cabinet is 75%, remaining stable since November, and has been above 70% for three consecutive months since taking office in October [2] - The Bank of Japan raised the policy interest rate to 0.75%, the highest level in 30 years, with 55% of respondents approving the decision [4] - The highest priority policy issue for respondents is addressing inflation, with 55% indicating this as a concern [4] Group 2 - The support rate for the ruling Liberal Democratic Party (LDP) is 37%, a decrease of 4 percentage points from the last survey [4] - The support rates for opposition parties include 9% for the Democratic Party for the People (up from 6%), 7% for the Constitutional Democratic Party (up from 6%), and 5% for the Shinsei Party (down from 7%) [5] - The survey conducted by Nikkei Research received 916 responses with a response rate of 40.1% [5]

Core Insights - Japanese household financial assets have reached a record high, indicating a strong recovery in personal wealth and investment confidence [2] - The balance of stocks held by Japanese households increased by 19.3%, reflecting a growing interest in equity markets [2] Group 1: Financial Asset Growth - Total financial assets of Japanese households have surpassed 2,000 trillion yen, marking a significant milestone in personal finance [2] - The increase in financial assets is attributed to rising stock prices and increased savings during the pandemic [2] Group 2: Stock Market Trends - The stock balance held by households rose to approximately 200 trillion yen, driven by a bullish market sentiment [2] - This growth in stock investments suggests a shift in investment strategies among Japanese households, moving towards equities for better returns [2]

Core Viewpoint - Central banks globally increased gold purchases by 36% in October, reaching 53 tons, the highest level since November 2024, indicating strong demand despite high gold prices [7][4]. Group 1: Central Bank Purchases - Brazil's central bank resumed gold purchases after three years, buying 15 tons in September and an additional 16 tons in October, surpassing China's cumulative purchases from January to October [7][5]. - Poland's central bank aims to increase the gold proportion in its foreign exchange reserves to 30% and resumed buying in October [7]. - The trend of central banks diversifying their reserves from dollar-denominated assets to "non-dollar" assets is growing, influenced by geopolitical tensions and sanctions [7]. Group 2: Market Dynamics - The London spot gold price rose by $45.13 (1%) to $4,348.66 per ounce, following a peak of $4,381.21 in October, driven by expectations of U.S. interest rate cuts [3]. - The Japanese retail price for gold increased to 23,961 yen per gram, reflecting a 1% rise due to the depreciation of the yen against the dollar [3]. Group 3: Investment Strategies - Central banks are increasingly utilizing various methods for gold purchases, including ETFs and financial derivatives, which may obscure actual buying volumes [7][8]. - A survey indicated that 16% of central banks are purchasing ETFs, with 21% planning to continue investments for over five years, highlighting a shift towards more efficient and anonymous buying strategies [8].

日本锦鲤在海外越来越受欢迎。2024年出口额创新高，2025年前9个月同比增长34%。中国是日本锦鲤 出口额排名第2的国家。目前中日对立加剧，锦鲤生产相关人士中出现了担忧声…… 被誉为"会游泳的宝石"的日本锦鲤在海外越来越受欢迎。也有日元贬值的利好因素，2024年日本的锦鲤 出口额创出72亿日元的历史新高。从2025年的数据来看，截至9月底出口额已达到61亿日元，同比增长 34％，全年将逼近100亿日元。作为日本最大的锦鲤产地，新潟县计划最早2026年度涉足南美市场，目 前已开始研发技术以解决长时间运输的课题。 11月上旬，锦鲤发源地日本新潟县小千谷市举办了品评会，现场出现了很多外国爱好者及买家等。锦鲤 的出口旺季是秋季。一位英国买家表示："1条锦鲤准备最多花500万日元。色彩与花纹的艺术性吸引着 富裕阶层"。荷兰企业集团的买家说："采购预算没有上限"。 荷兰企业集团的买家们正在挑选锦鲤（11月8日，新潟县小千谷市） 全日本锦鲤振兴会（小千谷市）的副理事长、伊佐养鲤场的社长伊佐光德分析称："美国拉斯维加斯等 海外城市已开始举办大规模的锦鲤品评会，近一两年价格较高的大型锦鲤的交易越来越多"。但他也充 满担忧地表 ...

日立开发的人形机器人的试制品拥有两只手臂。搭载驱动AI的计算机和摄像头，两只手臂上各有两根 手指。没有腿，配备带轮子的转向架。引进机器人不需要大幅改变人类使用的生产线…… 日立制作所2027年度之前将在自家工厂引进人形机器人。将自主开发作为大脑的AI，代替人类承担电 子产品的布线安装等复杂作业。为了强化人形机器人领域的业务，未来还考虑推动其他公司引进。中国 和美国在人形机器人的开发方面领先，日本企业将加快开发国产技术。 日立开发的人形机器人能进行细微的布线作业 生产线上的作业将由人类重复数十次相同动作让AI学习。无需给动作编写程序，即可实现多项业务的 自动化。除了在电气产品上布线的作业之外，还可以胜任以往手臂型的工业机器人难以完成的精细作 业，例如把电子基板放入家电产品的外壳中，或将材料塞入包装等。 日立今后将敲定引进人形机器人的工厂。最初将试验性地投入几台到几十台。如果在自家工厂确认效 果，还考虑把向其他公司提供引进支援的业务实现商业化。利用人形机器人，需要在制造现场实际使用 的系统和专业知识。日立将在机器人领域扩大盈利机会。 美国摩根士丹利预测称，到2050年人形机器人的市场规模将达到5万亿美元，普及超过 ...

Core Viewpoint - The Indian government is implementing a phased approach to promote domestic production of photovoltaic (PV) equipment to reduce reliance on China, with a target of making domestic products acceptable if the price gap narrows to around 1.2 times that of Chinese products [1][11]. Group 1: Government Initiatives - The Indian government aims for renewable energy to account for 50% of total electricity by 2030, with solar energy making up 80% of renewable energy capacity [7]. - A phased mandatory domestic production policy for PV equipment has been introduced, starting with solar panels in 2019, expanding to batteries by June 2026, and to wafers by June 2028 [7]. - The government has set a target for installed capacity to reach 100 GW by 2024, projected to increase to 364 GW by the end of 2031 [10]. Group 2: Industry Developments - Avaada Group plans to stop importing PV panels from China by 2024 and will establish a factory with an annual capacity of 8.5 GWh, with intentions to increase production [3]. - AMPIN Energy Transition, a new renewable energy company, will invest approximately 10 billion rupees to build a factory in Odisha, aiming to produce solar cells and PV panels by 2026 [10]. - Adani Enterprises Ltd is set to build a 6 GW battery and PV panel factory in Gujarat by June 2026, increasing its production capacity by 2.5 times to 10 GW [10]. Group 3: Market Dynamics - In August, coal accounted for over 60% of India's electricity generation, while renewable energy made up 30%, with solar energy contributing less than 10% [5]. - In 2024, 80% of imported PV panels will come from China, amounting to $2.3 billion, highlighting the risk of supply disruptions affecting electricity supply [7]. - Indian companies are facing challenges in upstream production due to the need for advanced technology, with few domestic firms engaged in the necessary material processing [3][11].

Core Viewpoint - Rakuten Group aims to increase the number of overseas merchants on its e-commerce platform, Rakuten Market, to counter the rising popularity of low-cost platforms like SHEIN and Temu from China [2][4]. Group 1 - Rakuten Market currently has approximately 55,000 stores, with only about 1,000 being overseas merchants [2][4]. - The company plans to enhance its overseas merchant recruitment efforts and support them in publishing messages and promotions in Japanese [2][4]. - The best-selling products on Rakuten Market include nutritional supplements from the U.S. and home appliances from China [4]. Group 2 - Since 2015, Rakuten has allowed overseas merchants to open stores, initially from the U.S. and South Korea, and now from 22 countries and regions including China and Europe [4]. - The annual increase in overseas merchants has been around 150, with a target to raise this number to between 450 and 600 in the future [4]. - To address barriers such as language and business practices, Rakuten will assign consultants to each store and enhance its consulting system to improve overseas visibility [4]. Group 3 - An overseas version of the organization "NATIONS," which facilitates the sharing of sales experiences among stores, will be launched in March 2026 [5].

Core Viewpoint - The article discusses the advancements and potential of Yihe Technology in the field of electrochemical synthesis, highlighting its recent funding rounds and the significance of its technology in creating a sustainable industrial ecosystem [6][8]. Company Overview - Yihe Technology has completed several million yuan in angel and angel+ financing, with funds primarily allocated for team building, laboratory process optimization, and pilot production of its first product [6]. - The company is led by CEO Jin Qingfeng, who has over 20 years of experience in chemical engineering and has previously worked with major international firms [7]. - The company has established a systematic production framework encompassing reaction systems, catalysts, reactor design, and purification processes [5][15]. Technology and Market Potential - Electrochemical synthesis involves directly converting electrical energy into chemical energy, using electrons as reagents to drive organic chemical reactions, offering lower costs and higher safety compared to traditional methods [10]. - The global market for electrochemical synthesis exceeds $10 billion, with significant applications in fine chemicals and pharmaceutical intermediates, traditionally dominated by large chemical corporations [12][13]. - Yihe Technology aims to leverage its technology in high-value fine chemicals, particularly in areas where traditional synthesis methods are less efficient and more polluting [13]. Technical Challenges and Innovations - The transition from laboratory to industrial production presents challenges, particularly in scaling up electrochemical processes, which require deep knowledge of electrochemical engineering [15]. - Yihe Technology has developed a Fluid-Guided Electrolyzer (FGE) technology platform to address mass transfer and heat dissipation issues during scale-up, facilitating the transition from lab to industrial production [15]. - The company is also building a "process-performance" database and developing digital twin models to streamline new product development, aiming to reduce development cycles by over 50% [16]. Future Plans - Yihe Technology's upcoming product pipeline includes specific pharmaceutical and pesticide intermediates, as well as new molecular compounds, indicating a broadening of its market focus [17].

Core Viewpoint - The article highlights how IRIS OHYAMA has thrived in Japan's declining electrical appliance industry, achieving a projected sales revenue of over 800 billion yen by fiscal year 2025, which is approximately 14 times that of 30 years ago, contrasting with the broader industry decline known as Japan's "lost 30 years" [1][3][4]. Group 1: Company Overview - IRIS OHYAMA is considered a "successor" in Japan's electrical appliance sector, ranking 7th in market share domestically within the home appliance category [3]. - The company has expanded its product line significantly, now offering around 30,000 products, including air purifiers, gardening supplies, and packaged rice [7][10]. Group 2: Business Model - The company operates under a unique business model as both a manufacturer and a wholesaler, allowing it to eliminate middleman profits and directly control product distribution and sales strategies [8][10]. - This model enables IRIS OHYAMA to gather real-time sales data, facilitating better product planning and reducing the risk of entering homogeneous competition [10][12]. Group 3: Strategic Insights - The company's approach is characterized by a focus on customer needs and a commitment to reinvest 50% of its profits annually, similar to Amazon's strategy of prioritizing long-term growth over short-term dividends [12]. - The leadership transition from founder Kentaro Oyama to his son Akihiro Oyama raises questions about how to formalize and disseminate the founder's principles of rationality and customer focus within the organization [12][13].