Core Viewpoint - The stock prices of Apple-related companies listed in mainland China and Hong Kong have shown strong performance, driven by the success of the new "iPhone 17" and a shift in business models towards profitability in the AI sector, contrasting with Apple's modest stock price increase of only 14% from late 2024 to December 2, 2025 [2][10]. Group 1: Financial Performance - Foxconn Industrial Internet (FII) reported a strong financial performance for Q3 2025, with revenue reaching 243.1 billion yuan, a 42% year-on-year increase, and net profit surpassing 10.3 billion yuan, up 62% [2]. - The revenue from AI servers using GPUs increased fivefold, while revenue from high-speed data communication network devices for AI data centers surged 27 times [5]. - Luxshare Precision, another Apple supplier, saw its revenue grow by 31% year-on-year to 96.4 billion yuan for Q3 2025, with net profit increasing by 25% to 3.9 billion yuan, largely attributed to AI-related factors [8]. Group 2: Business Model Shifts - Companies in the Apple supply chain are increasingly focusing on AI-related businesses to mitigate risks associated with dependency on Apple contracts, which can be terminated unexpectedly [9]. - Industrial Internet's strong performance in AI servers is partly due to the challenges posed by U.S. semiconductor export restrictions, leading to a restructuring of supply chains [7]. - Blue Glass Technology is attempting to reduce its reliance on Apple by diversifying into AI-equipped automotive smart cockpits, with its revenue from non-Apple related businesses growing to nearly 10% [9]. Group 3: Market Dynamics - The competitive landscape in AI investments between the U.S. and China is benefiting companies integrated into the global supply chain, as they adapt to the changing market conditions [2]. - The departure of Apple's AI department head raises questions about Apple's future profitability in AI, while companies that have already pivoted towards AI are receiving positive market feedback [10].

尽管市场对高市扩张性财政政策持警惕态度，日本国内利率有所上升，但高支持率所支撑的稳定政权预 期仍托举股市行情…… 12月4日，日本东京股市的日经平均指数持续上涨，收盘报51028. 42点，较前一交易日上涨 1163.74点（涨幅2.33%）。市场对人工智能（AI）的关注依旧高涨，半导体关联及工业机 器人股纷纷走高。尽管市场对日本首相高市早苗扩张性财政政策持警惕态度，日本国内利率 有所上升，但高支持率所支撑的稳定政权预期仍托举股市行情。东证股价指数（TOPIX）也 刷新了11月13日创下的历史最高点。 在当日的债券市场中，日本国债遭抛售，作为长期利率指标的新发行10年期国债收益率一度 升至1.935%，为2007年7月以来的最高水平。以往利率上升局面往往伴随对财政恶化的担 忧，使股价同步下跌，但4日却呈现利率上涨与股市上涨并存的情况，东证主板市场约8成股 票上涨。 日本Resona控股的策略师武居大晖指出："高市就任日本首相以来，股价对利率的敏感度正 有所下降"。他表示："目前政权支持率较高，市场关注的是经济政策的执行力以及稳健的企 业业绩"。根据日本经济新闻与东京电视台于11月底实施的舆论调查，内阁支持率达 ...

澳大利亚决定采购日本的"最上"型护卫舰 日本防卫装备品的出口目前仅限于救援、运输、警戒等无杀伤能力的"5类别"，坦克及战斗机 等目前原则上无法出口。高市早苗政府计划在2026年上半年取消这一"5类别"的限制。这将 为日本防卫产业带来利好。日本国内也有谨慎意见…… 日本政府自岸田文雄政权下的2023年度起开始大幅增加防卫费。这是鉴于日本周边的国家安 全保障环境急剧恶化而采取的举措。日本防卫企业的业绩增长，很大程度上得益于日本政府 的方针。 瑞典斯德哥尔摩国际和平研究所（SIPRI）12月1日发布了全球防务企业前100强在2024年的 销售额报告。日本企业中有三菱重工和川崎重工等5家公司上榜，销售额比2023年增长了 40%。创下主要国家中最高增幅。 日本高市早苗政府计划在2026年上半年取消防卫装备品的出口仅限于无杀伤能力的"5类 别"这一条件。此举旨在通过向同盟国和志同道合的国家提供装备，来强化国家安全保障领域 的合作。这一举措不仅有助于日本国内防卫产业扩大市场，还能通过企业之间的竞争和合 作，为可应用于民用领域的新技术的诞生创造机会。 日本自民党安全保障调查会于12月1日召开了以撤销5类别的装备出口限制条件 ...

Core Viewpoint - China is leading in the development of humanoid robots, with Japanese companies now collaborating to catch up and aim for mass production by 2027 [2][5]. Group 1: Development Collaboration - A consortium including 13 companies, such as Renesas Electronics and Murata Manufacturing, has been formed to advance humanoid robot development, targeting mass production by 2027 [2]. - The Kyoto Humanoid Robot Association (KyoHA) has welcomed new members like Renesas and Sumitomo Heavy Industries, aiming to produce prototypes by March 2026 and achieve mass production within 2027 [2][5]. Group 2: Technical Specifications - Two models of humanoid robots are planned for development by the end of 2026: one for disaster response, approximately 250 cm tall and capable of lifting over 50 kg, and another for research, standing 160-180 cm tall to enhance agility [4]. Group 3: Core Technologies - Companies will leverage their core technologies for the project, with Murata supplying sensors and communication components, Mabuchi Motor providing motors, and Renesas producing microcontrollers for robot functionality [5]. Group 4: Intellectual Property and Funding - Patents generated during the joint development will belong to the participating companies, and funding will be shared among them, with further details to be announced [7]. Group 5: Market Potential and Future Applications - Morgan Stanley predicts that the annual sales of humanoid robots could reach $5 trillion by 2050, with expectations of $3 billion by 2025, driven by labor shortages [7]. - Humanoid robots are anticipated to replace essential workers and be utilized in various sectors such as healthcare, construction, and manufacturing, with generative AI enhancing their capabilities [7]. Group 6: Japan's Position and Government Support - Japan has not been a significant player in humanoid robot research recently, with calls for strengthening the domestic supply chain to avoid potential industrial impacts [8]. - The Japanese government aims to develop autonomous general-purpose humanoid AI robots by 2030, supported by funding through the Moonshot Research and Development Program [8].

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。 在一场旷日持久的奔跑中，快到人工智能全球顶级监管的终点了，欧盟发现选错赛道 了——当裁判岂有未来，当选手才是王道。 文丨FT中文网专栏作家 张冬方 当中美人工智能发展得如火如荼时，欧洲扔掉脖子上挂了多年的裁判哨，准确上场比赛了。 19日，欧盟委员会公布了名为 "数字综合计划"（以下简称"综合计划"）的改革方案，将《人 工智能法》的全面实施推迟至2027年。除了针对人工智能，该方案还包括简化欧盟《通用数 据保护条例》和非个人数据规则。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 以下文章来源于FT中文网 ，作者张冬方 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。 资料图 ...

Group 1 - Silver prices have surged, with the London spot price increasing by 5.8% on November 28, reaching $56.52 per ounce, more than double the price at the beginning of the year [2] - The rise in precious metals, including gold, is attributed to worsening investor sentiment and expectations of interest rate cuts by the Federal Reserve [2][9] - The supply shortage of silver in London has eased but remains a concern, with market valuations still considered high [4][5] Group 2 - Gold prices also reached a near one-month high, with the London spot price hitting $4264.29 on December 1 [8] - Predictions suggest that silver prices could reach around $70 per ounce by 2026, with potential for even higher prices under certain conditions [5] - The market is witnessing a shift of funds from overvalued AI stocks to precious metals, as investors adopt a risk-averse stance [10][12] Group 3 - The expectation of interest rate cuts by the Federal Reserve has increased, with nearly 90% of the market anticipating a rate cut during the upcoming FOMC meeting [9] - The trend of funds moving from AI stocks to precious metals is seen as a response to the volatility in AI-related investments [10][12] - The perception of gold and silver as "safe assets" is driving increased buying activity, particularly in the context of market uncertainty [12]

对俄罗斯天然气的依赖度已从俄乌冲突前的45%降低至2025年上半年的13%，但2024年仍 进口了价值100亿欧元的俄罗斯天然气…… 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。 欧盟领导人于2022年3月就逐步停止进口俄罗斯能源达成了一致，但实际上此后仍然持续进 口。 根据欧盟委员会的数据，对俄罗斯天然气的依赖度已从俄乌冲突前的45%降低至2025年上半 年的13%，但2024年仍进口了价值100亿欧元的俄罗斯天然气。 欧盟已通过制裁禁止进口俄罗斯煤炭，并决定逐步停止进口石油。欧洲委员会计划2026年初 提出石油禁运法案。 日本经济新闻（中文版：日经中文网）辻隆史 布鲁塞尔 报道 联盟（EU）的主要机构12月3日就2027年11月之前永久停止进口俄罗斯天然气达成了大致协 议。此举旨在剥夺持续侵略乌克兰的俄罗斯的作战能力，向其施加压力，促使其接受和平方 案。 欧盟执行机构欧洲委员会的提案在由成员国部长组成的部长理事会和立法机构——欧洲议会 上达成了大致共识。该提案将在正式批准后实施。 首先，各成员国将在2026年12月底之前逐步停止进口液化天然气（LNG）。来自俄罗斯的管 道天然气 ...

Core Viewpoint - The trend of companies shifting production bases from China to Southeast Asia is expected to strengthen, driven by trade tensions with the US and Europe, as highlighted by Amata Corporation's founder, Vikrom Kromadit [2][5]. Group 1: Amata Corporation's Expansion Plans - Amata Corporation plans to invest $1 billion to develop an industrial park in Laos, marking its first entry into the country, with construction and pre-sales expected to start by 2025 [2]. - The new industrial park will be located approximately 50 kilometers from the Chinese border, aiming to attract companies relocating from China due to trade friction [4]. - Amata has secured about 200 square kilometers of land in northern Laos and is negotiating for an additional 200 square kilometers with the Laotian government [4]. Group 2: Market Context and Demand - Since the onset of US-China trade tensions around 2018, there has been a notable increase in companies relocating production bases to Southeast Asia, including major Chinese appliance manufacturers like Hisense and data center firms [5]. - The potential for Laos, which connects the large Chinese market with Southeast Asia, is seen as significant by Amata's founder [5]. - The demand for industrial parks in Southeast Asia is expected to grow, with competitors like WHA Group also planning significant investments in new parks [7][8]. Group 3: Financial Performance and Growth - Amata Corporation has seen a 54% year-on-year increase in consolidated revenue for the fiscal year ending December 2024, reaching 14.9 billion Thai Baht (approximately 3.3 billion RMB), which is 2.4 times higher than in fiscal year 2019 [7]. - The company operates and develops 12 industrial parks of over 100 square kilometers each, with an undeveloped land area of 700 square kilometers, indicating substantial growth potential [7].

旅日归国熊猫"香香"在中国过得很好 原创 阅读全文 日经GO ...

运营面向住宿设施的预订管理系统的tripla的数据显示，从避免赴日旅游的呼吁发出后的一周 （11月21~27日）来自中国的酒店预订数量来看，与之前的11月6~12日相比，日本全国范围 内减少了约57%。 从整体预订量来看，产生了减少约9%的冲击。日本国内及中国以外的访日客需求增加，弥补 了中国预订减少的部分。 11月21日~27日预订的平均客房单价（ADR）全国平均上涨了1.1%。京都府下降9.4%，大 阪府下降0.1%，北海道上升1.4%。 12月有圣诞节和年末年初等活动，"单价会比较高"（大阪帝国饭店）。很多酒店在担忧事态 长期化的同时，也对价格战略等持观望态度。 从避免赴日旅游的呼吁发出后的一周（11月21~27日）来自中国的酒店预订数量来看，与之 前的11月6~12日相比，日本全国减少了约57%。另一方面，整体预订量仅减少约9%，日本 国内及中国以外的访日客需求增加…… 中国政府呼吁避免赴日旅游的影响扩大到了日本各地。民营的住宿管理系统显示，近期日本 全国范围内来自中国的住宿预订减少了一半。虽然目前尚未导致住宿价格的下跌，但明年2月 将迎来春节长假，如果事态长期化，有可能成为拖累日本地区经济、旅游行业 ...