野村资产管理首席策略师石黑英之表示："日经平均股指相较于美股依然存在低估值感。人工 智能等成长领域吸引了全球投资者买盘。未来12个月的预期每股收益（EPS）处于最高水 平，对业绩的期待也在支撑行情"。 美国银行证券首席日本股市策略师圷正嗣指出："从甲骨文的亮眼业绩可以确认AI需求的强 劲，日本股市中AI服务器和电子零部件等领域的投资范围也在扩大"。 美国银行证券上周在东 京为机构投资者举办的会议上发现，"海外资金对日本股市依然保持乐观"。同时，圷正嗣认 为随着美日关税谈判达成协议，"企业业绩的影响变得更清晰，对下财年业绩改善的期待也在 升温"。 不过，市场上也有声音指出："科技股上涨很大程度上带有空头回补行情的色彩"。（岩井 COSMO证券首席策略师嶋田和昭）。 10日的美股市场中，作为众多机构投资者参考指标的标普500指数与纳斯达克综合指数均连 续刷新历史最高点。 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 受到9月10日美股科技股上涨的带动，东京市场上海外投资者等资金广泛流入AI（人工智能）相关股票 及股指期货。软银集团 ...

Core Viewpoint - Alibaba Group is actively expanding its investments in cloud services and overseas e-commerce, driven by the increasing demand for AI-related products and services, as evidenced by its recent fundraising activities [2][4]. Group 1: Fundraising Activities - On September 11, Alibaba announced the issuance of convertible preferred notes (CB) to raise approximately $3.2 billion, with 80% of the funds allocated for the construction of new data centers to meet the growing demand in cloud services, and the remaining 20% for overseas e-commerce [2]. - In recent activities, Alibaba raised $5 billion through CB in 2024 and 12 billion HKD through exchangeable bonds (EB) in July 2025, aimed at stock buybacks and cloud business investments [4]. Group 2: Investment Plans - Alibaba has announced a plan to invest 380 billion yuan in cloud and AI sectors over the next three years, reflecting its commitment to enhancing its technological capabilities [4]. - The capital expenditure for equipment investment in the period from April to June 2025 reached 38.6 billion yuan, which is 3.2 times higher than the same period last year, indicating a significant increase in investment activity [4].

Core Viewpoint - Suzuki's first electric vehicle (EV), the "e Vitara," is set to launch in January 2026, aiming to strengthen its position in the EV market as a latecomer [2][4]. Group 1: Product Details - The "e Vitara" is a small SUV available in two-wheel drive (2WD) and four-wheel drive (4WD) configurations [2]. - The starting price for the lowest 2WD model is approximately 3.9 million yen (around 188,000 RMB), with an expected range of over 400 kilometers under the WLTC mode [4]. - The "e Vitara" will become Suzuki's highest-priced model in its lineup [4]. Group 2: Market Context - The Japanese government offers subsidies for EV purchases, which will further reduce the effective price. The average subsidy for domestically produced EVs in Japan is about 810,000 yen (approximately 39,000 RMB) [4]. - In Suzuki's domestic sales for the fiscal year 2024, light vehicles (a unique category in Japan for vehicles with engine displacements under 660cc) account for 81% of total sales, although non-light vehicle sales are also increasing [4]. Group 3: Sales Performance - The small passenger car "SOLIO" and the SUV "Fronx" are expected to drive sales growth in the fiscal year 2025 [5]. - The "SWIFT" series of small passenger cars achieved a global cumulative sales milestone of over 10 million units, marking the first time a non-light vehicle from Suzuki has reached this significant figure [5].

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 ，作者杨超 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。 8月22日，特朗普在社交媒体Truth Social宣布将对进口家具启动"重大关税调查"，计划在50 天内完成。"从其他国家进入美国的家具会被征税，税率有待确定。"白宫官员过后确认，美 国政府将引用《贸易扩张法》第232条文对家具业展开国家安全调查。美国加征家具关税目 标是迫使家具制造业回流美国老工业区，以重振本土家具制造业。根据数据，美国2024年共 进口约255亿美元的家具，当中约60%来自中国和越南。美国拟议中的新关税政策将对中国 和越南家具业造成最大的影响。 越南家具业：对美高度依赖，产业链脆弱 越南凭借劳动力成本和贸易政策优势，目前已成为美国家具第一大供应国。202 ...

被涂鸦的春日大社的柱子（9日，奈良市，照片由奈良署提供，经过部分打码处理） 奈良县奈良市的世界遗产春日大社内，被指定为日本国家重要文化财产的柱子上发现了长28 厘米、宽7厘米大小的涂鸦，是蓝色汉字，涂料成分等详情尚不明确…… 日本时间9月9日上午11点10分（北京时间9日上午10点10分）左右，奈良县奈良市的世界遗 产春日大社内，被指定为日本国家重要文化财产的柱子上发现了蓝色字迹的涂鸦。奈良县警 方将以涉嫌违反《文化财产保护法》等理由展开调查。 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： 据奈良署表示，在被指定为重要文化财产的春日大社本殿东回廊的柱子上发现了长28厘米、 宽7厘米大小的涂鸦，约有10个蓝色汉字，涂料成分等详情尚不明确。 此外，在本殿东北侧的柱子上也发现了涂鸦，分两行写着疑似汉字的文字。据悉这根柱子并 未被列为重要文化财产。 ...

Core Viewpoint - The valuation of semiconductor equipment manufacturers is changing due to advancements in manufacturing technology and the rise of generative AI, leading to increased investment in companies like Advantest, which has recently surpassed Tokyo Electron in market capitalization for the first time in 20 years [2][4]. Group 1: Market Dynamics - Advantest's market capitalization exceeded 10 trillion yen for the first time, reaching approximately 10.0556 trillion yen, surpassing Tokyo Electron's 9.975 trillion yen [4]. - The shift in focus from "front-end" to "back-end" processes in semiconductor manufacturing is influencing investor preferences, with Advantest benefiting from this trend [6]. - The demand for testing equipment is increasing as semiconductor manufacturing becomes more complex, making yield improvement crucial for manufacturers [7]. Group 2: Company Performance - Advantest's stock price has surged, increasing 2.7 times from the end of 2023, while Tokyo Electron has faced challenges, including a significant 18% downward revision of its net profit forecast for fiscal year 2025 [8]. - Advantest has captured a 58% market share in the testing equipment market, while Tokyo Electron's market share in other segments is only 20-30% [8]. - Concerns over Tokyo Electron's relationship with TSMC due to a former employee's alleged misconduct have added pressure to its stock price [8]. Group 3: Future Outlook - Analysts believe Advantest's stock price advantage will continue, with a projected price-to-earnings ratio (PER) of around 43, which is considered reasonable given the expected expansion of the AI market [9]. - Comparatively, global leaders like ASML and Applied Materials have significantly higher market capitalizations, indicating that Advantest must continue to enhance its performance to close the gap [9].

Core Viewpoint - Three companies, Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical, have reached a basic agreement to integrate their general resin businesses in Japan, aiming to enhance production and logistics efficiency amid a challenging market environment influenced by excess capacity in China [2][4]. Group 1: Integration Details - The integration will involve Mitsui Chemicals holding a 65% stake and Idemitsu holding a 35% stake in the joint venture, Prime Polymer, which produces polyolefins, along with Sumitomo Chemical's polyolefin business [4]. - The integration is scheduled to be completed by April 2026, with combined sales revenue projected to reach 387.3 billion yen in the fiscal year 2024 [4]. - Post-integration, the ownership structure will be Mitsui Chemicals at 52%, Idemitsu at 28%, and Sumitomo at 20%, with discussions ongoing regarding the incorporation of Sumitomo's polyolefin business into Prime Polymer [4]. Group 2: Industry Context - The Japanese petrochemical industry has previously seen state-led consolidation efforts, but large-scale restructuring has not progressed significantly [5]. - The current market conditions, characterized by excess capacity in China and declining domestic demand in Japan, have made industry rationalization restructuring unavoidable [5].

比亚迪执行副总裁李柯在慕尼黑车展介绍欧洲战略（8日） 中国汽车7月在欧洲销量同比增至1.9倍，达到59363辆。欧盟2024年10月对中国EV加征高 关税，中国车企提高了插电式混动的出口比重，销量仍实现增长…… 在德国慕尼黑国际车展上，比亚迪等中国车的存在感正在提高。欧盟对价格偏低的中国产纯 电动汽车（EV）征收额外关税，但中国车势头不减，7月中国汽车在欧洲的销量增至上年同月 的2倍。曾在中国市场赚钱的欧洲企业迎来攻守逆转，正面临低价且性能良好的中国汽车的涌 入。 "这只是一个开始"，9月8日，在车展上现身的比亚迪执行副总裁李柯（Stella Li）介绍了欧 洲战略。 到2025年底前，比亚迪在欧洲32个国家设立1000多家专卖店，打造能体验和购买比亚迪的 环境。2026年将在欧洲全境翻一番，增至2000家。 英国咨询公司骏特咨询（JATO Dynamics）的调查显示，比亚迪2025年1~6月在欧洲28个 国家销售了70500辆，与上年同期相比增至3.1倍。 尽管如此，中国汽车销量仍保持增长，这是因为提高了不属于加征关税对象的插电式混合动 力车（PHV）的出口比重。从中国汽车的销售比例来看，7月包括PHV在 ...

根据印度国家证券存管有限公司（NSDL）数据，8月海外机构投资者净卖出额达3499亿卢比（Reuters） 印度4—6月GDP大幅超出市场预期，印度还接连推出商品服务税改革、连续降息等刺激内需的政策，不 少投行上调印度GDP的增长预期，然而，海外投资者正持续撤离印度市场…… 印度经济正经历风浪。就在美国宣布自8月27日起对印度征收50%的高关税后不久，2025年4—6月季度 国内生产总值（GDP，速报值）公布，结果大幅超出市场预期。进入9月，印度政府又正式决定下调商 品服务税（GST），并自22日起开始实施。经济学家纷纷上调增长率预期，但外国投资者的身影依然远 离印度市场。 受超预期的GDP数据与商品服务税下调影响，各大证券公司纷纷上调印度的经济增长预测。新加坡星展 集团研究部（DBS Group Research）将截至2026年3月财年的增长率预期从6.3%上调至6.7%，理由是商 品服务税下调带来的实质降价效应能刺激消费，同时也肯定了税制简化的意义。 此前印度的商品服务税有4档基本税率，令零售业负担沉重。此次整合为5%和18%两档，预计"零售、 批发等业务效率提升将对本财年下半年及下年度的经济增长产生正 ...

日本自民党已确定于10月4日举行总裁选举，"后石破"时代的权力角逐日趋活跃。曾参加过去 年总裁选举的候选人预计将成为此次选举的核心力量。在过去一年里，众参两院进行了选 举，自民党所属议员人数减少…… 日本自民党已确定于10月4日采用党员参与方式举行总裁选举，"后石破"时代的权力角逐日趋 活跃。曾参加过2024年9月总裁选举的候选人预计将成为此次选举的核心力量。在过去一年 里，众参两院进行了选举，自民党所属议员人数减少。集齐20名推荐人的门槛提高。 率先表明参选意向的自民党前干事长茂木敏充9月9日表示 10日召开参选记者会。他已事先与 国会内支持自己的4位当选5次以下的议员就记者会内容进行了磋商。 日本前经济安全保障相高市早苗在总裁选举形式确定后，与国会内的亲信议员进行了会面。 表现出参选意愿的内阁官房长官林芳正9月9日晚上与旧岸田派的成员聚集在赤坂的议员宿舍 共同商讨竞选战略。 日本首相石破茂在9月9日的阁僚恳谈会后，向阁僚传达了辞职的意向。日本农相小泉进次郎 在记者会上表示："笑着（与首相）进行了非常有力的握手"。关于总裁选举，他仅表示"将思 考为打造团结一致的政党形态与环境能做些什么，再作出判断"。 包括 ...