有关美国关税政策也可能波及到白银市场的警惕情绪正在蔓延 白银价格正在上涨。作为国际指标的纽约期货（主力合约）在亚洲时间7月14日， 比上周末上涨0.57美元（1.5%），达到每盎司39.5美元区间。由于警惕美国可能对银征收关 税，银价受到买盘支撑…… 7月14日，其他主要贵金属的价格也上涨。在纽约期货市场上，钯金达到了约2年来的高点，白金（铂 金）也在约11年来的高位区间波动。日本MarketEdge的代表小菅努分析称："在金价上涨乏力的情况 下，存在资金向其他贵金属轮动的趋势"。 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： 白银价格正在上涨。作为国际指标的纽约期货（主力合约）在亚洲时间7月14日，比上周末上 涨0.57美元（1.5%），达到每盎司39.5美元区间，这是自2011年9月以来、约14年来的高 点。 由于警惕美国可能对银征收关税，银价受到买盘支撑。 美国总统特朗普7月9日表示，将从8月1日起对进口铜征收50%的追加关税。日本Market Strategy Institute的代表龟井幸一郎指出： ...

Core Viewpoint - Tesla and BYD are significantly expanding their presence in Japan's electric vehicle (EV) market, aiming to capitalize on the low EV adoption rate in the country, which is currently lagging behind other developed nations [1][4]. Group 1: Tesla's Expansion Plans - Tesla plans to double its store count in Japan from 23 to 50 by the end of 2026, with an initial increase to 30 stores by the end of this year [1][3]. - All Tesla stores in Japan will be company-owned and primarily located in large commercial facilities to attract customers [3]. - Tesla is also building its own charging network in Japan, expanding its current 130 fast-charging stations and providing adapters for compatibility with Japan's CHAdeMO standard [3]. Group 2: Market Context and Challenges - Tesla's global sales have been declining, with a 13% year-over-year decrease in Q2 2023, particularly in the European market where sales dropped by 34% [4]. - Despite challenges in other markets, Tesla's sales in Japan are reportedly strong, with an estimated 70% increase in sales in the first half of 2023, reaching approximately 4,600 units [5]. - The overall EV market in Japan is stagnant, with sales of only 27,321 units in the first half of 2023, a 7% decline year-over-year, indicating a lack of momentum in EV adoption [6]. Group 3: Competitive Landscape - BYD is also expanding in Japan, planning to increase its store count from 63 to 100 by 2025, and has introduced several models, including a compact EV priced lower than Tesla's offerings [5]. - The Japanese automotive market is facing challenges as local manufacturers like Toyota, Honda, and Nissan are not expected to release competitive EV models until around 2026, potentially allowing foreign companies to capture more market share [6].

提高半导体性能的电路精细化已接近技术极限，进化空间被认为在后工序。后工序企业的全 球销售额排名中，前10家几乎都是台湾或大陆企业，没有一家日企。日本的后工序企业组成 了首个业界团体…… 在把半导体芯片组装为成品的"后工序"领域，日本企业开始走向合作。4月组成了首个业界团 体，共有约30家企业加盟。后工序在半导体生产中的重要性日益提高，但日本国内的大半企 业是地方的中小企业，竞争力薄弱。该业界团体认为，如果在设备更新等方面展开合作，生 产成本将降低2成。为了重振日本半导体产业，行业内正在凝聚力量，一起抗衡海外大型企 业。 "后工序是日本可以显示存在感的领域。希望会员企业能够做出新的尝试"。总部设在佐贺县 吉野里町的日本OSAT联合会的会长澄田诚（TDK前会长）如此呼吁。OSAT是负责半导体组 装及最终检测的"后工序外包公司"的简称。 日本国内的主要后工序企业有一大半都加入了这个联合会。目前共有约30家企业加盟，员工 规模达到约1.5万人。最大的独立企业AOI ELECTRONICS（高松市），以及在大分县和福冈 县设有据点的美资企业Amkor Technology Japan（大分县臼杵市）等也已加入进来。 8 ...

Core Viewpoint - The article discusses the significance of the H20 graphics card from NVIDIA, particularly its implications for AI model training in China, highlighting the competitive landscape of computing power in the AI era [6][12]. Group 1: H20 Graphics Card Overview - The H20 graphics card, set to be released in late 2023, is designed specifically for AI model inference training and has a performance level of 10% to 15% compared to the previous flagship H100 model [6]. - Despite its high price of 110,000 yuan, the H20 is currently the best-performing graphics card available in China, leading major tech companies to purchase significant quantities [7]. Group 2: Market Dynamics and Sales Restrictions - The H20 was initially banned from sale in China on April 9, causing concern for NVIDIA as it impacted their sales strategy [8]. - To mitigate losses, NVIDIA's CEO sought to lift the sales ban, citing that the H20's performance is no longer considered high-end compared to newer models like the GB200, which is estimated to be over 50 times more powerful [9]. Group 3: Competitive Landscape - The potential for domestic competitors, such as Huawei's Ascend 910C, to fill the market gap if H20 supply is not restored is a significant concern for NVIDIA [10]. - The resumption of H20 sales underscores the ongoing competition for computing power in the AI sector, where the quantity of graphics cards directly correlates with the ability to train superior AI models [12][13].

Core Viewpoint - Japan is planning to construct a new research vessel to enhance deep-sea exploration capabilities, addressing the aging of the current vessel "Yokosuka" and the need for advanced technology in marine resource development [1][2]. Group 1: New Research Vessel Development - The new research vessel will be equipped with various autonomous and remotely operated underwater vehicles, including AUVs, ROVs, and manned submersibles like "Deep Sea 6500" [1]. - The Japanese government aims to allocate budget for this new vessel in the fiscal year 2026, with design taking 1-2 years and construction requiring 3-4 years [1]. - The new vessel will significantly reduce the time required for marine surveys and decrease the need for manual underwater operations, thus lowering personnel and operational costs [1]. Group 2: Importance of Deep-Sea Research - Deep-sea exploration is crucial for investigating essential minerals such as rare earth elements used in electric vehicle components, as well as for discovering unknown marine life and predicting trench-type earthquakes [1]. - The current vessel "Yokosuka," which has been in service for 35 years, is facing aging issues and parts supply shortages, necessitating the construction of a new research vessel [1][2]. - If the construction of the new vessel is delayed, there may be a gap in Japan's marine research capabilities, particularly affecting the operation of critical exploration tools like the "Deep Sea 6500" [2].

Core Viewpoint - The article discusses the significant impact of the "Department of Government Efficiency" led by Elon Musk, which has resulted in substantial layoffs and a shift of talent from government to private sectors, causing anxiety and uncertainty among affected families [1][3][5]. Group 1: Layoffs and Impact - From January to May, layoffs directly caused by the "Department of Government Efficiency" policies reached 284,000 individuals, affecting many families despite not all plans being executed [3][5]. - The layoffs have also indirectly impacted over 10,000 individuals, including those from non-profit organizations that lost government contracts [3]. Group 2: Talent Shift - There is an increasing number of government employees seeking jobs in the private sector, including senior officials from the State Department, indicating a significant shift in the job market [4]. - The article highlights that while some individuals successfully transition to private companies, many struggle to find new opportunities [4]. Group 3: Reform Critique - The article critiques Musk's rapid and aggressive reform approach, contrasting it with the more measured reforms of the Clinton administration, which successfully reduced federal employees through natural attrition [5]. - The backlash against Musk's methods has manifested in protests against Tesla, indicating public discontent with the changes [5].

Core Viewpoint - The prices of large-size LCD panels have decreased for the first time in nine months, with a 2% drop in June due to reduced demand and supply adjustments by manufacturers in response to previous urgent shipments before tariff increases by the U.S. government [1][2]. Group 1: Price Trends - The average price of the TFT 55-inch Open Cell panel was approximately $127 in June, down $2 (2%) from the previous month, while the TFT 32-inch Open Cell price fell by $1 (3%) to around $36, marking the first price drop in nine months [2]. - The overall factory operating rate for global TV panel production decreased from 86% in April to 80% in May, indicating a significant reduction in supply [3]. Group 2: Supply and Demand Dynamics - Manufacturers are reducing factory operating rates to balance supply and demand, with the operating rate for the "10.5 generation" factories producing 65-inch and 75-inch panels dropping from 96% in April to 77% in May [3]. - Despite a recovery in factory operating rates to 83% in June, the combination of increased production and declining demand is exerting downward pressure on prices [3]. Group 3: Market Outlook - Counterpoint Research predicts that TV shipments to the U.S. will decrease by 2.5% in 2025 compared to 2024, falling to 47.72 million units, reflecting a potential decline in demand [3]. - The Japanese Electronics and Information Technology Industries Association (JEITA) reported a 1.9% year-on-year decrease in flat-panel TV shipments in Japan from January to May, with the largest decline seen in the 50-59 inch category, which dropped by 5.8% [3].

Core Viewpoint - Rapidus has successfully demonstrated a 2-nanometer semiconductor wafer, confirming operational performance that meets customer expectations, with plans to further enhance transistor performance and achieve mass production by 2027 [1][4][8]. Group 1: Company Overview - Rapidus was established in August 2022, funded by eight private companies, including Toyota, with a total investment of 73 billion yen, alongside 1.7 trillion yen in government support [4]. - The company aims to develop logic semiconductor foundry services essential for electronic devices, utilizing design technology from IBM [4]. Group 2: Recent Developments - On July 18, Rapidus held its first official event in Chitose since the factory's launch, showcasing a 30 cm diameter golden wafer and confirming its operational capabilities [3][5]. - The wafer is still in the intermediate stage, containing only essential functions, with plans to improve its performance and complete development within the year [4][6]. Group 3: Market Position and Competition - Rapidus faces intense global competition, with TSMC and Samsung planning to mass-produce 2-nanometer products by 2025, and Intel targeting 1.8-nanometer production [8]. - Current production capacity is approximately 7,000 12-inch wafers per month, with plans to scale up to 25,000 to 30,000 wafers upon mass production, but still significantly lower than TSMC's expected output of over 100,000 wafers [8]. Group 4: Future Challenges - Rapidus must address three critical challenges: customer acquisition, mass production, and financing, to reduce reliance on government support and attract private investment [9]. - The company aims to provide the latest Process Design Kits (PDK) to potential customers within the fiscal year, which will help assess its technological capabilities [4][9].

Core Viewpoint - Mitsubishi Corporation plans to acquire three salmon farming companies from Grieg Seafood, increasing its annual salmon production from approximately 200,000 tons to 250,000 tons, elevating its global ranking from 4th to 2nd [1][3]. Group 1: Acquisition Details - The acquisition involves a total cost of approximately 10 billion Norwegian Krone (around 7 billion RMB), including inherited debts [1]. - The targeted farming operations are located in three regions: northern Norway and the east and west coasts of Canada [3]. - Mitsubishi aims to increase production efficiency, targeting an annual output of 280,000 tons by the fiscal year 2027 [3]. Group 2: Market Context and Demand - Global demand for salmon is expanding due to its low feed requirements and environmental impact compared to other protein sources [1][4]. - The global salmon market is projected to reach a size of $49.3 billion by 2029, which is 1.5 times that of 2024 [4]. - Salmon is increasingly viewed as a substitute for beef and pork, with rising demand in developed countries due to health consciousness and the popularity of Japanese cuisine [4]. Group 3: Financial Projections - The net profit from the acquired businesses is expected to exceed 10 billion yen by the fiscal year 2027 [4]. - The overall net profit target for the entire aquaculture business, centered around Cermaq, is projected to be over 40 billion yen in 2027, approximately 2.9 times that of 2024 [4]. Group 4: Industry Challenges - The salmon farming industry faces challenges such as price volatility and diseases, which can lead to significant fluctuations in production [7]. - Despite these challenges, the demand for Atlantic salmon has led to a tripling of farming prices over the past 20 years [7]. - Mitsubishi Corporation plans to implement measures to stabilize production, including the introduction of laser equipment to eliminate parasites [7].

Core Viewpoint - China has resumed the import of Japanese seafood products, excluding those from 10 specific prefectures, following the approval from the General Administration of Customs [1][3]. Group 1: Import Resumption Details - The General Administration of Customs of China has approved the import of 449 types of seafood from Japan, including scallops, tuna, and squid [1]. - The resumption of imports is part of the procedures initiated after the Chinese government announced on July 6 that it would lift the ban on Japanese seafood due to the discharge of treated water from the Fukushima nuclear power plant [1][3]. - The approved imports are limited to seafood from 37 prefectures in Japan, explicitly excluding products from Fukushima and Tokyo, among others [3]. Group 2: Regulatory Requirements - Japanese exporters are required to submit certificates of radioactive material testing and certificates of origin issued by Japanese government agencies before exporting to China [1]. - The Chinese government has mandated that each batch of exported products must undergo radioactive material testing and include safety certifications [3]. Group 3: Historical Context - The ban on seafood imports from the 10 specified prefectures has been in place since the Fukushima nuclear disaster in 2011, which also included a comprehensive ban on all food imports from these areas [3]. - The decision to resume imports follows a consensus reached between the Chinese and Japanese governments in May regarding the restoration of trade [3].