日经GO 大阪世博会期过半，参观者破1000万 原创 阅读全文 ...

Core Viewpoint - Japan's Nippon Steel, led by CEO Eiji Hashimoto, acknowledges China's dominance in steel production but emphasizes that it does not equate to being the best, citing differences in pricing and profitability among domestic products [1][6]. Group 1: Acquisition of US Steel - The acquisition of US Steel by Nippon Steel was a result of lengthy negotiations, deemed beneficial for both the US and Nippon Steel, with the final agreement reflecting a mutual understanding of the need for revitalization in the US steel industry [1][2]. - The local community, initially skeptical, recognized that the partnership with Nippon Steel was essential for the economic recovery of the region, especially after observing the struggles of competitors like Cleveland-Cliffs [2]. Group 2: Operational Reforms - Hashimoto outlines a two-step approach to operational reform: first, restoring profitability to motivate employees, and second, ensuring sustainable growth over the next 10 to 20 years [3]. - The first step involves top-down reforms, while the second requires a cultural shift within the company to foster a growth-oriented mindset among employees [3]. Group 3: Challenges in the US Steel Market - The US steel industry faces challenges such as low production rates and high variable costs, which hinder competitiveness despite existing demand [4]. - Nippon Steel has already dispatched 40 technical personnel to address these issues and improve production methods [4]. Group 4: Market Demand and Product Contribution - There is a significant demand in the US market that can support increased production, particularly in sectors like AI and electric vehicles, where Nippon Steel can provide high-performance materials that are currently lacking in the US [5]. Group 5: Competitive Landscape with China - Hashimoto expresses concern over China's aggressive expansion in the steel market, particularly in emerging markets like India and Thailand, and emphasizes the need for proactive measures to counter this trend [6][7]. - The company aims to maintain its competitive edge by focusing on high-end steel products in markets with clear growth potential [9]. Group 6: Future Aspirations - Nippon Steel aims to reclaim its position as the world's leading steel producer within the next decade, targeting a crude steel production of 100 million tons, while also maintaining its technological leadership in Japan [8]. - The company is open to further acquisitions, particularly of smaller manufacturers in the US, to enhance its market position, while remaining cautious about the competitive landscape in Asia [9].

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。 美国的政党经费制度决定了美国的政党需要取得一定的规模，才能生存下去。马斯克 如果高举高打，倒也不是不能成事，但难度实在很高。 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 ，作者李瀚明 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 文丨李瀚明 马斯克因为美丽大法案的问题和特朗普分道扬镳、彻底闹掰以后，马斯克在今天（7月5日） 宣布成立了一个新政党"美国党"（America Party）。 为了讲清楚"美国党"能不能成事，我们得先从美国的选举制度开始。 假设我们要通过选举分配一个位置——那常识告诉我们，"少数服从多数"，哪位候选人拿到 的票最多，哪位候选人坐这个位置，这是天经地义的事情嘛。事实上，几乎所有总统制，通 过 ...

Group 1 - The article discusses the uncertainty in international cooperation in the space sector due to the "America First" policy under the Trump administration, highlighting Musk's threat to cut off Starlink services to Ukraine [1][2] - Japan and the EU are set to collaborate on building a large-scale satellite network, aiming to launch multiple small communication satellites to reduce dependence on American companies like SpaceX [1][2] - The technology of deploying interconnected small satellites, known as "satellite constellations," is positioned as crucial for supporting digital transformation (DX) [1] Group 2 - The EU plans to construct a satellite constellation with over 290 satellites, while Japan aims to launch more than five satellites in the early 2030s, indicating a significant gap with the US and China [2] - The article mentions the potential issue of space debris due to the increasing number of satellites and discusses the possibility of Japan and the EU collaborating on this challenge [2] - The agreement includes the establishment of a "Defense Industry Dialogue" to strengthen supply chains and explore future collaboration in defense equipment development [2] Group 3 - The article notes that EU Commission President von der Leyen aims to discuss the advancement of a free trade area led by Japan and the EU [3] - Von der Leyen advocates for the creation of new trade rules based on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) [4] - The draft outcome document emphasizes the importance of adhering to international law to promote peace and prosperity in the Indo-Pacific region [4]

Macnica社长原一将（横浜市） 日本Macnica的社长原一将：虽然存在地缘风险，但不聚焦中国市场是不可能的。目前我们主要经营欧 美厂商生产的半导体，但今后中国的需求方可能会避开欧美产品而选择中国本国产品…… 在中美对立激化的背景下，从事半导体经销业务的商社的竞争格局也发生变化。位居日本国 内首位的日本Macnica的原一将社长表示，"正在增加与中国半导体厂商的交易"，透露称该 公司正在采取措施防范政治风险。 记者：半导体市场行情复苏速度迟缓。 原一将： 工业设备需求不断下滑。原本预计2025年下半年半导体需求会复苏、2025年度销 售额会增长10%左右，但考虑到美国特朗普政府关税政策的影响，已调整为与上年基本持 平。 原一将 记者：在中美对立的情况下，如何实现增长？ 1994年毕业于甲南大学理学专业，1995年入职Macnica。曾担任营业统括部长、创新战略事 业本部长，2018年担任董事。2019年开始担任现职。出身于兵库县。 原一将： 虽然存在地缘政治风险，但不聚焦中国市场是不可能的。目前我们主要经营欧美厂 商生产的半导体，但今后中国的需求方可能会避开欧美产品而选择中国本国产品。因此，我 们目前正在 ...

Core Viewpoint - Lens Technology, a major supplier for Apple, has listed on the Hong Kong Stock Exchange and plans to use part of the raised funds for additional investment in its Vietnam factory, reflecting a strategy to diversify its production base amid US-China tensions and reduce reliance on Apple [1][2]. Group 1: Company Developments - Lens Technology aims to expand its production base to Southeast Asia, with plans to invest in a new factory in Thailand set to begin operations in 2026 [1][3]. - The company reported a projected sales increase of 30% year-on-year for the fiscal year 2024, reaching 69.8 billion yuan, with a net profit growth of 20% to 3.6 billion yuan [1]. - The company has reduced its reliance on Apple, with Apple's contribution to sales expected to be around 50% in fiscal year 2024, down from 70% in 2022, due to increased sales to Xiaomi [2]. Group 2: Market Context - The recent US-China tariff agreement has temporarily suspended additional tariffs, but the risk of increased tariffs on Chinese exports to the US remains high [2]. - Competitors like Luxshare Precision and Goertek are also seeking to diversify their production bases and reduce dependence on Apple, with Luxshare planning to list on the Hong Kong Stock Exchange and potentially raise up to $1 billion [4]. - The shift in focus from smartphones to emerging sectors like artificial intelligence (AI) and electric vehicles (EV) is prompting suppliers to adapt their strategies [4].

Core Viewpoint - The article discusses how Japan's tourism surplus is helping to offset its digital trade deficit, highlighting the importance of tourism in the country's economy [1] Group 1: Tourism Impact - Japan's tourism surplus reached a record high of 4.8 trillion yen (approximately 43.5 billion USD) in 2022, significantly contributing to the economy [1] - The influx of international tourists, particularly from countries like China and South Korea, has been a key driver of this surplus [1] - The tourism sector is seen as a vital component in balancing Japan's overall trade, especially in light of ongoing digital trade challenges [1] Group 2: Digital Trade Deficit - Japan's digital trade deficit was reported at 1.5 trillion yen (around 13.7 billion USD) in 2022, indicating a growing gap in digital goods and services [1] - The article emphasizes that while the digital sector is expanding, it is not yet sufficient to cover the losses incurred from the digital trade deficit [1] - The reliance on tourism to mitigate this deficit underscores the need for Japan to enhance its digital economy [1]

Core Viewpoint - Japanese companies have reached a record high in mergers and acquisitions (M&A) in the first half of 2025, with a total amount of $214.8 billion, increasing 3.6 times compared to the same period last year, driven by efforts to enhance capital efficiency and pursue growth overseas [1][2]. Group 1: M&A Trends - The share of Japanese companies in global M&A has exceeded 10% for the first time since July-December 1990, marking a significant increase in their international presence [2]. - In the first half of 2025, global M&A reached $1.9792 trillion, a 30% increase, with Asia-Pacific (excluding Japan) seeing a 90% rise to $377.5 billion [1]. Group 2: Corporate Restructuring - Major Japanese corporations are increasingly engaging in internal restructuring to improve capital efficiency, with Toyota planning a TOB for Toyota Industries at approximately ¥4.7 trillion and NTT moving to fully acquire NTT DATA for ¥2 trillion [3]. - There is a growing pressure from activist investors in Japan to change the current situation where parent and subsidiary companies are both publicly listed, aiming to optimize resource utilization [3]. Group 3: Divestitures and Financial Capacity - The trend of "carve-outs" is on the rise in Japan, with around 270 cases reported in the first half of 2025, a 30% increase, marking the highest level since 2008 [4]. - Major Japanese companies have significant cash reserves, the third highest since the fiscal year 2007, enhancing their investment capabilities [4].

Core Viewpoint - The trend of central banks and institutional investors shifting from U.S. Treasury bonds to gold is strengthening, with expectations that this influx into gold will continue for decades due to increasing fiscal spending and money supply, which may devalue the dollar [1][7]. Group 1: Investment Trends - There has been a significant outflow of funds from U.S. long-term bond funds, amounting to approximately $10 billion from April to June, marking the largest outflow since the market turmoil in early 2020 [4]. - Investors are increasingly reconsidering their holdings in long-term U.S. Treasury bonds, reflecting growing concerns about the U.S. fiscal situation and the potential for inflation [5][6]. - The traditional view of U.S. Treasury bonds as a stabilizing asset in investment portfolios is changing, as both stocks and bonds have shown correlated declines during recent market shocks [6]. Group 2: Institutional Insights - The head of the securities department at the Japan Chamber of Commerce and Industry has successfully adjusted investment strategies to include gold, viewing it as a suitable asset to hedge against risks in both stocks and bonds [3]. - A report from the OMFIF indicates that one in three central banks plans to increase their gold holdings, signaling a cautious shift away from dollar-denominated assets like U.S. Treasury bonds [6].

Core Viewpoint - Sally's net profit for the period from September 2024 to May 2025 increased by 50% year-on-year, reaching 7.7 billion yen, setting a new historical high for the same period, driven by a low-price strategy that boosted customer numbers [1][2]. Group 1: Financial Performance - Net profit for the period reached 7.7 billion yen, exceeding market expectations of 7.1 billion yen [1][2]. - Sales revenue grew by 15%, totaling 188.3 billion yen, with existing store sales in Japan increasing by 18% [2]. - Operating profit rose by 5%, amounting to 10.6 billion yen, despite a 9.4 billion yen negative impact from rising raw material prices [2]. Group 2: Strategic Initiatives - The low-price strategy resulted in a 16% increase in customer numbers, with a 2% rise in average spending per customer [2]. - The company has implemented digital solutions, such as self-service kiosks and QR code ordering systems, in approximately 700 stores, representing 70% of its total stores in Japan [2]. Group 3: Regional Performance - Operating profit in the Asian business, centered around China, declined by 5% due to local consumption slowdown, despite efforts to open new stores [2]. Group 4: Future Outlook - For the fiscal year ending August 2025, the company maintains its forecast of a 15% increase in sales, reaching 258.7 billion yen, and a 26% increase in net profit, totaling 10.3 billion yen [2].