日本软银集团周五完成总额460亿日元（约合2.92亿美元）的债券定价，使其2025年度的发债总规模达到约4000亿日元，创下历史新高。 根据主承销商SMBC日兴证券披露的信息，本次债券发行包含三个期限品种：100亿日元的五年期债券，票面利率为1.913%；180亿日元的七年期债券，票面 利率2.324%；以及180亿日元的十年期债券，票面利率2.677%。 此次发债正值日本国债收益率显著上升的时期，市场对高市早苗政府财政扩张政策的担忧推高了借贷成本。在这一背景下，软银依然成功完成大规模融资， 显示出投资者对该集团的信心。 软银集团近年来积极拓展电信业务之外的版图，特别是在人工智能领域。该公司已与OpenAI在日本成立合资企业，加速推进AI驱动的产品开发和企业服 务。自2018年上市以来，软银持续通过债券及类债券股权工具进行融资，其中包括今年7月发行的首笔外币债券。 分析人士指出，持续的融资活动为软银的战略转型提供了资金支持，但也使其负债水平受到市场关注。随着业务多元化进程的推进，软银需要在新业务培育 与财务稳健之间保持平衡。 ...

Group 1: Gold Market - Gold prices have declined to $4,061.30 per troy ounce due to diminishing expectations for a U.S. Federal Reserve rate cut in December following stronger-than-expected jobs data and hawkish Fed commentary [2][3][8] - Money markets indicate a lower probability for a 25-basis-point rate cut by the Fed in December, with odds falling to around 36-48.9% [3] Group 2: Asian Stock Markets - The Taiwan Weighted Index (TAIEX) fell by 3.1% to close at 26,570.68, driven by heavy losses in U.S. markets and concerns over stretched valuations in technology stocks [4][8] - China's benchmark Shanghai Composite Index dropped 1.4%, reaching its lowest point in a month amid global market uncertainties [5][8] Group 3: Foxconn's Strategic Shift - Foxconn is nearing its maximum outsourcing capacity for electric vehicle (EV) volumes while significantly ramping up its production of artificial intelligence (AI) servers, currently manufacturing 1,000 AI racks weekly [6][8] - The company has partnered with OpenAI to advance the design and manufacturing of next-generation AI infrastructure hardware, with plans to invest $2 billion to $3 billion annually in AI over the next three to five years [7][8] Group 4: SoftBank's AI Investments - SoftBank Corp. has priced ¥46 billion ($292 million) in bonds, contributing to record bond sales this year as part of its aggressive fundraising for AI investments [9] - Total bond issuances and loans by SoftBank have reached approximately $24 billion this year, earmarked for strategic AI initiatives including a planned $30 billion equity stake in OpenAI [9]

Core Insights - A sector-wide pullback in Asian chip stocks was triggered by a significant decline in SoftBank, following Nvidia's unexpected drop despite strong earnings and a positive outlook [1][4] Company-Specific Summary - SoftBank's stock fell over 10% in Tokyo after it recently sold its Nvidia shares, although it still retains control of British semiconductor company Arm, which provides chip architecture and designs for Nvidia [2] - SK Hynix, a major supplier of high-bandwidth memory for AI applications, saw its stock decline nearly 10%, while Samsung Electronics, another supplier, dropped over 5% [3] - Taiwan Semiconductor Manufacturing Company, the largest contract chipmaker and manufacturer of Nvidia's chip designs, experienced a decline of over 4% [3] - Renesas Electronics, a key supplier for Nvidia, fell by 2.3%, and Tokyo Electron, which supplies essential chipmaking equipment, was down 5.32% [5] Industry Overview - The overall retreat in major Asian semiconductor companies followed Nvidia's decline of over 3% in the U.S., despite the company beating Wall Street expectations for its third-quarter earnings and providing a stronger-than-expected fourth-quarter sales guidance [4]

每经编辑｜陈柯名 21日，日本股市低开低走，日经225指数迅速击穿49000点。截至发稿，日经225指数跌超2%报48738点，再度跌超千点。此前在本周二(18日)，日经225指 数就出现了开盘跳水跌超千点的市况。 热门个股上，软银股价一度下跌11%，创11月5日以来最大跌幅。日本铠侠股价一度下跌16%。消息面上，日本11月份标普全球制造业PMI报48.8。 | < | 日轻 225 | | © Q | | --- | --- | --- | --- | | N225.GI | | | | | 0 48738.08 高 49459.59 开 49251.26 量 | | | | | i -1085.86 -2.18% 低 48559.68 换 -- 18 | | 额 | 0.00 | | 分时 | | | | | 最新: 48738.08 -1085.86 -2.18% | | | | | 51088.20 | | | 2.54% | | 50456.07 | | | 1.27% | | 49823.94 | | | - 0.00%- | | 49191.81 | | | -1.27% | | 485 69. ...

21日，全球市场避险情绪持续发酵，美股昨夜上演过山车行情，无独有偶，日韩股市开盘大跳水。 截至北京时间8：40左右，日经225指数跌超2%，软银集团股价下跌11%，创下自11月5日以来最大单日跌幅。 | < W | | 日经225(N225) | | | | --- | --- | --- | --- | --- | | | | 11-21 09:20:46 | | | | 48699.16 | | 昨收 | | 0 | | -1124.78 -2.26% | | 今开 49251.26 成交量 | | 0 | | 上 涨 | 120 | 中国 叶 3 | 下 跌 | 102 | | 最高价 | 49459.59 市盈率 | 19.9 近20日 | | 0.12% | | 最低价 | 48559.68 市净率 | 2.27 | 今年来 | 22.07% | | 分时 | 五日 | | 周K 月K 更多 © | | | 暨加 | | | | | | 51088.21 | | | | 2.54% | | 49823.94 | | | | 0.00% | | 48559.68 | | | | -2.54% | | ...

消息面上，昨夜迟来的美国9月就业报告显示，美国经济增加11.9万个就业岗位，超过经济学家的预 期。投资者对美联储12月降息的希望减弱。（详情→） 另据新华社报道，本周以来，由于投资者担心中日关系持续恶化，日本股市入境游相关股票全面下跌， 旅游从业人士纷纷表示，大量订单被取消，"日子很难过"。东日本国际旅行社相关负责人透露，受当前 局势影响，中国赴日旅游团出现"退单潮"。日本野村综合研究所研究员木内登英预测，中国政府的旅游 提醒可能令日本今后一年旅游消费收入减少约1.79万亿日元（约合115亿美元），使日本实际国内生产 总值减少0.29%。 21日，全球市场避险情绪持续发酵，美股昨夜上演过山车行情，无独有偶，日韩股市开盘大跳水。 截至北京时间8：40左右，日经225指数跌超2%，软银集团股价下跌11%，创下自11月5日以来最大单日 跌幅。 韩国综合指数跌超3%，三星电子跌超4%，SK海力士跌超7%。 ...

Core Viewpoint - Klook Technology Limited, a travel booking company based in Hong Kong and Singapore, has filed for an IPO in the US, aiming to raise approximately $500 million, which would be the largest IPO by a Chinese company in the US this year if successful [1][2]. Group 1: Company Overview - Klook was founded in May 2014 by three founders, all under 40 years old, and is positioned as a mobile-first travel experience booking platform [4][12]. - The company offers over 500,000 products and services across more than 2,700 destinations globally, including popular attractions, day tours, and local transportation [4]. - As of September 30, 2025, Klook operates in 18 markets with 25 offices and employs 1,944 staff worldwide [4]. Group 2: Financial Performance - Klook's Gross Transaction Value (GTV) reached $2.5 billion in 2024, with a 30.9% year-on-year increase to $2.3 billion in the first nine months of 2025 [9]. - The company reported revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [10]. - Despite revenue growth, Klook has incurred significant losses, totaling over $500 million across the reporting period, with net losses of $123 million, $142 million, $99 million, and $141 million for the respective years [10][12]. Group 3: Market Position and Competition - Klook claims to be the largest regional experience platform in the Asia-Pacific by GTV, although it remains smaller compared to global competitors like Expedia Group and Booking Holdings, which reported revenues of $13.69 billion and $23.7 billion in 2024, respectively [12]. - The company has raised over $1 billion through eight funding rounds since 2015, with notable investors including Sequoia Capital, SoftBank Vision Fund, and major banks [12][13]. Group 4: Management and Strategy - The founders bring diverse backgrounds, with expertise in investment banking and technology, which has contributed to Klook's rapid growth [13]. - The company aims to use the net proceeds from the IPO for general corporate purposes, including working capital and capital expenditures [1].

Core Insights - The U.S. Federal Trade Commission (FTC) has concluded its antitrust review of SoftBank Group Corp.'s acquisition of Ampere Computing LLC, removing regulatory hurdles for the $6.5 billion deal [1] - This acquisition, along with SoftBank's existing ownership of Arm Holdings, positions SoftBank to create a significant ARM architecture server CPU ecosystem, aligning with its ambitions in AI infrastructure [1][5] - Ampere specializes in designing high-performance, low-power server CPUs for cloud computing and data centers, which are essential for AI data center operations [3] Company Overview - SoftBank is a major shareholder of Arm Holdings, owning nearly 90% of the company, which is pivotal in the consumer electronics and server CPU markets [2] - Ampere is a key customer of Arm's technology, focusing on cloud-native processors and sustainable AI compute solutions [2][3] Market Dynamics - The ARM architecture is increasingly being adopted in AI data centers, with notable examples including NVIDIA's Grace CPU and Amazon's Graviton processors, showcasing its transition from mobile to AI cloud infrastructure [4] - ARM's architecture offers significant advantages in energy efficiency and performance for AI tasks compared to traditional x86 architectures, making it suitable for data center applications [4] Strategic Implications - The acquisition of Ampere enhances SoftBank's AI infrastructure capabilities, positioning its ARM architecture server CPUs as foundational elements in AI data centers [5] - With Ampere under its control, SoftBank aims to strengthen Arm's market share and influence in the AI data center sector, potentially capturing a significant portion of the x86 market [6] - SoftBank's strategy involves a vertical integration of its holdings in Arm, Ampere, and Graphcore to create a comprehensive AI hardware ecosystem [6] Vision and Future Outlook - SoftBank's founder, Masayoshi Son, envisions the company playing a central role in the global AI landscape, akin to NVIDIA, leveraging its investments in AI and data center technologies [7]

11月18日早盘，亚太股市大幅下跌。 截至9:35左右，日经225指数跌超1000点，日经225指数下跌2%，日本东证指数跌超1.5%。 个股方面，截至发稿，住友电气工业跌近7%，软银集团跌近5%。昨天大跌的日本旅游股有所回调，资生堂跌超3%，日本航空跌0.22%， 日本其他消费品/零售股方面，三丽鸥涨0.82%、亚瑟士跌1.81%、迅销跌0.39%。百货店经营商伊势丹三越控股公司股价下跌0.69%。 另外，30年期日本国债收益率上升2.5个基点至3.280%。 日元汇率继续走弱，欧元对日元盘中再次突破180关口。 韩国KOSPI指数也下跌2%，SK海力士、韩美半导体、三星电机跌超4%，LG新能源跌超3%。 港股三大指数低开，恒生科技指数跌约1.3%。大型科技股继续低迷行情，文旅部提醒中国游客近期避免前往日本旅游，旅游股继续下 跌，香港中旅大跌超16%。众安集团跌超8%，其曾持股的百保君日前被曝无法兑付（知名平台人去楼空，涉案金额或超亿元，CEO被带 走）。此外，小鹏汽车跌超8%，蔚来跌3%，理想汽车跌超2%。百度、快手、腾讯等跌超1%。 日本《社会新报》发表的社论指出，高市作为首相的存在本身才是日本的"存亡 ...

（原标题：重注AI下半场，资本"惩罚"软银） 作者 | 范亮 编辑 | 张帆 11月11日，软银集团宣布清仓英伟达，将资金投向OpenAI后，股价在后续三个交易日累计下跌10%。进 入11月后，年内暴涨200%的软银集团股价涨势戛然而止，开始从高位剧烈回调。至今已经回调近 30%。 那么，市场为何对软银态度陡转？ 软银，也是OpenAI影子股 要深入分析软银集团（SoftBank Group）的股价表现，首先必须清晰地理解其复杂的业务构成及核心利 润来源。整体来看，软银的业务版图可划分为两大主要板块：实体商业运营与金融投资。 软银的商业板块涵盖了芯片架构及设计（ARM）、通信及互联网（如雅虎日本）等核心业务。在2026 财年上半年（即2025年第二、三季度），该分部实现了3.74万亿日元的营业收入和1.96万亿日元的毛利 润。相较之下，其金融投资板块（包括自有资金投资和愿景基金）同期斩获了高达3.9万亿日元的投资 收益。 数据明确显示，金融投资是软银当前最主要的利润引擎。然而，这一来源也伴随着显著的波动性。例 如，在2022至2024财年（软银财年为当年二季度至下年一季度）期间，软银的投资业务曾面临持续亏 损 ...