此前曾因遭遇美联储加息而蒙受巨额亏损的日本银行巨头农林中央金库（Norinchukin Bank），又出现 在美国企业债暴雷事件的潜在受害者名单前列。 160亿元资金凭空消失 据知情人士透露，贝莱德公司已要求从杰富瑞金融集团（Jefferies Financial Group Inc.）旗下一只基金中 抽回部分投资，该基金对破产汽车零部件供应商第一品牌集团的贸易债务存在大量敞口。贝莱德及其他 投资者，包括德克萨斯州财政保管信托公司，一直在就部分赎回投资于杰富瑞旗下利卡迪亚资产管理公 司（Leucadia Asset Management）旗下单位——Point Bonita Capital的资金进行谈判。Point Bonita在第一 品牌的应收账款上投资了7.15亿美元，而第一品牌在9月15日停止了付款。 日本银行巨头踩雷 旗下公司超120亿元未收回 本周披露的法庭文件显示，农林中央金库与三井物产的合资公司Katsumi竟然在此事件中有高达17.5亿 美元的风险敞口。这也是目前已经披露的债权中金额最大的一家，第二高的是杰富瑞金融集团旗下的某 基金，向第一品牌集团应收账款债券投资7.15亿美元。 法庭文件显示 ...

每经编辑｜段炼 此前曾因遭遇美联储加息而蒙受巨额亏损的日本银行巨头农林中央金库（Norinchukin Bank），又出现在美国企业债暴雷事件的潜在受害者名单前列。 160亿元资金凭空消失 第一品牌集团爆雷，申请破产 美国汽车零部件巨头第一品牌集团（First Brands Group）9月底申请破产，其申报的负债金额在100亿美元至500亿美元之间。有消息称，第一品牌集团的 表内和表外融资规模大概接近120亿美元。 目前这起破产案件正因为"消失的资金"引发华尔街和美国司法部门的关注。 周四的最新消息也显示，纽约南区联邦检察官办公室已经开始牵头调查破产案件背后的谜团。调查本身并不一定会形成正式的指控。当有公开报道称违规 行为造成重大损失时，检察官展开调查是常见的举动。 在同一场听证会上，提供短期融资服务的机构Raistone指控称，在第一品牌集团突然倒闭的过程中，有高达23亿美元（约合人民币163.8亿元）的资金凭空 消失。 据悉，当第一品牌集团的律师被问及公司通过保理筹集的约20亿美元资金在哪里时，他们爽快地表示"没有这笔钱"，同时强调"银行账上只有1200万美 元，再也没有其他钱了。" 据知情人士透露，贝 ...

被动元件大厂国巨（2327）董事长陈泰铭收购日商芝浦电子案终于达成目标。国巨昨（3）日宣布，公 开收购芝浦参与应卖股数已过50.01%的门槛，累计持有约87%的芝浦股权。 依国巨每股7,130日圆价格估算，法人估计至今约斥资近950亿日圆（约新台币196亿元）。 业界人士指出，两件并购案是国巨近年来系统性布局半导体产业链的代表作，强化集团提供完整解决方 案，抢攻AI电源端的主动元件、被动元件新设计。 业界指出，从富鼎的功率半导体MOSFET技术，再到力智的电源管理IC设计能力，以及茂达的风扇马达 驱动IC和电源管理IC产品线，透过快速收购，国巨已经建立从被动元件到主动元件的垂直整合能力，形 成一个相互支援的完整电源解决方案生态系统。 业界进一步说，不论是电源IC或是芝浦的保护元件，都是用来处理电流、电压，功能包含稳压、储存电 能、滤波等，显示出国巨布局电源领域积极态度，未来在电源领域方面，可直接整合，在前端就将自家 的被动元件和IC绑定、提供客户完整解决方案，不仅简化了客户的采购流程，更能够确保不同元件间的 最佳匹配和系统优化，让国巨产品具备更强市场竞争力。 随着茂达纳入泛国巨集团，国巨版图已延伸至人形机器人 ...

Group 1 - Major shipping companies are adjusting vessel deployments to avoid new port fees imposed by the U.S. on ships built or operated by Chinese entities, effective from October 14 [1] - Despite the U.S. port fees, global shipping companies continue to place commercial vessel orders with Chinese shipyards, with Chinese shipyards accounting for 53% of global ship orders by tonnage in the first eight months of 2025 [1][2] - Companies like COSCO and CMA CGM are preparing for the new regulations, indicating a willingness to adapt their operations and maintain competitive pricing despite potential challenges [1] Group 2 - The significant technological gap in shipbuilding between the U.S. and China leads many companies to prefer Chinese-built vessels over U.S. options, with major shipping lines withdrawing Chinese-related vessels from U.S. trade routes [2] - The U.S. shipbuilding industry has seen a drastic decline, with fewer than 10 commercial ships built last year compared to over 1,000 by Chinese shipyards [2] - The U.S. initiative to impose trade barriers may inadvertently accelerate changes in the global shipping and shipbuilding landscape, reinforcing China's central role in the global maritime network [2]

被动元件大厂国巨不屈不挠推动芝浦收购案，公开收购期限延至10月3日，并于近期迎来重大突破。日 本先前媒体报道指出，芝浦电子正式支持国巨的收购案，并建议股东参与投标。国巨表示，此次合作将 带来强化海外业务及扩展产品线的综效，并为双方创造更具前景的未来。 国巨指出，此次芝浦电子改变立场，源自双方数月来深入交流及建设性互动，芝浦电子认同合作所能实 现的综效，并相信这将为自身及员工开创更具前景的未来，国巨对此表示欣慰，并期待双方携手推动业 务成长及产品创新，拓展全球市场。 国巨为了并购芝浦电子数度调整延长公开收购期限，最早是5月9日正式开始以每股6200日元公开收购芝 浦电子股权，后来因应日本美蓓亚三美（Minebea Mitsumi）竞争，在8月23日宣布再度提高对芝浦电子 股份的公开收购价格，调升至每股7130日元。根据资料，芝浦电子主要制造负温度係数（NTC）热敏电 阻，以及温度、湿度、风速等传感元件制造销售。 业界看好，国巨若顺利并购日本芝浦电子，主要益处在于扩展出传感器业务，特别是在NTC热敏电阻与 温度感测器领域取得技术领先优势，将有助于国巨深化日本汽车与工业控制（工控）市场布局，借助芝 浦与日系大厂的紧 ...

Core Viewpoint - The automotive industry is increasingly focusing on hydrogen fuel cell technology as a strategic pivot towards sustainable energy solutions, with major companies like Renault, BMW, and Toyota unveiling new hydrogen initiatives at the 2025 Munich Auto Show [2][4]. Group 1: Hydrogen Fuel Cell Developments - Renault showcased the Embleme hydrogen fuel cell concept car, which boasts a range of 1000 kilometers and features lightweight materials and a low drag coefficient of 0.25 [3]. - BMW plans to launch commercial hydrogen fuel cell vehicles by 2028, collaborating with Toyota to reduce overall fuel cell technology costs [3][4]. - Toyota has initiated the "TOKYO H2" project in partnership with the Tokyo government, aiming to introduce hydrogen fuel cell vehicles into the taxi market [3]. Group 2: Strategic Considerations - The shift towards hydrogen fuel cell vehicles is seen as a response to the limitations of relying solely on electric vehicles, particularly concerning lithium resource constraints [5][6]. - Hydrogen energy is recognized for its high energy density, with 1 kilogram of hydrogen equating to approximately 3 kilograms of gasoline, making it a viable alternative for automotive power [6]. - The development of hydrogen fuel cell vehicles is central to the future of clean energy transportation, as it supports a diversified energy structure [6]. Group 3: Competitive Landscape - The competition in the automotive sector is intensifying, with hydrogen fuel cell technology offering a chance for companies to reshape market dynamics [8]. - If hydrogen technology plans are successfully implemented, significant cost reductions in hydrogen production are anticipated by 2035, allowing companies to reduce dependency on battery manufacturers [8]. - The transition to hydrogen energy is expected to transform the entire industry, with predictions indicating that hydrogen could meet 18% of global energy demand by 2050, with transportation accounting for 30% of that [8]. Group 4: Infrastructure and Future Outlook - The development of hydrogen fuel cell vehicles faces challenges, particularly in infrastructure such as hydrogen refueling stations [9]. - Countries are addressing these challenges by enhancing infrastructure and integrating renewable energy projects to lower hydrogen costs [9]. - Experts believe that a dual approach of "electric and hydrogen" technologies is essential for the sustainable development of the automotive industry [9].

Core Viewpoint - The automotive industry is increasingly focusing on hydrogen fuel cell technology as a viable alternative to traditional electric vehicles, with major companies like Renault, BMW, and Toyota leading the charge towards commercialization and scaling of hydrogen vehicles [4][5][7]. Group 1: Industry Developments - Renault showcased its Embleme hydrogen fuel cell concept car at the 2025 Munich Auto Show, featuring a range of 1000 kilometers and a drag coefficient of 0.25 [6]. - BMW plans to launch a commercial hydrogen fuel cell vehicle by 2028, in collaboration with Toyota, aiming to reduce overall fuel cell technology costs [6]. - Toyota has initiated the "TOKYO H2" project with the Tokyo government, introducing hydrogen fuel cell vehicles into the taxi market, and has launched the new Mirai model with a range of 850 kilometers and a 10% reduction in energy consumption [6]. Group 2: Strategic Considerations - Industry experts believe that hydrogen fuel cell vehicles are becoming a strategic focus for major automakers as they transition towards low-carbon and zero-carbon solutions [7]. - The shift towards hydrogen is seen as a response to the limitations of relying solely on electric vehicles, particularly concerning lithium resource constraints [8]. - Hydrogen's high energy density and potential for zero-carbon production through renewable energy make it an attractive alternative for sustainable transportation [8]. Group 3: Competitive Landscape - The competition in the automotive sector is intensifying, with hydrogen fuel cell technology offering a unique opportunity for companies to reshape market dynamics [10]. - If hydrogen technology plans are successfully implemented, significant cost reductions in hydrogen production could occur by 2035, allowing companies to establish a vertically integrated system from energy production to vehicle manufacturing [10]. - The transition to hydrogen is expected to transform the entire industry, with predictions indicating that hydrogen could meet 18% of global energy demand by 2050, with transportation accounting for 30% of that [10]. Group 4: Infrastructure and Challenges - The development of hydrogen fuel cell vehicles faces challenges, particularly in infrastructure, such as the lack of hydrogen refueling stations [11]. - Some regions are addressing these challenges by enhancing infrastructure and integrating renewable energy projects to supply green hydrogen [11]. - Experts emphasize the need for a diversified technological approach, advocating for a dual system of electric and hydrogen technologies to ensure sustainable development in the automotive sector [11]. Group 5: Future Outlook - Hydrogen fuel cell vehicles are positioned at the forefront of the automotive industry's energy transition, with new plans from major companies redefining future transportation energy systems [12]. - Maintaining an open technological perspective and fostering a collaborative industry ecosystem will be crucial for companies to gain a competitive edge in the global market [12].

国巨认为，正如芝浦电子于其公告中所述，双方在过去数月间所进行的深入交流与建设性互动，是促成 本次立场转变的关键因素，国巨欣见芝浦电子充分认同双方可共同实现的综效，并深信此合作将为芝浦 电子及其员工开创更具前景的未来。 根据日本法规， 有重大决定及条件的改变， 国巨的公开收购必须延长十天至2025年10月3日截止，以确 保股东有充足时间审慎因应此正面发展并完成投标程序。 被动元件大厂国巨已于2025年5月9日正式对芝浦电子发动公开收购，芝浦电子16日公告，正式表达对国 巨公开收购提案的支持，并建议股东参与本次投票。 芝浦电子为全球知名的负温度系数（NTC，negative temperature coefficient）热敏电阻制造商，具备坚强 的技术实力。 国巨谨向芝浦电子的经营团队、董事会及特别委员会致上最诚挚的感谢，感谢其于2025年9月16日正式 表达对国巨公开收购提案的支持，并建议股东参与本次投票。 ...

Core Viewpoint - The South Korean petrochemical industry, facing severe challenges, is experiencing significant losses among its major companies, prompting government intervention for structural reforms [1][2][3]. Industry Overview - The petrochemical sector is South Korea's fourth-largest export industry, but it is currently in a crisis, with major players like Lotte Chemical, LG Chem, Hanwha Solutions, and Kumho Petrochemical reporting substantial losses in the first half of 2025 [1][2][3]. - The Bank of Korea reported a 7.8% year-on-year decline in sales for the petrochemical industry, marking four consecutive quarters of negative growth since Q3 2024 [1][3]. Financial Performance - The "big four" petrochemical companies in South Korea are projected to incur a total loss of 878.4 billion KRW (approximately 5.1 million RMB) in 2024, with an additional loss of nearly 500 billion KRW in the first half of 2025 [1][3]. - The overall financial outlook for the industry suggests that losses may continue to expand throughout 2025 [1][3]. Structural Challenges - The industry's heavy reliance on imported raw materials has exacerbated cost pressures, with average sales costs rising to 98.6% in 2025, up from 87.6% in 2021 [4]. - The increase in electricity prices, which have risen by over 65% since 2022, has further strained production costs, contributing to the financial difficulties faced by major petrochemical companies [4]. Market Dynamics - Chevron's recent announcement to increase investments in South Korea has raised concerns about foreign control over the country's key industries during a downturn [1][8]. - The South Korean government has identified the petrochemical sector for restructuring, but industry responses have been slow, with many companies hesitant to implement necessary reforms [1][6][7]. Future Outlook - The ongoing crisis in the petrochemical industry is prompting discussions about potential mergers and acquisitions, as companies face existential challenges [6][7]. - There is a growing concern that increased foreign investment could lead to a loss of autonomy for South Korean firms, impacting the overall supply chain and profitability of the domestic manufacturing sector [11].

Core Viewpoint - The company Guoju plans to publicly acquire 28.5% of Maoda's shares at a premium of 20% [1] Group 1: Company Overview - Maoda Electronics is a power semiconductor design company engaged in the design, testing, production, and sales of mixed-signal power chips and sensors [1] - The main product lines include fan motor driver ICs and power management ICs, which are applied in laptops and DDR memory, with recent industrial applications contributing to the company's benefits [1] Group 2: Recent Developments - In May 2023, Guoju initiated a public acquisition of Shibaura Electronics [1] - On September 2, 2023, Guoju announced it received approval for foreign direct investment (FDI) in Japan, boosting confidence in completing the current public acquisition [1]