【文/观察者网 潘昱辰 编辑/高莘】据《金融时报》6月4日报道，由于丰田汽车和其他集团公司对丰田 自动织机仅4.7万亿日元（约合人民币2351亿元）的私有化报价过低，股东猛批丰田汽车践踏了他们的 权利。而根据之前一些媒体报道显示，丰田汽车对丰田自动织机的收购报价为6万亿日元（约合人民币 3022亿元）。 此前于6月3日，丰田集团宣布，丰田汽车、爱信、电装和丰田通商通过要约收购丰田自动织机的股份及 相关交易，以实现后者的私有化。为此，四家企业将成立一家新控股公司以推动丰田工业私有化。其中 由上述四家企业控股的丰田房地产出资1800亿日元，丰田汽车以无投票权优先股形式出资7000亿日元， 丰田汽车会长丰田章男个人出资10亿日元。 丰田集团旗下企业通过丰田房地产间接控股丰田自动织机 金融时报 此次交易将以每股16300日元的价格要约收购股份，较丰田自动织机当日的收盘价低11%。尽管这一价 格比私有化消息公布前丰田自动织机的股价溢价23%，但远低于每股18000日元以上的市场预期。 丰田自动织机则声明称，根据财务顾问的建议，该价格反映了其"内在价值"，并已成立一个特别委员会 来评判这一提议。丰田汽车则没有立即回应置评 ...

【导读】日韩股市涨跌不一，韩国KOSPI指数涨超1% 一起来看下日韩股市的最新市场情况及资讯。 6月5日早间，日韩股市开盘涨跌不一，韩国KOSPI指数涨幅扩大至1%。 个股方面，汽车股多数走低，斯巴鲁、马自达汽车、日产汽车、本田汽车等均跌超2%。 | 名称 | 现价 | 涨跌幅 = | 总市 -- | | --- | --- | --- | --- | | 住友制药 | 835.0 | -4.68% | 3322亿 | | 4506.T | | | | | BAYCURRENT | 7165.0 | -4.49% | 11135亿 | | 6532.T | | | | | 斯巴鲁 | 2528.0 | -3.51% | 18532亿 | | 7270.T | | | | | 马自达汽车 | 839.3 | -3.21% | 5303亿 | | 7261.T | | | | | 第一三共 | 3585.0 | -3.00% | 68413亿 | | 4568.T | | | | | 日本交易所 | 1549.5 | -2.55% | 16186 C | | 8697.T | | | | | ZOZO | 153 ...

Group 1 - Japanese retail investors are increasingly betting on domestic trading companies, driven by strong business models and shareholder returns, encouraged by Warren Buffett [1][2] - The investment demand from Nippon Individual Savings Accounts (NISA) has expanded from traditional companies to various trading firms, with Mitsubishi Corporation ranking third in retail asset holdings since March [1][2] - Despite uncertainties in international trade due to U.S. tariff policies, trading companies' stocks have outperformed the market since the implementation of the "liberation day" tariff policy on April 2 [1] Group 2 - Many retail investors believe their value investment style aligns with Buffett's, leading them to follow his investment choices [2] - The five major trading companies in Japan are cautiously optimistic about profit forecasts and have allocated hundreds of millions of dollars to hedge against tariff uncertainties while actively seeking to increase dividends [2] - Expected 12-month dividend yields for major trading companies exceed 3.5%, surpassing the 2.7% average forecast for the Tokyo Stock Exchange index in 2025 [2] Group 3 - The NISA plan favors industries with low dividend cut risks, and trading companies may have an additional advantage due to strong expectations for future dividend growth [6] - Corporate governance reforms are influencing retail investors' stock selections, with the Tokyo Stock Exchange encouraging stock splits to lower minimum investment amounts [6] - Trading companies have been working to expand their shareholder base, with Mitsubishi Corporation and Mitsui & Co. conducting stock splits to reduce minimum investment amounts [6] Group 4 - Increased participation from retail investors due to NISA and similar plans is expected to benefit trading companies, helping to establish a more stable shareholder base [7] - In 2024, the total new purchases under the NISA accounts reached approximately 12.5 trillion yen (874 billion), with a total of 25.6 million NISA accounts by the end of the year [7] - A report indicates that even a 1% shift of funds from cash to domestic stocks could release $220 billion into the Japanese stock market [7]

Group 1 - The core viewpoint of the articles highlights the evolving dynamics of India-US relations, particularly in defense procurement, with India shifting from reliance on Russian military equipment to increasing purchases from the US [1][3][4] - US Commerce Secretary Raimondo emphasized India's openness to addressing US concerns and the potential for a bilateral trade agreement, with discussions scheduled for June 5 and a possible signing by July [3] - The historical context of India's defense procurement is rooted in its Cold War alliances, with a significant reduction in reliance on Russian equipment from 76% in 2009 to 36% in 2023, indicating a diversification of military partnerships [4] Group 2 - The articles discuss the criticism of the BRICS nations by former US President Trump, who warned against attempts to create a new global reserve currency and threatened high tariffs on non-compliance [3] - There is a recognition that India's participation in BRICS is strategic, allowing it to leverage its position for global governance reforms and to counterbalance China's influence, which aligns with US interests [4] - The commentary suggests that the US should acknowledge the complexity of India's foreign policy to foster deeper and more meaningful cooperation between the two nations [4]

Group 1 - The annual shareholders' meeting of Changsha Bank approved multiple proposals, including the annual board work report and profit distribution plan [2] - The bank's eighth board of directors has expanded to 11 members, marking the first time a staff director position has been established [3] - Zhao Xiaozhong was re-elected as chairman of the board, while Zhang Man was appointed as the bank's president, both achieving reappointment [4] Group 2 - The bank's board of directors agreed to abolish the supervisory board, with its powers transferred to the audit committee of the board [5][6] - The proposal to cancel the supervisory board received a high approval rate of 99.86% during the shareholders' meeting [6] - The decision aligns with recent regulatory changes allowing financial institutions to replace supervisory boards with audit committees, aiming to enhance governance efficiency [5][6]

Core Viewpoint - The recent trend of financial institutions, including banks and insurance companies, to abolish supervisory boards reflects a significant reform in corporate governance, driven by changes in the Company Law of the People's Republic of China [1][6][12]. Group 1: Abolishment of Supervisory Boards - Changsha Bank has decided to abolish its supervisory board, transferring its functions to the audit committee of the board of directors [1]. - Many financial institutions, including major state-owned banks and insurance companies, are following suit, indicating a broader shift in governance practices [1][6]. - The new Company Law allows limited liability companies to establish an audit committee within the board of directors to perform the functions of a supervisory board, thus eliminating the need for a separate supervisory board [6][9]. Group 2: Regulatory Changes and Implications - The National Financial Regulatory Administration has issued new regulations that allow trust companies to set up audit committees within their boards, further promoting the idea of eliminating supervisory boards [2][6]. - The changes aim to enhance operational efficiency by reducing redundancy in oversight functions, as the roles of supervisory boards and audit committees often overlap [2][8]. - The flexibility provided by the new governance structure is expected to lead to more tailored governance models that suit the specific needs of different financial institutions [9][10]. Group 3: Impact on Corporate Governance - The shift to a single-tier governance model allows boards to exercise oversight more directly, potentially improving decision-making efficiency in a rapidly changing financial environment [9][10]. - Smaller financial institutions may benefit from reduced operational costs by not having a supervisory board, while larger institutions may require more complex oversight mechanisms [9][10]. - The transition to audit committees taking on supervisory roles is seen as a way to innovate governance structures and improve compliance management [10][12]. Group 4: Concerns and Future Considerations - There are concerns regarding the effectiveness of audit committees in fulfilling the oversight roles traditionally held by supervisory boards, particularly regarding potential conflicts of interest [11][12]. - Experts suggest that while the new structure may reduce costs, it is crucial to ensure that adequate checks and balances remain in place to maintain effective governance [11][12]. - Future modifications to the Company Law may be necessary to address the evolving needs of corporate governance in the financial sector [12].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 阡陌说 来源：雪球 在2025年巴菲特股东大会上，巴菲特谈及了较多关于日本的投资相关内容，我让豆包帮我简单总结了一下： 表达长期投资决心：巴菲特表示希望能持有日本贸易公司股票至少50年，短期内不会改变想法，即便日本央 行加息也"绝不会考虑抛售"日股。接班人格雷格·阿贝尔也表示，打算继续持有这些商社的股票五十到六十 年，并希望与他们建立长期且深厚的合作关系。 阐述投资缘由及感受：巴菲特称大概六年前关注到日本五大商社，当时它们股价低得荒唐，关注越多越喜 欢，觉得其经营历史记录优秀。他还提到日本企业的表现"非同寻常"，苹果、美国运通和可口可乐等公司在 日本市场发展良好。此外，巴菲特认为这些商社的文化和习惯与伯克希尔不同，但正因为如此，更珍视这段 合作。 介绍投资情况：在2025年股东信中，巴菲特专门用一个章节谈及在日本的投资。截至2024年底，伯克希尔对 日本五大商社的总投资成本为138亿美元，市场价值达到235亿美元。2025年预期从日本投资中获得的股息收 入约8.12亿美元，而日元债的利息成本约1.35亿美元。巴菲特透 ...

特朗普政府官员4月11日致信哈佛大学，要求学校进行"有意义的治理改革与重组"，否则联邦资金将遭 到削减。当月14日，哈佛大学拒绝了特朗普政府的要求。特朗普政府14日晚些时候宣布，将冻结对该校 总额22亿美元的多年期拨款，以及6000万美元的多年期合同款项。 此外，特朗普政府还威胁取消哈佛大学招收国际学生的资质、宣布考虑剥夺哈佛大学的免税地位。哈佛 大学4月21日对特朗普政府提起诉讼，指控政府试图以冻结联邦资金为手段操纵哈佛大学的学术决策。 自今年1月以来，特朗普政府对多所美国高校发出威胁，声称如果校方不调整政策，将面临削减资金的 后果。特朗普政府的主要要求包括根除"校园内的反犹主义"、废除高校向少数族裔倾斜的多元化举措。 （文章来源：新华网） 美国教育部长琳达·麦克马洪5日表示，哈佛大学未能按照此前联邦政府提出的要求进行改革，联邦政府 将不再对其提供新的资助。 麦克马洪当晚在社交媒体平台X上发布一封写给哈佛大学校长艾伦·M·加伯的信。她在信中说，哈佛大 学"系统性"违反联邦法律，"嘲弄"了美国高等教育体系。她指责哈佛大学被左派人士运营，成为"一个 党派的政治倡导组织"。 麦克马洪说，哈佛邀请"参与暴力行为、对 ...

新华社里约热内卢4月29日电 2025年4月28日至29日，金砖国家外长会晤在巴西里约热内卢举行。会晤 发表主席声明，阐释金砖国家在坚持多边主义、捍卫公平正义、促进共同发展等问题上的共同立场。 金砖国家外长支持以规则为基础、以世贸组织为核心的开放、透明、公平、可预测、包容、平等、非歧 视的多边贸易体系。外长们严重关切违反世贸组织规则的、不公正的单边保护主义行径，包括滥施对等 关税。外长们警告此类措施会破坏全球供应链、加剧全球经济不确定性，呼吁各方采取措施捍卫自由贸 易和多边贸易体制，应对当前贸易挑战，为各方特别是新兴市场国家和发展中国家创造良好贸易投资环 境。 外长们强调国际贸易是"全球南方"促进包容性增长、消除饥饿贫困、推动实现可持续发展的重要动力， 重申致力于继续推动世贸组织进行必要改革，改善世贸组织各项职能并强化其基本原则，以应对日益增 加的单边主义和保护主义。外长们对世贸组织未能在2024年如期全面恢复争端解决机制表示遗憾，致力 于尽快建立运转良好、所有成员均可参与的争端解决机制。 外长们强调2025年是第二次世界大战结束80周年，二战给人类造成了惨不堪言的苦难。在联合国成立80 周年之际，外长们呼吁 ...

图片来源：红杉中国 据知情人士透露，红杉中国已从贝恩资本聘请Komi Kyu，负责领导其在日本的新办公室。 Kyu于今年1月以董事总经理身份加入红杉中国，他的任务是逐步建立一支总部位于东京的投资团 队，并探索从成长期投资到收购等多种投资机会。红杉中国计划在日本招聘多名初级投资专业人士， 以支持其在该市场的拓展。 Kyu的领英个人资料显示，在加入红杉中国之前，他在贝恩资本东京办公室工作近十年，从分析师一 路晋升至董事总经理。 针对相关询问，HSG和贝恩资本均拒绝置评，而Kyu本人亦未回应路透社的置评请求。 近年来，受公司治理改革和日元贬值的推动，日本的并购交易活动大幅上升，吸引了众多全球及区域 投资机构的关注。 LSEG数据显示，2023年，日本市场的私募股权支持交易总额创下350亿美元的历史新高。虽然中国历 来是亚洲最大的交易市场，但自2022年以来，日本市场每年进行的私募股权支持并购交易数量已超过 中国。 包括凯雷和华平投资在内的全球投资机构，正不断扩充其在日本的团队，以应对日益增长的交易需 求。此外，2024年，区域同行高瓴资本和源峰资本也首次进入日本市场，进行了相关招聘和投资。 红杉中国以在中国投资科技 ...