【文/观察者网 潘昱辰 编辑/高莘】据路透社2月26日报道，两位消息人士称，丰田汽车计划大规模出售 涉及银行和保险公司的约3万亿日元（约合人民币1320亿元）的战略性持股。消息人士称，丰田希望通 过解除战略性持股，展示其对企业治理改革的诚意。 交叉持股，顾名思义是指两家公司相互持有对方股票。而在日本企业的历史文化背景下，交叉持股现象 拥有悠久的历史。丰田等大型企业通过交叉持股与中小企业形成的联盟关系，为中小企业确保稳定的客 户来源，并有效抵御海外资本的进攻。 但与此同时，交叉持股的保护机制也导致日本企业固步自封、缺乏转型动力。有观点认为，日本车企近 年来在电动化、智能化领域转型表现滞后，以交叉持股为代表的保守主义做派难辞其咎。此外由于缺乏 回报，海外投资者对交叉持股素来持反对态度。 2023年3月，东京证券交易所开始推动上市公司治理改革，解决交叉持股问题也在其列。受到政策影 响，丰田于同年11月宣布减少交叉持股比例，为其投资电动化、智能化等新兴技术筹集资金，并计划将 对关联企业所持的股比降至20％。 2025年6月，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 ...

菲利普证券日本研究主管Kazuhiro Sasaki认为，从公司治理角度看，这则消息是积极的。他指出金融机 构作为交叉持股方并非良好的治理实践，而丰田的计划恰逢日本今年预定修订《公司治理准则》，因此 很可能顺应这一有利趋势。 然而，日本企业界的整体改革步伐一直较为缓慢。丰田集团自身推动其一家关键子公司私有化的行动， 也使其改革努力受到关注。 该集团试图收购丰田工业公司的举动，遭到了激进投资者Elliott Investment Management的强烈批评，后 者正呼吁投资者联手阻止该项收购要约。 此次私有化行动由丰田汽车董事长丰田章男主导，要约收购期将于周一结束。本月初，丰田工业公司表 示，丰田集团方面距离获得启动挤出式收购所需的三分之二多数股权尚有约9%的差距。 智通财经APP获悉，据了解，丰田汽车(TM.US)正计划解禁其银行及其他金融机构持有的大约3万亿日 元(合190亿美元)的战略持股。此举将对日本的企业改革努力构成重大推动。若该计划得以实施，将标 志着丰田加速推进其解除交叉持股的行动。这一进程始于2024年，旨在响应日本政府推动大型企业理顺 其复杂的持股网络，以提高投资者回报并鼓励公平竞争的改革 ...

Investment Rating - The report indicates a positive investment outlook for Kajima Corporation, reflecting the potential opportunities in Japan's data center construction boom [5]. Core Insights - Kajima Corporation's stock price is seen as already reflecting the potential opportunities from the surge in data center construction in Japan. The company is expected to capture about 50% of the nuclear power construction market, giving it an advantage in securing high-profit data center projects [5]. - The company has raised its full-year operating profit guidance from 202 billion yen to 228 billion yen, primarily due to additional payments from clients [6]. - The gross profit margin for the construction business reached 11.8%, an increase of 2.4 percentage points year-on-year, while the civil engineering gross profit margin rose to 24.6%, up 10.2 percentage points year-on-year [7]. Financial Performance - For the first three quarters, Kajima Corporation reported an operating profit of 171.8 billion yen, leading to an upward revision of its full-year operating profit guidance [6]. - The company aims to reduce its cross-shareholding ratio from 22.3% to below 20% by the end of the fiscal year ending March 2027, planning to dispose of a total of 50 billion yen in cross-shareholdings [8]. Market Position - Kajima Corporation is one of Japan's four major general construction companies, with a significant focus on private sector construction projects, which is expected to continue [11]. - The company's overseas real estate business, primarily focused on U.S. logistics development, has become another pillar of its operations [11]. Revenue Breakdown - Revenue by product: Construction engineering (41.4%), Overseas affiliates (32.2%), Civil engineering (13.6%), Domestic affiliates (9.7%) [12]. - Revenue by region: Asia (79.6%), Europe (1.7%), Middle East and Africa (0.1%), Americas (18.7%) [12]. Stock Information - As of February 12, 2026, the stock price was 7,612.0 yen, with a market capitalization of 26.55 billion USD [14].

Core Viewpoint - China Mobile's controlling shareholder, China Mobile Group, plans to transfer 41.9813 million A-shares to China National Petroleum Corporation (CNPC), while CNPC will transfer 541 million A-shares to China Mobile Group, indicating a deepening strategic cooperation between the two companies [1] Group 1: Share Transfer Details - China Mobile Group will transfer 41.9813 million A-shares to CNPC [1] - CNPC will transfer 541 million A-shares to China Mobile Group [1] Group 2: Strategic Cooperation - Both companies mentioned in their announcements the intention to deepen strategic cooperation [1] - Experts suggest that this form of digital cooperation may expand into related industries in the future [1] - The cross-shareholding approach may lead to more in-depth collaboration models [1]

Core Viewpoint - The announcement details a share swap agreement between Wutong International and Weihuada, aimed at establishing a strategic alliance and enhancing both companies' profitability and market presence [1][2][3] Group 1: Share Swap Agreement Details - Wutong International will subscribe to 760,250,187 shares of Weihuada, representing approximately 12.30% of Weihuada's issued share capital as of the announcement date, at a price of about HKD 0.494 per share, totaling approximately HKD 375,563,592.51 [1] - Weihuada will subscribe to 189,105,535 shares of Wutong International, representing about 19.69% of Wutong's issued share capital as of the announcement date, at a price of about HKD 1.986 per share, also totaling approximately HKD 375,563,592.51 [1] Group 2: Strategic Implications - The share swap will result in Wutong International holding approximately 15.54% of Weihuada's enlarged issued share capital, while Weihuada will hold about 17.56% of Wutong's enlarged issued share capital [2] - The agreement is expected to create strategic alignment, synergies, market expansion, and enhance financial conditions and shareholder value for both companies [2][3] Group 3: Financial Impact and Future Outlook - The share swap aims to achieve higher profitability, increased market share, and long-term growth, ultimately creating value for shareholders and enhancing returns [3] - This marks the first time the company has utilized its general authorization to issue new shares in at least 15 years, with no cash consideration involved, thus preserving internal financial resources [3]

Core Insights - OpenAI is not just an AI company but is building an interconnected corporate empire through cross-shareholding and mutual dependencies within the AI industry [1] - The recent agreement with AMD signifies a strategic move to deepen ties with key suppliers, ensuring OpenAI's success is linked to the entire AI supply chain [1][2] Group 1: Strategic Partnerships - OpenAI's collaboration with AMD mirrors its previous deal with Nvidia, where OpenAI commits to large-scale purchases of high-end chips in exchange for stable revenue for the chip manufacturers [1][2] - AMD's provision of warrants allows OpenAI to acquire 10% of AMD at a minimal cost, potentially worth up to $96 billion if AMD's stock reaches $600 [2] Group 2: Market Dynamics - The partnerships with Nvidia and AMD are crucial for OpenAI's growth, leveraging its significant computing power needs to secure deep commitments and financial backing from chip suppliers [2] - AMD aims to achieve $200 billion in chip sales through its relationship with OpenAI, which could represent seven years of its total revenue [2] Group 3: Interconnected Relationships - OpenAI's network extends beyond chip manufacturers, involving key players like Nvidia, Microsoft, and Google, creating a complex web of interdependencies [3][4] - Nvidia holds stakes in CoreWeave, a data center company that OpenAI also invests in, highlighting the intricate relationships within this ecosystem [3] Group 4: Historical Context - The strategy of cross-shareholding to strengthen supply chain relationships is reminiscent of traditional Japanese keiretsu models, which fostered non-adversarial cooperation between suppliers and customers [7] - While beneficial, this arrangement may pose risks if issues arise, potentially leading to mutual losses for companies heavily reliant on OpenAI [7]

Core Viewpoint - Wutong International (00613.HK) has entered into a subscription agreement with Haotian International Construction Investment Group Limited, involving a conditional agreement to issue new shares at a subscription price of HKD 400 million, which will dilute the company's stake in PCL from 100% to approximately 70.2% [1] Group 1 - The subscription agreement involves the issuance of 850 new shares of PCL at a price of HKD 0.25 per share, resulting in a total of 1.6 billion shares being issued as payment [1] - Following the completion of the agreement, the investor will hold approximately 29.8% of PCL's shares, while the company will retain a 14.8% stake in the expanded share capital of the investor [1] - The arrangement is expected to foster continued collaboration between the parties, leading to value sharing and potential synergies, ultimately benefiting the shareholders of both entities with enhanced long-term returns [1]

Core Viewpoint - Wutong International (00613) has announced a subscription agreement with Haotian International Construction Investment Group (1341.HK) for the issuance of new shares, which will dilute the company's stake in its subsidiary PCL from 100% to approximately 70.2% [1] Group 1 - PCL will issue 850 new shares at a subscription price of HKD 400 million, with the subscription price per share set at HKD 0.25, representing a discount of about 7.4% compared to the market price of HKD 0.27 on the date of the agreement [1] - The transaction is expected to create a cross-shareholding structure, with the company holding approximately 14.8% of the expanded share capital of the subscriber, promoting continued cooperation and potential synergies [1] - The board believes that the subscription is strategically beneficial for the group, aiming to enhance long-term sustainable development and provide better returns for shareholders [1] Group 2 - The incorporation of the subscription shares into the company's investment portfolio is part of the tactical and strategic investment approach, expected to create greater overall value for the company and its shareholders [2]

Group 1 - The core announcement involves a subscription agreement between PCL, a wholly-owned subsidiary of the company, and the subscriber, Haotian International Construction Investment Group, for a subscription price of HKD 400 million, resulting in the issuance of 850 new shares of PCL at an issue price of HKD 0.25 per share, which represents a discount of approximately 7.4% compared to the market price on the agreement date [1] - Following the completion of the agreement, the company's equity interest in PCL will be diluted from 100% to approximately 70.2%, while the subscriber will hold approximately 29.8% of PCL's shares [1] - The board believes that the subscription is strategically beneficial for the group, as it creates a cross-holding structure that is expected to enhance cooperation between the parties and generate potential synergies, ultimately providing greater long-term returns for both entities' shareholders [1] Group 2 - The incorporation of the subscription shares into the company's investment portfolio is part of its tactical and strategic investment approach, which is a key component of the group's main business [2] - The company anticipates that the subscription shares will ultimately create greater overall value for itself and its shareholders [2]

Group 1 - Toyota Group is accelerating the liquidation of cross-shareholdings to raise funds for its electrification projects, driven by increasing market demand for efficient capital allocation [1][3] - The total securities sales of nine Toyota Group companies, including Toyota Motor, Denso, Aisin, and Toyota Tsusho, are projected to reach 1.21 trillion yen (approximately 60.2 billion RMB) in the fiscal year 2024, marking a 50% increase from 837 billion yen (approximately 41.7 billion RMB) in the previous year [1] - The number of stocks sold by these companies has reached 70, reducing the remaining stocks held to 153, which is about half of what it was two years ago [1] Group 2 - As of March 2025, Toyota still holds nearly 3 trillion yen (approximately 150 billion RMB) in cross-shareholdings, a decrease of 16% from the previous year [3] - Cross-shareholding, a practice where two companies hold shares in each other, has historically provided stability for small and medium enterprises in Japan but has also contributed to a lack of innovation and transformation among Japanese automakers [3] - In response to governance reforms initiated by the Tokyo Stock Exchange in March 2023, Toyota announced plans to reduce its cross-shareholding ratio to fund investments in electrification and smart technologies, aiming to lower its stake in affiliated companies to 20% [3] Group 3 - In June 2023, Toyota Group announced a tender offer to acquire shares of Toyota Industries Corporation to facilitate its privatization, with a new holding company being established for this purpose [4] - The investment for this privatization includes 180 billion yen (approximately 9 billion RMB) from Toyota Real Estate, 700 billion yen (approximately 35 billion RMB) from Toyota Motor in non-voting preferred shares, and 1 billion yen (approximately 50 million RMB) from Toyota's chairman Akio Toyoda [4] - However, the privatization bid of 4.7 trillion yen (approximately 235.1 billion RMB) for Toyota Industries is significantly below the expected 6 trillion yen, raising concerns among shareholders regarding the management of Toyota Industries [4]