野村资产管理首席策略师石黑英之表示："日经平均股指相较于美股依然存在低估值感。人工 智能等成长领域吸引了全球投资者买盘。未来12个月的预期每股收益（EPS）处于最高水 平，对业绩的期待也在支撑行情"。 美国银行证券首席日本股市策略师圷正嗣指出："从甲骨文的亮眼业绩可以确认AI需求的强 劲，日本股市中AI服务器和电子零部件等领域的投资范围也在扩大"。 美国银行证券上周在东 京为机构投资者举办的会议上发现，"海外资金对日本股市依然保持乐观"。同时，圷正嗣认 为随着美日关税谈判达成协议，"企业业绩的影响变得更清晰，对下财年业绩改善的期待也在 升温"。 不过，市场上也有声音指出："科技股上涨很大程度上带有空头回补行情的色彩"。（岩井 COSMO证券首席策略师嶋田和昭）。 10日的美股市场中，作为众多机构投资者参考指标的标普500指数与纳斯达克综合指数均连 续刷新历史最高点。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 受到9月10日美股科技股上涨的带动，东京市场上海外投资者等资金广泛流入AI（人工智能）相关股票 及股指期货。软银集团 ...

Core Viewpoint - The company has entered into a memorandum of understanding with Mile Green Company Limited to explore potential opportunities in the physical asset sector, leveraging blockchain technology and tokenization [1][2] Group 1: Strategic Collaboration - The collaboration aims to jointly invest in a physical asset ecosystem, identifying and evaluating potential opportunities in the sector [1] - The partnership is expected to provide strategic opportunities for the company to discover business prospects in physical assets and potentially yield returns through investments in the ecosystem [2] Group 2: Technological Integration - The company plans to utilize its proprietary artificial intelligence, Internet of Things, and digital solutions during the tokenization process [2] - The collaboration may also serve as a platform for the company to gain valuable knowledge and operational expertise from Mile Green, which can be applied to future developments in the digital asset space [2] Group 3: Market Expansion - The company anticipates exploring additional opportunities with Mile Green's affiliates, which may involve upgrading its WiFi systems and power generation facilities using the group's electronic components [2] - The favorable regulatory environment in Hong Kong, along with recent supportive policies for stablecoins and cryptocurrency development, provides a conducive setting for the company to explore these opportunities in the Web3 domain [1]

Group 1 - The core viewpoint is that AI technology and new consumption sectors have significant growth potential, with southbound capital enhancing its marginal pricing power in Hong Kong stocks, especially in a low-interest-rate environment [1] - The long-term outlook for Hong Kong stocks remains positive due to valuation advantages and trends in industrial transformation and upgrading [1] - Continuous policy support for the domestic technology industry is expected to attract more capital attention towards Hong Kong technology companies [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology companies listed in Hong Kong through the Stock Connect channel [1] - The index covers various sectors including information technology, electronic components, and interactive media and services, with a focus on soft technology areas like internet services and the entire AI industry chain [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Core Insights - Shenzhen's total import and export value reached 2.58 trillion yuan in the first seven months of 2025, maintaining the same level as the previous year and ranking first among mainland cities in foreign trade [1] - Exports amounted to 1.56 trillion yuan, while imports were 1.02 trillion yuan, showing a year-on-year growth of 9.4% [1] Group 1: Trade Performance - Shenzhen's foreign trade has shown resilience despite a complex external environment, with a positive growth trend [2] - The traditional electronic information industry and strategic emerging industries have maintained growth, with mechanical and electrical products exported worth 1.17 trillion yuan, an increase of 4.4%, accounting for 74.7% of total exports [2] - Key products such as integrated circuits saw significant export growth of 40.9%, with a total export value of 1.34 trillion yuan [2] Group 2: Import Dynamics - Imports of electronic components have increased rapidly, with integrated circuit imports reaching 454.69 billion yuan, a growth of 19.6% [2] - Imports of computer components, primarily graphics cards and servers, surged to 184.4 billion yuan, marking a 47.8% increase [2] Group 3: Trade Structure - General trade accounted for over half of Shenzhen's trade, with a total of 1.42 trillion yuan, representing 54.9% of the total import and export value [3] - The bonded logistics sector also saw growth, with a 13.7% increase to 699.28 billion yuan, making up 27.1% of the total [3] - Processing trade contributed 451.19 billion yuan, accounting for 17.5% of the total [3] Group 4: Trade Partners and Enterprises - Shenzhen's trade with major partners such as Hong Kong, Taiwan, the EU, South Korea, and Japan grew by 10%, totaling 1.22 trillion yuan, which represents 47.2% of the total trade [3] - The ASEAN region remains Shenzhen's largest trading partner, with trade with Central Asian countries increasing by 18.8% [3] - The number of foreign trade enterprises in Shenzhen reached a historical high of 49,000, with private enterprises accounting for nearly 70% of the total import and export value [4]

Core Viewpoint - The implementation of the global tariff policy by the Trump administration marks a significant shift in U.S. trade policy, leading to widespread implications for global trade dynamics and economic conditions [1][6]. Group 1: Impact on Specific Countries - Brazil faces severe consequences with tariffs as high as 50%, leading to a drastic reduction in orders for export-oriented factories [3][5]. - India's traditional export sectors, such as textiles and jewelry, are also under pressure as tariffs approach 50%, prompting companies to reassess their global market strategies [3][11]. - Southeast Asian countries like Thailand and Indonesia are subjected to a 19% tariff, negatively impacting their agricultural and manufacturing sectors, particularly affecting Thailand's fruit exports [3][5]. Group 2: Reactions from Affected Countries - Many countries are sending delegations to negotiate tariff exemptions, with Brazil's orange juice industry successfully obtaining a waiver, allowing continued access to the U.S. market [7][10]. - Chile's copper industry has also secured special exemptions, leading to a rise in market confidence and stock prices for copper companies [7]. - Japan and South Korea are actively negotiating to protect their automotive and electronic sectors, with Japan particularly focused on the timing of reduced tariffs on cars [9][11]. Group 3: Broader Economic Implications - The average effective tariff rate in the U.S. has surged to its highest level in nearly a century, indicating a major shift in trade policy that could lead to increased consumer prices and a rise in protectionism globally [5][6]. - The uncertainty surrounding the U.S. tariff policy is prompting multinational companies to reevaluate their global supply chains, with some considering relocating production to other regions [12][14]. - The potential for a restructuring of global supply chains may lead to market volatility and economic disruptions in the short term, particularly affecting Southeast Asian economies that are integral to the electronics supply chain [14].

Core Viewpoint - Japan's GDP for the April to June period shows a seasonally adjusted growth of 0.3% quarter-on-quarter, translating to an annualized growth rate of 1.0%, marking five consecutive quarters of growth [2][5]. Group 1: Economic Indicators - The actual GDP growth exceeded the median forecast of 0.3%, with personal consumption contributing to a 0.2% increase, consistent with the previous quarter [4]. - Equipment investment rose by 1.3%, particularly in software, while public investment decreased by 0.5% and government consumption remained flat [4]. - Exports grew by 2.0%, driven by increases in electronic components and equipment, while imports rose by 0.6%, primarily due to higher oil and natural gas imports [4]. Group 2: Contributions to GDP Growth - Domestic demand contributed negatively by 0.1 percentage points, marking a return to negative contributions after two quarters, largely due to inventory effects [5]. - External demand contributed positively by 0.3 percentage points, indicating a stronger performance in exports compared to imports [5]. - The revised GDP growth for January to March was adjusted to a positive 0.1%, transitioning from a previously reported negative growth [5].

Group 1 - The U.S. has implemented tariffs on several trade partners, leading to a downward revision of Japan's GDP growth forecast for 2025 to 0.7%, a decrease of 0.5 percentage points from earlier estimates [1] - Japanese automotive companies, including Toyota, are facing significant profit reductions due to the tariffs, with an expected combined operating profit drop of approximately 2.67 trillion yen (about 130.2 billion RMB) for the 2025 fiscal year [2] - Subaru anticipates a 52.7% decrease in net profit for the 2025 fiscal year, projecting a drop to 160 billion yen (approximately 7.8 billion RMB) [2] Group 2 - Japanese electronic component manufacturers are also experiencing profit declines, with a 24% reduction in net profit to 183.9 billion yen (around 8.9 billion RMB) for the April to June 2025 period [2] - The uncertainty from U.S. tariff policies is causing Japanese companies to lower their growth expectations and reduce investments [3] - Japan's inflation remains a concern, with rising food prices and an upward revision of inflation forecasts for 2026 and 2027, despite the Bank of Japan maintaining current interest rates [3] Group 3 - Japan is actively seeking to expand exports, including efforts to restore imports of Japanese agricultural products by South Korea [4] - The Japanese government plans to overhaul its rice policy starting in 2027, which may positively impact the economy if implemented effectively [4] - Toyota is advancing technological innovation with the upcoming launch of "Woven City," aimed at testing autonomous driving technologies and fostering collaboration across industries [4]

Group 1 - The U.S. has implemented tariffs on several trade partners, leading to a downward revision of Japan's GDP growth forecast for 2025 to 0.7%, a decrease of 0.5 percentage points from earlier estimates [1] - Japanese automotive companies, including Toyota, are facing significant profit reductions, with a projected combined operating profit decline of approximately 2.67 trillion yen (about 130.2 billion RMB) for the 2025 fiscal year [2] - Subaru anticipates a 52.7% decrease in net profit for the 2025 fiscal year, projecting a drop to 160 billion yen (approximately 7.8 billion RMB) [2] Group 2 - Japanese electronic component manufacturers reported a 24% decrease in net profit, totaling 183.9 billion yen (around 8.9 billion RMB) for the April to June 2025 period [2] - The uncertainty from U.S. tariff policies is causing Japanese companies to reduce export expectations and investment, contributing to a cautious outlook on growth [3] - The Japanese government is seeking to expand exports, including efforts to restore imports of Japanese agricultural products by South Korea [4] Group 3 - Japan's central and local government fiscal deficit for 2025 is estimated at 3.2 trillion yen (approximately 156 billion RMB), which is an improvement from the previous estimate of 4.5 trillion yen [3] - Toyota is advancing technological innovation with the upcoming launch of "Woven City," aimed at testing autonomous driving technologies and fostering collaboration with other industries [4] - The Japanese government is facing internal policy debates on how to mitigate the impacts of U.S. tariffs, control inflation, and manage interest rate adjustments [4]

Group 1 - The U.S. is set to announce the results of the semiconductor investigation under Section 232 and the final tariff measures, with significant implications for Taiwanese companies [1] - Taiwanese companies' sales to the U.S. reached NT$7.71 trillion, accounting for 17.3% of total revenue, indicating a potential impact of high tariffs on nearly 20% of revenue capacity [1] - The most affected sectors are the export-oriented electronics industry and its supply chain, which are viewed as the "hardest hit" by the upcoming tariff measures [1] Group 2 - The top five listed industries with high sales to the U.S. include computers and peripherals, semiconductors, other electronics, electronic components, and communication networks, totaling 351 companies with sales of NT$7.29 trillion, approximately 16% of total revenue [1] - The three largest listed companies in the affected sectors have sales to the U.S. exceeding NT$20 billion, indicating they will be the first to feel the impact [1] - Companies are taking various countermeasures, including adjusting production bases, restructuring supply chains, and modifying pricing strategies to mitigate the effects of the tariffs [1] Group 3 - A financial industry executive highlighted that the key issue with Section 232 is not just the tax rate but also the scope and principles of taxation [2] - If the U.S. adopts an "origin-based taxation" approach, Taiwanese chips assembled in third countries could still face tariffs, extending the impact to end-user markets like laptops and smartphones [2]

Core Viewpoint - The article discusses a case of potential bribery involving state officials and private companies, highlighting the complexities of identifying corrupt practices disguised as legitimate transactions [1][4]. Basic Case Facts - A state employee, referred to as A, was involved in facilitating the IPO of a private company, B, through his relative, C, who was the legal representative of another private company [2]. - B's actual controller approached C to leverage A's position to expedite the IPO process, leading to a series of actions that benefited B [2]. Key Events - In June 2013, as B was preparing for its IPO, the controller of B promised to gift shares to C as a thank-you for the assistance provided by A and C [3]. - C made a nominal investment of 540,000 yuan for shares valued significantly higher at the time of the IPO, with the understanding that there would be no risk involved [3]. Diverging Opinions - Three differing opinions exist regarding the classification of A and C's actions, ranging from not constituting bribery to being classified as joint bribery due to the nature of the transactions [4][5][6]. Analysis of Opinions - The third opinion, which views the actions of A and C as a form of bribery, is supported by the argument that C's investment was merely a facade for receiving substantial profits from the IPO [7][8]. - The nature of C's investment and the subsequent profits are analyzed, indicating that the transaction was not a legitimate investment but rather a means to facilitate a corrupt exchange [9][10]. Conclusion on Criminality - A and C are deemed to have committed joint bribery, as A utilized his position to benefit B, while C received shares under the guise of investment, ultimately profiting significantly from the IPO [11][12][13]. - The total amount of bribes is suggested to be the entire profit C received from the shares, amounting to 26 million yuan, rather than just the nominal investment [14][15][16].