新华财经东京11月19日电（记者刘春燕）由于日本首相高市早苗力推积极财政政策并主张货币政策应保 持宽松，市场对日本财政状况恶化的忧虑不断上升，日本最近两日连续遭遇股债汇"三杀"。 截至19日，东京股市两大股指连续4个交易日下跌，日经股指累计跌去2700多点。由于投资者担心中日 关系恶化，不仅百货、运输、酒店等与入境消费关系密切的行业股票大跌，一些在倚重中国市场的公司 也因业绩变得不透明遭到投资者抛售。此外，由于纽约股市近日频繁调整，三大股指多次全面下跌，很 多投资者选择获利了结、离场观望。 在东京债券市场，高市早苗上台以来，投资者对日本政府财政恶化的忧虑不断加深，各种期限的长期国 债普遍遭到投资者抛售，导致长债价格下跌、收益率不断上扬，接连突破历史高点。19日，由于投资者 购债意欲低下，作为长期利率指标的新发10年期国债收益率一度升至1.775%，创下2008年6月以来的最 高。 在东京外汇市场，10月3日日元对美元汇率还徘徊于1美元兑147日元区间，其后随着高市当选日本自民 党总裁并进而当选日本首相，日元重新进入下降通道，不断走软。近日，由于此间媒体纷纷报道日本政 府拟推出大规模财政刺激计划，市场对政府增发 ...

Group 1 - Japanese Prime Minister Kishi Nobuo's statement regarding Taiwan has triggered significant market reactions, leading to a sharp sell-off in tourism, retail, and airline stocks in Japan [1][5] - The Nikkei 225 index and the Tokyo Stock Exchange index both fell by 0.6% on the morning of November 17, with tourism-related stocks experiencing even greater declines [3][4] - Major companies such as Mitsukoshi Isetan and Takashimaya saw stock drops of 10.64% and 6.29% respectively, while Oriental Land Company, operator of Tokyo Disneyland, fell by approximately 5% [4] Group 2 - The source of the market turmoil can be traced back to Prime Minister Kishi's remarks on November 7, which suggested that a crisis in Taiwan could lead to Japan exercising collective self-defense [4][5] - The Chinese government issued travel warnings to its citizens, indicating a rise in crimes against Chinese nationals in Japan, which further exacerbated the situation [5] - The importance of Chinese tourists to Japan's economy is highlighted, with nearly 20% of international visitors to Japan in 2024 expected to come from China, contributing significantly to sectors like cosmetics and retail [5][6] Group 3 - Analysts predict that the Chinese government's travel warnings could lead to a decrease in Japan's tourism revenue by approximately 2.2 trillion yen, impacting Japan's GDP by 0.36% [5] - Japan's economy is already facing challenges, as indicated by a 1.8% decline in GDP in the third quarter, marking the first negative growth in six quarters [5]

Core Viewpoint - The company is actively exploring diversification around its main business, particularly in cross-border e-commerce, which is still in the exploratory phase and has not yet developed into a stable and mature business [2] Group 1 - The company responded to investor inquiries on November 18, indicating its focus on diversifying its operations [2] - The cross-border e-commerce business is currently in the exploration stage and lacks a stable business model [2]

来源：余丰慧 当地时间11月18日，日经225指数击穿49000点关口，盘中最大跌幅超2%，单日下跌超1000点，东证指数同步跌近1.5%。这场暴跌绝非偶然，而是 高市内阁激进政策引发的政治风险，叠加经济基本面疲软与外部市场波动，形成的金融市场共振。其影响贯穿股市、汇市、债市，最终成本由全 体投资者直接承担，背后折射出新兴市场危机理论与风险定价模型的现实映射。 债市则呈现收益率上行的反向波动，30年期日本国债收益率单日上升2.5个基点至3.280%。这一变化违背传统宽松周期逻辑，核心是市场对财政可 持续性的信心动摇。高市内阁的激进政策推高地缘政治风险，投资者要求更高风险溢价补偿，导致国债需求下降、收益率上行。而日本政府庞大 的经济刺激计划将进一步扩大债务规模，当前日本政府债务率已处于全球前列，收益率上行将直接增加财政付息成本，形成"债务-利率"的负面螺 旋。 从代价承担来看，投资者成为直接受损者。股市投资者面临市值缩水，旅游消费板块股东单日浮亏规模达数千亿日元；汇市中，持有日元资产的 海外投资者遭遇汇率损失，本土投资者海外购买力同步下降；债市投资者则因债券价格与收益率反向变动，面临账面亏损。这符合风险定价理 ...

由于投资者担心中日关系恶化长期化，三越伊势丹百货、高岛屋、大丸松坂屋百货母公司、日本航空、 全日空、帝国饭店等与旅游相关股票大多继续下跌。对中国游客消费依赖度较高的资生堂继昨天收盘下 跌9%后今天收盘再跌2.89%。 至收盘时，日经指数下跌1620.93点，收于48702.98点；东证指数下跌96.43点，收于3251.10点。 从板块来看，东京证券交易所33个行业板块全部下跌，有色金属、电气产品、机械等板块领跌。 记者：刘春燕 日本东京股市两大股指18日连续第3个交易日下跌。日经225种股票平均价格指数收盘下跌3.22%，东京 证券交易所股票价格指数下跌2.88%。 受隔夜纽约股市三大股指全面下跌及投资者对中日关系恶化的担忧上升等因素影响，东京股市两大股指 18日早盘跳空低开。日经225种股票平均价格指数盘中一度下跌3.3%。当天，软银集团、爱德万测试、 东京电子等三大科技股明显下跌。 责任编辑：刘万里 SF014 ...

新华社东京11月18日电（记者刘春燕）日本东京股市两大股指18日连续第3个交易日下跌。日经225种股 票平均价格指数收盘下跌3.22%，东京证券交易所股票价格指数下跌2.88%。 受隔夜纽约股市三大股指全面下跌及投资者对中日关系恶化的担忧上升等因素影响，东京股市两大股指 18日早盘跳空低开。日经225种股票平均价格指数盘中一度下跌3.3%。当天，软银集团、爱德万测试、 东京电子等三大科技股明显下跌。 由于投资者担心中日关系恶化长期化，三越伊势丹百货、高岛屋、大丸松坂屋百货母公司、日本航空、 全日空、帝国饭店等与旅游相关股票大多继续下跌。对中国游客消费依赖度较高的资生堂继昨天收盘下 跌9%后今天收盘再跌2.89%。 至收盘时，日经指数下跌1620.93点，收于48702.98点；东证指数下跌96.43点，收于3251.10点。 从板块来看，东京证券交易所33个行业板块全部下跌，有色金属、电气产品、机械等板块领跌。 （文章来源：新华社） ...

Group 1: AI and Digital Marketing - Company is developing OrangeGPT, an AI training and big data analysis platform that integrates RAG technology and industry marketing knowledge, capable of multimodal generation including text and image [2] - FastMai Xiaozhi, a subsidiary, has integrated and supports DeepSeek; the company has also opened public testing for its intelligent agent [2] - Company has established strong partnerships in digital marketing with platforms like Douyin, Xiaohongshu, and Bilibili, accumulating a large number of quality clients [2] Group 2: Semiconductor and Storage - Company focuses on semiconductor storage products, primarily NAND and DRAM, with a subsidiary that has products applicable in data centers [2] - Company is involved in the lithium resource extraction and recycling business, with projects in Tibet and Argentina, and has completed a lithium carbonate production line with an annual capacity of 2,000 tons [3] Group 3: Consumer Goods and Retail - Company is a leading domestic men's pants brand located in Xiamen, Fujian, and has seen significant stock performance with five consecutive trading limits [3] - Company operates in the daily ceramic products sector and has also experienced a strong stock performance with three consecutive trading limits [3] Group 4: Strategic Acquisitions and Investments - Company plans to acquire Tianyi Chemical, a leader in brominated flame retardants [4] - Company intends to invest up to 540 million in acquiring Kuixin Technology, expanding into the semiconductor sector [4] - Company is involved in the natural gas business and plans to purchase related assets from its controlling shareholder [4] Group 5: Free Trade and Economic Development - High-standard construction of Hainan Free Trade Port is underway, with a closure set to start on December 18 [5] - Company has significant land holdings in Hainan for industrial use, focusing on non-woven fabric products [5] Group 6: Robotics and Automation - Company specializes in intelligent control valves, essential for industrial internet and IoT applications [4] - Company is developing intelligent cockpit and assisted driving products, with several features already implemented [5]

Core Viewpoint - The Chinese Ministry of Culture and Tourism has advised tourists to avoid traveling to Japan, leading to a significant number of cancellations and changes in travel plans [3][4]. Group 1: Impact on Travel Industry - Many travel agencies have started removing promotional materials related to Japan and are actively coordinating refunds for travelers [3][4]. - There is an anticipated decline in flight and hotel prices for Japan, with expectations that Japan will drop out of the top outbound travel destinations for the upcoming New Year and Spring Festival [3][4]. - Data from Qunar indicates that South Korea has become the most popular outbound travel destination, with a notable increase in searches for Southeast Asian countries like Thailand, Malaysia, and Singapore [4]. Group 2: Visitor Statistics and Economic Impact - According to the Japan National Tourism Organization, the number of visitors from mainland China to Japan was projected to exceed 6.98 million in 2024, marking a 187.9% increase year-on-year [5]. - Chinese tourists accounted for approximately 20%-25% of total visitors to Japan in the first ten months of 2024, with spending reaching 1.73 trillion yen, making them the largest group of foreign spenders [5]. - The reduction in Chinese tourists is expected to negatively impact Japan's tourism and consumer sectors, with stock prices of several Japanese companies, including Japan Airlines and Shiseido, experiencing declines [6].

Group 1 - The Chinese Ministry of Culture and Tourism has advised tourists to avoid traveling to Japan, leading to a significant number of cancellations and changes in travel plans [1][2] - Major travel agencies have begun removing promotional materials for Japan travel, and there is an expectation of a substantial drop in flight and hotel prices for Japan [1][2] - South Korea has emerged as the top outbound travel destination, with a notable increase in bookings for Southeast Asian countries such as Thailand, Malaysia, and Singapore [2] Group 2 - The Japan National Tourism Organization (JNTO) reported that the number of visitors from mainland China to Japan is projected to exceed 6.98 million in 2024, marking a year-on-year increase of 187.9% [3] - Chinese tourists accounted for approximately 20%-25% of total visitors to Japan in the first ten months of the year, with their spending reaching 1.73 trillion yen, making them the largest group of foreign spenders [3] - The decline in Chinese tourists is expected to negatively impact various sectors in Japan, including tourism, cosmetics, and retail, with stock prices of companies like Japan Airlines and Shiseido already experiencing declines [4]

Group 1 - The Nikkei 225 index in Japan experienced a significant decline, dropping over 1000 points during early trading on November 18 [1] - The decline was influenced by the drop in technology stocks and concerns regarding the economic outlook of the United States, with the index falling more than 2% at one point [3] - Notable individual stock performances included Sumitomo Electric Industries and Fujikura, which both fell over 7%, while SoftBank Group dropped nearly 6%, LASERTEC Semiconductor fell over 5%, and Nippon Steel declined over 4% [3] Group 2 - The previous day, the Nikkei 225 index closed down 0.1% and had also seen a decline of over 1% during trading, with sectors such as department stores, transportation, and tourism-related stocks facing significant sell-offs [3]