Hi, everyone.
大家好 Welcome to Ben's Japanese Talks.
歡迎回到「Ben桑日本漫談」 Let's know more about this country.
一起品味日本 I did an episode about the Mitsui Group,
之前做過一集三井集團 not long after whose release
上片後沒多久 Warren Buffett made his high-profile visit to Japan.
剛好遇到股神巴菲特高調訪問日本 and added his investment in Japan's five leading trading houses.
加碼投資五大商社 Many viewers leave a comment or DM me,
很多朋友就留言或私訊我 asking for another episode about the five giants.
希望我講一集五大商社 Speaking of them,
說到五大商社 they are actually my close clients
其實它們是我之前在PwC的時候 when I worked for PwC.
合作最密切的客戶 Once at 2 a.m.,
在凌晨2點半 I received a phone call from Marubeni,
我還接過丸紅的擔當的電話 wanting to discuss details of financial models with me.
討論財務模型的細節 Though trading houses are famous in Japan,
不過雖然商社在日本大名鼎鼎 many Taiwanese may be unfamiliar with them.
但對很多台灣人來說應該有點陌生 The name "trading house" does not represent
在英文商社叫Trading House the uniqueness of their business,
但因為商社的業務實在太特殊 so I prefer the name "comprehensive trading house"
所以乾脆就用日文的發音寫成「総合商社」 to avoid misunderstanding.
避免翻譯失真 There are many YouTube videos introducing the five giants.
YouTube上有很多介紹五大商社的影片 But it seems to me that none has explained clearly.
但感覺都沒有徹底梳理乾淨 So, I want to
所以我立志 make this video the clearest
把這支影片做成全網最清晰 and the most informative on the internet.
也最有含金量的內容 Why did Warren Buffett increase his investment
究竟讓股神巴菲特高調加碼 in the lucrative five giants in a high-profile manner?
賺得鉢滿盆滿的五大商社 What is the five giants' daily routine?
它們每天都在做什麼 Why are they so large and successful?
還有為什麼它們這麼強大 And most importantly, are there any opportunities for us
最重要的是它們投資的未來裡面 in their future business?
有沒有我們也可以注意的商機 In the final years of the Tokugawa Bakufu,
德川幕府統治的末年 in the face of western countries' modern fleets and weapons.
面對西洋的現代化船堅砲利 The Tokugawa Bakufu, the same as the Qing government,
那時候幕府也跟大清帝國一樣 was chaotic.
整組亂糟糟 The Japanese patriots with lofty ideas
日本各地的有志之士很怕日本 were afraid that Japan would perish under the Tokugawa Bakufu.
被幕府帶向亡國 So, they tried to topple the government,
所以各地的志士尋求推翻幕府 a historical event known as the overthrow of the Tokugawa Bakufu.
又稱「倒幕」 Now, some of you may be confused.
聽到這裡大家應該一頭霧水 What does that have anything to do with today's discussion on trading houses?
這跟我們今天講商社有什麼關係 They are actually connected.
還真的有 It is alleged that Sakamoto Ryōma, one of the patriots,
據說最早的商社就是倒幕志士 founded the first trading houses.
坂本龍馬所創立 The houses mainly served as supply handlers and trade agents,
以物資搬運跟貿易仲介為主 importing foreign military supplies to Satsuma han and Chōshū han
向薩摩藩和長州藩輸入販賣外國的軍備 Let's think about what Japan was like back then.
我們一起來想想當時的日本 After over 200 years of self-seclusion under the Tokugawa Bakufu,
在經過幕府200多年的鎖國 the Japanese couldn't freely
日本人不能自由的到海外 go overseas or conduct trade.
不能夠自由貿易 Faced with western countries' modern fleets and weapons
但西洋的船堅砲利來了 and after Tokugawa Bakufu returned its power,
幕府倒了「大政奉還」以後 the only goal of the Meiji Restoration
明治維新就只有一個目標 is to develop the country and its military strength,
富國強兵 learning from the West.
一切西化 At that time, how could Japan,
當時日本這樣一個沒有技術 without technologies and resources,
沒有資源的小國 surpass the U.S. and European countries?
怎樣快速追趕歐美列強呢 One of the key state policies is to prop up trading houses.
其中一個關鍵的國策就是扶植商社 Honestly, it's not possible
畢竟鎖國200多年 for all Japanese
一下子 to be able to communicate with foreigners
要所有的日本人都能夠跟外國人交流 in a short time.
那怎麼可能 But it is feasible to prop up trading houses
但培育商社 and let some people learn
讓一部分的人學習 advanced technologies from foreigners,
跟引進外國的先進技術 ensuring important resources all over the world
在世界各地確保重要的資源 and even exploring markets
甚至為日本的製品開拓市場 for Made in Japan products.
那還是做得到的 Against such a backdrop,
所以就在這樣的時空背景下 trading houses became bridges between Japan and the wider world.
商社就變成日本在全世界的觸手 If you know their historical origins well,
瞭解了歷史的淵源就知道 you'll understand that trading houses' basic business is trade,
商社最根本的生意就是交易 and they profit from margins.
買進賣出賺取中間的margin（利潤） Let's think about this: if we want to have margins,
我們來想一下如果要做好買進賣出 what are the keys?
什麼會是關鍵 The first is massive information.
第一個就是綿密的情報力 Some may say that
有人可能會說 information is accessible in this age,
這個時代不是什麼事 just looking up on the internet.
上網查一下就知道了嗎 It's actually not true.
還真的未必知道 For example, the boss tells you that
比方說今天突然老闆跟你說哎 the company needs to import 1,000 tons of coal next month.
下個月幫公司進1,000噸的石炭（煤） If the company hasn't conducted any coal business,
如果公司先前也沒有買過 then the right sources alone
那一般人光是要找到對的管道 may cost a lot.
這個搜尋成本就非常巨大了 You know there are many kinds of coal,
大家知道石炭還有分好多種類 like nthracite, bituminous coal, and lignite.
無煙炭 瀝青炭 褐炭 So, you have to figure out which kind is needed,
到底要進的是哪一種 how to find reliable sources,
怎麼找到可信賴的貨源 which company in which country can provide such sources,
在哪個國家哪個公司 and what is the minimum quantity sold at one time?
一次最少要買多少量 Trading houses need to ensure that
商社要確保的 quality coal is obtained from the source company at a reasonable price
就是在資源端可以拿到物美價廉 and can be easily sold.
可以賣得掉的石炭權益 If trading houses don't understand how agents work
如果不懂仲介的 or different languages
貨物沒有辦法跨越不同 and business habits,
語言跟商業習慣的牆壁 then the deal can't be made.
那就不可能做這個生意 So, if employers of trading houses want to get promoted,
所以商社人的「出世コース」（晉升管道） they have to live overseas for a period of time,
有一段期間一定是在海外駐在 to have personal experience with local companies,
實際在海外瞭解當地的廠商 to expand different kinds of business on behalf of the company,
代表公司拓展各種的業務 and to gather precious information.
搜集珍貴的情報 By doing so,
然後在客戶端 they can understand their clients' needs
特別是像這種資源類型的 and maintain long-term relationships.
基本上都是既有的客戶 Such activities are essential for trading houses.
了解他們的需求 This is especially true for business involving source search,
經營長期關係 because the clients usually have regular needs.
這也是商社的命脈 I just mentioned that from the source to the client,
剛說到從資源端到客戶端 many agreements need to be signed,
簽訂各種契約 together with negotiating with logistics providers.
搭配全球的物流業者 So, the second key
所以商社的第二個重要能力 is the ability to coordinate.
就是統合能力 Don't underestimate this ability.
大家千萬不要小看這個統合能力 Most of the clients in want of sources
剛剛說這些資源類型的客戶 are big, regular clients,
基本上都是既有的大客戶 like steelworks.
比方說像鋼鐵廠 Why don't they find coal suppliers themselves
這些鋼鐵廠為什麼不繞過商社 instead of commissioning trading houses?
自己去找石炭供應商來進貨呢 Are they gullible?
難道這些鋼鐵廠都是「盤子」嗎 Why do they give commission to trading houses willingly?
傻傻的被商社抽margin It's all about the value of trading houses.
其實這正是商社的價值 The commission they take
這些商社拿走的margin is lower than the steelworks' expenditure
遠比這些鋼鐵廠自己組一組團隊 of organizing their own source-search groups.
來做這些事情的成本還要低 Besides, trading houses can ensure that
而且商社又能夠確保整個過程 the whole process is smooth and successful.
可以圓滑順利 So, such clients commission trading houses
所以這些客戶才會一次次的 again and again.
跟商社做交易 Based on the trade mentioned before,
那在剛剛說的交易的基礎上 how to deepen relationships
如何再進一步深化和供應商 with suppliers and clients?
客戶之間的關係呢 You know, in business,
大家知道做生意嘛 there's always a need for capital.
總是會有資金的需求 For example, in the face of a capital shortage
比方說現金短缺啊 or a need for capital to expand business.
或者是需要更多的資金來開拓業務 This is when trading houses casually mention that
這時候啊上市就可以在耳邊吹吹風 they have cash,
哎我這裡有一批現金 and just call them if needed.
需要的話打這支電話 In this way,
就這樣 trading houses expand their business vertically
商社慢慢的把觸手向上向下延伸 and even horizontally
甚至橫向延伸 to other industries,
跨入不同的產業 from raw material manufacturing to circulation and selling
從原料加工製造到流通販賣 and even to after service.
甚至到After Service（售後服務） Step by step, they form a massive network,
慢慢的構築出一個包羅萬象的大網 which in the business world is a complete "value chain."
以商業術語來說構築完整的Value Chain (價值鏈) This is what we usually call a "comprehensive trading house."
這也是我們常常聽到的「総合商社」 Imagine that
大家想想看 we combine the two activities mentioned before,
如果我們把剛剛說的兩股力量 trade and investment.
交易跟投資結合起來 How powerful trading houses are!
那商社真的是可怕的讓人起雞皮疙瘩 And don't forget that
而且不要忘記 behind big trading houses
幾個大商社的背後 are big financial groups.
還有一整個財閥企業的力量 For example, we want to invest in a plant,
比方說我們現在想投資一個工廠 trading houses can arrange anything from raw materials
商社可以幫忙把所有的原物料 to wrapping and to production equipment and supporting plants.
從原料到包材還有生產設備、協力廠 They can also lend us capital.
還可以提供資金的來源 After the products are completed,
商品做出來以後 trading companies can introduce logistics providers,
商社可以幫忙介紹物流 or even offer to use their own logistics provider.
甚至串到它們的通路去販賣 More importantly,
更可怕的 they can provide information and vision,
商社還可以提供 which is the most needed
經營者做經營判斷的時候 for companies when making judgments.
最需要的情報和視野 For example, market analysis,
比方說像市場分析 directions of competitors in the industry,
行業競合他社的動向 or even the latest technologies and development trends
甚至世界各國領先企業的 of world-leading companies in the industry.
最新技術和發展方向 No matter if I want to sell products in Vietnam
假設我今天想要把商品賣到越南 or Argentina,
還是阿根廷 there's nothing to worry about,
完全不用擔心 because trading houses have good connections locally.
因為商社在當地也有深耕的據點 Trading houses can help
要找當地的合作夥伴 you find local partners.
商社有 If you want to set up companies there,
要開公司 they can introduce accountants and consultants to you.
商社可以介紹會計師、顧問 Or, if you need capital,
需要資金 which is a piece of cake,
沒問題 because they can offer capital themselves,
看是要商社出還是商社來介紹 or recommend local banks to you.
當地的銀行 Trading companies can also help you with
要蓋工廠、要原料設備、要販賣網絡 plant construction, raw materials, equipment, and internet.
這些商社通通有 So, for a plant supported by trading companies
所以大家想想看 and an independent plant
如果商社支持的工廠 without any support,
和一個孤島般的工廠 which is more likely to succeed?
哪一個成功的幾率會比較高呢 In 2021, the five giants reported total revenue of 55.3 trillion yen.
五大商社2021年的整體營收是55.3兆日圓 In 2022, the figure was 68.5 trillion yen,
2022年的整體營收是68.5兆日圓 an increase of nearly 20% over one year.
這一年增加了將近20% The Japanese media used the title of
日本媒體下了一個標題 "A huge victory for Buffett
「巴菲特的大勝利 and trading houses'
商社空前絕後的大增益 unprecedented profit and dividend increase.
跟增加配息」 This shows
現在螢幕上顯示的 respective revenue and gross profit
是根據最新的財報資料 of the five giants,
五大商社2021年到2022年的營業收入 based on the latest financial reports.
和純利益 By gross profit,
如果按照純利益的排名 Mitsubishi Corporation ranked first,
最大的是三菱商事 followed by Mitsui & Co., Ltd., Itochu Corporation, Marubeni,
三井物產、伊藤忠商事、丸紅 and Sumitomo Corporation.
還有住友商事 Next, I'll introduce these trading houses, one minute each.
以下我們會用一分鐘來介紹一個商社 We know that Buffett focuses on long-term value
大家知道巴菲特的投資心法 when it comes to investment.
很注意長期持有和價值投資 So, apart from the five giants' current advantages,
所以除了五大商社現在的強項 I also present their
我還特別整理出這些商社的 mid-term operation strategies.
中期經營戰略 I don't mean you should buy their stocks now,
不是說叫大家馬上去買商社的股票 Instead, we can ponder whether we can find
而是我們可以從它們對未來的佈局 business opportunities in their future plans,
思考我們個人 as individuals or companies we represent.
或是企業未來可以著力的機會 Behind Mitsubishi Corporation
三菱商事背後 is Mitsubishi Group,
站著是日本的三大財閥之一 one of the three biggest financial groups in Japan.
三菱集團 The group has a marvelous history,
關於三菱集團裡面太精彩了 which I'll make an episode to explain in the future.
所以日後會專門做一集講解 Today we focus on Mitsubishi Corporation,
今天先聚焦三菱商事 which balances sourcing and non-sourcing business well.
三菱商事是少數資源跟非資源 This is rare among trading houses.
取得良好平衡的商社 In terms of the sourcing business,
資源的強項有三個 it mainly deals with Australian coal,
主要是澳洲的石炭 liquefied natural gas,
液化天然氣 and bronze.
還有銅的事業 As for non-sourcing business,
非資源類 the corporation is in the charge of
三菱商事持有 three Japanese supermarket giants.
日本超商的三大巨頭 The first is LAWSON, which has nearly 15,000 stores.
有將近15,000家店鋪的LAWSON The second is LIFE,
還有在首都圈 which has 300 stores in the capital city and its surrounding areas.
近畿地區有300家門市的LIFE超市 The third, CERMAQ from Norway, may be unfamiliar to many.
另外比較少人知道的挪威的CERMAQ It is a subsidiary of Mitsubishi Corporation,
也是三菱商事的子公司 and the largest salmon farming company in the world.
也是世界上最大的鮭魚養殖企業 As far as future investment is concerned,
對於未來的投資 Mitsubishi Corporation has recently released an operation plan,
三菱商事近期發表的經營計劃 revealing that 3 trillion yen will be invested in three fields.
以3兆日圓的規模投資以下三個領域 1 trillion yen goes to basic business, including coal and automobiles,
1兆日圓強化營收的基本盤 to increase revenue.
包括石炭（煤）、自動車 1.2 trillion yen goes to the emerging EX business.
1.2兆日圓投資新興的EX事業 EX refers to energy transformation,
EX指的是Energy Transformation能源轉型 including renewable energy,
包括可再生能源 next-generation energy,
次世代能源 natural gas,
天然瓦斯 and bronze.
還有銅 The remaining 0.8 trillion yen goes to the DX business.
0.8兆日圓 DX refers to
將投資在DX事業Digital Transformation digital transformation.
數位轉型 The fields of AI, IoT,
強化AI、IoT blockchain, and integrated urban development will be boosted.
還有Blockchain和複合都市開發領域 Mitsubishi Corporation, with over 80,000 employers,
三菱商事有超過8萬名員工 is headquartered in Marunouchi, Tokyo.
總部在東京的丸之內 I made an episode about the Mitsui Group before.
三井之前我們有做過一集專門的介紹 Mitsui & Co., Ltd., founded in 1876,
而三井物產就是1876年 was funded by the then Mitsui tycoons.
舊的三井財閥支持下成立的 It mainly works in the metal business and natural resources,
三井物產的金屬資源是最強的 from which half of its profit originates.
利潤超過一半來自金屬和資源 The major products include Australian iron ore,
主要是澳洲的鐵礦石 liquefied natural gas,
LNG（液化天然氣） coal,
還有石炭 and bronze.
和銅是大宗 Speaking of non-energy fields,
在非能源領域 the Mitsui Group mainly invests in food
三井集團投資在食品 and healthcare in the Asia-Pacific region.
亞太地區的醫療保健事業為主 Mitsui & Co., Ltd.'s mid-term operation plan comprises three parts.
三井物產的中期經營計劃有三個主軸 The first is energy solution.
第一個 Energy Solution (能源解決方案) It plans to invest in natural gas,
投資天然氣 infrastructure, renewable energy,
社會基礎建設、可再生能源 and addressing climate change.
還有應對氣候變遷的事業 The second is healthcare nutrition.
第二個 Healthcare Nutrition (醫療保健和營養) Mitsui & Co., Ltd. plans to increase its investment in IHH,
強化之前投資的IHH IHH, headquartered in Malaysia,
總部在馬來西亞 is the largest private healthcare provider in Asia.
亞洲最大的民間醫療企業 With the help of big data,
結合大數據的應用 Mitsui & Co., Ltd. plants to increase its investment in healthcare products.
增加投資醫療保健產品 The third is Market Asia.
第三個 Market Asia（亞洲市場） Mitsui & Co., Ltd. plans to cooperate with CT Corp, a big financial group in Indonesia.
和印尼有力的財閥CT Corp合作 By releasing corporation bonds,
以公司債的方式 they plan to become strategic cooperation partners.
使雙方成為戰略合作夥伴 Hopefully, with Asia growing rapidly,
希望透過亞洲的高速成長 such cooperation can increase revenue
轉化成新的營收支柱 and expand business into a wider group of Asian consumers.
經營更廣泛的亞洲消費者生活圈 Mitsui & Co., Ltd., with 45,000 employers,
三井物產有45,000名員工 is headquartered in Marunouchi, Tokyo.
總部在東京的丸之內 Behind Sumitomo Corporation
住友商事的背後 is Sumitomo Group, one of the three biggest financial groups in Japan.
是三大財閥的住友集團 I hope I can make an episode
住友集團 about Sumitomo Group later.
希望以後可以開一集來完整介紹 From my experience cooperating with Sumitomo,
但以我之前合作的經驗 its employers are quite prudent.
住友的社風是相當的謹慎 In its own words,
用它自己的話說就是「浮利を追わず」 "We don't chase after immediate profit,"
不追逐眼前的利益 stressing long-term confirmed profit and trust.
強調長期確實的利益和信用 Among the top five trading houses in Japan,
住友在能源和非能源的配置 Sumitomo Corporation has also done a good job
也是相對的平衡 balancing sourcing and non-sourcing business.
在五大商社裡面 Its most prominent business is in
最容易讓人家注目的是Media media and digital fields.
還有Digital的事業 Sumitomo Corporation is in the charge of J:COM,
住友有日本最大 a cable TV operator
市佔率一半以上的有線電視業務 with over half of the market share.
J:COM It also possesses Jupiter Shop Channel,
還有電視購物的領導品牌 a leading brand in TV shopping.
Jupiter Shop Channel Sumitomo Corporation also actively expands its business in
還積極發展像5G相關的業務 5G related areas, digital media, and other fields.
數位媒體等相關業務 In terms of future investment,
在對未來的投資住友選擇 the corporation plans to increase investment in its strong business,
把資源放在進一步發揮現有的強項 including steel, steel pipes,
包括鋼材、鋼管 media, consumer finance, chemicals, and so on.
媒體、消費金融還有化學品等部分 It will retrieve and adjust capital by resource allocation.
透過資源配置來回收調整資金 Considering mid- and long-term market changes,
對於未來市場的中長期變化 Sumitomo Corporation will put its resources
住友會把資源放在以下的7個 in core business in the following seven areas.
「注力事業」 Its current assets are worth 4.4 trillion yen,
現有的資產規模有4.4兆日圓 including domestic real estate,
包括國內不動產 heavy machinery for civil engineering works at construction sites
建築工地土木工程需要的重型機械 leased facilities,
租賃設施 overseas communication business,
海外通訊事業 domestic healthcare business,
國內醫療企業 renewable energy,
再生能源 agricultural materials,
農業資材的販賣 and forest resources.
還有森林資源等關聯企業 Sumitomo Corporation, with 75,000 employees,
住友商事有75,000名員工 is headquartered in Tokyo,
總部在東京 It's close to Mitsubishi and Mitsui headquarters,
跟三菱還有三井的總部很近 which are in Otemachi, northern Marunouchi.
就在丸之內北邊的大手町 I discuss Itochu
伊藤忠還有丸紅 and Marubeni together on purpose.
我刻意把它們放在一起說 Many don't know
很多人不知道 originally they were the same corporation.
其實伊藤忠跟丸紅原本是同一家公司 In the late 19th century,
19世紀末 Itou Chuubei, a merchant selling hemp cloth in Shiga ken,
滋賀縣賣麻布的商人伊藤忠兵衛 saw the boom of foreign trade in Nagasaki.
在長崎親眼看到對外貿易的興盛 He was inspired and started business in Osaka.s
受到刺激後在大阪開啟了事業 By the time of World War II,
到二次世界大戰的時候 Itochu and Marubeni were the same corporation.
這兩家公司是一起的 Finally, in 1949,
最後在1949年GHQ的要求下 the corporation was split into two,
伊藤忠跟丸紅 at the behest of GHQ.
才分割成不同的公司 Though Itochu and Marubeni used to be one corporation,
不過這兩家公司雖然系出同源 they are really competitive with each other.
彼此的競爭心卻很強 People often use water and oil
外界常常用水和油 to describe their relationship.
來形容這兩家的關係 Such a relationship has changed only in recent years thanks to the efforts of their senior management.
直到近年在高層的努力下才有所改善 Different from other trading houses,
跟其他的商社不同 Itochu's revenue from non-sourcing business
伊藤忠的營收來源 is three times that from sourcing business.
非資源的純利益是資源的3倍 It mainly focuses on downstream sectors, close to the consumer end.
主要佈局在靠近消費者端的川下（下游）領域 The corporation possesses Family Mart
傘下有全家便利商店 and a wide range of consumer goods.
和多種民生消費品 Itochu also has business and financial cooperation with
伊藤忠也跟中國的中信集團 China's CITIC Group
泰國的CP集團有業務 and Thailand's CP Group.
和資本的提攜 Focusing on consumption,
以生活消費為中心 they cooperate in retail,
在零售 processed food,
加工食品 livestock,
畜牧業 grain,
穀物 clothing,
衣料 communications, medical care, and so on.
通信和醫療等領域合作 Itochu's main growth strategies are in two aspects.
主要的成長戰略放在兩個方面 The first is Market In.
第一個 Market In It plans to improve products sold in Family Mart,
鞏固全家便利商店的商品力 make the stores more convenient
利便性 and accessible to all.
親和力 By advertising,
透過廣告 financial input, and store medialization,
金融事業還有店鋪的媒體化 Itochu will expand its customer base
擴大與顧客的接點 and integrate upstream and downstream sectors.
從川下到川上的整合 It will seek help from data and DX to understand customer needs,
善用數據跟DX捕捉顧客的需求 improve product competitiveness and digital channels.
強化商品的企劃力和數位的通路 The second is sustainable development goals (SDGs).
第二個 SDGs（永續發展目標） Itochu plans to retrieve from the coal business
從石炭交易中完全退出 and focus on next-generation fuels, like hydrino and ammonia.
專注於水素和氨等次世代燃料 Through AI batteries for home use,
透過家庭用AI蓄電池 it will construct decentralized home energy platforms.
構築分散型家庭能源平台 The corporation also plans to carry out the plastic recycling business
展開塑膠回收事業 and handle water and waste materials.
以及水、廢棄物的處理 Itochu, with 115,000 employees,
伊藤忠商事有115,000名員工 is headquartered in Umeda, Osaka,
因為歷史的淵源 and Kitao Aoyama, Tokyo,
在大阪的梅田 due to historical reasons.
還有東京的北青山設有雙總部 Among the top five trading houses in Japan,
在這些商社中 Marubeni's business is probably unfamiliar
丸紅的業務可能對大部分的人 to most people, including some Japanese.
包括日本人來說都非常陌生 Different from Itochu's business focus on downstream sectors,
不同於伊藤忠在川下的展開 Marubeni mainly works in 2B business in
丸紅的主力都在川上 upstream sectors and mid-stream sectors.
到川中的2B Business It excels in
丸紅的強項 food ingredients and power infrastructure.
是食品原料跟電力基礎設施 The corporation has the largest grain trading volume in Japan,
丸紅有日本最大的穀物交易量 while also conducting business in expanded fields
還有延伸的飼料 like feeds, fertilizers, and other agricultural materials.
還有肥料的農業資材事業 Grain can be traded at 67 million tons a year in Marubeni's business.
穀物一年可以達到6,700萬噸的交易量 The corporation also accounts for 30% of the coffee market in Japan,
另外丸紅還佔了3成的日本咖啡 and 30% of the ethylene market in the world.
還有全球3成的乙烯市場 Besides, it owns Japan's largest IPP independent power producer,
丸紅還持有日本最大的IPP獨立發電廠 with the largest generating capacity in Japan.
發電容量也是全國第一 Next, let's talk about Marubeni's fiber business.
再來就是在纖維事業 Because of its relationship with Itochu, Marubeni is a key player in the fiber market.
因為和伊藤忠同源的關係非常的強勁 Though Marubeni is one of the five giants,
正因為這些事業離消費市場比較遠 its business areas mentioned before are not close to the consumer market.
所以丸紅雖然列為五大商社 That's why in Japan,
但是在日本 graduates aspiring to big brands
嚮往品牌形象的畢業生 tend to choose the trading houses supported by the three big financial groups as their first choice,
往往以三大財閥的商社為第一志願 and those interested in the consumer market
而對消費市場有興趣的 are more likely to choose Itochu.
往往會選擇伊藤忠 From my personal working experience working with Marubeni,
不過以我實際跟丸紅工作的經驗 I think its charm
我覺得丸紅的魅力 lies in its nature as a company
一如經營理念所揭露的 encouraging challenges, comments, and innovation,
是一個非常鼓勵挑戰 as stated in their operation concept.
鼓勵各種意見還有創新的公司 This year, due to its failure in massive investment,
今年因為大型的投資失利 Marubeni's mid-term plan
所以中期計劃中 focuses on capital efficiency
丸紅用很大的篇幅強調資本效率 and risk-reward efficiency.
和風險報酬效率 This is not mentioned by other trading houses.
這個也是在其他商社中沒有提到的 In the future, Marubeni will emphasize the green business,
未來丸紅將著重於綠色事業的強化 including making all its business green.
包括整體事業的綠化 The first includes
第一個 renewable energy and liquefied natural gas (LNG),
邁向脫碳素社會所需要的可再生能源 which are needed for a decarbonized society.
天然瓦斯LNG The second includes the circular economy,
第二個 強調循環經濟 water resources and biodiversity.
水資源和生物多樣性 The third is
第三個 reducing environmental burden with ICT information dissemination technology,
運用ICT資訊傳播技術降低環境負荷 including the provision of sustainable food ingredients and so on.
包括提供可持續的食品原料等 Marubeni, with 46,000 employees,
丸紅有46,000名員工 is headquartered in Otemachi, Tokyo.
總部在東京的大手町 The trading house gathers the best talents in Japan.
商社聚集了日本最優秀的人才 According to statistics from employment research institutes,
根據文化放送就職情報所的調查 Itochu has ranked first in the popular company list for Japanese graduates for four consecutive year
日本求職學生的人氣公司排行榜 in the popular company list for Japanese graduates
伊藤忠已經連續4年第一名 Other trading houses also rank high.
還有其他的商社排名也非常前面 Many on YouTube
YouTube上 say that Japan's economy is sluggish
很多人說日本的經濟已經不行了 and that the nation has no future.
日本 啊沒有未來啦 Some of them even work and live in Japan,
甚至很多是在日本工作生活的人 or are Japanese.
有一些甚至還是日本人 However, I still have faith in Japan,
不過我對日本是充滿信心的 based on
這個根據 some real investment and merger and acquisition cases
是我過去實際跟這些商社一起做的 I've done with these trading houses in the past.
投資購併案 Many of the cases I did before
當年我做的很多案子 are in unexpected small countries
在意想不到的小國家 and in unexpected business fields.
意想不到的事業 Now, I look back
現在回頭看 and realize these trading houses were planning their business layout back then.
這些商社早就在佈局未來的商機 So, not every Japanese
所以真的也不是每個日本人 has the ability and vision
都有那個能力跟視野 to understand Japan deeply.
可以深刻理解日本 Japan is a society led by big corporations,
日本是大企業領導的社會 where the country's best talents work.
大企業裡面有日本最優秀的精英 Because I used to work with those people,
因為我曾經跟他們一起工作過 I know they are the most outstanding ones
我知道這些商社的擔當 even in the world.
在全世界的範圍裡都是最優秀的人才 So, I believe
所以我也相信 these great people
這些精英 can lead Japanese society to wealth and prosperity.
可以持續帶領日本社會未來的富足繁榮 It seems that Warren Buffett agrees.
看起來啊股神巴菲特也是這樣相信的 This episode about the five trading houses is really informative,
這集的五大商社真的情報量有點多 and each line may be a cue for future wealth.
每個字可能都是未來的財富密碼 You may get confused the first time you watch.
第一次聽會有點燒腦 So the video is split into sections.
所以影片有特別分出章節 I advise you to watch more times
建議大家有興趣的章節 the sections that attract you.
可以多看個兩三次 Finally, don't forget to subscribe and activate the notification reminder
最後要記得訂閱和開啟小鈴鐺 to get more valuable information.
吸收更多有價值的情報 And don't forget to give the episode a thumb-up and share it with your friends.
也幫我們按讚和分享給更多的好朋友 Let's fight against the algorithm.
一起對抗演算法 Let's get more knowledge-based content on YouTube.
讓YouTube上有更多知識型的內容 Let's use the power of knowledge
讓我們用知識的力量 to make Taiwan better.
改變台灣
