日本相机与影像产品协会统计的数据显示，2025 年上半年，可换镜相机出货量占全球数码相机出货量的 75% 。所谓可换镜相机，主要包括单反与无反（微单）。在该领域，佳能已连续 22 年位居全球市占率第一；位居 其后的索尼、尼康、富士，也均来自日本。上述品牌的可换镜头相机合计占据全球可换镜相机超过 90% 的市 场。 与德国相机厂商长期坚持高端路线不同，日本品牌以量产与平价策略布局大众市场。 二战后，德国的工业体 系遭受重创，光学专利失效，蔡司与徕卡等工厂亟待重建。与此同时，德国产相机仍以手工制造与高端定位为 主，叠加战后人工与生产成本上升，使其长期停留在奢侈品层级。 然而，在照相技术诞生后的近一百年间，德国一直是世界相机工业的中心。彼时，德国拥有徕卡、蔡司、禄来 等知名品牌，代表着全球「精密光学仪器」的顶级工艺。尼康、佳能、理光等日本品牌在早期多以模仿德国产 品为主，在消费者心中常被视为价格低廉、做工粗糙的德国相机仿制品。 那么，日本是如何赶超德国，成为可换镜数码相机的全球霸主？ 本文整理自播客「声动早咖啡」 而日本相机厂商则在美国占领与经济援助下迅速重建工业体系，通过流水线与低成本打开本土及海外市场。 195 ...

French eyewear maker EssilorLuxottica raised its shareholding in Japan's Nikon to 10.75% from 9.62% to become its largest shareholder, it said in a release on Monday. ...

Company Overview - Constellation Software was founded in 1995 by Mark Leonard, who has been instrumental in building the company into a significant player in the software industry, drawing comparisons to Warren Buffett for his investment strategies [6] - The company is one of Canada's largest public tech firms, with a market capitalization of approximately $82 billion and over 125,000 customers across more than 100 countries [7] Leadership Changes - Mark Leonard stepped down as CEO after 30 years due to health reasons but will remain on the board [1][2] - Mark Miller, who has been with the company since 2001 and previously led the acquisition-focused division Volaris Group, has been appointed as the new president [2][3] - Leonard expressed full confidence in Miller's ability to lead the company and execute its business plan [3] Financial Performance - Constellation's latest earnings report indicated a 15% year-over-year revenue growth, reaching $2.84 billion [7] - Following Leonard's resignation announcement, the company's stock price dropped by 10%, reaching its lowest point of the year at $3,660 on the Toronto Stock Exchange [5] Strategic Initiatives - The company launched a $200 million venture fund, VMS Ventures, in 2021 to identify potential acquisition targets, particularly focusing on tech firms struggling to achieve profitability [8] - Leonard recently hosted a conference call discussing the impact of artificial intelligence (AI) on the software industry, indicating that Constellation is closely monitoring AI developments [4]

Core Insights - EssilorLuxottica is negotiating to increase its stake in Nikon to approximately 20% from nearly 9% currently, having initially invested 5.1% in 2024 [1][3] - The partnership between Nikon and EssilorLuxottica has a long history, aimed at providing optical lenses to Japanese customers, and has been renewed in 2024 [3] - The discussions regarding the stake increase are still in early stages, and it is uncertain if the transaction will occur [3] Company Performance - EssilorLuxottica's recent half-year financial report highlights Nikon's significance in the Asia-Pacific region, particularly in the professional solutions business [4] - The report indicates that the growth in the lens business is driven by Nikon's rapid development, contributing significantly to the product range including single vision, progressive, and DOT myopia control [4] - Despite strong camera sales in 2024, Nikon's stock performance has been lackluster in 2025, with a reported decline of 11% prior to the news of EssilorLuxottica's potential stake increase, followed by a 21% surge in stock price after the announcement [4] Market Trends - EssilorLuxottica is expanding into the smart glasses market, with successful collaborations with Meta, including the second-generation Ray-Ban smart glasses, which saw sales more than double in the first half of 2025 [3] - Following the success of Ray-Ban smart glasses, new products like Oakley Meta glasses have also been launched [3]

Core Viewpoint - Nikon's stock price surged by 21% in early trading on Tuesday, marking its largest single-day increase in history, following reports that EssilorLuxottica SA is considering increasing its stake in the company [1] Group 1: Company Developments - EssilorLuxottica plans to raise its stake in Nikon to approximately 20%, up from nearly 9% currently [1] - Nikon's management is aware of the proposal from EssilorLuxottica [1] Group 2: Industry Context - Nikon's optical technology is critical for semiconductor circuit exposure and image generation [1] - The company competes with larger firms like ASML in the lithography equipment sector and supplies equipment to major chip manufacturers including Intel and TSMC [1]

Core Viewpoint - Nikon announced the closure of its Yokohama manufacturing plant by September 30, 2025, due to economic stagnation, demographic changes in Japan, and declining demand in the semiconductor and display markets [1] Group 1: Company Impact - The closure will result in the transfer of personnel and operations to other facilities [1] - Nikon's precision equipment division has faced declining revenues in recent years, exacerbated by operational difficulties of major client Intel and U.S. tariffs [1] - The closure marks the end of an era for Nikon as a pioneer in the semiconductor industry [1] Group 2: Historical Significance - The Yokohama plant, established in 1967, has a 58-year history and was Nikon's first production base outside its headquarters, holding significant importance in Japan's semiconductor industry [1] Group 3: Financial Projections - The closure is expected to impact Nikon's financial performance in 2025, with a projected revenue decline of 8.4% in the precision equipment business, estimating revenue at 185 billion yen (approximately 8.978 billion RMB) [1]

尼康称相应工厂关闭计划预计对该公司 2025 年的财务业绩产生影响，其中精密设备业务 2025 财年的收 入预计将下降 8.4%，预计收入为 1850 亿日元（IT之家注：现汇率约合 89.78 亿元人民币）。 IT之家 8 月 26 日消息，尼康公司发布公告宣布将于 2025 年 9 月 30 日关闭横滨制造工厂，在该工厂的 人员和运营将迁移至其他工厂。 据悉，由于经济停滞、日本人口结构变化以及半导体和显示器市场需求萎缩，尼康精密设备部门的收入 近年来一直面临下滑局面。此外，该公司主要客户英特尔近期运营困难、美国关税等问题也进一步加剧 了相应压力，最终导致尼康关闭横滨工厂，这标志着该公司作为半导体先驱的时代迎来终结。 公开资料显示，尼康横滨工厂成立于 1967 年，已有 58 年历史，是尼康公司最早在总部以外设立的生产 基地，在日本半导体行业具有重要地位。 ...

Core Insights - Canon is thriving in the semiconductor manufacturing equipment market, particularly with its Nano Imprint Lithography (NIL) technology, which is expected to bring a paradigm shift in optical lithography processes [1][34] - The semiconductor industry experienced a downturn in 2023 after a surge in 2022 due to COVID-19, but is projected to recover in 2024, with most equipment shipments expected to increase [1][9] - The market for front-end semiconductor manufacturing equipment is primarily dominated by European and American manufacturers, with significant market shares held by companies like ASML, Lam Research, and Applied Materials [2][6] Market Share and Trends - The market size for major equipment types exceeds $10 billion, with lithography equipment valued at $24.4 billion, primarily dominated by ASML (94.1% market share) [2][6] - Japan holds significant shares in several equipment categories, such as coating and developing equipment (94.5%) and vertical diffusion furnaces (82.2%), but these markets are relatively small [2][6] - Japan's market share in front-end equipment has been declining since 2011, with projections indicating a further drop to 21.7% by 2024, while the U.S. is expected to hold 44.3% and Europe 29.2% [9][11] Canon's Performance - Canon has shown strong performance in the lithography equipment sector, with its market share increasing from 14.5% in 2011 to an expected 32.7% by 2024, while Nikon's share has significantly declined [16][34] - Canon's strategy focuses on KrF and i-line technologies, where it has achieved a dominant market position, particularly in i-line with a projected share of 74.6% by 2024 [28][34] - The company is developing NIL technology, which offers a cost-effective and simpler method for creating fine patterns, potentially disrupting the current lithography market dominated by ASML [34] Future Outlook - If NIL technology is successfully implemented in semiconductor mass production, it could weaken ASML's dominance in EUV and ArF immersion technologies, positioning Canon to establish NIL as a new business pillar [34] - The NIL technology, while facing challenges related to defects from contaminants on masks, presents a lower-cost alternative compared to EUV systems, which are priced over 30.8 billion yen [34]

Core Insights - B&H announces the release of Nikon's second-generation mid-range Trinity zoom lens, the NIKKOR Z 24-70mm f/2.8 S II, which features an internal zoom mechanism and is positioned as a pro-caliber lens [1][2] Product Features - The new lens is shorter at 6.1 inches and weighs 4.6 ounces less than its predecessor, with fewer overall elements but optimized arrangement for increased resolution [2] - The minimum focusing distance has improved to 9.4 inches at the wide end and 13 inches at the telephoto end, with maximum magnification increased to 0.32x [3] - The autofocus mechanism has been redesigned with a "Silky Swift" voice coil motor system, resulting in a 40% reduction in scan times and a 60% improvement in focus tracking while zooming [4] Design and Usability - The lens includes customizable L-Fn buttons, a focus limiting switch for consistent minimum focusing distance, and a programmable Control Ring with an ON/OFF click button [5] - The lens hood features a filter adjustment window for 77mm thread filters, enhancing usability for video shooters [6][8] Optical Enhancements - The lens incorporates two extra-low dispersion and three aspherical elements, along with Meso Amorphous and ARNEO coatings to reduce ghosting and flare [3][8] - The internal zoom construction and improved weather-sealing make it suitable for various shooting conditions [8]

Core Viewpoint - The competition in the lithography machine market is intensifying, with Canon's nanoimprint lithography (NIL) technology emerging as a cost-effective alternative to ASML's extreme ultraviolet (EUV) lithography, challenging ASML's dominance in the high-end market [1][10]. Group 1: ASML's Dominance - ASML currently holds a 90% market share in the EUV segment, selling machines for $200 million each, with buyers required to sign agreements prohibiting sales to China [4][5]. - Historically, ASML was not a leader in the lithography market, with Japanese companies Canon and Nikon dominating until the early 2000s when ASML pivoted to EUV technology [3][4]. Group 2: Canon's Strategy - Canon has developed NIL technology, which allows for direct imprinting of circuit patterns onto wafers, achieving 14nm line width suitable for 5nm chip production at a significantly lower cost, estimated to be one-tenth of ASML's EUV machines [5][6]. - The NIL technology has a lower energy consumption, reportedly 10% of that of EUV, making it an attractive option for manufacturers looking to reduce costs [6][10]. Group 3: Challenges and Improvements - Canon's NIL technology initially faced challenges with yield rates, which were around 60%, but improvements have raised this to over 90% through better mask materials [7][10]. - Canon is strategically targeting markets such as 3D NAND and CMOS image sensors, where precision requirements are lower, allowing for cost-effective production [7][9]. Group 4: Nikon's Approach - Nikon is not directly competing with ASML in the EUV space but is instead focusing on markets that ASML overlooks, such as the ArF lithography market and advanced packaging technologies [8][9]. - Nikon's return to the ArF market targets 65nm logic chips and CMOS sensors, offering competitive pricing and compatibility with existing facilities [8][9]. Group 5: Global Competition - Other companies globally are also developing alternatives to EUV, with innovations like laser-based X-ray lithography and self-assembling lithography, aiming to reduce costs significantly [10]. - The semiconductor industry is shifting towards a focus on cost-effectiveness rather than solely on advanced technology, indicating a potential shift in market dynamics [10][11]. Group 6: Conclusion - The lithography machine market is evolving, with multiple technologies coexisting, and the emphasis on cost-effectiveness may reshape the competitive landscape, challenging ASML's current supremacy [11].