瑞银：日本股票策略与主题研究_2025 年 AIC_香港投资者会议反馈

Investment Rating - The report assigns a "Buy" rating to both Tokyo Ohka Kogyo and Toray Industries, indicating a positive outlook for these companies [26]. Core Insights - The overall interest in Japanese equities has been stronger than anticipated, with a positive medium-term outlook despite global economic uncertainties [4][5]. - The panel discussion on Japan's economic future highlighted a bright outlook for Japan's economy, with expectations of moderate growth and inflation continuing [3]. - Investors are increasingly viewing Japanese stocks as a stable investment compared to other markets, particularly in Asia [5]. Sector Summaries ESG Sector - The discussion on ESG emphasized the transformative impact of climate change and the need for international cooperation in sustainability efforts [8]. - Companies in the climate tech sector are viewing decarbonization as a source of earnings and competitiveness, despite potential challenges from changing US policies [8]. Machinery Sector - There is strong interest in Japanese machinery stocks among global institutional investors, with discussions focusing on capital expenditure (capex) recovery and earnings growth [9]. - Key companies of interest include Komatsu, Daifuku, and Japan Elevator Service Holdings, which are expected to achieve earnings growth due to unique factors [9]. Chemical Sector - Investors are exhibiting caution towards the chemical sector due to uncertainties surrounding US tariff policies and their potential impact on earnings [10]. - Despite the cautious stance, Toray Industries and Tokyo Ohka Kogyo are preferred by investors, with expectations for cost reduction and strategic pricing to yield positive results [10].