February 20, 2026 04:20 PM GMT Investor Presentation | Japan M Foundation Semiconductor Production Equipment: Tech Monthly Feb 2026 Morgan Stanley MUFG Securities Co., Ltd.+ Suzune Tamura, CFA Equity Analyst Suzune.Tamura@morganstanleymufg.com +81 3 6836-8891 Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 Semiconductor Production Equipment Japan Industry View Attractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a re ...

目前已知，新款尼克尔Z28-75mm f/2.8镜头延续了Z卡口设计，支持尼康FX规格无反机身，光圈范围在 F2.8-F22之间，并且提供恒定F2.8光圈。镜头内置超级ED和ED镜片，可以改进色差控制，保证镜头成 像从边缘到中心都具备锐利的画质表现；镜头采用了三枚非球面镜片，可以有效抑制球差和实战，保证 整体成像质量。另外，镜头轻量化设计，体积小巧重量轻，有着很好的便携性。 【中关村在线原创新闻】在国外的B&H Photo器材商店的网站上出现了尼康新版本的尼克尔Z28-75mm f/2.8的镜头的预购选项，新款镜头售价比老款贵了200美元（老款镜头996美元，新款镜头1196美元）。 而这款最新的尼克尔Z28-75mm f/2.8或将在即将召开的CP+展会上展出。 (11381783) ...

Core Viewpoint - The articles emphasize the importance of high-quality imaging equipment, particularly Nikon's cameras and lenses, in capturing family moments during the Chinese New Year celebrations, highlighting their features that enhance photo quality and detail [1][3][11]. Group 1: Camera Features - The Nikon Z6 III is designed for diverse shooting scenarios, offering an ISO range of 100-64000, which ensures excellent image quality even in low-light conditions typical of family gatherings [3]. - The camera features a high-resolution electronic viewfinder with approximately 5.76 million dots, supporting DCI-P3 wide color gamut display, allowing for accurate color reproduction of festive decorations and clothing [3]. - It supports multiple focusing modes, ensuring precise focus on multiple subjects in family portraits, and includes pre-shooting and high-speed continuous shooting functions to capture fleeting moments [3]. Group 2: Lens Options - The Nikkor Z 24-70mm f/2.8 S II lens is versatile for family portraits, covering essential focal lengths from wide-angle to medium telephoto, with a constant f/2.8 aperture that performs well in low light and creates a pleasing background blur [5]. - The Nikkor Z DX 16-50mm f/2.8 VR lens offers a wide-angle perspective, capturing the entire family gathering and festive elements, while minimizing optical aberrations for clear images [7]. - The Nikkor Z DX Micro 35mm f/1.7 lens is ideal for portrait photography, providing a natural perspective and soft background blur, enhancing the emotional connection in family photos [9]. Group 3: Emotional Connection - Nikon's imaging technology serves as a bridge connecting time and emotions, allowing families to preserve fleeting moments during the reunion, with each photo representing a lasting emotional bond [11].

Market Overview - The Hang Seng Index closed at 26,560, down 1.21% for the day and 3.02% for the week, but up 3.63% year-to-date[3] - The S&P 500 index rose by 1.97%, marking its largest single-day gain since May of the previous year[9] - The Nikkei 225 index increased by 0.81%, supported by expectations surrounding the upcoming House of Representatives election in Japan[13] Sector Performance - The lithium battery sector saw gains, with Zhongchuan Aviation rising over 5% and Ganfeng Lithium up over 2%[9] - The automotive sector also performed well, with NIO up nearly 7% and Li Auto increasing by over 3%[9] - The cryptocurrency sector faced significant declines, with New Fire Technology Holdings dropping over 7%[9] Economic Indicators - U.S. consumer credit increased by $24 billion in December, the largest rise in a year, exceeding all economists' expectations[13] - The semiconductor industry is projected to grow by 26% in revenue by 2026, surpassing $1 trillion for the first time[15] Investment Sentiment - There is a notable increase in risk appetite in the market, as evidenced by the rebound in silver prices by nearly 10% and Bitcoin rising close to 12%[9] - Concerns remain regarding the high capital expenditures in AI, with major tech companies like Amazon and Google experiencing stock declines despite overall market gains[10]

Group 1 - The Nikon Z50II is an entry-level mirrorless camera featuring approximately 20.9 million pixels APS-C format CMOS sensor, significantly enhancing overall performance with the same Nikon EXPEED 7 image processor used in Z6III, Z8, and Z9 [1] Group 2 - In video recording, the Nikon Z50II supports 4K 60P and oversampled 4K 30P video specifications, as well as full HD 120P video [3] - The camera features 9 types of subject detection for autofocus, including humans, dogs, cats, birds, cars, motorcycles, bicycles, trains, and airplanes, allowing for real-time tracking focus during shooting [3]

Core Viewpoint - The ongoing lawsuit between Nikon and Weizhuo is centered around patent infringement related to the Z-mount lens technology, with implications for both companies' market positions and future collaborations [1][3][5]. Group 1: Legal Context - The lawsuit involves a claim of "temporary protection period royalties," indicating that Weizhuo allegedly used Nikon's patented technology without permission during the patent application waiting period [3]. - Weizhuo's previous assertion of conducting legal reverse engineering is contradicted by the court's acceptance of the case, suggesting that infringement is established [3]. Group 2: Potential Outcomes - If Nikon wins the case, it could lead to a settlement where Weizhuo pays for the infringement, potentially resulting in a cooperative partnership [5]. - The least favorable outcome for Weizhuo would be a retroactive claim for patent fees and an injunction against further infringement [5]. Group 3: Market Dynamics - Nikon's lawsuit is perceived as a response to Weizhuo's increasing market share in the Z-mount lens segment, which has begun to encroach on Nikon's sales [10]. - Weizhuo's competitive pricing strategy, offering lenses at significantly lower prices than Nikon's, has attracted a substantial customer base, particularly among budget-conscious consumers [10]. Group 4: Industry Reactions - There are mixed opinions in the industry regarding Nikon's lawsuit, with some arguing that Nikon should appreciate the role of domestic brands in expanding the market, while others believe the lawsuit could harm Nikon's brand image [12]. - The potential for a settlement may lead to Weizhuo becoming an authorized partner, but it could also result in restrictions on Weizhuo's product offerings to avoid direct competition with Nikon [12].

Core Insights - Nikon has launched the NIKKOR Z 24–105mm f/4–7.1 lens, emphasizing portability and ease of use for the Z system [1][4] - The lens is designed for a variety of photography styles, making it suitable for travel, street, landscapes, and portraits [2][3] Product Features - The lens weighs only 12.4oz, making it one of the lightest zooms in Nikon's lineup [1] - It offers a focal range of 24–105mm, allowing for expansive scenes and close-up shots with minimal lens changes [3] - The lens features a stepping motor (STM) for smooth focus transitions and a compact design for convenient handling [4] Technical Specifications - The lens has a variable aperture of f/4-7.1 to f/22-40, with a close focus capability of 7.9 to 11 inches [5] - It provides up to 0.5x magnification at the 70 to 105mm range and includes a user-assignable control ring [5]

Core Insights - GoPro, Inc. (GPRO) has experienced a significant stock increase of 93.2% over the past six months, outperforming the Zacks Audio-Video Production industry's growth of 2% and the Consumer Discretionary market's decline of 7.9% [1] - The company's strategic shift towards being recognized as a technology and data platform rather than just a camera manufacturer has been a major factor in this stock rally [1][9] Financial Performance - GPRO has surpassed several competitors, including Sony Group Corporation (SONY), Dolby Laboratories (DLB), and Sonos Inc. (SONO), with SONY and SONO rising by 2.3% and 62.1%, respectively, while DLB saw a decline of 15% [2] - The stock reached a 52-week high of $3.05 [2] - GoPro's subscription business is expected to see a reacceleration in revenue growth in 2026, supported by higher camera sales and new features [6] Product Development - GoPro has launched three new hardware products: the MAX2 360 camera, the LIT HERO camera, and the Fluid Pro AI gimbal, aimed at expanding its total addressable market (TAM) and reducing reliance on its core HERO lineup [4][9] - The MAX2 360 camera offers True 8K video and durable, replaceable lenses, while the LIT HERO is a compact, waterproof lifestyle camera [4] - The company has enhanced its software ecosystem with new AI-powered features across various platforms, including DaVinci Resolve and the Quik app [5] Market Position and Challenges - Retail remains the dominant channel for GoPro, accounting for 75% of total revenue in the third quarter, although retail revenue fell by 41% year over year [7] - The company anticipates a decline in fourth-quarter sell-through by 18% year over year, impacting top-line growth [11] - GoPro faces intense competition from established brands like Canon and Nikon, as well as lower-cost alternatives from companies such as Sony and Xiaomi [12] Valuation - GPRO is currently trading at a price-to-sales ratio of 0.29, significantly lower than the industry average of 1.97, indicating a potential undervaluation [14] - Competitors like SONY, DLB, and SONO are trading at multiples of 1.98, 4.29, and 1.39, respectively [15] Strategic Outlook - Management has indicated progress towards restoring growth and profitability through new product launches and improved cash flow [16] - Despite reporting net losses, the company is focusing on improving margins and maintaining disciplined cost reduction strategies [16]

Core Viewpoint - Nikon will not participate in the 2026 CES (Consumer Electronics Show), marking a significant shift as the company has been a regular exhibitor for many years, showcasing a range of products from imaging to broader technology fields [1][3] Group 1 - Nikon has historically maintained a strong presence at CES, focusing on imaging products and expanding into areas such as robotic vision, riblet processing, virtual production, and aerospace technologies [1] - The 2026 CES is scheduled to take place from January 6 to January 9, 2026, in Las Vegas, with media day starting on January 4 [3] - A search for "Nikon" in the official CES exhibitor list yields no results, confirming that the company will not be exhibiting [3]

Summary of Semiconductor Production Equipment Industry Insights Industry Overview - The semiconductor production equipment industry in Japan is currently viewed as attractive, with a confirmed entry into a recovery phase for front-end equipment [8][10][21]. Key Companies and Upgrades - **Tokyo Electron (TEL)** and **Kokusai Electric** have been upgraded to an Overweight (OW) rating due to increasing inquiries for equipment from foundries and DRAM makers [8][10]. - Other companies highlighted include **Advantest**, **Disco**, **Ebara**, **SCREEN Holdings**, and **Ulvac**, which are also positioned favorably in the market [10][21]. Market Trends - There has been a significant increase in equipment inquiries from foundries and DRAM manufacturers since mid-November 2025, driven by additional investments in AI semiconductors and supply shortages in DRAM [8][10]. - Demand for back-end equipment remains strong, while front-end equipment, which had been weak, is showing signs of recovery [10][21]. Specific Developments - **Micron Technology** plans to invest approximately ¥1,500 billion to construct a new fab in Hiroshima for next-gen HBM chips, which is expected to benefit front-end equipment makers like Tokyo Electron, Ebara, SCREEN HD, and Kokusai Electric [22]. - The transition to 12-inch SiC wafers is anticipated to drive revenue growth for Disco's KABRA systems and Ulvac's deposition equipment, particularly as demand from Chinese EV makers recovers [12][21]. Technological Innovations - Advancements in 3D-DRAM technology, as confirmed by Kioxia Holdings, could lead to significant changes in the DRAM semiconductor production equipment market, benefiting companies like Tokyo Electron, Ebara, and Kokusai Electric [14]. - The collaboration between Advantest and Tokyo Seimitsu on die-level probers aims to improve yield rates in IC packages, indicating a shift towards more complex testing methods [30]. Government Support and External Factors - The Japanese government is providing substantial support to Rapidus, aiming to mass-produce advanced semiconductors, with investments expected to reach ¥1 trillion by the end of F3/27-28 [26]. - Potential US government approval for H200 exports to China could increase demand for Japanese semiconductor production equipment, particularly benefiting back-end equipment makers like Advantest and Disco [24]. Conclusion - The semiconductor production equipment industry in Japan is poised for growth, driven by increased demand for advanced technologies and government support. Key players are strategically positioned to capitalize on these trends, with significant investments and technological advancements expected to shape the market landscape in the coming years [8][10][21][22].