摩根士丹利（MUFG）发布日本精密仪器行业投资策略报告，行业评级为「与大市同步」。报告覆盖打印机、分析测量仪器、钟表/乐器三大子板块：过去3个月打印机板块上涨10%、分析测量仪器板块下跌6%，同期东证指数上涨2%，利率上行压制成长股估值、利好价值股相对表现。打印机板块按个股盈利增长前景选股，偏好排序为富士胶片（增持）>佳能（增持）>理光（与大市同步）>柯尼卡美能达（与大市同步）>精工爱普生（减持）；分析测量仪器板块建议回避高增长标的、聚焦优质公司，排序为岛津（与大市同步）>安立（与大市同步）>堀场（与大市同步）>理学（减持）；钟表/乐器板块关注定价能力可持续性，排序为雅马哈（与大市同步）>卡西欧（与大市同步）。报告另提供各公司目标价、盈利预测、汇率敏感性及7-9月业绩预览等内容。
Morgan Stanley MUFG published an investor presentation on Japan's Precision Instruments sector, rating the industry In-Line. The report covers three sub-sectors: printers, analytical & measurement instruments, and watches/musical instruments. Over the past three months, printers gained 10% and analytical & measurement instruments fell 6%, versus TOPIX +2%, with higher rates weighing on growth stock valuations and supporting value stocks. For printers, stock selection is based on individual earnings growth prospects, with an order of preference of Fujifilm (OW) > Canon (OW) > Ricoh (EW) > Konica Minolta (EW) > Seiko Epson (UW). For analytical & measurement instruments, it advises avoiding high-growth names and focusing on quality, with Shimadzu (EW) > Anritsu (EW) > Horiba (EW) > Rigaku (UW). For watches/musical instruments, it focuses on pricing power sustainability, with Yamaha (EW) > Casio (EW). The report also provides price targets, earnings forecasts, forex sensitivity and a Jul-S