东京，10月16日：日本企业改革的下一阶段在东京索恩会议上成为焦点，对冲基金经理们强调了从金融集团的资本配置策略到X射线散射公司的人工智能解决方案等投资机会。
Tokyo, Oct 16 : The next phase of Japanese corporate reform took center stage at the Sohn Conference in Tokyo, as hedge fund managers highlighted investment opportunities ranging from a financial conglomerate's capital allocation strategy to an X-ray scattering firm's AI solutions.
在首届日本索恩会议上，14家基金受邀推介其首选投资理念，超过一半的投资者青睐企业改革主题。
At the inaugural Sohn Conference in Japan, which invited 14 funds to pitch their top investment ideas, more than half of the investors favored the theme of corporate reform.
总部位于香港的聚合物资本公司投资组合经理中山大辅选择了金融服务公司奥利克斯公司，称管理层的变更标志着该公司转型为全球投资公司的“重大转折点”。
Daisuke Nakayama, a portfolio manager at Hong Kong-headquartered Polymer Capital, picked Orix Corporation, a financial services firm, saying the change in management marks "a big turning point" for the company's transformation into a global investment firm.
“新领导层更加关注资本配置和净资产收益率，”中山大辅表示，并补充称该公司现在正利用包括卡塔尔投资局在内的海外资本竞购公司。
"The new leadership has a greater focus on capital allocation and ROE," Nakayama said, adding the firm is now using overseas capital, including from Qatar Investment Authority, to bid for companies.
据经纪商杰富瑞称，在多年来监管机构和东京证券交易所对公司施压，要求其改善股东回报并投资于增长之后，日本的股东行动主义活动数量去年创下历史新高。
The number of activist campaigns in Japan hit a record last year, according to brokerage Jefferies, after years of pressure from regulators and the Tokyo Stock Exchange on companies to improve shareholder returns and invest in growth.
超越股息和回购 基金经理表示，下一章不仅仅是公司增加股息和回购，还包括关注那些部署资本以扩大业务并推动长期增长的公司。
BEYOND DIVIDENDS AND BUYBACKS Fund managers said that the next chapter is not just about companies increasing dividends and buybacks but also about focusing on those deploying capital to expand businesses and drive long-term growth.
一个例子是理光，这是一家正转向半导体计量学（测量和检查芯片）的X射线设备供应商。
One example is Rigaku, an X-ray equipment supplier pivoting to semiconductor metrology, measuring and inspecting chips.
总部位于纽约的印第斯资本合伙公司表示，它已投资该公司，并与该公司接触，以出售一部分股权给一家美国半导体公司，从而推动收入。
New York-based Indus Capital Partners said it had invested in the company and had engaged with the firm to sell a stake to a US semiconductor firm to drive revenue.
印第斯资本合伙公司管理合伙人拜伦·吉尔表示，随着半导体公司进入垂直结构以扩大规模，X射线需要用于检测3D芯片更深处的缺陷。
As semiconductor companies are going into vertical structures to scale, X-ray is needed to detect defects deeper in the 3D chips, said Byron Gill, managing partner at Indus.
利加库可能是少数几家“在超级周期中掌握半导体行业规模扩张关键”的公司之一，他补充道，并预测其估值将在2029年增长100%。
Rigaku might be one of the few companies that "has the key to unlocking scale for the semiconductor industry in the middle of a super cycle", he added, forecasting a 100 per cent rise in its valuation by 2029.
改革主题占主导地位 市场参与者表示，企业改革主题仍有很长的路要走。
REFORM THEME DOMINATES The corporate reform theme still has a long way to run, market participants said.
“日本变化缓慢，但一旦变化开始，就不会逆转，”投资实验室合伙人兼首席执行官、前日本邮政银行高级董事总经理宇根尚秀表示。他选中了日本化工公司宇部兴产，看中其企业改革努力。
"Japan changes slowly, but once the change starts, it does not reverse," said Naohide Une, partner and CEO at Investment Lab, a former senior managing director at Japan Post Bank. He picked Japanese chemical company Ube Corporation for its corporate reform efforts.
在另一场问答环节中，活跃投资机构Oasis Management创始人塞思·费舍尔表示，其基金可能大幅增加对日本电机制造商尼得科的持股比例。AI作为后台顺风 AI是另一个关键的投资主题。
In a separate Q&A session, Seth Fischer, founder of activist Oasis Management, said his fund may substantially increase its stake in Japanese electric motor maker Nidec. AI AS A BACK-OFFICE TAILWIND AI was another key investment theme.
投资公司Ruane Cunniff和日本催化剂分别看中了软件公司Money Forward和OBIC Business Consultants。
Investment firms Ruane Cunniff and Japan Catalyst picked software companies Money Forward and OBIC Business Consultants, respectively.
他们指出，后台软件运营商是AI的赢家而非输家，因为客户需要精确性。而且这些企业正在帮助日本应对劳动力紧张的问题，他们表示。
They argued that back-office software operators are AI winners rather than losers, as clients require accuracy. And these businesses are helping Japan overcome labor tightness, they said.