#外资研报

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#外资研报

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1. #外资研报

附件总结 MS-大中华区半导体：聚焦 AI 相关芯片（GPU、ASIC、CPU 及光芯片） Investor Presentation Asia Pacific Greater China Semis：Focus on AI-related semis — GPU, ASIC, CPU, and Optical Chips.pdf

1. Ticker Company 4/20/2026 ency Target DownsideRating (%) (%) (US$M) (US$M) 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
2. 3680.TWO Gudeng Precision 473.0 USD 480.0 1% O 0.9% -6.1% 1,434 21.0 59.8 22.5 17.8 -36% 165% 26% 6% 16% 17% 3.8 3.3 2.9
3. Ticker Company 4/20/2026 ency Target DownsideRating (%) (%) (US$M) (US$M) 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
4. Note: Estimates are compiled using our Asia supply-chain checks. Note: We assume 64 units of TPU chips per rack with TPUv7 and
5. we include Wistron's computing tray (L10) rack equivalent number (without accounting for rack assembly and test times for L11). Estimates are from our Asia Pacific tech team’s downstream
6. The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z)
7. and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising
8. from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services

Nomura-蔚来：SUV 车型有望带动全年业绩走强 NIO Inc Likely a strong year riding on its SUV models.pdf

1. BGOEYEp5tZ8YeU8OaO8OmOmMnPpRjMrRnRiNtRtR8OmNmNwMmMnQwMpOmN

UBS-2026 年核心投资主题与交易思路：图说要点 Top Investment Themes and Trade Ideas for 2026 The story in pictures.pdf

1. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on SLIDE 142
2. OPEC was a much larger driver of oil price (55-60% of global supply), b) there were few hedging instruments available, c) no SPR like programmes for inventories and
3. Source: Bloomberg, MSCI, Datastream, UBS. Note: The 7 historical episodes are i) Iranian Revolution ii) Gulf War iii) OPEC Supply Constraints iv) Venezuelan Oil Strike v)
4. Source: Bloomberg, Macrobond, Datastream, UBS. Note: Historical episodes since 1990 included in the calculation of time-weighted average.
5. Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
6. Source: MSCI, IBES, Datastream, Macrobond, Haver, UBS estimates. Note: The macro variables used for PC1 are a) PC1 of regional Feds’ capex intentions, b) Conf board
7. Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
8. Source: Macrobond, MSCI, IBES, Datastream, Bloomberg, Haver, UBS. Note: Change in levels from 16th March 2026 to 16th April 2026

UBS-宁德时代：推动电池性能迈上新台阶 Contemporary Amperex Technology Pushing battery performance to a new frontier.pdf

1. 0JyAXHiAsY8YbZ8OaObRoMpPtRoQlOmMtPlOnPpN9PnNzQNZpMqNxNmQrO

UBS-天齐锂业：2026 年一季度初步业绩超预期 Tianqi Lithium Q126 preliminary results beat.pdf

1. in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 20 April
2. 2026 03:16 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where
3. the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out
4. security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about
5. those securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her
6. 2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the
7. the next 12 months. In some cases, this yield may be based on accrued dividends. Market Return Assumption (MRA) is defined as
8. the one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium). Under Review (UR)

UBS-中国医疗科技：专家会议要点 —— 中国医学影像设备市场近况 China Medtech Expert call takeaways：Pulse check on China's medical imaging equipment market.pdf

1. 0JyAYEjBqWdVeU9PdN9PoMmMpNoQeRoOsOjMnPmObRqQwPxNnOtOMYtPuN

文档

MS-大中华区半导体：聚焦 AI 相关芯片（GPU、ASIC、CPU 及光芯片） Investor Presentation Asia Pacific Greater China Semis：Focus on AI-related semis — GPU, ASIC, CPU, and Optical Chips.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：MS-大中华区半导体：聚焦 AI 相关芯片（GPU、ASIC、CPU 及光芯片） Investor Presentation Asia Pacific Greater China Semis：Focus on AI-related semis — GPU, ASIC, CPU, and Optical Chips.pdf

总结

1. Ticker Company 4/20/2026 ency Target DownsideRating (%) (%) (US$M) (US$M) 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
2. 3680.TWO Gudeng Precision 473.0 USD 480.0 1% O 0.9% -6.1% 1,434 21.0 59.8 22.5 17.8 -36% 165% 26% 6% 16% 17% 3.8 3.3 2.9
3. Ticker Company 4/20/2026 ency Target DownsideRating (%) (%) (US$M) (US$M) 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
4. Note: Estimates are compiled using our Asia supply-chain checks. Note: We assume 64 units of TPU chips per rack with TPUv7 and
5. we include Wistron's computing tray (L10) rack equivalent number (without accounting for rack assembly and test times for L11). Estimates are from our Asia Pacific tech team’s downstream
6. The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z)
7. and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising
8. from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services

预览

MS-大中华区半导体：聚焦 AI 相关芯片（GPU、ASIC、CPU 及光芯片） Investor Presentation Asia Pacific Greater China Semis：Focus on AI-related semis — GPU, ASIC, CPU, and Optical Chips.pdf

Nomura-蔚来：SUV 车型有望带动全年业绩走强 NIO Inc Likely a strong year riding on its SUV models.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：Nomura-蔚来：SUV 车型有望带动全年业绩走强 NIO Inc Likely a strong year riding on its SUV models.pdf

总结

1. BGOEYEp5tZ8YeU8OaO8OmOmMnPpRjMrRnRiNtRtR8OmNmNwMmMnQwMpOmN

预览

Nomura-蔚来：SUV 车型有望带动全年业绩走强 NIO Inc Likely a strong year riding on its SUV models.pdf

UBS-2026 年核心投资主题与交易思路：图说要点 Top Investment Themes and Trade Ideas for 2026 The story in pictures.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：UBS-2026 年核心投资主题与交易思路：图说要点 Top Investment Themes and Trade Ideas for 2026 The story in pictures.pdf

总结

1. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on SLIDE 142
2. OPEC was a much larger driver of oil price (55-60% of global supply), b) there were few hedging instruments available, c) no SPR like programmes for inventories and
3. Source: Bloomberg, MSCI, Datastream, UBS. Note: The 7 historical episodes are i) Iranian Revolution ii) Gulf War iii) OPEC Supply Constraints iv) Venezuelan Oil Strike v)
4. Source: Bloomberg, Macrobond, Datastream, UBS. Note: Historical episodes since 1990 included in the calculation of time-weighted average.
5. Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
6. Source: MSCI, IBES, Datastream, Macrobond, Haver, UBS estimates. Note: The macro variables used for PC1 are a) PC1 of regional Feds’ capex intentions, b) Conf board
7. Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
8. Source: Macrobond, MSCI, IBES, Datastream, Bloomberg, Haver, UBS. Note: Change in levels from 16th March 2026 to 16th April 2026

预览

UBS-2026 年核心投资主题与交易思路：图说要点 Top Investment Themes and Trade Ideas for 2026 The story in pictures.pdf

UBS-宁德时代：推动电池性能迈上新台阶 Contemporary Amperex Technology Pushing battery performance to a new frontier.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：UBS-宁德时代：推动电池性能迈上新台阶 Contemporary Amperex Technology Pushing battery performance to a new frontier.pdf

总结

1. 0JyAXHiAsY8YbZ8OaObRoMpPtRoQlOmMtPlOnPpN9PnNzQNZpMqNxNmQrO

预览

UBS-宁德时代：推动电池性能迈上新台阶 Contemporary Amperex Technology Pushing battery performance to a new frontier.pdf

UBS-天齐锂业：2026 年一季度初步业绩超预期 Tianqi Lithium Q126 preliminary results beat.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：UBS-天齐锂业：2026 年一季度初步业绩超预期 Tianqi Lithium Q126 preliminary results beat.pdf

总结

1. in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 20 April
2. 2026 03:16 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where
3. the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out
4. security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about
5. those securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her
6. 2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the
7. the next 12 months. In some cases, this yield may be based on accrued dividends. Market Return Assumption (MRA) is defined as
8. the one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium). Under Review (UR)

预览

UBS-天齐锂业：2026 年一季度初步业绩超预期 Tianqi Lithium Q126 preliminary results beat.pdf

UBS-中国医疗科技：专家会议要点 —— 中国医学影像设备市场近况 China Medtech Expert call takeaways：Pulse check on China's medical imaging equipment market.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：UBS-中国医疗科技：专家会议要点 —— 中国医学影像设备市场近况 China Medtech Expert call takeaways：Pulse check on China's medical imaging equipment market.pdf

总结

1. 0JyAYEjBqWdVeU9PdN9PoMmMpNoQeRoOsOjMnPmObRqQwPxNnOtOMYtPuN

预览

UBS-中国医疗科技：专家会议要点 —— 中国医学影像设备市场近况 China Medtech Expert call takeaways：Pulse check on China's medical imaging equipment market.pdf

巴克莱-上半年CIO调研：IT支出展望持稳，AI与云驱动结构分化+20260420.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：巴克莱-上半年CIO调研：IT支出展望持稳，AI与云驱动结构分化+20260420.pdf

预览

巴克莱-上半年CIO调研：IT支出展望持稳，AI与云驱动结构分化+20260420.pdf

伯恩斯坦-韩国存储芯片出口追踪：表现强劲+20260421.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：伯恩斯坦-韩国存储芯片出口追踪：表现强劲+20260421.pdf

预览

伯恩斯坦-韩国存储芯片出口追踪：表现强劲+20260421.pdf

伯恩斯坦-一季度AI服务器动向：追逐稀缺性+20260422.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：伯恩斯坦-一季度AI服务器动向：追逐稀缺性+20260422.pdf

预览

伯恩斯坦-一季度AI服务器动向：追逐稀缺性+20260422.pdf