思维纪要社 2026-09-21 附件明细

1. Re-architecture of the US critical minerals supply is needed. Billions of robots Morgan Stanley does and seeks to do business with
1. Reassessment of skilled trades/vocational education and training is needed. refer to the Disclosure Section, located at the end of this
at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research
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Inc, Gogo Inc, HawkEye 360 Inc, Iridium Communications Inc, MDA Space Ltd, Planet Labs PBC, Rocket Lab USA Inc, Viasat Inc.
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Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Firefly Aerospace Inc, HawkEye 360 Inc, SpaceX, Voyager Technologies Inc.

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MS-太空探索技术公司（SPCX）：普罗米修斯项目遇冷 Space Exploration Technologies Corp. (SPCX) Prometheus Shrugged.pdf

287. MS-投资者演示文稿｜亚太区：中国的 AI 之路：大语言模型 Investor Presentation Asia Pacific China's AI Path：LLM.pdf

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MS-投资者演示文稿｜亚太区：中国的 AI 之路：大语言模型 Investor Presentation Asia Pacific China's AI Path：LLM.pdf

总结

Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
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 license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial
services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
(SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI
Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India;
at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research

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MS-投资者演示文稿｜亚太区：中国的 AI 之路：大语言模型 Investor Presentation Asia Pacific China's AI Path：LLM.pdf

288. MS-亚太科技｜亚太 AI 的隐形基石 Asia Pacific Technology Asia Pacific AI's Hidden Backbone.pdf

文档

MS-亚太科技｜亚太 AI 的隐形基石 Asia Pacific Technology Asia Pacific AI's Hidden Backbone.pdf

总结

six factors to distinguish structural winners from cyclical beneficiaries. S ota.Harashima@morganstanleymufg.com + 81 3 6836-8897
capacity shifts toward higher-value, more advanced grade cloth. T omonobu.Tsunoyama@morganstanleymufg.com + 81 3 6836-8936
Exhibit 2: Years of relatively slow to no growth for CCL – then Exhibit 3: Content, not units, will drive 84% of AI-related CCL
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E TAM total Unit growth Content growth Other end segments
Exhibit 6: HVLP4 supply deficit widens sharply in 2027 and Exhibit 7: We expect KB Laminates' net profit to rise 97% HoH
Source: Morgan Stanley Research estimates. Note: M2 pricing is indexed to 1.0x, with higher-grade CCL prices shown relative to this
C Ti C ck L er Company Closi 9 n / g 8 / p 2 r 0 i 2 c 6 e (LC) Rating Price target M ( a U r S ke $ t M ca ) p 26E EP 2 S 7 ( E LC) 28E C 2 u 7E rrent P/E 2 8 (X E ) 27 P E T PEG ( 2 X 8 ) E 27E P/B (X) 28E 27E P/S (X) 28E 27 E E V/EBITD 2 A 8E 27E ROA (% 2 ) 8E 27E ROE (% 2 ) 8E
1888.HK Kingboard Laminates 45.82 OW 75.00 17,376 2.73 4.51 5.40 10.2 8.5 0.26 0.70 4.7 4.0 2.9 2.3 6.6 5.5 39% 39% 54% 53%

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MS-亚太科技｜亚太 AI 的隐形基石 Asia Pacific Technology Asia Pacific AI's Hidden Backbone.pdf

289. MS-亚洲市场反馈：便宜并非催化剂-20260910 Tim Hsiao，Shelley Wang.pdf

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MS-亚洲市场反馈：便宜并非催化剂-20260910 Tim Hsiao，Shelley Wang.pdf

总结

v e r a g e v a lu a t io n d is c o u n t o f 1 5 % g iv e n d if fe r e n t in v e s t o r p r o f ile s . O u r A -s h a r e P T is d e r iv e d
a s e c a s e , w it h H K $ 1 .1 2 /R M B F X r a t e a s s u m e d fo r A -s h a r e b a s e c a s e p r ic e t a r g e t p lu s f iv e -y e a r
B e a r : 1 2 x 2 0 2 6 E P /E - w o r s e a u t o s a le s d o m e s t ic a lly a n d o v e r s e a s , m o r e s e v e r e p r ic e n
B u ll: S O T P , im p ly in g 4 0 x 2 0 2 6 E b u ll P /E . R e f le c t s r e -r a t in g o f c o m p s ( C A T L , E V n
le n d e d m e t h o d o lo g y , w e ig h t e d 2 5 % b u ll, 5 0 % b a s e , 2 5 % b e a r. W e t h in k in c r e m e n t a l v o lu m e
Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
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 license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial

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MS-亚洲市场反馈：便宜并非催化剂-20260910 Tim Hsiao，Shelley Wang.pdf

290. MS-药明生物：全球医疗健康大会小组会议反馈.pdf

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MS-药明生物：全球医疗健康大会小组会议反馈.pdf

总结

5ERHZFo4tZfXcW9PaO6MoMnNsQtNkPqQuNiNoPqP8OpOsOMYnPtPwMtPnM

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MS-药明生物：全球医疗健康大会小组会议反馈.pdf

291. MS-油轮与燃料：黄金时代-20260910 Mayank Maheshwari，Qianlei Fan.pdf

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MS-油轮与燃料：黄金时代-20260910 Mayank Maheshwari，Qianlei Fan.pdf

总结

-50,000 0 1202-peS 2202-naJ 2202-yaM 2202-peS 3202-naJ 3202-yaM 3202-peS 4202-naJ 4202-yaM 4202-peS 5202-naJ 5202-yaM 5202-peS 6202-naJ 6202-yaM 6202-peS
1H26, while tanker owners captured US$3-3.5/bbl in upside as energy supply chains (US$/day) Tanker Day Rates (Time Charter Equivalent) Diesel - Crude (RS) (US$/bbl)
Exhibit 4: Incremental demand of ~2.5mbpd over the next three years compared to ~1.2mnbpd capacity growth highlights the
7991 8991 9991 0002 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 e6202 e7202 e8202 e9202
Forward consensus estimates have risen ~34% on average across global refiners and we see further upgrade cycle as margin settle at
Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
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 license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial

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MS-油轮与燃料：黄金时代-20260910 Mayank Maheshwari，Qianlei Fan.pdf

292. MS-如何在iPhone 18发布之际布局供应链股票.pdf

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MS-如何在iPhone 18发布之际布局供应链股票.pdf

总结

1IOEZFn3rXdVcWbRcM9PmOnNsQoQiNoOvMfQnMrQbRmNoRwMpOmRuOoMwO

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MS-如何在iPhone 18发布之际布局供应链股票.pdf

293. MS-软件｜北美估值观点 20260914—— 盈利门槛抬高，达标者寥寥 Software North America Valuation Views 09_14_26 – High Earnings Bars, and Too Few Clears.pdf

文档

MS-软件｜北美估值观点 20260914—— 盈利门槛抬高，达标者寥寥 Software North America Valuation Views 09_14_26 – High Earnings Bars, and Too Few Clears.pdf

总结

31-naJ 31-raM 31-yaM 31-luJ 31-peS 31-voN 41-naJ 41-raM 41-yaM 41-luJ 41-peS 41-voN 51-naJ 51-raM 51-yaM 51-luJ 51-peS 51-voN 61-naJ 61-raM 61-yaM 61-luJ 61-peS 61-voN 71-naJ 71-raM 71-yaM 71-luJ 71-peS 71-voN 81-naJ 81-raM 81-yaM 81-luJ 81-peS 81-voN 91-naJ 91-raM 91-yaM 91-luJ 91-peS 91-voN 02-naJ 02-raM 02-yaM 02-luJ 02-peS 02-voN 12-naJ 12-raM 12-yaM 12-luJ 12-peS 12-voN 22-naJ 22-raM 22-yaM 22-luJ 22-peS 22-voN 32-naJ 32-raM 32-yaM 32-luJ 32-peS 32-voN 42-naJ 42-raM 42-yaM 42-luJ 42-peS 42-voN 52-naJ 52-raM 52-yaM 52-luJ 52-peS 52-voN 62-naJ 62-raM 62-yaM 62-luJ 62-peS
31-naJ 31-raM 31-yaM 31-luJ 31-peS 31-voN 41-naJ 41-raM 41-yaM 41-luJ 41-peS 41-voN 51-naJ 51-raM 51-yaM 51-luJ 51-peS 51-voN 61-naJ 61-raM 61-yaM 61-luJ 61-peS 61-voN 71-naJ 71-raM 71-yaM 71-luJ 71-peS 71-voN 81-naJ 81-raM 81-yaM 81-luJ 81-peS 81-voN 91-naJ 91-raM 91-yaM 91-luJ 91-peS 91-voN 02-naJ 02-raM 02-yaM 02-luJ 02-peS 02-voN 12-naJ 12-raM 12-yaM 12-luJ 12-peS 12-voN 22-naJ 22-raM 22-yaM 22-luJ 22-peS 22-voN 32-naJ 32-raM 32-yaM 32-luJ 32-peS 32-voN 42-naJ 42-raM 42-yaM 42-luJ 42-peS 42-voN 52-naJ 52-raM 52-yaM 52-luJ 52-peS 52-voN 62-naJ 62-raM 62-yaM 62-luJ 62-peS
41-naJ 41-rpA 41-luJ 41-tcO 51-naJ 51-rpA 51-luJ 51-tcO 61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ
41-naJ 41-rpA 41-luJ 41-tcO 51-naJ 51-rpA 51-luJ 51-tcO 61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ
41-naJ 41-rpA 41-luJ 41-tcO 51-naJ 51-rpA 51-luJ 51-tcO 61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ
41-naJ 41-rpA 41-luJ 41-tcO 51-naJ 51-rpA 51-luJ 51-tcO 61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ
61-guA 61-tcO 61-ceD 71-beF 71-rpA 71-nuJ 71-guA 71-tcO 71-ceD 81-beF 81-rpA 81-nuJ 81-guA 81-tcO 81-ceD 91-beF 91-rpA 91-nuJ 91-guA 91-tcO 91-ceD 02-beF 02-rpA 02-nuJ 02-guA 02-tcO 02-ceD 12-beF 12-rpA 12-nuJ 12-guA 12-tcO 12-ceD 22-beF 22-rpA 22-nuJ 22-guA 22-tcO 22-ceD 32-beF 32-rpA 32-nuJ 32-guA 32-tcO 32-ceD 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD 62-beF 62-rpA 62-nuJ 62-guA
41-naJ 41-rpA 41-luJ 41-tcO 51-naJ 51-rpA 51-luJ 51-tcO 61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ

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MS-软件｜北美估值观点 20260914—— 盈利门槛抬高，达标者寥寥 Software North America Valuation Views 09_14_26 – High Earnings Bars, and Too Few Clears.pdf

294. MS-上汽集团（600104.SS）——市场正在重估上汽吗？.pdf

文档

MS-上汽集团（600104.SS）——市场正在重估上汽吗？.pdf

总结

AHPFXHp5pVdVbZ8O9RaQnPoOpNtNkPqQvMeRrQqR8OpOtMuOnRrRuOtQyR

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MS-上汽集团（600104.SS）——市场正在重估上汽吗？.pdf

295. MS-中国钢材出口｜欧洲｜8 月环比持平 China Steel Exports Europe August - Flat MoM.pdf

文档

MS-中国钢材出口｜欧洲｜8 月环比持平 China Steel Exports Europe August - Flat MoM.pdf

总结

12-guA 12-voN 22-beF 22-yaM 22-guA 22-voN 32-beF 32-yaM 32-guA 32-voN 42-beF 42-yaM 42-guA 42-voN 52-beF 52-yaM 52-guA 52-voN 62-beF 62-yaM 62-guA
12-voN 22-beF 22-yaM 22-guA 22-voN 32-beF 32-yaM 32-guA 32-voN 42-beF 42-yaM 42-guA 42-voN 52-beF 52-yaM 52-guA 52-voN 62-beF 62-yaM 62-guA
12-naJ 12-raM 12-yaM 12-luJ 12-peS 12-voN 22-naJ 22-raM 22-yaM 22-luJ 22-peS 22-voN 32-naJ 32-raM 32-yaM 32-luJ 32-peS 32-voN 42-naJ 42-raM 42-yaM 42-luJ 42-peS 42-voN 52-naJ 52-raM 52-yaM 52-luJ 52-peS 52-voN 62-naJ 62-raM 62-yaM 62-luJ
61-nuJ 61-voN 71-rpA 71-peS 81-beF 81-luJ 81-ceD 91-yaM 91-tcO 02-raM 02-guA 12-naJ 12-nuJ 12-voN 22-rpA 22-peS 32-beF 32-luJ 32-ceD 42-yaM 42-tcO 52-raM 52-guA 62-naJ 62-nuJ
61-voN 71-rpA 71-peS 81-beF 81-luJ 81-ceD 91-yaM 91-tcO 02-raM 02-guA 12-naJ 12-nuJ 12-voN 22-rpA 22-peS 32-beF 32-luJ 32-ceD 42-yaM 42-tcO 52-raM 52-guA 62-naJ 62-nuJ
Source: European Commission, Morgan Stanley Research. ^ Updated from Annex IV.1 Volumes of tariff–rate quotas, ^^ Unused quotas from
professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”);
or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial

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MS-中国钢材出口｜欧洲｜8 月环比持平 China Steel Exports Europe August - Flat MoM.pdf

296. MS-中国工程机械：关于本轮抛售的点评.pdf

文档

MS-中国工程机械：关于本轮抛售的点评.pdf

总结

1IPFXHm2oUcUaYaQcM7NtRqQnPsMlOrRwPjMmNrOaQoPrNwMnPrNvPrMmM

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MS-中国工程机械：关于本轮抛售的点评.pdf

297. MS-中国国际金融股份有限公司｜亚太事件驱动型套利或主导近期股票走势 China International Capital Corp. Ltd. Asia Pacific Event Driven Arbitrage Likely Dominated Recent Stock Movement.pdf

文档

MS-中国国际金融股份有限公司｜亚太事件驱动型套利或主导近期股票走势 China International Capital Corp. Ltd. Asia Pacific Event Driven Arbitrage Likely Dominated Recent Stock Movement.pdf

总结

the swap-ratio implied a spread of 13-14% against CICC-A. We think the long position Leverage (EOP) (%) 45.7 41.5 39.7 37.8
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A g ric u ltu ra l
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A g ric u ltu ra l B a n k o f C h in a L im ite d , B a iro n g In c.,
In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A g ric u ltu ra l B a n k o f C h in a L im ite d , B a n k o f B e ijin g C o L td , B a n k
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m B a n k o f C h in a L im ite d , In d u stria l a n d C o m m e rc ia l B a n k o f C h in a .
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f B a n k o f C h in a L im ite d .
A s o f A u g u st 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : C h in a In te rn a tio n a l

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MS-中国国际金融股份有限公司｜亚太事件驱动型套利或主导近期股票走势 China International Capital Corp. Ltd. Asia Pacific Event Driven Arbitrage Likely Dominated Recent Stock Movement.pdf

298. MS-中国互联网：AI 广告：从注意力到转化成果 China Internet AI Advertising：From Attention to Outcomes.pdf

文档

MS-中国互联网：AI 广告：从注意力到转化成果 China Internet AI Advertising：From Attention to Outcomes.pdf

总结

- We calculate 2025 advertising revenue divided by the annual DAU time pool for the marketing density. Where a platform’s disclosed revenue scope includes commissions, we mark the bubble with a dashed outline.
Taobao/Tmall's net spend score improved from -3 in 2024 to +55 in Clearest transaction-led beneficiary: closed-loop outcome data supports
AI-tool users report c.10ppt higher perceived ROI. CMR recovery and longer-term commission and merchant-workflow upside.
Meituan's net spend score rose from +9 in 2024 to +55 in 2026, Transaction closure—not standalone AI mindshare—is the moat;
Exhibit 10: Improvements in content generation, ROI and Exhibit 11: AI is already affecting marketing expenditure across
Improve content produc a t s io s n e t e s f t f e ic s i t e e n d cy / increase number of 64% Creative production spend 80%
- We calculate 2025 advertising revenue divided by the average daily DAU time pool for the marketing density.Where a platform’s disclosed revenue scope includes commissions, we mark the bubble with a dashed outline.
Exhibit 21: 72% report unchanged total ad dollars but internal Exhibit 22: AI has made cross-platform media allocation more

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MS-中国互联网：AI 广告：从注意力到转化成果 China Internet AI Advertising：From Attention to Outcomes.pdf

299. MS-中国建材｜亚太中国调研纪要 —— 第二天 China Materials Asia Pacific China Trip Takeaways – Day 2.pdf

文档

MS-中国建材｜亚太中国调研纪要 —— 第二天 China Materials Asia Pacific China Trip Takeaways – Day 2.pdf

总结

4FQGXHm2qWdVfV8O9R9PsQrRnPtNkPnNzQeRpPwPbRoMpPMYqMmRNZmMpR

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MS-中国建材｜亚太中国调研纪要 —— 第二天 China Materials Asia Pacific China Trip Takeaways – Day 2.pdf

300. MS-中国龙源电力集团｜亚太缺乏催化因素维持等权重评级 China Longyuan Power Group Asia Pacific Stay EW on lack of catalysts.pdf

文档

MS-中国龙源电力集团｜亚太缺乏催化因素维持等权重评级 China Longyuan Power Group Asia Pacific Stay EW on lack of catalysts.pdf

总结

1. We lower Longyuan-H's PT to HK$6.00 and Longyuan-A's PT to Rmb14.60, down Morgan Stanley does and seeks to do business with
Remain EW on Longyuan A/H: A lthough a P/B valuation A/H of 1.6x/0.5x i n 2027E Research. Investors should consider Morgan Stanley
assume Longyuan's wind utilization is down 12% yoy in FY26 (it was down 10.9% yoy For analyst certification and other important disclosures,
DCF 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E 2040E 2041E 2042E 2043E 2044E 2045E 2046E 2047E 2048E 2049E 2050E
Pre-tax profit 6,926 8,290 9,554 10,355 11,634 11,518 11,841 12,190 12,721 13,108 13,433 13,703 14,067 14,547 14,781 15,156 12,786 11,918 1 0,077 9,658 10,044 1 0,440 1 0,877 10,876
- Depreciation 14,944 15,999 16,643 17,767 18,795 19,174 19,541 19,923 20,305 20,687 21,070 21,454 21,838 22,222 22,606 22,991 23,376 23,679 2 3,983 24,286 2 4,589 2 4,893 2 5,197 25,501
- Less adjusted taxes (1,571) (1,927) (2,273) (2,517) (2,889) (2,917) (3,058) (3,210) (3,148) (3,245) (3,326) (3,394) (3,485) (3,605) (3,663) (3,757) (3,165) (2,948) (2,487) (2,383) (2,479) (2,578) (2,687) (2,687)
+/- Interest Expense/ (Income) 3,321 3,370 3,379 3,361 3,179 2,877 2,426 1,974 1,512 1,029 536 31 (485) (939) (1,408) (1,886) (231) (248) 9 5 (131) (362) (599) (841) (1,089)

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MS-中国龙源电力集团｜亚太缺乏催化因素维持等权重评级 China Longyuan Power Group Asia Pacific Stay EW on lack of catalysts.pdf

301. MS-中国 AI 路径：消费 AI：超越聊天机器人竞赛 China's AI Path：Consumer AI Beyond the Chatbot Race.pdf

文档

MS-中国 AI 路径：消费 AI：超越聊天机器人竞赛 China's AI Path：Consumer AI Beyond the Chatbot Race.pdf

总结

case fit. Our AlphaWise survey shows 80% weekly personal AI usage in China vs. Y ang.Liu@morganstanley.com +852 2239-1911
free access is coupled with ecosystem distribution, CNY campaigns and a broader T om.Tang@morganstanley.com +852 3963-1860
Exhibit 8: Multi-homing deepened materially: Number of AI Exhibit 9: AI adoption is broadening across entry points: Past-
Short-form content generation: email, ad copy, social post, bullet summary Easy 300–3k 200–1.5k Rmb 0.0014–0.011 88.89–740.7
Monetization 3 (not yet clear, potentially subscriptions 4 (natural monetization within the 3 (hardware premium, cloud-service
Advertising formula Ad-exposed DAU x queries/day x commercial query mix x monetized commercial query rate x ad units per monetized commercial query x 365 x eCPM / 1,000.
3 4 5 0 0 0 % % % 2 1 7 0 % % 2 8 9 % % 2 9 8 % % 2 8 7 % % 2 7 6 % % 2 9 8 % % 46% 48% R M W a o e r e n e k t ly h ly ly 2 3 4 0 0 0 % % % 27% 28% 29% 26% 27% 28% 32% 34% R M W a o e r e n e k t ly h ly ly
Exhibit 33: 64% used five or more AI tools in the past month Exhibit 34: Multi-tool usage remains driven by differentiated

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MS-中国 AI 路径：消费 AI：超越聊天机器人竞赛 China's AI Path：Consumer AI Beyond the Chatbot Race.pdf

302. MS-中国 AI 之路：从 8.5 万亿资本开支到 3 倍算力 China's AI Path From Rmb8.5tr Capex to 3x Compute.pdf

文档

MS-中国 AI 之路：从 8.5 万亿资本开支到 3 倍算力 China's AI Path From Rmb8.5tr Capex to 3x Compute.pdf

总结

commitments for long-term visibility, and 4) by investing upstream and downstream. companies covered in Morgan Stanley Research. As a result,
fundraising over the next f ive years to support Rmb2.0tr of offshore capex. Research. Investors should consider Morgan Stanley
ROIC (2.5-3 years payback) for IaaS/MaaS (1P) and 30% (~2 years payback) for MaaS refer to the Disclosure Section, located at the end of this
Exhibit 14: China AI power demand to increase to 13GW in Exhibit 15: Third-party datacenter orders to increase to 11GW in
This report references U.S. Executive Order 14032 and/or entities or securities that are designated thereunder. U.S. persons may be
Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
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 license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial

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MS-中国 AI 之路：从 8.5 万亿资本开支到 3 倍算力 China's AI Path From Rmb8.5tr Capex to 3x Compute.pdf

303. MS-中国WFE：更强劲、更持久-20260917.pdf

文档

MS-中国WFE：更强劲、更持久-20260917.pdf

总结

WACC of 10.1%, derived from a risk-free rate of 2.0%, beta of 1.35 and a market risk appear likely to maintain high capex in 2026
1. 45% revenue CAGR in 2025-28, fueled 1) 30% revenue CAGR in 2025-28, thanks to 1) <15% revenue CAGR in 2025-28, owing to
45% in 2026, thanks to scale effects and the gross margin to grow slightly through 2026- slower-than-expected R&D and slower cost
Base case, residual income model. Key assumptions: a 10.1% WACC (beta 1.35, risk-free rate ▪We are positive on 2026 WFE demand
2%, and cost of equity of 6%), a medium-term growth rate of 13%, and a terminal growth rate from China given rising capex investments
5/5 24 Month 5/5 3 Month e in x c p o o n s s u is r t e e s n h t e w ld it w h i o th r m M a S y P n B o . t In r f e o fl rm ec a t t i b o r n o a m d a e y r b m e arket EPS 1.90 2.82
Base case, residual income model. We assume a 6.2% cost of equity, a medium-term growth ▪We remain positive on AMEC's new orders
rate of 14% and a terminal growth rate of 4.0%. We believe these assumptions are justified, signed with both advanced-node and

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MS-中国WFE：更强劲、更持久-20260917.pdf

304. MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf

文档

MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf

总结

4FOEXHp5tZ9ZdXbRcM8OpNqQpNtNjMrRwPiNpPxO6MnPnNuOmQsPMYmNnP
一手资料+QQ：
935139387

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MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf

305. MS-中国医疗｜亚太｜中国生物医药：估值与流动性月报 China Healthcare Asia Pacific China – Biotech：Valuation and Liquidity Monthly.pdf

文档

MS-中国医疗｜亚太｜中国生物医药：估值与流动性月报 China Healthcare Asia Pacific China – Biotech：Valuation and Liquidity Monthly.pdf

总结

BGOEUIn3pVcUcW7NcMbRmOrRnPpRiNrRzQiNmMwP7NoMnNwMrNmRwMnNyR

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MS-中国医疗｜亚太｜中国生物医药：估值与流动性月报 China Healthcare Asia Pacific China – Biotech：Valuation and Liquidity Monthly.pdf

306. MS-中美峰会前瞻——预期与情景框架.pdf

文档

MS-中美峰会前瞻——预期与情景框架.pdf

总结

5EyAVJjBtZ9ZdXbR9RaQmOoOtRoQiNrRzQkPoPyQ7NpOnRMYqNqPNZsRnQ

预览

MS-中美峰会前瞻——预期与情景框架.pdf

307. Nomura-半导体封装行业：封装基板出货量同比飙升68%——台积电发布多层核心基板路线图，预计2028年后全面导入.pdf

文档

Nomura-半导体封装行业：封装基板出货量同比飙升68%——台积电发布多层核心基板路线图，预计2028年后全面导入.pdf

总结

BGPFUIiApVfXfVaQbP7NoMrRoMqOjMmMzQeRrQnQaQmNqQMYqNpPxNnRuN

预览

Nomura-半导体封装行业：封装基板出货量同比飙升68%——台积电发布多层核心基板路线图，预计2028年后全面导入.pdf

308. Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf

文档

Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf

总结

of CNY1.45, we derive a TP of CNY60.69, implying 60.0% upside, and initiate at Buy. Over R[Tealabtlivee_ Cpehraforrt]m ance chart
data-center orders that larger manufacturers cannot absorb because of capacity constraints. SAC Registration No.: S1720525080001
our view that AIDC will be a major growth driver over the next several years. The company SAC Registration No.: S1720525100001
global demand for gas-fired generation and gas turbines to support the HRSG business, with SAC Registration No.: S1720525120001
[WTAeB aLpEp_lyV aal u4a2txio ntaMrgeetht oPd/E] , in line with the stock’s three-year average TTM P/E plus 1SD. Based on 2027F EPS of CNY1.45,
[ATcAcBoLrdEi_nEg stgo] Moon Environment’s 2025 Environmental, Social and Governance (ESG) Report, the company is accelerating the
continues to advance technological development and commercial applications of low-carbon refrigerants including R744 and
R290, while developing a green value chain across its operations. The company supplied its proprietary CO2 compression and

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Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf

309. Nomura-大中华区功率半导体季度展望更新 Greater China power semi Quarterly outlook updates.pdf

文档

Nomura-大中华区功率半导体季度展望更新 Greater China power semi Quarterly outlook updates.pdf

总结

BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

预览

Nomura-大中华区功率半导体季度展望更新 Greater China power semi Quarterly outlook updates.pdf

310. Nomura-大中华区功率半导体：季度展望更新——需求全面增长，定价趋势向好.pdf

文档

Nomura-大中华区功率半导体：季度展望更新——需求全面增长，定价趋势向好.pdf

总结

BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

预览

Nomura-大中华区功率半导体：季度展望更新——需求全面增长，定价趋势向好.pdf

311. MS-中国汽车及共享出行｜亚太｜8 月电动车定价：新车发布前折扣扩大 China Autos & Shared Mobility Asia Pacific August EV Pricing - Discounts Widen Ahead of New Launches.pdf

文档

MS-中国汽车及共享出行｜亚太｜8 月电动车定价：新车发布前折扣扩大 China Autos & Shared Mobility Asia Pacific August EV Pricing - Discounts Widen Ahead of New Launches.pdf

总结

We expect discounts to moderate following model facelifts and as the summer Junming.Zhang1@morganstanley.com +852 2848-5412
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : B Y D
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m B Y D C o m p a n y L im ite d , E H a n g H o ld in g s L td , G e e ly
In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m B Y D C o m p a n y L im ite d , C h a n g zh o u X in g y u A u to m o tiv e L ig h tin g
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m H o rizo n R o b o tic s, N IO In c., W e R id e In c.
W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f H o rizo n R o b o tic s, N IO In c., W e R id e In c, Z h o n g sh e n g G ro u p H o ld in g s.
A s o f A u g u st 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : B e th e l A u to m o tiv e

预览

MS-中国汽车及共享出行｜亚太｜8 月电动车定价：新车发布前折扣扩大 China Autos & Shared Mobility Asia Pacific August EV Pricing - Discounts Widen Ahead of New Launches.pdf

312. MS-中国汽车及共享出行｜亚太｜中国电动车周度订单：9 月复苏落地 China Autos & Shared Mobility Asia Pacific China EV Weekly Orders - Sept reboot lands.pdf

文档

MS-中国汽车及共享出行｜亚太｜中国电动车周度订单：9 月复苏落地 China Autos & Shared Mobility Asia Pacific China EV Weekly Orders - Sept reboot lands.pdf

总结

0JyAYEo4rX8YeU8OcMaQmOoOmOtNlOnNwPeRnNwP7NnPmMMYtPmQvPmQqR

预览

MS-中国汽车及共享出行｜亚太｜中国电动车周度订单：9 月复苏落地 China Autos & Shared Mobility Asia Pacific China EV Weekly Orders - Sept reboot lands.pdf

313. Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf

文档

Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf

总结

5EzBWGjBoUfXfV8O8Q9PsQpPtRoQlOqQxOkPoPmO6MrQmMMYtQoPNZnOwP

预览

Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf

314. Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf

文档

Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf

总结

5EPFVJiAtZcUcW9PcM7NtRqQtRpRiNmMxOfQnMsQ9PoPnNxNmPnMuOqMqQ

预览

Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf

315. Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf

文档

Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf

总结

5ERHYEjBtZeWdXbR8QaQtRpPnPoQjMnNyRkPoPmObRrQqQMYtQnPNZmPnR

预览

Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf

316. Nomura-中国雷赛科技核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf

文档

Nomura-中国雷赛科技核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf

总结

4FOEWGo4qWfXeUbRdN7NnPpPmOtNfQoOwPiNpOtR7NqRmMxNnOmNMYsOwO

预览

Nomura-中国雷赛科技核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf

317. Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf

文档

Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf

总结

1IzBZFo4pVfXfV8OaO8OpNpPmOqOiNmMwPeRnMqP8OrQoRMYtQqRMYnRpN

预览

Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf

318. Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf

文档

Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf

总结

AHyAXHm2tZfXdX9P9R8OsQoOoMtNjMmMyRlOrQpN7NnMrRuOtQqRwMoMnR

预览

Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf

319. Nomura-肿瘤药物销售专家电话会议要点.pdf

文档

Nomura-肿瘤药物销售专家电话会议要点.pdf

总结

0JzBUIp5pVcUaY7N8Q8OoMnNsQsMkPqQuNlOqRrN6MqRpRNZqQmNNZoMuN

预览

Nomura-肿瘤药物销售专家电话会议要点.pdf

320. Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf

文档

Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf

总结

intensified competition and FX volatility to continue weighing on earnings through 2026. [RTealabtlivee_ Cpehraforrt]m ance chart
ability to deliver high-power products at scale and its progress in expanding relationships SAC Registration No.: S1720522060001
[WTAe BdLeEri_vVea oluuart itoanrgMeet thproicde] of CNY232.10 by applying a 55x target P/E to 2027F EPS of CNY4.22. Our target multiple is at a
[ATcAcBoLrdEi_nEg stgo] its 2025 Sustainability Report, Honor Electronic invested more than CNY13mn in environmental protection in
2025, and its major production sites are ISO 14001-certified. It recycled and processed approximately 950 tonnes of waste
We, Peiyu Li and Xiaoming Ma, hereby certify (1) that the views expressed in this Research report accurately reflect our
personal views about any or all of the subject securities or issuers referred to in this Research report, (2) no part of our
Research report and (3) no part of our compensation is tied to any specific investment banking transactions performed by

预览

Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf

321. Nomura-全球AI趋势追踪——CIOE 2026展会纪要：400G芯片、硅光薄膜铌酸锂相干精简、NPOCPOOCS.pdf

文档

Nomura-全球AI趋势追踪——CIOE 2026展会纪要：400G芯片、硅光薄膜铌酸锂相干精简、NPOCPOOCS.pdf

总结

1IQGZFp5qWeWdX8O9R8OmOoOsQtNfQoOvMiNrQrN7NrQpRwMmMmNNZmPpP

预览

Nomura-全球AI趋势追踪——CIOE 2026展会纪要：400G芯片、硅光薄膜铌酸锂相干精简、NPOCPOOCS.pdf

322. Toward Recursive Self-Improvement- How GLM Built Its Own Inference Infrastructur.pdf

文档

Toward Recursive Self-Improvement- How GLM Built Its Own Inference Infrastructur.pdf

总结

In October 2025, we began researching how to strengthen its cybersecurity capabilities. Our
production-grade inference service from scratch on a cluster of more than 100,000 Chinese-
ultimately tripling end-to-end throughput relative to the initial baseline. Figure 1 shows the
performance trajectory of GLM-5.3-Flash from its first successful run to production launch.
test failed," "TTFT increased by 30%," or "output throughput dropped by 20%" after a change
Transfer, following the call chain to the Python/C++ boundary. In DeepEP v1.2.1, the version
execution time, from v0 to v1. The agent's division optimization then reduced v1's execution
threefold throughput, and 100,000 accelerators, tell us that progress at this boundary will

预览

Toward Recursive Self-Improvement- How GLM Built Its Own Inference Infrastructur.pdf

323. UBS-爱尔眼科-300015-2026瑞银A股研讨会：短期经营边际改善；海外并购与高端术式升级构筑增长支撑-20260902.pdf

文档

UBS-爱尔眼科-300015-2026瑞银A股研讨会：短期经营边际改善；海外并购与高端术式升级构筑增长支撑-20260902.pdf

总结

1IQGVJo4rXcUdX6MbPbRnPqQmOoQeRmMyRfQrRnRaQoPoQMYpMrRvPnPmQ

预览

UBS-爱尔眼科-300015-2026瑞银A股研讨会：短期经营边际改善；海外并购与高端术式升级构筑增长支撑-20260902.pdf

324. UBS-春秋航空-601021-2026瑞银A股研讨会：Q3国内线收益率承压-20260902.pdf

文档

UBS-春秋航空-601021-2026瑞银A股研讨会：Q3国内线收益率承压-20260902.pdf

总结

4FPFWGm2oUeWdX8ObP8OpNrRmOtNlOmMzQiNmMnR9PoPpRMYoNmMvPtRtR

预览

UBS-春秋航空-601021-2026瑞银A股研讨会：Q3国内线收益率承压-20260902.pdf

325. UBS-德福科技-301511-快评：2026瑞银A股研讨会，HVLP加速放量，锂电箔盈利持续修复-20260902.pdf

文档

UBS-德福科技-301511-快评：2026瑞银A股研讨会，HVLP加速放量，锂电箔盈利持续修复-20260902.pdf

总结

AHzBXHp5sY8YcWaQ8QaQtRnNmOoQeRpPyRlOoOnR9PmNoQwMoNqQNZpNtO

预览

UBS-德福科技-301511-快评：2026瑞银A股研讨会，HVLP加速放量，锂电箔盈利持续修复-20260902.pdf

326. UBS-鼎胜新材-603876-H126业绩符合预期，钠电产品将按预期Q4出货-20260831.pdf

文档

UBS-鼎胜新材-603876-H126业绩符合预期，钠电产品将按预期Q4出货-20260831.pdf

总结

0JOEUIjBsYfXbZaQbP9PsQpPpNpRlOpPzQiNoOmP8OqQuNuOpNnPNZmQoP

预览

UBS-鼎胜新材-603876-H126业绩符合预期，钠电产品将按预期Q4出货-20260831.pdf

327. UBS-恩捷股份-002812-2026瑞银A股研讨会：盈利改善趋势延续，行业供需格局有望优化-20260903.pdf

文档

UBS-恩捷股份-002812-2026瑞银A股研讨会：盈利改善趋势延续，行业供需格局有望优化-20260903.pdf

总结

企业价值/息税折旧摊销前利润(UBS核心) x 20.4 33.3 16.0 11.6 8.8 7.4 6.0 5.9
户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
（https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
做出投资或财务决定前，本文件或这些信息的所有接收方都应采取措施来了解投资的风险和回报并听取其个人财务、法律、税务和其他专业顾问考虑到接
任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，

预览

UBS-恩捷股份-002812-2026瑞银A股研讨会：盈利改善趋势延续，行业供需格局有望优化-20260903.pdf

328. PB：中国通胀回升受供给端带动央行降息仍不可少-20260909.pdf

文档

PB：中国通胀回升受供给端带动央行降息仍不可少-20260909.pdf

总结

This document is being provided for the exclusive use of MENG WANG at CHINA CITIC BANK. Not for redistribution.
温影响，能源价格⾛⾼，⼈⼯智能领域的⼤规模投资则推升了电⼦产品价格。
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP ("BFLP") and its subsidiaries in
all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the ("BFLP Countries"). BFLP is a wholly-owned subsidiary of Bloomberg LP ("BLP"). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP ("BFLP") and its subsidiaries in
all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the ("BFLP Countries"). BFLP is a wholly-owned subsidiary of Bloomberg LP ("BLP"). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment

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PB：中国通胀回升受供给端带动央行降息仍不可少-20260909.pdf

329. SemiAnalysis-Engram架构与DRAM-SSD卸载协同设计-20260918.pdf

文档

SemiAnalysis-Engram架构与DRAM-SSD卸载协同设计-20260918.pdf

总结

official InferenceX agentic inference serving results on Engram models like DeepSeekv4.1
Removing Engram raised answer loss from 0.2848 to 0.3093 bits/token. Forcing the ablated
model to use the original Engram-on expert choices made it worse still, at 0.3375 bits/token.
Engram’s table is large, but each lookup is small. DeepSeek-V4.1-Flash requests 24 rows at
Eventually when they did publicly release for “day 0” image support, performance-wise, it is
currently up to 14.8x worse perf per dollar than H200 and up to 42x worse perf per dollar
P90 interactivity. Near 125 tokens/s/user, DRAM delivers 121 million total tokens per dollar
point has a DRAM alternative that delivers higher P90 interactivity and more total tokens

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SemiAnalysis-Engram架构与DRAM-SSD卸载协同设计-20260918.pdf

330. Semianalysis-内存领域-为何4层堆HBM胜出.pdf

文档

Semianalysis-内存领域-为何4层堆HBM胜出.pdf

总结

which results in 16 GB, 32 GB, and 48 GB for 4-hi, 8-hi, and 12-hi stacks, respectively. An
even though 4-hi can deliver lower concurrency, the faster token/s/user wholly or partially
throughput than 8-hi HBM. Then when the interactivity is doubled further to 213 tok/s/user,
that 4-hi can deliver allows for more than double the interactivity. We also reiterate that in
a present workload on a future system to show that 4-hi is sufficient. It will only be a year
Second, if 4-hi accelerators become a significant part of the AI server accelerator installed
design, and their calling for 4-hi reflects that future models are heading in a direction that
get the same bandwidth from a 4-hi stack as an 8-hi or 12-hi stack, in simple terms the 4-hi

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Semianalysis-内存领域-为何4层堆HBM胜出.pdf

331. UBS-宏发股份-600885-2026瑞银A股研讨会：收入增长维持强劲，毛利率改善可见性增强-20260901.pdf

文档

UBS-宏发股份-600885-2026瑞银A股研讨会：收入增长维持强劲，毛利率改善可见性增强-20260901.pdf

总结

BGRHWGm2pVeWaY9P8Q9PoMpPmOpRjMmMvMlOoOsO7NqRpRvPtQpPuOoPrN

预览

UBS-宏发股份-600885-2026瑞银A股研讨会：收入增长维持强劲，毛利率改善可见性增强-20260901.pdf

332. UBS-科达利-002850-2026瑞银A股研讨会：主业增长动能强劲；机器人业务蓄势待发-20260902.pdf

文档

UBS-科达利-002850-2026瑞银A股研讨会：主业增长动能强劲；机器人业务蓄势待发-20260902.pdf

总结

AHPFVJo4tZ9ZdX9P8Q7NtRnNoMpRfQqQyReRqQmQ7NrQrONZrNrMxNsQoR

预览

UBS-科达利-002850-2026瑞银A股研讨会：主业增长动能强劲；机器人业务蓄势待发-20260902.pdf

333. UBS-蓝思科技-300433-2026瑞银A股研讨会：2H262027增长展望乐观-20260902.pdf

文档

UBS-蓝思科技-300433-2026瑞银A股研讨会：2H262027增长展望乐观-20260902.pdf

总结

0JRHYEm2sY8YcWbRdN6MmOmMpNtNfQmMvMiNnNrN6MnMpQNZsOmRvPnPoP

预览

UBS-蓝思科技-300433-2026瑞银A股研讨会：2H262027增长展望乐观-20260902.pdf

334. UBS-蓝晓科技-300487-2026瑞银A股研讨会：利润增长有望加速...-20260901.pdf

文档

UBS-蓝晓科技-300487-2026瑞银A股研讨会：利润增长有望加速...-20260901.pdf

总结

0JOEUIm2oU8YfV7NdNaQnPqQsQqOiNqQvMiNmMmQ7NmNrPMYtQqQuOtRrR

预览

UBS-蓝晓科技-300487-2026瑞银A股研讨会：利润增长有望加速...-20260901.pdf

335. UBS-联德股份-605060-2026瑞银A股研讨会：AIDC增长势头不变-20260902.pdf

文档

UBS-联德股份-605060-2026瑞银A股研讨会：AIDC增长势头不变-20260902.pdf

总结

4FPFZFp5tZcUaY6M9RbRtRmMmOpRfQoOuNiNpPnR8OqRsMNZoNrRvPtRmQ

预览

UBS-联德股份-605060-2026瑞银A股研讨会：AIDC增长势头不变-20260902.pdf

336. UBS-福耀玻璃-600660-2026瑞银A股研讨会：3Q26经营环比持续改善-20260902.pdf

文档

UBS-福耀玻璃-600660-2026瑞银A股研讨会：3Q26经营环比持续改善-20260902.pdf

总结

AHPFWGm2sYcUeU9PcM7NsQqQnPtNkPqQwPiNnNqMaQrQrONZmQsPuOoPxP

预览

UBS-福耀玻璃-600660-2026瑞银A股研讨会：3Q26经营环比持续改善-20260902.pdf

337. UBS-杠铃策略为首选-20260918.pdf

文档

UBS-杠铃策略为首选-20260918.pdf

总结

Forward EPS 1M revision for China and global AI tech hardware Chinese AI names inventory as % of revenue (4-quarter moving average)
Chinese AI names contract liability as % of revenue (4-quarter Trailing 12M ROE of China and Global AI tech hardware
FY26 EPS trend - China vs global AI tech hardware Forward EPS 3M revision - China vs global AI tech hardware
China AI tech hardware share price YoY vs 12M forward China AI hardware absolute and relative price performance when
Correlation of US 10Y yield with different market indices Rolling 2Y correlation of MSCI China and US 10Y yield
FY1 earnings revision ratio (breadth) 12-month forward earnings revisions in the past 3 months (magnitude)
A shares holding as % of portfolio and Chinese equity holdings Top 40 global investor positioning in Chinese equity (% of
Actively managed funds' Chinese equity holdings vs benchmarks - 30 June 2026 Actively managed funds' Chinese equity holdings vs benchmarks

预览

UBS-杠铃策略为首选-20260918.pdf

338. UBS-豪威集团-603501-2026瑞银A股研讨会：新兴应用有望推动进一步增长-20260903.pdf

文档

UBS-豪威集团-603501-2026瑞银A股研讨会：新兴应用有望推动进一步增长-20260903.pdf

总结

企业价值/息税折旧摊销前利润(UBS核心) x 62.8 28.2 27.0 19.1 14.3 11.4 9.4 7.4
1. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC and/or its affiliates,
户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
（https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，

预览

UBS-豪威集团-603501-2026瑞银A股研讨会：新兴应用有望推动进一步增长-20260903.pdf

339. UBS-恒瑞医药-600276-2026瑞银A股研讨会：下半年创新药收入逐步恢复；合作及研发进展顺利-20260902.pdf

文档

UBS-恒瑞医药-600276-2026瑞银A股研讨会：下半年创新药收入逐步恢复；合作及研发进展顺利-20260902.pdf

总结

AHPFVJo4tZ9ZdX9P8Q7NtRnNoMpRfQqQyReRqQmQ7NrQrONZrNrMxNsQoR

预览

UBS-恒瑞医药-600276-2026瑞银A股研讨会：下半年创新药收入逐步恢复；合作及研发进展顺利-20260902.pdf

340. UBS-泰格医药-300347-快评：2026瑞银A股研讨会，2027年收入增速或高于2026-20260902.pdf

文档

UBS-泰格医药-300347-快评：2026瑞银A股研讨会，2027年收入增速或高于2026-20260902.pdf

总结

AHyAXHp5pVcUfVaQbPbRnPnNsQrPfQpPxOjMoOnRbRnMtMxNmQnQwMsQoO

预览

UBS-泰格医药-300347-快评：2026瑞银A股研讨会，2027年收入增速或高于2026-20260902.pdf

341. UBS-中国互联网：AI下游应用专家电话会议要点-20260918.pdf

文档

UBS-中国互联网：AI下游应用专家电话会议要点-20260918.pdf

总结

We hosted an expert call with a former AI Director at a leading short drama/AI animated +852-3712 3890
The expert noted that Seedance 2.5 currently leads in overall quality and generation +86-21-3866 8912
efficiency (eg, 30s generation, up to 50 multimodal references, and 4K output), while Wei Xiong
model selection is driven by quality, efficiency, and cost. Premium content favors S1460518100005
receptive to lower-cost alternatives to optimise ROI. Although Seedance is priced higher +86-21-3866 8883
This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES,
including information on the Quantitative Research Review published by UBS, begin on page 4.
We believe key sector risks include: 1) an evolving competitive landscape and intensifying

预览

UBS-中国互联网：AI下游应用专家电话会议要点-20260918.pdf

342. UBS-中国中免-601888-2026瑞银A股研讨会：利润率有望持续改善-20260902.pdf

文档

UBS-中国中免-601888-2026瑞银A股研讨会：利润率有望持续改善-20260902.pdf

总结

1IRHYEm2pV9ZbZ8OcM9PmOnNtRpRiNmMxOfQnNrN9PnMpRxNoOmQvPqQmR

预览

UBS-中国中免-601888-2026瑞银A股研讨会：利润率有望持续改善-20260902.pdf

343. UBS-中远海控-601919-快评：业绩符合预期，高运价或支撑三季度利润-20260901.pdf

文档

UBS-中远海控-601919-快评：业绩符合预期，高运价或支撑三季度利润-20260901.pdf

总结

4FOEXHo4qWcUbZ6McM9PnPmMmOtNiNnNxOlOoOnR9PpOpRxNpMrRuOmNoR

预览

UBS-中远海控-601919-快评：业绩符合预期，高运价或支撑三季度利润-20260901.pdf

344. ZeroHedge-Sell 债券，买GPU：信用市场发出警告，而波动率市场却保持平静 Selling Bonds To Buy GPUs Credit Is Flashing A Warning While Vol Sleeps ZeroH.pdf

文档

ZeroHedge-Sell 债券，买GPU：信用市场发出警告，而波动率市场却保持平静 Selling Bonds To Buy GPUs Credit Is Flashing A Warning While Vol Sleeps ZeroH.pdf

预览

ZeroHedge-Sell 债券，买GPU：信用市场发出警告，而波动率市场却保持平静 Selling Bonds To Buy GPUs Credit Is Flashing A Warning While Vol Sleeps ZeroH.pdf

345. 伯恩斯坦-网络安全：情绪过热……板块估值已打满？+20260917.pdf

文档

伯恩斯坦-网络安全：情绪过热……板块估值已打满？+20260917.pdf

预览

伯恩斯坦-网络安全：情绪过热……板块估值已打满？+20260917.pdf

346. UBS-美国加息对中国股市的影响-20260918.pdf

文档

UBS-美国加息对中国股市的影响-20260918.pdf

总结

2015/16 was impacted by share market deleveraging while 2022 benefitted from re- Strategist
opening). A-share market tends to be less impacted vs the H-shares given the latter S1460517080001
attractive vs other regions (see Sunil's note here) given:1) lower reliance on oil for energy
This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES,
including information on the Quantitative Research Review published by UBS, begin on page 8.
Figure 6: Corelation of US 10Y yield with different market Figure 7: Rolling 2Y correlation of MSCI China and US 10Y
Source: UBS estimates. Note: Numbers are revenue weighted. Sectors with no US exposure are not shown. This is based on a previous UBS analyst survey that we have
Figure 11: Subsector performance relative to MSCI China during different phases of previous rate hike cycles