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#外资研报

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附件总结 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

    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
  3. at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research
  4. (0)3-6836-9000. A lternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.
  5. As of August 31, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Firefly Aerospace
  6. Inc, Gogo Inc, HawkEye 360 Inc, Iridium Communications Inc, MDA Space Ltd, Planet Labs PBC, Rocket Lab USA Inc, Viasat Inc.
  7. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Firefly Aerospace Inc, HawkEye 360 Inc, SpaceX, Voyager Technologies
  8. 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.

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

  1. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  2. 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
  3. 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
  4. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  5. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
  6. (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI
  7. Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India;
  8. at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research

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

  1. six factors to distinguish structural winners from cyclical beneficiaries. S ota.Harashima@morganstanleymufg.com + 81 3 6836-8897
  2. capacity shifts toward higher-value, more advanced grade cloth. T omonobu.Tsunoyama@morganstanleymufg.com + 81 3 6836-8936
  3. Exhibit 2: Years of relatively slow to no growth for CCL – then Exhibit 3: Content, not units, will drive 84% of AI-related CCL
  4. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E TAM total Unit growth Content growth Other end segments
  5. Exhibit 6: HVLP4 supply deficit widens sharply in 2027 and Exhibit 7: We expect KB Laminates' net profit to rise 97% HoH
  6. Source: Morgan Stanley Research estimates. Note: M2 pricing is indexed to 1.0x, with higher-grade CCL prices shown relative to this
  7. 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
  8. 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%

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

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  7. 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
  8. 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

MS-药明生物：全球医疗健康大会小组会议反馈.pdf

  1. 5ERHZFo4tZfXcW9PaO6MoMnNsQtNkPqQuNiNoPqP8OpOsOMYnPtPwMtPnM

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

  1. -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
  2. 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)
  3. Exhibit 4: Incremental demand of ~2.5mbpd over the next three years compared to ~1.2mnbpd capacity growth highlights the
  4. 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
  5. Forward consensus estimates have risen ~34% on average across global refiners and we see further upgrade cycle as margin settle at
  6. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  7. 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
  8. 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

MS-如何在iPhone 18发布之际布局供应链股票.pdf

  1. 1IOEZFn3rXdVcWbRcM9PmOnNsQoQiNoOvMfQnMrQbRmNoRwMpOmRuOoMwO

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

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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

MS-上汽集团（600104.SS）——市场正在重估上汽吗？.pdf

  1. AHPFXHp5pVdVbZ8O9RaQnPoOpNtNkPqQvMeRrQqR8OpOtMuOnRrRuOtQyR

文档

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

总结

    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
  3. at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research
  4. (0)3-6836-9000. A lternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.
  5. As of August 31, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Firefly Aerospace
  6. Inc, Gogo Inc, HawkEye 360 Inc, Iridium Communications Inc, MDA Space Ltd, Planet Labs PBC, Rocket Lab USA Inc, Viasat Inc.
  7. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Firefly Aerospace Inc, HawkEye 360 Inc, SpaceX, Voyager Technologies
  8. 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.

预览

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

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

  1. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  2. 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
  3. 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
  4. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  5. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
  6. (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI
  7. Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India;
  8. at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research

预览

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

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

  1. six factors to distinguish structural winners from cyclical beneficiaries. S ota.Harashima@morganstanleymufg.com + 81 3 6836-8897
  2. capacity shifts toward higher-value, more advanced grade cloth. T omonobu.Tsunoyama@morganstanleymufg.com + 81 3 6836-8936
  3. Exhibit 2: Years of relatively slow to no growth for CCL – then Exhibit 3: Content, not units, will drive 84% of AI-related CCL
  4. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E TAM total Unit growth Content growth Other end segments
  5. Exhibit 6: HVLP4 supply deficit widens sharply in 2027 and Exhibit 7: We expect KB Laminates' net profit to rise 97% HoH
  6. Source: Morgan Stanley Research estimates. Note: M2 pricing is indexed to 1.0x, with higher-grade CCL prices shown relative to this
  7. 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
  8. 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%

预览

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

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

总结

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  7. 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
  8. 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

预览

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

MS-药明生物：全球医疗健康大会小组会议反馈.pdf

总结

  1. 5ERHZFo4tZfXcW9PaO6MoMnNsQtNkPqQuNiNoPqP8OpOsOMYnPtPwMtPnM

预览

MS-药明生物：全球医疗健康大会小组会议反馈.pdf

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

总结

  1. -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
  2. 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)
  3. Exhibit 4: Incremental demand of ~2.5mbpd over the next three years compared to ~1.2mnbpd capacity growth highlights the
  4. 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
  5. Forward consensus estimates have risen ~34% on average across global refiners and we see further upgrade cycle as margin settle at
  6. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  7. 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
  8. 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

预览

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

MS-如何在iPhone 18发布之际布局供应链股票.pdf

总结

  1. 1IOEZFn3rXdVcWbRcM9PmOnNsQoQiNoOvMfQnMrQbRmNoRwMpOmRuOoMwO

预览

MS-如何在iPhone 18发布之际布局供应链股票.pdf

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

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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

预览

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总结

  1. AHPFXHp5pVdVbZ8O9RaQnPoOpNtNkPqQvMeRrQqR8OpOtMuOnRrRuOtQyR

预览

MS-上汽集团（600104.SS）——市场正在重估上汽吗？.pdf

源文件：2026-09-21/topics/504.md
站内副本：2026-09-21/topics/504.md