---
title: "#外资研报"
topic_id: 14425424585412582
created_at: 2026-09-21T08:19:02.603+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：506
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/14425424585412582)
- 附件：图片 0，音频 0，文档 9
- 音频文件：_无音频_

## 图片

_无图片_

## 正文

详情页仍未获取到全文。原始列表正文可能被截断。

## 总体总结

主题正文
1. 详情页仍未获取到全文。
2. 原始列表正文可能被截断。

附件总结
MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf
1. 4FOEXHp5tZ9ZdXbRcM8OpNqQpNtNjMrRwPiNpPxO6MnPnNuOmQsPMYmNnP
2. 一手资料+QQ：
3. 935139387

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
1. BGOEUIn3pVcUcW7NcMbRmOrRnPpRiNrRzQiNmMwP7NoMnNwMrNmRwMnNyR

MS-中美峰会前瞻——预期与情景框架.pdf
1. 5EyAVJjBtZ9ZdXbR9RaQmOoOtRoQiNrRzQkPoPyQ7NpOnRMYqNqPNZsRnQ

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
1. BGPFUIiApVfXfVaQbP7NoMrRoMqOjMmMzQeRrQnQaQmNqQMYqNpPxNnRuN

Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf
1. 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
2. data-center orders that larger manufacturers cannot absorb because of capacity constraints. SAC Registration No.: S1720525080001
3. our view that AIDC will be a major growth driver over the next several years. The company SAC Registration No.: S1720525100001
4. global demand for gas-fired generation and gas turbines to support the HRSG business, with SAC Registration No.: S1720525120001
5. [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,
6. [ATcAcBoLrdEi_nEg stgo] Moon Environment’s 2025 Environmental, Social and Governance (ESG) Report, the company is accelerating the
7. continues to advance technological development and commercial applications of low-carbon refrigerants including R744 and
8. R290, while developing a green value chain across its operations. The company supplied its proprietary CO2 compression and

Nomura-大中华区功率半导体 季度展望更新 Greater China power semi Quarterly outlook updates.pdf
1. BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

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
1. BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

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
1. We expect discounts to moderate following model facelifts and as the summer Junming.Zhang1@morganstanley.com +852 2848-5412
2. 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
3. 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
4. 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
5. 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
6. 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.
7. 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.
8. 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

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
1. 0JyAYEo4rX8YeU8OcMaQmOoOmOtNlOnNwPeRnNwP7NnPmMMYtPmQvPmQqR

## 文档

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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf|MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf]]

#### 总结

1. 4FOEXHp5tZ9ZdXbRcM8OpNqQpNtNjMrRwPiNpPxO6MnPnNuOmQsPMYmNnP
2. 一手资料+QQ：
3. 935139387

#### 预览

[[assets/docs/260921_0819__外资研报__MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf|MS-中国生物科技融资与授权月报 China Biotech Funding and Licensing Monthly.pdf]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__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|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

1. BGOEUIn3pVcUcW7NcMbRmOrRnPpRiNrRzQiNmMwP7NoMnNwMrNmRwMnNyR

#### 预览

[[assets/docs/260921_0819__外资研报__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|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]]

### MS-中美峰会前瞻——预期与情景框架.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__MS-中美峰会前瞻——预期与情景框架.pdf|MS-中美峰会前瞻——预期与情景框架.pdf]]

#### 总结

1. 5EyAVJjBtZ9ZdXbR9RaQmOoOtRoQiNrRzQkPoPyQ7NpOnRMYqNqPNZsRnQ

#### 预览

[[assets/docs/260921_0819__外资研报__MS-中美峰会前瞻——预期与情景框架.pdf|MS-中美峰会前瞻——预期与情景框架.pdf]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__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|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

1. BGPFUIiApVfXfVaQbP7NoMrRoMqOjMmMzQeRrQnQaQmNqQMYqNpPxNnRuN

#### 预览

[[assets/docs/260921_0819__外资研报__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|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]]

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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf|Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf]]

#### 总结

1. 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
2. data-center orders that larger manufacturers cannot absorb because of capacity constraints. SAC Registration No.: S1720525080001
3. our view that AIDC will be a major growth driver over the next several years. The company SAC Registration No.: S1720525100001
4. global demand for gas-fired generation and gas turbines to support the HRSG business, with SAC Registration No.: S1720525120001
5. [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,
6. [ATcAcBoLrdEi_nEg stgo] Moon Environment’s 2025 Environmental, Social and Governance (ESG) Report, the company is accelerating the
7. continues to advance technological development and commercial applications of low-carbon refrigerants including R744 and
8. R290, while developing a green value chain across its operations. The company supplied its proprietary CO2 compression and

#### 预览

[[assets/docs/260921_0819__外资研报__Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf|Nomura-冰轮环境（000811.SZ）——AIDC 冷却领军者；海外订单放量.pdf]]

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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__Nomura-大中华区功率半导体 季度展望更新 Greater China power semi Quarterly outlook updates.pdf|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

1. BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

#### 预览

[[assets/docs/260921_0819__外资研报__Nomura-大中华区功率半导体 季度展望更新 Greater China power semi Quarterly outlook updates.pdf|Nomura-大中华区功率半导体 季度展望更新 Greater China power semi Quarterly outlook updates.pdf]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__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|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

1. BGyAXHo4rXfXfV7N8QbRnPmMoMrPjMoOyReRmNpNaQnMnNuOoNpONZnQoP

#### 预览

[[assets/docs/260921_0819__外资研报__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|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]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__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|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

1. We expect discounts to moderate following model facelifts and as the summer Junming.Zhang1@morganstanley.com +852 2848-5412
2. 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
3. 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
4. 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
5. 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
6. 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.
7. 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.
8. 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

[[assets/docs/260921_0819__外资研报__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|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]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260921_0819__外资研报__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|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

1. 0JyAYEo4rX8YeU8OcMaQmOoOmOtNlOnNwPeRnNwP7NnPmMMYtPmQvPmQqR

#### 预览

[[assets/docs/260921_0819__外资研报__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|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]]