May 13, 2025 10:44 AM GMT 中国的新兴前沿 前沿 28：投资于不断变化的趋 势 我们继续推出中国新兴前沿系列文章，引入我们的六要素框 架，以了解支撑产业升级故事的成功要素，并确定未来的投 资机会。 要点 有兴趣探索中国具备结构性竞争优势的新兴行业的投资者应考虑阅读本报告。本 报告概述了我们如何识别中国在面临债务、通缩、人口变化和全球多极化环境等 挑战下有望表现出色的行业。这些技术支持的新兴前沿将远超出我们今天的想 象，因此，我们理解我们的框架和选择过程的局限性，但持续跟踪这些趋势很重 要。我们还纳入了未上市的新兴初创企业，并进行了监测和跟进分析。 中国对产业升级和前沿产业的关注持续不减。在本系列的第一部分 Navigating the Path to Industry Upgrades 中，我们研究了中国的工业演变、前沿和关键产业如何 推动生产力以及发达市场的经验教训。在本报告中，我们探讨了中国先进供应链 和制造业的重大机遇，包括整个潜在市场。 中国新兴前沿投资策略⸺筛选产业升级机会：我们看到了机械、汽车和新能源领 域的竞争优势，以及半导体、航空航天、人工智能、软件、制药、人形机器人 ...

May 12, 2025 07:05 AM GMT Global Macro Strategist Are You "Overweight" the USA? If investors outside the US sit overweight US assets in aggregate, then US investors must sit underweight. The home bias of US investors challenges the popular view that foreign investors indeed sit overweight the US. Regardless, allocation and hedge ratio adjustments should still weigh on USD. Key Takeaways Please add me to your distribution list. Must reads from Global Macro Strategy US Rates Strategy: The Path to a 30% Bill S ...

May 8, 2025 09:08 PM GMT Semiconductors AI Glasses – Focusing on the Asia supply chain | What's Changed | | | | --- | --- | --- | | Will Semiconductor Co Ltd Shanghai (603501.SS) | From | To | | Rating | Equal-weight | Overweight | | Price Target | Rmb140.00 | Rmb160.00 | We dive into the AI glasses supply chain and identify key potential semiconductor beneficiaries if AI glasses shipment ramps rapidly, including Will Semi (upgraded to OW), Himax (OW), and MediaTek (OW). What happened to Glasses 1.0? Since ...

| | | | | | WoW | YoY | | | MoM | YoY | | --- | --- | --- | --- | --- | --- | --- | --- | | Building materials activity | | | | LGSB issuance (Rmb bn) | | | | | Weekly cement shipments | | | | May-25 175.3 | | | | | North China | 51% -3.3 ppts | | -5.0 ppts | YTD | 1340.9 | | 22% | | Central China | 50% -2.7 ppts | | -5.9 ppts | As of annual quota | 26.5% | | | | East China | 52% -2.0 ppts -11.0 ppts | | | | | | | | South China | 50% -7.1 ppts | | -2.9 ppts | Investment of new projects start (Rmb tn) | | | ...

May 11, 2025 08:06 PM GMT Greater China Technology Hardware | Asia Pacific Takeaways from China BEST Conference Key Takeaways AAC: The tariff hasn't introduced any negative impact on the current operation. The company is confident of achieving its full-year growth target with thermal solutions and new optical breakthroughs as the key growth drivers. Gross margin is also likely to see continuous improvement. BYDE: The company saw a mix change in 1Q25, with the high margin component business experiencing a re ...

May 11, 2025 08:18 PM GMT M Update Shenzhen Inovance Technology | Asia Pacific China BEST Conference 2025 Feedback April automation orders at high single-digit y-y growth: Mgmt noticed weaker momentum in some industries, such as PIMM (y-y decline in April), textile, solar, 3C and air compressors, among others. On the flip side, battery, machine tool, logistics machinery, packaging and air conditioners for data center orders stayed relatively solid. Process industries demand was soft in 1Q25 due to a lack of ...

VNET Group Inc | Asia Pacific Two updates – REIT and Ulanqab DC electricity Key Takeaways M Update Morgan Stanley Asia Limited+ Tom Tang Equity Analyst Tom.Tang@morganstanley.com +852 3963-1860 Yang Liu Equity Analyst Yang.Liu@morganstanley.com +852 2239-1911 Gary Yu Gary.Yu@morganstanley.com +852 2848-6918 VNET Group Inc (VNET.O, VNET US) Greater China Telecoms | China | Stock Rating | Overweight | | --- | --- | | Industry View | Attractive | | Shr price, close (May 9, 2025) | US$5.96 | | 52-Week Range | U ...

Asia Pacific Equity Research 11 May 2025 SMIC (0981) Underweight Slower 2Q guidance, with one-off ASP decline, 2H view cautious; stay UW SMIC's 1Q revenues came in lighter than guidance, but GMs were higher, with strong growth in 12" wafers led by rising demand and customer shipment pull-in. Auto industrial demand is seeing some restocking, which should continue in 1H. Shipments grew ~15% QoQ, but were dragged down by ASP decline due to Fab yield fluctuations (we believe this could have resulted in wafer sc ...

May 11, 2025 10:00 PM GMT New Slide Refreshed Slide Key MORGAN STANLEY & CO LLC. Vikram Purohit Equity Analyst vikram.purohit@ms.com +1 212 761-3804 Judah Frommer Equity Analyst judah.frommer@ms.com +1 212 761-1270 Michael Ulz Equity Analyst michael.ulz@ms.com +1 212 761-4650 Maxwell Skor Equity Analyst maxwell.skor@ms.com +1 212 761-4804 Sean Laaman Equity Analyst sean.laaman@ms.com +1 212 761-4947 Terence Flynn Equity Analyst terence.flynn@ms.com +1 212 761-2230 Finger On The Pulse US SMID Cap Biotech Bea ...

April -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% Foreign players domestic servo sales YoY Foreign players domestic low-voltage AC drive sales YoY Total servo market YoY Total low-voltage AC drive market YoY May 11, 2025 08:18 PM GMT China Industrials | Asia Pacific Automation Operations Tracker - Beginning to Feel the Pain Key Takeaways In April, four global players – Yaskawa (6506.T), Panasonic (6752.T), Delta Electronics (2308.TW) and ABB (ABBN.S) – saw combined China sales of servo and low-voltage ...