更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Morgan Stanley RESEARCH May 28, 2024 05:51 AM GMT Tracking China's Semi Localization Asia Pacific Making progress in Al semis China HBM and CPU Key Takeaways China state-backed investment fund to accelerate its Al semi localization China national fund . China sets up third fund with Us$47.5 bn to boost semiconductor sector. China 2023 semiconductor self-sufficiency ratio only rose to 20% fell short of our previous expectation of 23%. Nevertheless, China has set up its third plann ...

多资米 开报数据加 知识 Key Takeaways 2024 Global Markets Conference Over 850 attendees joined J.P. Morgan's 2024 Global Markets Conference (GMC) on May 15-17 in Paris. Clients were polled ona range of topics at the conference, and key insights from attendees included The asset class with the highest returns in 2024 is expected to be Equities, (51%), with a majority holding a moderately bullish view on the S&P 500, expecting the index to be 5,250-5,750 (55%) at year-end 2024. The majority agreed that the next Fed move ...

摘要 •英伟达最新的业绩表现非常积极，尤其是在亚洲AI产业链的股市反应上。 •近期内的需求是否会暂停，英伟达的H100产品在本季度的出货量将继续增长，且H系列的需求在 明年仍将比供给紧张。 •长期需求的可持续性备受关注，特斯拉逐渐成为英伟达的重要客户，多个国家的AI数据中心项 目也在积极推进。 •英伟达的业绩对亚洲AI产业链产生了积极影响，日本的迪斯科尔德曼特斯和台湾的KY一在设备 方面表现突出，台积电和HiMax在芯片方面表现突出，微创、红海和FII在硬件方面表现突出。 •英伟达在第二季度和第三季度的业绩预期仍然乐观，第四季度的表现取决于GB200的量产速度。 •英伟达的客户结构正在发生变化，特斯拉逐渐成为其重要客户，Google、Meta和Oracle等公司 也出现在客户名单中。 Q&A 英伟达最新的业绩表现如何？市场对其短期和长期需求有何看法？ 英伟达最新的业绩表现非常积极，尤其是在亚洲AI产业链的股市反应上。主要有两个关键点：首 先，近期内的需求是否会暂停。根据我们的信息，英伟达的H100产品在本季度的出货量将继续增 长，且H系列的需求在明年仍将比供给紧张，这对短期需求波动是利好的消息。其次，长期需求 ...

Summary of Conference Call Industry Involved - The discussion primarily revolves around the **real estate industry** and its interconnection with the **financial industry**. Core Points and Arguments - The call is hosted by **Morgan Stanley**, featuring insights from various analysts, including **Rachel**, who specializes in the **technology materials sector**. [1] - **Zhang Yongtian**, the chief analyst for the real estate sector, will provide interpretations of recent policies affecting the real estate market. [1] - **Xu Ran**, the chief analyst for the financial sector, will discuss how the financial industry can support the real estate policies mentioned. [1] Other Important Content - The call is scheduled for **May 22**, indicating a timely discussion on current market conditions and policy impacts. [1]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Global Idea May 18, 2024 12:52 AM GMT Global Macro Strategist Morgan Stanley & Co. LLC Matthew Hornbach Strategist The Rate Cuts Are Coming! Matthew.Hornbach@morganstanley.com + 1 212 761-1837 Guneet Dhingra, CFA Not the redcoats, the rate cuts, although rate cuts are coming to S Gt ur na ete eg t.i Dst hingra@morganstanley.com + 1 212 761 ：-1445 s h u i n u 9 8 7 0 Andrew M Watrous 加 V 据 Britain too. Rate cuts aren't easing if they simply match lower Strategist 报 数 Andrew.Wat ...

开报数据加 知识 Asia Pacific Equity Research 15 April 2024 Hong Kong Property The residential market is losing steam After some short-term excitement post the policy easing, the residential market shows signs of losing steam again: (1) secondary home price, after a 2.8% rebound over 3 weeks, dropped 1.5% last week (the steepest W/W decline in 8 months - Figure 2); (2) CKA's Blue Coast only hit a 70-75% sell-through rate in its second launch. We think the weaker momentum in the primary market is due to (1) develope ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Morgan Stanley RESEARCH UPDATE May 23, 2024 09:53 AM GMT MORGAN STANLEY MUFG SECURITIES CO., LTD.+ Global Macro Data aTJapan Koichi Sugisaki Strate gist Koichi.Sugisaki@morganstanleymufg.com lapan Macro Data Tracker - 2024/05/23 +81 3 6836-8428 Global Macro Data: Market Outstanding JGBs: 2024 April-end (13 May 2024) We provide holistic daily data set and charts for Japan interest rates. This includes important data such as JGB, OIS, ASW, JGB Futures and JGBi. 开报数据加V：shuinu9870 Mo ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Morgan Stanley RESEARCH May 16, 2024 09:00 PM GMT China Property I Asia Pacific Optimism on Policy Impact Priced in While Fundamentals Remain Lukewarm Property stocks have rallied ~50% since mid-April on policy remain weak and highly uncertain in 2H24. We lower ourh Industry View to In-Line on the below concerns. 开报数据 Policy impact will still take time: While regulators have turned more dovish on housing policy, we think the impact on property sales and home prices remains highly ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Morgan Stanley May 20, 2024 09:53 AM GMT Morgan Stanley Research Global 周研纪要和研报数据 Morgan Stanley,Global Macro Forum Key Themes for 2H24 May 20, 2024 MORGAN STANLEY & CO. LLC 一手调研纪要和研报数据加V： 据加V：shuinu9870 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stan ...

口口 摩根士丹利：新经济会议20240517_智能速览 2024年05月20日 02:17 关键词 摩根士丹利 硬件 软件 服务 云优化 公有云 私有云 国产替代 数字化转型 资本市场 市场份额 AI 资本开支 硬件厂商 数据中心 网络安全 企业CIO AIPC 半导体 供应链 全文摘要 2024年中国企业IT预算整体预计增长10%，但长期及短期支出均降至历史低点。尽管存在预算缩减现 象，AI技术及其应用领域的投入预计将增加，反映出企业对AI的持续关注。硬件支出尤其在服务器方面 略增，而PC和存储预算则呈轻微下降趋势。半导体领域投资者偏好拥有海外业务并受益于云端服务器 需求回暖的公司。面对经济复苏迹象，IT领域的支出和预算调整成为焦点，但下行修正可能性大于上 行。CIO对长期投资意愿转为稳定或减少，国有企业预算下调幅度最大。AI领域内，华为领先，国 产ERP如金蝶、北森市场份额增长。公有云市场意愿下降，私有云和数据需求增加。刘端提到AIPC设备 及PC市场需求疲软情况。科技行业虽面临不确定性和公共开支减少，但AI和PC市场仍具发展前景，尤 其联想在高端PC市场占据重要位置。建议投资者关注宏观经济环境变化。 章 ...