摩根士丹利：投资者介绍_人工智能仍然是2025年的关键词

Investment Rating - The report provides an "In-Line" investment rating for the Greater China Technology Hardware sector [4]. Core Insights - AI is identified as a key focus for 2025, with discussions on positioning within the AI hardware supply chain, including server ODMs versus components and GPU manufacturers like NVDA, AMD, and Intel [4]. - The report highlights the initial stage of liquid cooling adoption and the time required for immersion cooling to gain traction [4]. - Key stocks mentioned include Hon Hai, FII, AVC, Delta, Lenovo, Wistron, Wiwynn, Giga-Byte, Quanta, Lotes, GCE, Asustek, and Yageo [4]. - The demand cycle for iPhones is expected to continue, with a multi-year replacement cycle and upcoming upgrades for the iPhone 17 [4]. - The report questions whether the Android camp will differentiate itself based on AI features [4]. Summary by Sections AI Hardware Supply Chain - The report discusses strategies for positioning in the AI hardware supply chain for 2025, comparing server ODMs and components, and identifying tactical buy ideas versus long-term winners [4]. - It raises questions about the winners in GB200 and the sustainability of stock re-rating [4]. AI PCs - AI PCs are anticipated to drive the next phase of growth in the PC market, with discussions on their definition, necessity, and use cases [5]. - Key catalysts for the next 12 months are identified, along with potential winners and losers in the market [5]. Cloud & Edge AI - The report explores how Cloud & Edge AI will influence the total addressable market (TAM) for MLCC [5]. - Key stocks in this segment include Dell, HPQ, Lenovo, Asustek, SK Hynix, MediaTek, Delta, and Advantest [5]. Cyclical Components - A turnaround in cyclical components is suggested, with expectations of oversupply in ABF substrates lasting until 2025, leading to margin pressure [5]. - The report notes that MLCC inventory digestion is nearing completion, with an anticipated recovery in end-demand [5].