摩根士丹利：机器人最新报告

Investment Rating - The overall industry investment rating is "In-Line" for Technology - Software & Services in Europe [8] Core Insights - The report highlights several positive developments from the Hexagon LIVE conference, including the introduction of a humanoid robot named Aeon and a clearer strategy for Hexagon, although short-term earnings risks and a lack of clarity on the remaining Hexagon hinder a more constructive outlook [2][4] - RELX's partnership with Harvey is noted as a significant move in the legal AI sector, potentially reshaping the competitive landscape and keeping RELX at the forefront of Legal AI [3] - Informa reported a 7.9% underlying growth in its AGM update, indicating solid performance across the group [3] Company Summaries Hexagon - Key takeaways from Hexagon include the rebranding of ALI to Octave and the announcement of Aeon, a humanoid robot [2] - The report suggests a sum-of-the-parts (SOTP) valuation but expresses caution due to short-term earnings risks and strategic clarity [2] RELX - The partnership with Harvey is seen as a strategic advantage, positioning RELX favorably within the Legal AI market [3] Informa - Informa's AGM update reflects a strong underlying growth performance of 7.9%, indicating positive momentum for the company [3] Autodesk - The Architecture Billings Index (ABI) data for May 2025 shows cautious optimism with month-over-month improvement in billings demand, although overall demand remains in decline [5] monday.com - The company is moving upmarket and expanding its product offerings, which presents both risks and opportunities, leading to an equal-weight rating due to fair pricing at approximately 34x EV/FCF [6] Salesforce - Analysis suggests potential upside to FY27/FY28 due to recent price increases [6] Back-Office Sector - The report indicates that the back-office sector is likely to be one of the first beneficiaries of AI, with ERP upgrades catalyzed by AI technology [4]