从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处于爆发前夜，增量潜力充足。这种成熟市场与新兴市场的双轮驱动格局，不 仅能有效对冲单一市场的波动风险，更构筑起一条穿越周期的稳健增长曲线，为公司的长期价值提供了 坚实支撑。 极智嘉（02590.HK）在拉丁美洲地区迎来里程碑式突破，全年中标额一举超过6亿元人民币，创下历史 新高。这一爆发式增长，标志着极智嘉在全球化深水区激活了新兴市场的巨大潜能。拉丁美洲也从战略 试验田，升级为全新的业绩增长极，迈入规模化落地新阶段。 据eMarketer 2024年报告，拉丁美洲已超越东南亚，成为全球零售电商增长最快的地区，未来双位数增 长态势明确。然而，当地物流基建的发展进程显著滞后于电商扩张速度。随着订单结构日趋碎片化、履 约复杂度显著提升，物流自动化升级已演化为行业层面的刚性需求。对于机器人企业来说，这一市场所 具备的长坡厚雪特点，开始清晰显现。 极智嘉早在2020年就进行了前瞻战略布局，以智利首个项目切入市场，完成了对当地复杂物流环境的技 术验证与应用探索。历经5年深耕，公司建立起覆盖方案设计、项目交付与 ...

拉丁美洲地区成极智嘉全新的业绩增长极，迈入规模化落地新阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉（2590.HK）全球化业务持续迎来里程碑式突破——极智嘉 2025 年全 年在拉丁美 洲中标额一举超过6亿元人民币，创下历史新高。 这一爆发式增长，标志着极智嘉在全 球化深水区激活了新兴市场的巨大潜能。拉丁美洲也从战略试验田，升级为全新的业绩增长极，迈入 规模化落地新阶段。 这里不妨补充一点，据eMarketer 2024年报告，拉丁美洲已超越东南亚，成为全球零售电商增长最 快的地区。然而，当地物流基建的发展进程显著滞后于电商扩张速度。随着订单结构日趋碎片化、履 约复杂度显著提升，物流自动化升级已演化为行业层面的刚性需求。对于机器人企业来说，这一市场 所具备的长坡厚雪特点，开始清晰显现。 而极智嘉早在2020年就前瞻性布局，彼时以智利首个项目切入市场，完成了对当地复杂物流环境的 技术验证与应用探索。历经5年深耕，极智嘉现已建立起覆盖方案设计、项目交付与本地支持的服务 网络与生态体系。相较于其他厂商，这种 难以在短期内复制的"服务基建 ...

Core Insights - Morgan Stanley's 2026 market outlook highlights four major themes: AI technology diffusion, future energy, a multipolar world, and social change, presenting ten key predictions for investors to understand the evolving market landscape driven by technology [1] Group 1: AI Technology and Market Dynamics - The development of global AI technology is expected to show a bifurcated pattern, with the U.S. leading in advanced models while other regions lag behind, creating a "two worlds" scenario in AI development [2] - There will be an exponential growth in computing power demand driven by the proliferation of AI applications, which will outpace supply growth, fundamentally changing the economics of data centers [3] Group 2: Policy and Geopolitical Implications - The Trump administration is predicted to implement stronger policies than expected, focusing on securing domestic supplies of critical minerals, supporting manufacturing return, increasing military spending, and lowering consumer costs [4] - There will be increasing pressure for AI technology transfer and a push for national self-sufficiency, affecting trade dynamics and leading countries to enhance their domestic AI capabilities [5] Group 3: Energy and Infrastructure - Rising global energy costs will trigger a backlash against data center growth, prompting the introduction of low-cost energy support policies and encouraging data centers to adopt off-grid power strategies [6] - Major AI companies will accelerate the integration of energy infrastructure to secure reliable and cost-effective energy sources, enhancing energy efficiency through AI [7] Group 4: Manufacturing and Investment Trends - China is expected to increase its share in the global manufacturing market in key tech-intensive sectors, while the U.S. manufacturing landscape will shift towards domestic production as technology diffusion diminishes the low-cost labor advantage [8] - Latin America is entering a new investment cycle driven by policy shifts, geopolitical changes, and peak interest rates, with this bull market being investment-led rather than consumption-driven [9] Group 5: Workforce and Economic Transformation - Companies and governments will initiate extensive retraining programs to address employment changes driven by AI, responding to the political sensitivity surrounding job displacement caused by AI applications [10] - Transformative AI is anticipated to reshape the economy and asset valuations, with early signs of price declines across multiple sectors by the second half of 2026, leading to increased wage inequality and upward pressure on capital expenditures and interest rates [11][12]

Core Insights - Morgan Stanley's 2026 market outlook highlights four major themes: AI technology diffusion, energy future, multipolar world, and social change, presenting ten key predictions for investors to understand the evolving market landscape driven by technology [1] Group 1: AI Technology Predictions - Prediction one indicates a bifurcated global AI development landscape, with the U.S. expected to achieve a leap in capabilities for frontier large models by the first half of 2026, while competitors in other regions will struggle to match this progress, creating a "two worlds" scenario in AI development [2] - Prediction two emphasizes that the demand for computing power will grow exponentially, outpacing supply growth, driven by the proliferation of AI applications and increasing complexity of use cases [3] Group 2: Policy and Economic Implications - Prediction three forecasts that the Trump administration will implement stronger policies than anticipated, focusing on ensuring domestic supply of critical minerals, supporting manufacturing return, increasing military spending, and lowering consumer costs [4] - Prediction four discusses the pressure for AI technology transfer and the pursuit of national self-sufficiency, which may affect trade dynamics as countries strive to enhance their domestic AI capabilities [5] Group 3: Energy and Infrastructure - Prediction five states that rising global energy costs will lead to a backlash against data center growth, prompting the introduction of low-cost energy support policies and encouraging data center projects to adopt off-grid power strategies [6] - Prediction six predicts that major AI companies will accelerate their integration with energy infrastructure to secure reliable and cost-effective energy sources, thereby enhancing energy and power efficiency through AI [7] Group 4: Manufacturing and Labor Market Changes - Prediction seven suggests that China will increase its share in the global manufacturing market in key tech-intensive sectors, while the U.S. manufacturing balance will tilt towards domestic production as technology diffusion diminishes the advantage of low-cost labor [8] - Prediction ten highlights that companies and governments will initiate extensive retraining programs to address employment changes driven by AI, with political sensitivity around perceived job losses leading to various policy interventions [10] Group 5: Economic Transformation - Prediction eight indicates that Latin America will enter a new investment cycle driven by policy shifts, geopolitical changes, and peak interest rates, with this bull market being investment-led rather than consumption-driven [9] - Prediction nine anticipates early signs of transformative AI leading to rapid price declines across multiple sectors by the second half of 2026, which may exacerbate wage inequality and increase capital expenditures, reshaping national competitiveness [11]

Group 1: Industrial Sector Development in China - Morgan Stanley's report indicates that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] - The push for equipment upgrades and anti-involution policies reflects the government's strong intent to enhance productivity, benefiting high-end equipment manufacturing companies [1] - The report expresses optimism about the opportunities for Geek+ (02590) to increase its global market share and successfully transition into a provider of unmanned warehouse solutions through other embodied intelligent products, setting a target price of HKD 37 and giving an "overweight" rating [1] Group 2: Capital Expenditure Trends - Following a strong momentum in 2025, global capital expenditure for the top 11 listed cloud service providers is expected to approach USD 620 billion in 2026, with continued robust AI capital expenditure in both global and Chinese markets [2] - The report suggests that the expansion of AI into the physical world is just beginning, marking the next major phase of AI technology adoption, with China leading in physical AI investments due to favorable government policies, funding support, and a competitive supply chain ecosystem [2]

Group 1 - The core viewpoint of the articles highlights that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] - Morgan Stanley is optimistic about the opportunities for the company Extreme Intelligent Robotics (极智嘉-W, 02590) to increase its global market share and successfully transform into a provider of unmanned warehouse solutions through other embodied intelligent products [1] - The report indicates that the fundamentals of China's capital goods sector are recovering, driven by industrial upgrades, the diffusion of AI technology, domestic replacement cycles, and overseas opportunities [1] Group 2 - The forecast for 2026 suggests that the cloud capital expenditure of the top 11 global listed cloud service providers will approach $620 billion, continuing strong growth in global and Chinese AI capital expenditure [2] - The report emphasizes that the expansion of AI into the physical world is just beginning, marking the next major phase of AI technology adoption, with China leading in physical AI investments due to favorable government policies and a competitive supply chain ecosystem [2]

Core Insights - The report by Morgan Stanley indicates that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] Group 1: Industry Trends - The push for equipment upgrades and the "anti-involution" policy reflect the government's strong intention to enhance productivity, which will benefit high-end equipment manufacturing companies [1] - The report highlights the potential for growth in the global market share of companies involved in advanced manufacturing technologies [1] Group 2: Company Focus - Morgan Stanley is optimistic about the opportunities for Geek+ to increase its global market share and believes the company has the potential to successfully transform into a provider of unmanned warehouse solutions through other embodied intelligent products [1] - The target price for Geek+ is set at HKD 37, with a rating of "Overweight" [1]

Core Viewpoint - The KOSPI index in South Korea has risen nearly 50% in 2025, with Morgan Stanley analysts suggesting this is just the beginning, driven by structural growth factors despite short-term trade tensions [1] Group 1: Market Performance - The KOSPI index has increased nearly 50% year-to-date, outperforming other Asian markets, with the MSCI Korea index up 65% compared to the 27% rise in the Asia-Pacific index [1] - Morgan Stanley has raised its KOSPI target from 3250 to 3800 points, with a bullish scenario suggesting it could reach 4200 points [4] Group 2: Sector Analysis - The technology sector is expected to benefit significantly from the AI expansion, with analysts noting that the storage chip industry is entering a new upcycle driven by AI, with supply constraints supporting price increases [5] - Major companies like Samsung Electronics and SK Hynix are projected to be the primary beneficiaries, with potential stock price increases contributing to a 5.3% rise in the KOSPI index [6] Group 3: Super Cycles Driving Growth - Morgan Stanley identifies four super cycles driving structural growth in the Korean economy: AI technology diffusion, defense industry, power infrastructure, and the Korean Wave culture [7] - The defense sector is experiencing increased demand due to geopolitical risks and modernization needs, with European countries committing to higher defense spending [7] - The power infrastructure sector is expanding globally, with Korean manufacturers gaining orders in major projects due to competitive costs and advanced technology [7] - The Korean Wave culture, particularly in beauty products and instant noodles, is seeing significant growth, with beauty exports to Europe up 59% year-on-year [7] Group 4: Government Reforms - The execution of government reform agendas is becoming a focal point for the market, with expected reforms related to stock buyback rules and key tax reforms [8] - Proposed changes to the dividend tax rate are expected to be set below 30%, and stock buyback rule reforms are anticipated, though the timing remains uncertain [10]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a significant liquidity influx into the A-share market, amounting to approximately 1.5 to 1.7 trillion RMB in the first half of 2025, driven by both institutional and retail investors [8][9] - The narrative around the market is shifting, with a focus on policy adjustments to combat deflation and improve economic conditions, particularly through measures that enhance social welfare and stimulate demand [18][19] - The report emphasizes the importance of structural reforms to address systemic overcapacity and the need for a balanced approach to economic recovery [68][77] Summary by Sections Market Liquidity - The Morgan Stanley Free Liquidity Index turned positive in June 2025, indicating improved market conditions [8] - Net inflows into the A-share market from institutional and retail investors reached 1.5 to 1.7 trillion RMB in the first half of 2025 [9] Policy and Economic Outlook - The report discusses the government's deepening understanding of deflation and the resulting policy shifts aimed at stimulating the economy [18] - It notes that the "924" policy shift and other measures are expected to foster a more favorable economic environment [19] Structural Reforms - The report stresses the necessity for structural reforms to mitigate overcapacity issues and enhance market efficiency [77] - It suggests that a market-oriented approach combined with structural reforms is essential for sustainable economic recovery [68] Emerging Industries - The report identifies significant growth potential in emerging industries, particularly in AI and robotics, with predictions of substantial market expansion by 2050 [59][63] - It highlights China's competitive advantages in AI and robotics, with a notable increase in patent applications in humanoid robots and autonomous driving technologies [53][63]