August 1, 2025 07:11 AM GMT Investor Presentation | Asia Pacific From Wheels to Walkers – How Autos Morph into Humanoids Auto companies, from OEMs to suppliers and dealers, are leveraging auto know-how to take share in the booming humanoids market. | M From Wheels to Walkers – How Auto companies, from OEMs to suppliers and dealers, are | Equity Analyst Shelley.Wang@morganstanley.com Equity Analyst Stanley Wang | +852 3963-0047 | | --- | --- | --- | | | | Foundation | | August 1, 2025 07:11 AM GMT | | | | In ...

Accessible version 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 The Flow Show Different Gravy Scores on the Doors: gold 24.4%, bitcoin 23.7%, stocks 11.9%, HY bonds 7.1%, IG bonds 7.0%, govt bonds 5.3%, commodities 4.5%, cash 2.5%, oil -3.2%, US$ -7.9% YTD. Zeitgeist: "The railroad stocks were more than 60% of market cap in the late 1880s… why can't the Magnificent 7 get to the same level." The Biggest Picture: US railroads, dominant revolutionary monopolies, peaked at 63% of US market cap in 1881 (Chart 2); other new para ...

智能化整车框架培训 20250801 摘要 智能汽车发展分为三个阶段：电动化渗透（至 2027 年），智能化无人 驾驶普及（2027-2030 年），中国自主品牌全球飞跃（2030 年后）。 商业模式将从硬件为主转变为软件为主。 自动驾驶技术核心竞争要素包括算力、算法、数据、资金和人才组织创 新。算力预计 2025 年下半年迎来新一轮提升，算法逐渐被端到端大模 型取代，数据质量要求上升。 预计 2027-2028 年 robotaxi 规模放量，无人车出行将成为常态，是 AI 全球技术革命的重要分支。智能汽车是破坏性技术创新，应视为全新领 域。 汽车行业正经历从 1.0（机械）到 2.0（系统体验）再到 3.0（软硬件分 离）时代的转变。智能化加速产业格局收敛，软件边际成本为零，企业 追求规模效应。 整车框架随技术发展变化：油车看发动机，电车看三电，智能车看算法 和数据。每个阶段都有技术引领者与跟随者，需求创造者与满足者。 未来汽车行业可能出现三类公司：无人车运营公司（互联网框架）、高 端 C 端市场公司（消费品属性）、传统车企（制造业框架）。 Robotaxi 商业模式关键因素包括算法提供者、硬件成本控制、 ...

Global In the Flow July Recap Performance – Dollar and risk assets rise August 1, 2025 07:46 PM GMT US equities showed strength, with the S&P 500 rising 2.3%. Technology (+5.1%) led global equity sectors, while consumer staples (-3.5%) and healthcare (-3.7%) lagged. DM rates mostly sold-off, but credit spreads saw tightening across US and European indices. The dollar outperformed G10 currencies, with the DXY rising 3.3%. Brent rallied by 8.1%. Technicals – DM HY and IG gross issuance falls YoY; record forei ...

[Aug 2nd 2025] The world this week Leaders Letters By Invitation Briefing Asia China United States The Americas Middle East & Africa Europe Britain International Business Finance & economics Science & technology Culture Economic & financial indicators Obituary | Next section | Main menu | The world this week | Next section | Main menu | Politics Business The weekly cartoon | Next | Section menu | Main menu | The world this week Politics 7月 31, 2025 03:34 上午 Israel suspended military operations for several h ...

August 4, 2025 06:19 AM GMT China Autos & Shared Mobility Asia Pacific Industry View In-Line 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 Stanley Research as only a single factor in making their investment decision. Investor Presentation | Asia Pacific AI Takes the Wheel SG Sympos ...

August 4, 2025 04:00 AM GMT Tesla Inc | North America 7th Annual Intern Survey: Tesla Out of Favor Our summer intern class provides a window on the preferences of a future generation of business leaders and commercial influencers. Just 5% of interns listed Tesla as their 'most desirable car brand' (down from 11% LY), while preference for a Tesla robotaxi service also fell sharply to 12% from 31%. M Our 7th Annual Intern Survey of ~530 Morgan Stanley North American summer interns shows that tastes and prefer ...

August 4, 2025 04:00 AM GMT Humanoids | North America Humanoid Robot Consumer and Intern Surveys: China Enthusiasm, US Divided M The MS AlphaWise team conducted a Consumer Pulse sentiment survey across the US and China (as well as our N. American Summer Intern survey), revealing major gaps in sentiment between US and Chinese consumers as well as interesting trends across key demographics. Our MS AlphaWise team conducted a Consumer Pulse survey across both the US and China to gather sentiment on humanoid rob ...

August 1, 2025 01:56 AM GMT Investor Presentation | Asia Pacific Morgan Stanley Asia Limited+ Laura Wang Equity Strategist Laura.Wang@morganstanley.com +852 2848-6853 Chloe Liu Equity Strategist Chloe.Liu1@morganstanley.com +852 2848-5497 Vicky Wu Equity Strategist Vicky.Wu@morganstanley.com +852 3963-3928 M Foundation China Equity Strategy: Buckle Up Through the Summer Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that ...

3 August 2025 | 9:30AM HKT China Weekly Kickstart Markets corrected 2-3% from ytd highs; July Politburo meeting shows less urgency for stimulus; Higher index and Southbound targets MXCN/CSI300 lost 3.4%/1.8% this week after making 4Y and YTD highs last week. Politburo meeting was held on Jul 30 and policymakers showed less urgency for stimulus in the near term. US and Chinese officials agreed to seek an extension of their 90-day tariff truce on Jul 29, following two days of trade talks in Stockholm. Preside ...