January 8, 2026 07:01 AM GMT Investor Presentation | Asia Pacific 2026 Outlook: Prefer AI to Non-AI; Both Logic and Memory Are Attractive | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley Charlie Chan Equity Analyst | | | --- | --- | --- | | | | Foundation | | January 8, 2026 07:01 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | 2026 Outlook: Prefer AI to Non-AI; Both Logic and | Charlie.Chan@morganstanley.c ...

18A在CES亮剑、2nm订单开抢：英特尔追赶、三星反攻、台积电守擂，先进制程进入"近身肉搏" 。 美国高通公司首席执行官克里斯蒂亚诺·阿蒙(Cristiano Amon)的话报道称，高通(QCOM.US) 很可能将使用三星电子的2nm级别芯片代工工艺来制造其下一代移动应用处理器。 该媒体援引阿蒙在采访中透露的消息表示，这家智能手机与PC端芯片领军者正在与包括三星电 子在内的多家晶圆代工厂就采用最前沿的大规模2nm芯片制造工艺进行合同代工制造展开磋商; 阿蒙表示，高通面向PC、智能手机甚至AI数据中心的绝大多数新一代核心芯片设计工作已经完 成，以便在不久的将来实现大规模代工以及全面商业化。 报道补充称，这项潜在的交易也将标志着高通在多年来几乎完全依赖台积电(TSM.US)进行最为 先进的芯片制程代工之后，重返三星电子的最前沿芯片制造工艺节点。 在周一，台积电台股股价一度飙升6.9%，股价再度创下历史新高，推动中国台湾股市基准指数 突破3万点关口。这一涨势发生在华尔街金融巨头高盛将台积电的12个月内目标价大幅上调35% 至2330新台币之后，进一步强化了市场对于人工智能相关算力基础设施需求长期强劲增长的信 心。 ...

Group 1 - The core viewpoint of the report is that 2026 will witness strong growth in the AI supply chain, driven by the expansion of capital expenditures from hyperscale cloud service providers, rapid advancements in AI hardware technology, and a tight supply chain for components [1] Group 2 - Capital expenditures from top global cloud service providers are expected to increase by 34% year-on-year in 2026, reaching approximately $424 billion, primarily fueled by the ongoing expansion of cloud services and internet businesses, with cloud service revenue growth rebounding to over 28% [2] Group 3 - The report predicts a prosperous coexistence of AI GPUs and custom chips (ASICs) in 2026, with Nvidia's Blackwell platform expected to enter large-scale delivery, anticipating the delivery of around 60,000 racks throughout the year [3] - Google and Amazon are leading the deployment of custom chips, with Google's TPU v7 and Amazon's Trainium T3 expected to be widely deployed in 2026, while Meta plans to launch its ASIC solution in the second half of the same year [3] Group 4 - Traditional general-purpose servers are also showing a recovery growth in the high single to mid-single digits, alongside the AI boom [4] Group 5 - The report highlights an uneven distribution of growth benefits across the supply chain, with markets for rack power supplies, cooling, and PCB substrates expected to continue expanding, while tight supply of various raw materials, especially memory, creates a "seller's market" benefiting component suppliers [5] - Due to high prices of storage components, the report has downgraded the 2026 PC shipment forecast, expecting a 4% decline, while smartphone growth is also expected to slow to 2% due to rising commodity prices [5] Group 6 - The report suggests that the driving factors for stock prices in 2026 will be sales and profit growth rather than further valuation expansion, identifying the best opportunities among suppliers that can benefit from the increase in AI server deployments and enhance unit value or added value [6] - Recommended stocks include server ODM manufacturers (Quanta, Hon Hai, Wistron, Wistron NeWeb) and component suppliers (Delta, Jentech, AVC), as well as Largan Precision, which benefits from upgrades in foldable screens and variable aperture specifications [6] - The report takes a more cautious stance on brand companies (ASUS, Lenovo, Gigabyte, MSI) and ODM and component companies (Compal, Pegatron, Inventec, JMicron) that are less likely to benefit from AI server growth due to high input costs, especially in storage [6]

January 6, 2026 09:56 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: CES implications, ASIC production, China AI chips 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. For analyst certificati ...

Core Insights - The report from Jinyuan Securities highlights the exponential growth in costs associated with advanced processes in the semiconductor industry, particularly noting that the design cost of a 2nm chip is approximately $725 million, which is 25 times that of a 65nm chip [1][2] - Capital expenditures (CapEx) for building semiconductor manufacturing facilities also reflect this trend, with the investment required for a 5nm chip factory being five times that of a 20nm factory [1][2] Advanced Packaging Trends - The shift towards advanced packaging is driven by the combination of chiplets and high-end advanced packaging, which allows for mixed processes, reduced time to market, reusability, and improved yield [2] - Chiplets can utilize different processes based on demand, such as using 3nm technology for CPUs while employing mature processes for I/O or analog circuits, thus shortening R&D cycles and design costs [2] - The performance per watt per dollar (Perf/Watt/Dollar) indicates that large chips combined with 3D stacking are more suitable for medium and small systems, while complex systems benefit from the "small die with better yield" approach [2] AI Chip Performance - In terms of raw computational performance, AI-specific chips (ASICs) are weaker than AI GPUs, and even large language models like GPT-4 cannot run on a single chip [3] - To match the performance of AI GPUs, ASICs require larger clusters of dedicated chips, and advanced packaging through chiplets and heterogeneous integration is key to maximizing performance while controlling costs [3] Technological Evolution in Advanced Packaging - The core of technological evolution in advanced packaging is the continuous increase in interconnect I/O count and bandwidth density, transitioning from high-density electronic interconnects to incorporating optical interconnects [4] - The second generation of packaging aims to support higher interconnect I/O demands in the AI era, addressing bandwidth and power consumption bottlenecks [4] 2.5D Packaging Technology - Silicon bridge packaging technology serves as a 2.5D solution, integrating one or more silicon bridges within a specific packaging substrate to ensure interconnectivity between multiple chips [5] - The main factors limiting 2.5D interconnect density include solder bridging risks, intermetallic compounds, and underfill process challenges [5] - Direct bonding and hybrid bonding techniques are crucial for enhancing interconnect density by eliminating solder layers and achieving closer interconnect spacing [5] Advanced Packaging Market Outlook - The advanced packaging market in China is projected to reach approximately 96.7 billion yuan in 2024, accounting for 30.95% of the global market, with expectations to grow to 188.8 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 14.30% [7] - By 2029, China's advanced packaging and testing market is anticipated to represent 36% of the global market size [7] - The unit packaging cost is higher due to the complexity of processes and the use of silicon interposers and embedded silicon bridge technology [7] Related Companies - Equipment manufacturers include Tuojing Technology (688072.SH), Zhongwei Company (688012.SH), Shengmei Shanghai (688082.SH), Guangli Technology (300480.SZ), Beifang Huachuang (002371.SZ), and Zhongke Feimiao (688361.SH) [7] - Material suppliers include Dinglong Co., Ltd. (300054.SZ), Anji Technology (688019.SH), and Feikai Materials (300398.SZ) [7] - OSAT companies include Shenghe Jingwei (unlisted), Changdian Technology (600584.SH), and Shenzhen Technology (000021.SZ) [7]

（原标题：韩国股指暴力破4500点 上证"13连阳"站稳4000点! 亚洲股市2026开年"杀疯了" 创历史最佳开 局） 智通财经APP获悉，亚洲股市堪称2026年开年全球最强股票市场——迎来史上最佳年度开局表现，随着 投资者们在估值高企的美国股票市场之外积极寻找投资机遇，尤其是与AI投资主题密切相关联的投资 机遇，该地区的主权货币与主权债券价格也一同上涨。 最新统计数据显示，MSCI亚太基准指数(MSCI Asia Pacific Index)在2026年开年之后的股票市场交易日 里累计上涨约4%，势将创下该基准指数自1988年有记录以来最为强劲的年初交易日表现，其中韩国和 中国台湾股市领涨，港股与A股市场则不甘示弱，强劲的涨势紧随前两者其后。衡量该地区主权货币的 一项指标录得自2023年以来最佳年度开局，而以美元计价的亚洲市场公司债基准指数也实现同步上涨。 "美国市场的例外主义论调已触顶，并开始回撤，"来自Banque Pictet & Cie SA的管理合伙人Raymond Sagayam在接受媒体采访时表示。他强调，亚洲等新兴市场股市将受益于多项顺风因素，主要包括非常 具有吸引力的估值以及位列全球AI ...

智通財經APP獲悉，亞洲股市堪稱2026年開年全球最強股票市場——迎來史上最佳年度開局表現，隨着投資者們在估值 高企的美國股票市場之外積極尋找投資機遇，尤其是與AI投資主題密切相關聯的投資機遇，該地區的主權貨幣與主權債 券價格也一同上漲。 最新統計數據顯示，MSCI亞太基準指數(MSCI Asia Pacific Index)在2026年開年之後的股票市場交易日裏累計上漲約 4%，勢將創下該基準指數自1988年有記錄以來最爲強勁的年初交易日表現，其中韓國和中國臺灣股市領漲，港股與A股 市場則不甘示弱，強勁的漲勢緊隨前兩者其後。衡量該地區主權貨幣的一項指標錄得自2023年以來最佳年度開局，而以 美元計價的亞洲市場公司債基準指數也實現同步上漲。 "美國市場的例外主義論調已觸頂，並開始回撤，"來自Banque Pictet & Cie SA的管理合夥人Raymond Sagayam在接受媒 體採訪時表示。他強調，亞洲等新興市場股市將受益於多項順風因素，主要包括非常具有吸引力的估值以及位列全球AI 算力產業鏈的最核心地位。 野村證券(Nomura)近日發佈的一份存儲芯片行業跟蹤研究報告顯示，這一輪始於今年下半年的"存 ...

Summary of Key Points from the Investor Presentation on Semiconductor Industry Industry Overview - The semiconductor industry is currently viewed as attractive, particularly in the context of AI technology and its applications in various sectors [3][18] - The focus is on AI semiconductors, with both logic and memory segments being highlighted as attractive investment opportunities [7][21] Core Insights - **Top Investment Picks**: - AI: TSMC (Top Pick), SMIC, Aspeed, MediaTek, Alchip, GUC, KYEC, ASE, FOCI, ASMPT, AllRing - Memory: Winbond (Top Pick), Phison, Nanya Tech, APMemory, GigaDevice, Macronix - Non-AI: Realtek, USI for smartphone/glasses, NAURA Tech, AMEC for China WFE [7] - **Long-term Demand Drivers**: - **Tech Inflation**: Rising costs in wafer, OSAT, and memory are expected to create margin pressures for chip designers into 2026 [7] - **AI Cannibalization**: AI is anticipated to replace some human jobs, leading to demand weakness in certain sectors. The semiconductor supply chain is prioritizing AI semiconductors over non-AI [7] - **Tech Diffusion**: The demand for AI semiconductors is expected to accelerate due to generative AI, impacting various verticals like robotics and AI glasses [7] - **China AI Demand**: The introduction of DeepSeek is expected to trigger demand for inferencing AI, although there are concerns about the sufficiency of domestic GPU supply [7] Financial Metrics and Valuation - **Valuation Comparison**: - TSMC's P/E ratio is projected to decrease from 25.7 in 2025 to 19.4 in 2026, with EPS growth expected at 44% in 2025 and 32% in 2026 [8] - UMC's P/E ratio is expected to remain stable, with a slight decrease in EPS growth from -12% in 2025 to 2% in 2026 [8] - SMIC shows a significant increase in ROAE from 4% in 2025 to 9% in 2026, indicating potential recovery [8] Market Dynamics - **Semi Cycle**: The logic semi foundry utilization is currently at 70-80% in the first half of 2026, indicating that the market is still recovering [13] - **Non-AI Semi Growth**: Excluding NVIDIA's AI GPU revenue, non-AI semiconductor growth was slow at only 10% year-over-year in 2024 [14] - **Inventory Trends**: A decrease in inventory days historically correlates with an increase in the semiconductor stock index, suggesting a potential positive outlook for the sector [17] Additional Insights - **Memory Prices**: Memory stock prices are seen as leading indicators for logic semiconductors, reinforcing the attractive view on Greater China technology semiconductors [18] - **Investment Thesis**: Regardless of whether AI GPU or AI ASIC technologies prevail, TSMC is positioned to benefit as a major foundry supplier [21] - **Capex Trends**: TSMC's capital expenditure is projected to be between $43 billion and $55 billion for 2026, reflecting ongoing investments in AI semiconductor capabilities [27] Conclusion - The semiconductor industry, particularly in the AI segment, presents significant investment opportunities. Key players like TSMC and memory manufacturers are expected to benefit from ongoing technological advancements and market dynamics. Investors should closely monitor the evolving landscape, including supply chain developments and pricing trends, to capitalize on potential growth.

【市场行情】 今日半导体设备ETF强势，盘中涨超5%。 资料来源：wind 【上涨因素分析】 1、CXKJ招股书落地，存储扩产预期明确。2025年12月30日晚间，CXKJ披露招股书，筹划募资295亿 元，加上自有资金共计345亿元人民币，拟投资于存储晶圆制造量产线技术升级项目、DRAM存储器技 术升级项目、动态随机存取存储器前瞻技术研究与开发项目。叠加今日某龙头厂商复牌，带动板块情绪 上涨。 【后市催化1：存储板块催化仍然明确，"涨价"+"扩产"可能持续演绎】 【后市催化2：光刻机进口数据持续超出预期】 从近期光刻机进口数据看，11月光刻机进口金额为46亿元，其中上海进口35亿。9月以来，上海光刻机 进口开始爆量， 9-11月光刻机进口数据分别为62、43和35亿元，三个月合计进口规模接近2024年全年 （150亿元），扩产需求强烈。除了存储之外，目前GPU等产品所需的先进制程也有较多增量需求，光 刻机数据就是良好佐证。 【"存储扩产+先进制程扩产"双重推动，半导体设备ETF具备【催化明确+估值较低】两大优势】 这一轮存储甚至半导体设备的叙事不同于以往的周期复苏或国产替代，而是实打实的受益于全球AI驱 动的 ...

星标★IPO日报 精彩文章第一时间推送 港交所IPO募资额夺冠的欢庆烟火散去，A股和美股IPO复苏回暖的前戏刚刚落幕，投资者们已来到了2026年，更加精彩的IPO大戏正式开演。 各核心市场的政策红利继续释放，人工智能（AI）、半导体、卫星互联网等硬科技核心赛道吸引力持续加码；少数几家超级独角兽在2025年完成热身， 身价倍增，为2026年全球IPO市场的爆发写下伏笔；超级独角兽的上市潮涌来，或首选在中国香港与美国市场登陆；A股大型IPO将以半导体、AI大模型、 消费电子龙头为主。 2026年全球IPO募资总额能刷新2021年5940亿美元巅峰数值吗？哪家交易所能夺得募资冠军？全球IPO募资王会是哪家企业？ 融资将创新高 展望2026年，多家投行对2025年的全球冠军港交所给出了乐观预测。 国际投行德勤预测，港交所2026年大约有160只新股上市，最少募集3000亿港元（约380亿美元），募资总额续创新高，其中包括大约7只融资额达百亿港 元的大型新股。 国际投行毕马威认为，港交所预计上市新股在180—200家范围内，融资额约为3500亿港元（约450亿美元），A+H与特专科技将主导其IPO市场。 国际投行瑞银预 ...