Global Semiconductors  全球半导体

DISCLOSURE APPENDIX  披露附录

REQUIRED DISCLOSURES  必须披露事项

I. REQUIRED DISCLOSURES  一、必须披露事项

References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1, 2024 onwards), Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited and Sanford C. Bernstein Japan KK (サンフォード・C・バーンスタイン株式会社).
本披露中提及的"Bernstein"或"本公司"指以下实体：Bernstein Institutional Services LLC（2024 年 4 月 1 日起）、Sanford C. Bernstein & Co., LLC（2024 年 4 月 1 日前）、Bernstein Autonomous LLP、BSG France S.A.（2024 年 4 月 1 日起）、Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司、Sanford C. Bernstein (Canada) Limited、Sanford C. Bernstein (India) Private Limited（印度证券交易委员会注册号 INH000006378）、Sanford C. Bernstein (Singapore) Private Limited 及 Sanford C. Bernstein Japan KK（サンフォード・C・バーンスタイン株式会社）。

On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venture in which their respective cash equities and research businesses operate in a new business combination. Although their respective ownership percentages in the joint venture differ between North America and the rest of the world, the creation, production and publication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.
2024 年 4 月 1 日，法国兴业银行（SG）与联博有限合伙公司（AB）完成交易，组建了一家新合资企业，整合双方现金股票与研究业务。尽管双方在合资企业中的持股比例在北美与其他地区存在差异，但研究报告的创作、制作与发布均通过"Bernstein"和"Autonomous"两大研究品牌在全球范围内协作完成。

Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective affiliates.
除非特别说明，在本披露文件中提及的伯恩斯坦“关联公司”均指 SG 和 AB 及其各自的关联公司。

VALUATION METHODOLOGY  估值方法论

This research publication covers six or more companies. For valuation methodology and other company disclosures:
本研究报告涵盖六家或以上公司。关于估值方法论及其他公司披露信息：
Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.
请访问：https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action。
Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
或者，您也可以写信给合规总监，地址：伯恩斯坦机构服务有限责任公司，纽约州纽约市公园大道 245 号，邮编 10167。

RISKS  风险提示

This research publication covers six or more companies. For risks and other company disclosures:
本研究报告涵盖六家或更多公司。有关风险及其他公司披露信息：
Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.
请访问：https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action。
Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
或者，您也可以写信给合规总监，地址：Bernstein Institutional Services LLC, 纽约州纽约市公园大道 245 号，邮编 10167。

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION
评级定义、基准与分布

Bernstein brand  Bernstein 品牌

• Outperform: Stock will outpace the market index by more than 15 pp
  跑赢大盘：股票表现将超越市场指数 15 个百分点以上
• Market-Perform: Stock will perform in line with the market index to within +/-15 pp
  与大盘持平：股票表现与市场指数相差不超过正负 15 个百分点
• Underperform: Stock will trail the performance of the market index by more than 15 pp
  跑输大盘：股票表现将落后市场指数 15 个百分点以上

Autonomous brand  自主品牌

The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks And Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR (EDMFI) index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P Insurance Select Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid and Small Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are stated relative to the sector (not the market).
Autonomous 品牌对股票的评级如下所示。我们采用以下基准：对于欧洲发达市场的银行及支付领域，使用彭博欧洲 500 银行与金融服务指数（BEBANKS）和彭博欧洲发达市场金融大型及中型股价格回报指数（EDMFI）；对于欧洲保险公司，采用彭博欧洲 500 保险指数（BEINSUR）；针对美国银行及支付领域覆盖，参考标普 500 和标普金融指数；美国保险领域则使用 S5LIFE 指数；美国非寿险公司覆盖采用标普保险精选行业指数（SPSIINS）；而新兴市场的银行、保险公司及支付领域则依据彭博新兴市场金融大型、中型及小型股价格回报指数（EMLSF）。所有评级均相对于行业（而非整体市场）给出。
The Autonomous brand has three categories of ratings:
Autonomous 品牌的评级分为三类：

• Outperform (OP): Stock will outpace the relevant index by more than 10 pp
  跑赢大盘（OP）：股票表现将超越相关指数超过 10 个百分点
• Neutral (N): Stock will perform in line with the market index to within +/-10 pp
  中性（N）：股票表现将与市场指数持平，波动范围在+/-10 个百分点以内
• Underperform (UP): Stock will trail the performance of the relevant index by more than 10 pp
  表现不佳（UP）：该股票表现将落后相关指数超过 10 个百分点

Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets are suspended temporarily, are no longer current, and should therefore not be relied upon.
覆盖暂停：伯恩斯坦研究品牌下对某公司的覆盖已暂停。评级和目标价暂时中止，不再具有时效性，因此不应作为参考依据。
Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accurately predicted, at the present time. The covering analyst may continue to publish research reports on the company to update investors on events and developments.
未评级：当目前无法准确评估股票价值或预测公司业绩时赋予的评级。覆盖分析师可能继续发布关于该公司的研究报告，向投资者更新事件和进展。
Those denoted as ‘Feature’ (e.g., Feature Outperform FOP, Feature Under Outperform FUP) are our core ideas. Not Covered (NC) denotes companies that are not under coverage.
标注为‘特色’的（如特色跑赢大盘 FOP、特色表现不佳 FUP）是我们的核心观点。未覆盖（NC）表示不在研究覆盖范围内的公司。

Horizon and classification
视野与分类

For both brands, recommendations are based on a 12-month time horizon.
对于两个品牌，建议均基于 12 个月的时间范围。

DISTRIBUTION OF RATINGS/INVESTMENT BANKING SERVICES
评级/投资银行服务分布

* These figures represent the number and percentage of companies in each category to whom Bernstein and Autonomous provided investment banking services.
* 这些数字代表伯恩斯坦和 Autonomous 为每类公司提供投资银行服务的公司数量及占比。

As of Apr 11 2025. All figures are updated quarterly and represent the cumulative ratings over the previous 12 months.
截至 2025 年 4 月 11 日。所有数据均按季度更新，反映过去 12 个月的累计评级情况。

Prior to April 1, 2024, Sanford C. Bernstein & Co., LLC. issued the ratings and price target information in the graph(s) below for the following companies: Advanced Micro Devices Inc, Analog Devices Inc, Broadcom Inc, Intel Corp, NVIDIA Corp, NXP Semiconductors NV, Qualcomm Inc, Texas Instruments Inc, Applied Materials Inc and Lam Research Corp.
2024 年 4 月 1 日前，Sanford C. Bernstein & Co., LLC. 为以下公司发布了图表中的评级及目标价信息：超威半导体公司、亚德诺半导体技术有限公司、博通公司、英特尔公司、英伟达公司、恩智浦半导体公司、高通公司、德州仪器公司、应用材料公司和泛林集团公司。

PRICE CHARTS/ RATINGS AND PRICE TARGET HISTORY
价格走势图/评级与目标价历史记录

This research publication covers six or more companies. For price chart and other company disclosures, please visit https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action or you can write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
本研究报告涵盖六家或以上公司。如需查看价格图表及其他公司披露信息，请访问 https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action，或致函合规总监，地址：Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167。

CONFLICTS OF INTEREST  利益冲突

All statements in this report attributable to Gartner represent Bernstein's interpretation of data, research opinion or viewpoints published as part of a syndicated subscription service by Gartner, Inc., and have not been reviewed by Gartner. Each Gartner publication speaks as of its original publication date (and not as of the date of this report). The opinions expressed in Gartner publications are not representations of fact, and are subject to change without notice.
本报告中所有引用 Gartner 的陈述均代表 Bernstein 对 Gartner 公司作为联合订阅服务发布的数据、研究观点或立场的解读，未经 Gartner 审核。每份 Gartner 出版物的观点均以其原始发布日期为准（而非本报告日期）。Gartner 出版物所表达的观点不构成事实陈述，且可能随时变更，恕不另行通知。

Stacy A. Rasgon maintains long positions in various crypto currencies.
斯泰西·A·拉斯贡持有多种加密货币的多头头寸。

Bernstein Autonomous LLP or BSG France SA, beneficially, has either a net long or short position of 0.5% or more of the total issued share capital of a class of common equity securities of the following MiFID eligible securities: Broadcom Inc, NXP Semiconductors NV, Qualcomm Inc, Texas Instruments Inc and Applied Materials Inc.
Bernstein Autonomous LLP 或 BSG France SA，在受益所有权上，对以下 MiFID 合格证券中的某一类普通股持有净多头或空头头寸，且占该类别已发行总股本的 0.5%或以上：博通公司、恩智浦半导体公司、高通公司、德州仪器公司及应用材料公司。

AB and/or its affiliates beneficially own 1% or more of a class of common equity securities of the following companies: NXP Semiconductors NV, Texas Instruments Inc and Applied Materials Inc.
AB 及/或其附属机构对以下公司的某一类普通股持有 1%或以上的受益所有权：恩智浦半导体公司、德州仪器公司及应用材料公司。

Bernstein and/or affiliates have received compensation for non-investment banking securities-related products or services in the previous twelve months from the following clients: Intel Corp.
Bernstein 及/或其附属机构在过去十二个月内从以下客户处获得了与非投行证券相关产品或服务的报酬：英特尔公司。

Bernstein has received compensation for non-investment banking securities-related products or services in the previous twelve months from the following clients: NXP Semiconductors NV.
Bernstein 在过去十二个月内从以下客户处获得了与非投行证券相关产品或服务的报酬：恩智浦半导体公司。

Certain affiliates of Bernstein act as market maker or liquidity provider in the equities securities of: Advanced Micro Devices Inc, Analog Devices Inc, Broadcom Inc, Intel Corp, NVIDIA Corp, NXP Semiconductors NV, Qualcomm Inc, Texas Instruments Inc, Applied Materials Inc and Lam Research Corp.
伯恩斯坦的某些关联公司在以下公司的股票证券中担任做市商或流动性提供者：超威半导体公司（Advanced Micro Devices Inc）、亚德诺半导体技术有限公司（Analog Devices Inc）、博通公司（Broadcom Inc）、英特尔公司（Intel Corp）、英伟达公司（NVIDIA Corp）、恩智浦半导体公司（NXP Semiconductors NV）、高通公司（Qualcomm Inc）、德州仪器公司（Texas Instruments Inc）、应用材料公司（Applied Materials Inc）以及泛林集团（Lam Research Corp）。

Certain affiliates of Bernstein act as market maker or liquidity provider in the debt securities of: Broadcom Inc, Intel Corp and Texas Instruments Inc.
伯恩斯坦的某些关联公司在以下公司的债务证券中担任做市商或流动性提供者：博通公司（Broadcom Inc）、英特尔公司（Intel Corp）以及德州仪器公司（Texas Instruments Inc）。

Xuan Ji has a financial interest in the debt or equity securities of Taiwan Semiconductor Manufacturing Co Ltd (2330.TT and TSM).
宣吉持有台湾积体电路制造股份有限公司（台积电，股票代码：2330.TT 及 TSM）的债务或股权证券中的财务权益。

CERTIFICATION  认证声明

Each research analyst listed in this report, who is primarily responsible for the preparation of the content of this report, certifies that all of the views expressed in this publication accurately reflect that analyst's personal views about any and all of the subject securities or issuers and that no part of that analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views in this publication.
本报告中列出的每位主要负责本报告内容编写的研究分析师均声明，本出版物中表达的所有观点准确反映了该分析师对任何及所有标的证券或发行人的个人观点，且该分析师薪酬的任何部分均未曾、不会、亦不会直接或间接与本出版物中的具体建议或观点相关联。

II. ADDITIONAL GLOBAL CONFLICT DISCLOSURES
二、其他全球冲突披露事项

It is at the sole discretion of the Firm as to when to initiate, update and cease research coverage. The Firm has established, maintains and relies on information barriers to control the flow of information contained in one or more areas (i.e., the private side) within the Firm, and into other areas, units, groups or affiliates (i.e., public side) of the Firm.
公司拥有全权决定何时启动、更新及终止研究覆盖。公司已建立、维护并依赖信息隔离墙制度，以控制公司内部一个或多个区域（即非公开侧）所含信息流向公司其他区域、部门、集团或关联方（即公开侧）。

III. OTHER IMPORTANT INFORMATION AND DISCLOSURES
三、其他重要信息及披露事项

All research publications are disseminated to our clients through posting on the firm's password protected websites, bernsteinresearch.com and autonomous.com. Certain, but not all, research publications are also made available to clients through third-party vendors or redistributed to clients through alternate electronic means as a convenience.
所有研究报告均通过公司加密网站 bernsteinresearch.com 和 autonomous.com 向客户发布。部分（非全部）研究报告亦通过第三方供应商提供给客户，或作为便利措施通过其他电子方式重新分发给客户。

This publication has been published and distributed in accordance with the Firm's policy for management of conflicts of interest in investment research, a copy of which is available from Bernstein Institutional Services LLC, Director of Compliance, 245 Park Avenue, New York, NY 10167. Additional disclosures and information regarding Bernstein's business are available on our website www.bernsteinresearch.com.
本出版物已根据公司关于投资研究利益冲突管理的政策发布和分发，该政策的副本可从纽约州纽约市公园大道 245 号伯恩斯坦机构服务有限责任公司合规总监处获取，邮编 10167。有关伯恩斯坦业务的更多披露和信息，请访问我们的网站 www.bernsteinresearch.com。

The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors where that permission profile is not consistent with the licenses held by the entities noted herein. This document is for distribution only as may be permitted by law. This publication is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject any of the entities referenced herein or any of their subsidiaries or affiliates to any registration or licensing requirement within such jurisdiction. This publication is based upon public sources we believe to be reliable, but no representation is made by us that the publication is accurate or complete. We do not undertake to advise you of any change in the reported information or in the opinions herein. This publication was prepared and issued by entity referred to herein for distribution to eligible counterparties or professional clients. This publication is not an offer to buy or sell any security, and it does not constitute investment, legal or tax advice. The investments referred to herein may not be suitable for you. Investors must make their own investment decisions in consultation with their professional advisors in light of their specific circumstances. The value of investments may fluctuate, and investments that are denominated in foreign currencies may fluctuate in value as a result of exposure to exchange rate movements. Information about past performance of an investment is not necessarily a guide to, indicator of, or assurance of, future performance.
本文所述证券可能并非在所有司法管辖区或针对某些类别的投资者均具备销售资格，前提是该许可范围与本文所述实体所持牌照不符。本文件仅在法律允许的范围内进行分发。本出版物不针对也不意图分发给任何公民、居民或位于任何地区、州、国家或其他司法管辖区的个人或实体，若在该等司法管辖区进行分发、发布、提供或使用将违反法律或法规，或使本文提及的任何实体及其子公司或关联公司受到该司法管辖区内的注册或许可要求约束。本出版物基于我们认为可靠的公开信息来源，但我们并不保证其准确性或完整性。我们不会就报告信息或本文观点的任何变更向您提供建议。本出版物由本文所述实体编制并发布，仅供符合资格的对手方或专业客户分发。 本出版物并非买卖任何证券的要约，也不构成投资、法律或税务建议。文中所述投资可能不适合您。投资者应根据自身具体情况，在咨询专业顾问后自行做出投资决策。投资价值可能出现波动，以外币计价的投资可能因汇率变动而价值波动。过往投资表现信息未必是未来表现的指引、指标或保证。

This report is directed to and intended only for our clients who are “eligible counterparties”, “professional clients”, “institutional investors” and/or “professional investors” as defined by the aforementioned regulators, and must not be redistributed to retail clients as defined by the aforementioned regulators. Retail clients who receive this report should note that the services of the entities noted herein are not available to them and should not rely on the material herein to make an investment decision. The result of such act will not hold the entities noted herein liable for any loss thus incurred as the entities noted herein are not registered/authorised/ licensed to deal with retail clients and will not enter into any contractual agreement/arrangement with retail clients. This report is provided subject to the terms and conditions of any agreement that the clients may have entered into with the entities noted herein. All research reports are disseminated on a simultaneous basis to eligible clients through electronic publication to our client portal. The information is private and confidential and for the use of the clients only.
本报告仅针对并旨在提供给符合前述监管机构定义的“合格交易对手”、“专业客户”、“机构投资者”和/或“专业投资者”的客户，且不得向前述监管机构定义的零售客户进行再分发。收到本报告的零售客户应注意，本报告中提及的实体不为其提供服务，且不应依赖本报告中的材料做出投资决策。此类行为的结果将不会使本报告中提及的实体对因此产生的任何损失承担责任，因为这些实体未注册/授权/许可与零售客户进行交易，也不会与零售客户签订任何合同协议/安排。本报告的提供受客户可能与本报告中提及的实体签订的任何协议的条款和条件的约束。所有研究报告均通过电子方式发布到我们的客户门户网站，同时分发给符合条件的客户。该信息为私密且机密，仅供客户使用。

This report has been prepared for information purposes only and is based on current public information that we consider reliable, but the entities noted herein do not warrant or represent (express or implied) as to the sources of information or data contained herein are accurate, complete, not misleading or as to its fitness for the purpose intended even though the entities noted herein rely on reputable or trustworthy data providers, it should not be relied upon as such. Opinions expressed are the author(s)’ current opinions as of the date appearing on the material only and we do not undertake to advise you of any change in the reported information or in the opinions herein.
本报告仅供信息参考之用，基于我们认为可靠的当前公开信息编制，但本文件所述实体对其中包含的信息或数据来源的准确性、完整性、无误导性或适用性不作任何明示或暗示的保证或陈述，即使本文件所述实体依赖声誉良好或可信赖的数据提供商，也不应据此依赖。所表达的意见仅为作者截至材料所示日期的当前意见，我们不就报告信息或本文件中的意见的任何变更向您提供建议。

This publication was prepared and issued by the entity referred to herein for distribution to eligible counterparties or professional clients. The information in this report is intended for general circulation and does not constitute an offer to buy or sell any security, investment, legal or tax advice nor a personal recommendation, as defined by any of the aforementioned regulators. It does not take into account the particular investment objectives, financial situations, or needs of individual investors. The report has not been reviewed by any of the aforementioned regulators and does not represent any official recommendation from the aforementioned regulators. The investments referred to herein may not be suitable for you. Investors must make their own investment decisions in consultation with advice sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any recipient of the recommendation, before the recipient makes a commitment to purchase the investment product.
本出版物由文中所指实体编制并发布，仅供分发给合格对手方或专业客户。本报告中的信息旨在广泛传播，不构成对任何证券、投资、法律或税务建议的购买或出售要约，也不构成前述任何监管机构定义的个人推荐。报告未考虑个别投资者的特定投资目标、财务状况或需求。本报告未经前述任何监管机构审阅，不代表前述监管机构的任何官方推荐。文中提及的投资可能不适合您。投资者在决定购买投资产品前，必须结合财务顾问就投资产品适用性提供的建议（需考量推荐接收者的具体投资目标、财务状况或特殊需求），自行做出投资决策。
The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The information in this report does not constitute, or form part of, any offer to sell or issue, or any offer to purchase or subscribe for shares, or to induce engage in any other investment activity. The value of any securities or financial instruments mentioned in this report may fluctuate subject to market conditions. Information about past performance of an investment is not necessarily a guide to, indicative of, or assurance of future performance. Estimates of future performance mentioned by the research analyst in this report are based on assumptions that may not be realized due to unforeseen factors like market volatility/fluctuation. In relation to securities or financial instruments denominated in a foreign currency other than the clients’ home currency, movements in exchange rates will have an effect on the value, either favorable or unfavorable. Before acting on any recommendations in this report, recipients should consider the appropriateness of investing in the subject securities or financial instruments mentioned in this report and, if necessary, seek for independent professional advice.
本文所含分析基于多项假设。不同假设可能导致实质性差异的结果。本报告中的信息不构成也不形成任何出售或发行股份的要约，或任何购买或认购股份的要约，或诱导进行任何其他投资活动。本报告中提及的任何证券或金融工具的价值可能随市场条件波动。有关投资过往表现的信息未必是未来表现的指引、指标或保证。研究分析师在本报告中提及的未来表现预估基于可能因市场波动等不可预见因素而无法实现的假设。对于以客户本币以外的外币计价的证券或金融工具，汇率变动将对价值产生有利或不利影响。 在根据本报告中的任何建议采取行动之前，接收者应考虑投资于本报告中提及的相关证券或金融工具的适宜性，并在必要时寻求独立的专业建议。

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本文所述的证券可能并非在所有司法管辖区或面向某些类别的投资者均可销售，若该许可范围与本文所述实体所持牌照不一致。本文件仅在法律允许的范围内进行分发。其并非针对或意图分发给任何公民、居民或位于任何地区、州、国家或其他司法管辖区的个人或实体，若在该等司法管辖区内的分发、发布、可得性或使用将违反法律或法规，或会使本文所述实体受到该司法管辖区内的任何监管或许可要求约束。

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No part of this material may be reproduced, distributed or transmitted or otherwise made available without prior consent of the entities noted herein. Copyright Bernstein Institutional Services LLC Bernstein Autonomous LLP, BSG France S.A., Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited and Sanford C. Bernstein Japan KK (サンフォード・C・バーンスタイン株式会社). All rights reserved. The trademarks and service marks contained herein are the property of their respective owners. Any unauthorized use or disclosure is strictly prohibited. The entities noted herein may pursue legal action if the unauthorized use results in any defamation and/or reputational risk to the entities noted herein and research published under the Bernstein and Autonomous brands.
本材料的任何部分未经本文所述实体事先同意，不得复制、分发、传播或以其他方式提供。版权所有 Bernstein Institutional Services LLC、Bernstein Autonomous LLP、BSG France S.A.、Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司、Sanford C. Bernstein (Canada) Limited、Sanford C. Bernstein (India) Private Limited（SEBI 注册号 INH000006378）、Sanford C. Bernstein (Singapore) Private Limited 及 Sanford C. Bernstein Japan KK（サンフォード・C・バーンスタイン株式会社）。保留所有权利。本文所含商标和服务标记均为其各自所有者财产。任何未经授权使用或披露行为均被严格禁止。若未经授权使用导致本文所述实体及以 Bernstein 和 Autonomous 品牌发布的研究遭受诽谤和/或声誉风险，相关实体可能采取法律行动。