We estimate that GB2OO racks output increased to $2-2.5\mathrm{k}$$2-2.5\mathrm{k}$2-2.5k2-2.5 \mathrm{k} in May vs. 1-1.5k in April. We expect shipments to continue to increase in June; they should be on track to reach 5-6k for 2Q.
我们估计 GB200 机架五月的产量增加至 $2-2.5\mathrm{k}$$2-2.5\mathrm{k}$2-2.5k2-2.5 \mathrm{k} ，而四月为 1-1.5 千。我们预计六月出货量将继续增长；第二季度出货量有望达到 5-6 千。

Wistron shipped 900-1,000 GB200 racks equivalent of computing trays in May.
纬创五月出货了相当于 900-1,000 台 GB200 机架的计算托盘。
Hon Hai shipped closed to 1k GB200 racks in May, up m/m.
鸿海五月出货接近 1 千台 GB200 机架，环比增长。

Quanta (2382.TW, OW): May revenue was ~NT$160bn ( $+4\mathrm{\%}\mathrm{m}/\mathrm{m},+58\mathrm{\%}\mathrm{y}/\mathrm{y}$$+4\mathrm{\%}\mathrm{m}/\mathrm{m},+58\mathrm{\%}\mathrm{y}/\mathrm{y}$+4%m//m,+58%y//y+4 \% \mathrm{~m} / \mathrm{m},+58 \% \mathrm{y} / \mathrm{y} ). We attribute the $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} increase to:
广达（2382.TW，增持）：五月营收约为新台币 1600 亿元（ $+4\mathrm{\%}\mathrm{m}/\mathrm{m},+58\mathrm{\%}\mathrm{y}/\mathrm{y}$$+4\mathrm{\%}\mathrm{m}/\mathrm{m},+58\mathrm{\%}\mathrm{y}/\mathrm{y}$+4%m//m,+58%y//y+4 \% \mathrm{~m} / \mathrm{m},+58 \% \mathrm{y} / \mathrm{y} ）。我们将 $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} 的增长归因于：

We estimate that Quanta’s GB200 racks increased from 300-400 racks in April to $\sim 400$$\sim 400$∼400\sim 400 racks in May.
我们估计广达的 GB200 机架数量从四月的 300-400 台增加到五月的 $\sim 400$$\sim 400$∼400\sim 400 台。

Wistron (3231.TW, OW): May revenue was NT$208,406mn (+56% m/m, +162% y/ y). April + May revenue was NT$342.109mn, or $76\mathrm{\%}$$76\mathrm{\%}$76%76 \% and $79\mathrm{\%}$$79\mathrm{\%}$79%79 \% of our estimate and the Street for 2Q. We attribute the $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} growth to:
纬创（3231.TW，增持）：五月营收为新台币 2084.06 亿元（环比增长 56%，同比增长 162%）。四月和五月营收合计为新台币 3421.09 亿元，分别为我们对第二季度估计的 $76\mathrm{\%}$$76\mathrm{\%}$76%76 \% 和市场预期的 $79\mathrm{\%}$$79\mathrm{\%}$79%79 \% 。我们将 $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} 的增长归因于：

By our estimate, we believe Wistron shipped 900-1,000 racks equivalent of GB200 computing trays. This would be a meaningful increase vs. April, in which we think Wistron shipped a little more than 150 GB200 racks. We believe Wistron could show such a strong $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} increase ( $\sim 6\mathrm{x}$$\sim 6\mathrm{x}$∼6x\sim 6 \mathrm{x} ) because it ships only L10 computing trays, while its ODM peers ship L11 racks, which require more assembly work and testing.
根据我们的估计，我们认为纬创出货了相当于 900-1000 个机架的 GB200 计算托盘。这将比四月份有显著增长，当时我们认为纬创出货了略多于 150 个 GB200 机架。我们认为纬创能够显示如此强劲的 $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} 增长（ $\sim 6\mathrm{x}$$\sim 6\mathrm{x}$∼6x\sim 6 \mathrm{x} ），是因为它只出货 L10 计算托盘，而其 ODM 同行出货 L11 机架，后者需要更多的组装工作和测试。

Hon Hai (2317.TW, OW, covered by Sharon Shih): Based on Sharon’s checks, HH’s cloud and networking business declined slightly $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} as general server shipments slowed down off a high base in April and FX movement was unfavorable, more than offsetting $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} growth in GB2OO server racks. Sharon continues to expect HH to deliver 3-4k GB2OO server racks in 2Q.
鸿海（2317.TW，增持评级，分析师 Sharon Shih 覆盖）：根据 Sharon 的调查，随着四月份服务器出货量从高基数放缓，加上汇率变动不利，鸿海的云计算和网络业务略有下降 $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} ，抵消了 GB200 服务器机架的 $\mathrm{m}/\mathrm{m}$$\mathrm{m}/\mathrm{m}$m//m\mathrm{m} / \mathrm{m} 增长。Sharon 继续预计鸿海将在第二季度交付 3-4 千个 GB200 服务器机架。

We think the actual rack deliveries to end customers are lower than the numbers we have here because we include Wistron’s computing tray (L10) rack equivalent number (without accounting for rack assembly and test times for L11).
我们认为实际交付给终端客户的机架数量低于我们这里的数据，因为我们包含了纬创的计算托盘（L10）机架等效数量（未考虑 L11 的机架组装和测试时间）。

Our order of preference for downstream AI server OEM/ODMs is Giga-Byte (Top Pick)…followed by Hon Hai, Quanta, Wistron, and Wiwynn.
我们对下游 AI 服务器 OEM/ODM 的优先顺序是技嘉（首选）……其次是鸿海、广达、纬创和纬颖。

MORGAN STANLEY TAIWAN LIMITED+ Howard Kao
摩根士丹利台湾有限公司+ 高豪
Equity Analyst  股票分析师
Howard.Kao@morganstanley.com
Sharon Shih  施莎朗
Equity Analyst  股票分析师
Sharon.Shih@morganstanley.com
Irene Yen  颜艾琳
Research Associate  研究助理
Irene.Yen@morganstanley.com

GREATER CHINA TECHNOLOGY HARDWARE
大中华区科技硬件
Asia Pacific  亚太地区
Industry View  行业观点
In-Line  在线

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.
摩根士丹利确实与摩根士丹利研究所覆盖的公司开展业务并寻求开展业务。因此，投资者应当意识到，公司可能存在利益冲突，这可能影响摩根士丹利研究的客观性。投资者应将摩根士丹利研究仅作为做出投资决策的一个因素。
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
有关分析师认证及其他重要披露，请参阅本报告末尾的披露部分。
+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
+= 受雇于非美国附属机构的分析师未在 FINRA 注册，可能不是会员的关联人员，且可能不受 FINRA 关于与研究对象公司沟通、公开露面及研究分析师账户持有证券交易的限制。

Exhibit 1: Industry-wide GB200 NVL72 rack output
图表 1：全行业 GB200 NVL72 机架产量

Source: Morgan Stanley Research estimates.
来源：摩根士丹利研究估算。

Base case scenario value, derived from a residual income valuation model. Our key assumptions include a cost of equity of 8.5%, a medium-term growth rate of 13%, and a terminal growth rate of 3%.
基准情景价值，来源于剩余收益估值模型。我们的主要假设包括 8.5%的股本成本、13%的中期增长率和 3%的终端增长率。

Base case, multistage residual income valuation model. Key assumptions: cost of equity 7.2% (risk-free rate 1%, equity risk premium 6.0% and beta of 1.0), medium-term growth rate 6%, terminal growth rate $3\mathrm{\%}$$3\mathrm{\%}$3%3 \%.
基本情况，多阶段剩余收益估值模型。关键假设：股本成本 7.2%（无风险利率 1%，股权风险溢价 6.0%，贝塔系数 1.0），中期增长率 6%，终端增长率 $3\mathrm{\%}$$3\mathrm{\%}$3%3 \% 。

Base case, residual income model. Key assumptions include a cost of equity of 9.0% (beta of 1.2, equity premium of $6.0\mathrm{\%}$$6.0\mathrm{\%}$6.0%6.0 \% and risk-free rate of $1.5\mathrm{\%}$$1.5\mathrm{\%}$1.5%1.5 \% ), an $8.5\mathrm{\%}$$8.5\mathrm{\%}$8.5%8.5 \% medium-term growth rate and a 3% terminal growth rate.
基本情况，剩余收益模型。关键假设包括 9.0%的股本成本（贝塔系数为 1.2，股权风险溢价为 $6.0\mathrm{\%}$$6.0\mathrm{\%}$6.0%6.0 \% ，无风险利率为 $1.5\mathrm{\%}$$1.5\mathrm{\%}$1.5%1.5 \% ）， $8.5\mathrm{\%}$$8.5\mathrm{\%}$8.5%8.5 \% 的中期增长率以及 3%的终端增长率。

Base case, residual income valuation. Key assumptions: $8.7\mathrm{\%}$$8.7\mathrm{\%}$8.7%8.7 \% cost of equity, $7.0\mathrm{\%}$$7.0\mathrm{\%}$7.0%7.0 \% mediumterm growth rate and 3% terminal growth rate.
基本情况，剩余收益估值。关键假设： $8.7\mathrm{\%}$$8.7\mathrm{\%}$8.7%8.7 \% 权益资本成本， $7.0\mathrm{\%}$$7.0\mathrm{\%}$7.0%7.0 \% 中期增长率及 3%的终端增长率。

Base case, derived from a residual income (RI) model. Key assumptions include a cost of equity of 7.2% (beta of 1.0, equity premium of 6% and risk-free rate of 1%), medium-term growth rate of $8\mathrm{\%}$$8\mathrm{\%}$8%8 \% and terminal growth rate of $3\mathrm{\%}$$3\mathrm{\%}$3%3 \%.
基准情况，基于剩余收益（RI）模型得出。主要假设包括股本成本为 7.2%（贝塔系数为 1.0，股权风险溢价为 6%，无风险利率为 1%），中期增长率为 $8\mathrm{\%}$$8\mathrm{\%}$8%8 \% ，终端增长率为 $3\mathrm{\%}$$3\mathrm{\%}$3%3 \% 。

The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research), and/orMorgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67003734576 , holder of Australian financial services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZOOO244438), Merchant Banker (SEBI Registration No. INMOOOO112O3), and depository participant with National Securities Depository Limited (SEBI Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research, and their affiliates (collectively, “Morgan Stanley”). Morgan Stanley India Company Private Limited (MSICPL) may use Al tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts.
摩根士丹利研究中的信息和观点由摩根士丹利亚洲有限公司（对其内容负责）和/或摩根士丹利亚洲（新加坡）私人有限公司（注册号 199206298Z）和/或摩根士丹利亚洲（新加坡）证券私人有限公司（注册号 200008434H），受新加坡金融管理局监管（对其内容承担法律责任，任何与摩根士丹利研究相关或由此产生的事项应联系该机构），和/或摩根士丹利台湾有限公司和/或摩根士丹利国际有限公司首尔分公司，和/或摩根士丹利澳大利亚有限公司（A.B.N. 67003734576，持有澳大利亚金融服务牌照编号 233742，对其内容负责），和/或摩根士丹利财富管理澳大利亚私人有限公司（A.B.N. 19009 145 555，持有澳大利亚金融服务牌照编号）编写或传播。 240813，承担其内容的责任），和/或摩根士丹利印度私人有限公司，企业识别号（CIN）为 U22990MH1998PTC115305，受印度证券交易委员会（“SEBI”）监管，持有研究分析师许可证（SEBI 注册号 INH000001105）；股票经纪人（SEBI 股票经纪人注册号 INZOOO244438）、商人银行家（SEBI 注册号 INMOOOO112O3），以及国家证券存管有限公司的存管参与者（SEBI 注册号 IN-DP-NSDL-567-2021），注册地址为印度孟买沃利潘杜朗·布德卡尔路 Altimus 大厦 39 层和 40 层，邮编 400018；电话：+91-22-61181000；合规官详情：Tejarshi Hardas 先生，电话：+91-22-61181000，邮箱：tejarshi.hardas@morganstanley.com；投诉官详情：Tejarshi Hardas 先生，电话：+91-22-61181000，邮箱：msic-compliance@morganstanley.com，承担其内容的责任，任何与摩根士丹利研究及其关联公司（统称“摩根士丹利”）相关的事项应联系上述人员。 摩根士丹利印度私人有限公司（MSICPL）可能会在提供研究服务时使用人工智能工具。本文中所有的推荐均由具备资质的研究分析师作出。
For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA.
有关本报告所涉及公司的重要披露、股票价格图表及股票评级历史，请访问摩根士丹利研究披露网站：www.morganstanley.com/researchdisclosures，或联系您的投资代表，或联系摩根士丹利研究部，地址：美国纽约州纽约市百老汇 1585 号（收件人：研究管理部），邮编 10036。
For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.
有关本研究报告中提及的任何推荐、评级或目标价格的估值方法及相关风险，请联系客户支持团队，联系方式如下：美国/加拿大 +1 800 303-2495；香港 +852 2848-5999；拉丁美洲 +1 718 754-5444（美国）；伦敦 +44 (0)20-7425-8169；新加坡 +65 6834-6860；悉尼 +61 (0)2-9770-1505；东京 +81 (0)3-6836-9000。您也可以联系您的投资代表，或联系摩根士丹利研究部，地址：美国纽约州纽约市百老汇 1585 号（收件人：研究管理部），邮编 10036。

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Howard Kao; Sharon Shih.
以下分析师特此声明，他们对本报告中讨论的公司及其证券的观点表达准确，且未曾也不会因表达本报告中的具体建议或观点而直接或间接获得任何报酬：Howard Kao；Sharon Shih。

Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. A Portuguese version of the policy can be found at www.morganstanley.com.br
摩根士丹利研究报告的发布遵循我们的冲突管理政策，相关政策可在 www.morganstanley.com/institutional/research/conflictpolicies 查阅。该政策的葡萄牙语版本可在 www.morganstanley.com.br 获取。

As of May 30, 2025, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: AAC Technologies Holdings, Accton Technology Corporation, AirTAC International, Asia Vital Components Co. Ltd., Auras Technology Co Ltd, Bizlink, Catcher Technology, Chroma Ate Inc., Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Foxconn Technology, Genius Electronic Optical Co. Ltd., Giga-Byte Technology Co. Ltd., Gold Circuit Electronics Ltd., Hiwin Technologies Corp., King Slide Works Co. Ltd., LandMark Optoelectronics Corporation, Lotes Co. Ltd., Sunny Optical, Tong Hsing, Unimicron, Visual Photonics Epitaxy Co Ltd, Wiwynn Corp, Zhen Ding. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Advantech, Asia Vital Components Co. Ltd., Asustek Computer Inc., AU Optronics, Bizlink, BYD Electronics, Catcher Technology, Compal Electronics, Delta Electronics Inc., EInk Holdings Inc., Ennostar Inc, Foxconn Industrial Internet Co. Ltd., Giga-Byte Technology Co. Ltd., Gold Circuit Electronics Ltd., Hon Hai Precision, Innolux, Lenovo, Lens Technology, Lite-On Technology, Luxshare Precision Industry Co., Ltd., Pegatron Corporation, Quanta Computer Inc., Sanan Optoelectronics, Shenzhen Transsion Holdings Co Ltd, TCL Corp., Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Zhen Ding, Zhongji Innolight Co Ltd.
截至 2025 年 5 月 30 日，摩根士丹利实益拥有以下摩根士丹利研究覆盖公司的某一类普通股证券 1%或以上的权益：瑞声科技控股、Accton 科技公司、AirTAC 国际、亚洲关键元件有限公司、Auras 科技有限公司、宝联科技、可成科技、致茂电子股份有限公司、仁宝电子、台达电子工业股份有限公司、元太科技股份有限公司、富士康科技、晶睿光电有限公司、技嘉科技股份有限公司、金宝电路电子有限公司、上银科技股份有限公司、King Slide Works 有限公司、LandMark 光电公司、Lotes 有限公司、舜宇光学、同兴、Unimicron、视觉光子外延有限公司、Wiwynn 公司、振鼎。在接下来的三个月内，摩根士丹利预计将从瑞声科技控股、Accton 科技公司、宏碁股份有限公司、研华科技、亚洲关键元件有限公司、华硕电脑股份有限公司、友达光电、宝联科技、比亚迪电子、可成科技、仁宝电子、台达电子工业股份有限公司、元太科技股份有限公司、Ennostar 公司、富士康工业互联网股份有限公司、技嘉科技股份有限公司获得或计划寻求投资银行服务的报酬。 有限公司、金宝电子有限公司、鸿海精密、群创光电、联想、蓝思科技、光宝科技、立讯精密工业股份有限公司、和硕联合科技股份有限公司、广达电脑股份有限公司、三安光电、深圳传音控股有限公司、TCL 集团、欣兴电子、纬创资通股份有限公司、纬颖股份有限公司、小米公司、国巨股份有限公司、振鼎、仲基光电股份有限公司。
Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Asustek Computer Inc., AU Optronics, BYD Electronics, Compal Electronics, Eoptolink Technology Inc Ltd, Foxconn Technology, Giga-Byte Technology Co. Ltd., GoerTek Inc, Hon Hai Precision, Innolux, Lenovo, Quanta Computer Inc., Xiaomi Corp, Yageo Corp…
在过去 12 个月内，摩根士丹利从瑞声科技控股、智邦科技股份有限公司、宏碁股份有限公司、华硕电脑股份有限公司、友达光电、比亚迪电子、仁宝电脑工业股份有限公司、亿光电子科技股份有限公司、富士康科技集团、技嘉科技股份有限公司、歌尔股份有限公司、鸿海精密、群创光电、联想、广达电脑股份有限公司、小米公司、国巨股份有限公司等公司获得了除投资银行服务以外的产品和服务报酬……
Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Advantech, Asia Vital Components Co. Ltd., Asustek Computer Inc., AU Optronics, Bizlink, BYD Electronics, Catcher Technology, Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Ennostar Inc, Foxconn Industrial Internet Co. Ltd., Giga-Byte Technology Co. Ltd., Gold Circuit Electronics Ltd., Hon Hai Precision, Innolux, Lenovo, Lens Technology, Lite-On Technology, Luxshare Precision Industry Co., Ltd., Pegatron Corporation, Quanta Computer Inc., Sanan Optoelectronics, Shenzhen Transsion Holdings Co Ltd, TCL Corp., Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Zhen Ding, Zhongji Innolight Co Ltd.
在过去的 12 个月内，摩根士丹利已向以下公司提供或正在提供投资银行服务，或与其存在投资银行客户关系：瑞声科技控股、Accton Technology Corporation、宏碁股份有限公司、研华科技、亚洲关键元件有限公司、华硕电脑股份有限公司、友达光电、必联科技、比亚迪电子、可成科技、康宝莱电子、台达电子工业股份有限公司、元太科技股份有限公司、Ennostar Inc、富士康工业互联网股份有限公司、技嘉科技股份有限公司、金宝电子有限公司、鸿海精密、群创光电、联想、蓝思科技、光宝科技、立讯精密工业股份有限公司、和硕联合科技股份有限公司、广达电脑股份有限公司、三安光电、深圳传音控股有限公司、TCL 集团、欣兴电子、纬创资通股份有限公司、纬颖股份有限公司、小米公司、国巨股份有限公司、振鼎科技、仲基光电股份有限公司。
Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Asustek Computer Inc., AU Optronics, BYD Electronics, Compal Electronics, Eoptolink Technology Inc Ltd, Foxconn Technology, Giga-Byte Technology Co. Ltd., GoerTek Inc, Hon Hai Precision, Innolux, Lenovo, Quanta Computer Inc., Xiaomi Corp, Yageo Corp…
在过去的 12 个月内，摩根士丹利已向以下公司提供或正在提供非投资银行、证券相关服务，和/或过去曾签订协议提供服务，或与其有客户关系：瑞声科技控股、Accton 科技公司、宏碁股份有限公司、华硕电脑股份有限公司、友达光电、比亚迪电子、康宝莱电子、亿光电子科技有限公司、富士康科技、技嘉科技股份有限公司、歌尔股份有限公司、鸿海精密、群创光电、联想、广达电脑股份有限公司、小米公司、国巨公司……
The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts’ or strategists’ compensation is not linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.
主要负责撰写摩根士丹利研究报告的股票研究分析师或策略师的薪酬基于多种因素，包括研究质量、投资者客户反馈、选股能力、竞争因素、公司收入及整体投资银行收入。股票研究分析师或策略师的薪酬与摩根士丹利所执行的投资银行或资本市场交易，或特定交易部门的盈利能力或收入无关。
Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report. Morgan Stanley trades or may trade as principal in the debt securities (or in related derivatives) that are the subject of the debt research report.
摩根士丹利及其附属机构从事与摩根士丹利研究所覆盖的公司/工具相关的业务，包括做市、提供流动性、基金管理、商业银行业务、信贷扩展、投资服务和投资银行业务。摩根士丹利以自营方式向客户买卖摩根士丹利研究所覆盖公司的证券/工具。摩根士丹利可能持有本报告中讨论的公司债务或工具的头寸。摩根士丹利作为自营交易者买卖本债务研究报告所涉及的债务证券（或相关衍生品）。
Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions.
上述某些披露也是为了遵守非美国司法管辖区适用法规的要求。

Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or Underweight (see definitions below). Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete information concerning the analyst’s views, investors should carefully read Morgan Stanley Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor’s decision to buy or sell a stock should depend on individual circumstances (such as the investor’s existing holdings) and other considerations.
摩根士丹利使用相对评级体系，采用“增持”、“持平”、“未评级”或“减持”等术语（见下文定义）。摩根士丹利不会对我们覆盖的股票赋予“买入”、“持有”或“卖出”评级。“增持”、“持平”、“未评级”和“减持”并不等同于“买入”、“持有”和“卖出”。投资者应仔细阅读摩根士丹利研究中所有评级的定义。此外，由于摩根士丹利研究包含了分析师观点的更完整信息，投资者应完整阅读摩根士丹利研究内容，而不应仅凭评级推断其内容。无论如何，评级（或研究）不应被用作或依赖为投资建议。投资者买卖股票的决定应基于个人情况（如投资者现有持仓）及其他考虑因素。

(as of May 31, 2025)
（截至 2025 年 5 月 31 日）
The Stock Ratings described below apply to Morgan Stanley’s Fundamental Equity Research and do not apply to Debt Research produced by the Firm.
以下所述的股票评级适用于摩根士丹利的基本面股票研究，不适用于本公司制作的债券研究。
For disclosure purposes only (in accordance with FINRA requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.
仅为披露目的（根据 FINRA 要求），我们在“增持”、“持有”和“卖出”类别标题旁边列出了“增持”、“等权重”、“未评级”和“减持”的评级。摩根士丹利不会对我们覆盖的股票赋予“买入”、“持有”或“卖出”的评级。“增持”、“等权重”、“未评级”和“减持”并不等同于“买入”、“持有”和“卖出”，而是代表推荐的相对权重（见下文定义）。为满足监管要求，我们将“增持”——我们最积极的股票评级——对应为买入建议；将“等权重”和“未评级”分别对应为持有建议，将“减持”对应为卖出建议。

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months. Due to rounding off of decimals, the percentages provided in the “% of total” column may not add up to exactly 100 percent.
数据包括当前被赋予评级的普通股和美国存托凭证（ADR）。投资银行客户是指摩根士丹利在过去 12 个月内获得投资银行报酬的公司。由于小数四舍五入，“总计百分比”栏中提供的百分比可能不会完全加起来等于 100%。

Overweight (O). The stock’s total return is expected to exceed the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
增持（O）。预计该股票的总回报将在未来 12-18 个月内，在风险调整基础上，超过分析师所覆盖行业（或行业团队）范围内的平均总回报。
Equal-weight (E). The stock’s total return is expected to be in line with the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
持平（E）。预计该股票的总回报将在未来 12-18 个月内，在风险调整基础上，与分析师所覆盖行业（或行业团队）范围内的平均总回报保持一致。
Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock’s total return relative to the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
未评级（NR）。目前分析师对该股票在未来 12-18 个月内相对于分析师所覆盖行业（或行业团队）范围内的平均总回报的风险调整后总回报缺乏足够信心。
Underweight (U). The stock’s total return is expected to be below the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
减持（U）。预计该股票的总回报将在未来 12-18 个月内，在风险调整基础上，低于分析师所覆盖行业（或行业团队）范围内的平均总回报。
Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months.
除非另有说明，摩根士丹利研究中包含的目标价格时间范围为 12 至 18 个月。

Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the relevant broad market benchmark, as indicated below.
有吸引力（A）：分析师预计其所覆盖行业在未来 12-18 个月内的表现将相较于相关的广泛市场基准具有吸引力，如下所示。
In-Line (I): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant broad market benchmark, as indicated below. Cautious ©: The analyst views the performance of his or her industry coverage universe over the next 12-18 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows: North America - S&P 500; Latin America - relevant MSCI country index or MSCI Latin America Index; Europe - MSCI Europe; Japan - TOPIX; Asia relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
持平（I）：分析师预计其所覆盖行业在未来 12-18 个月内的表现将与相关的广泛市场基准持平，如下所示。谨慎（C）：分析师对其所覆盖行业在未来 12-18 个月内的表现持谨慎态度，相较于相关的广泛市场基准，如下所示。各地区的基准如下：北美 - 标普 500；拉丁美洲 - 相关 MSCI 国家指数或 MSCI 拉丁美洲指数；欧洲 - MSCI 欧洲；日本 - TOPIX；亚洲 - 相关 MSCI 国家指数或 MSCI 子区域指数或 MSCI 亚太（日本除外）指数。

Stock Rating History: 6/1/20 : NA/I; 12/15/22: 0/I
股票评级历史：2020 年 6 月 1 日：无/增持；2022 年 12 月 15 日：0/增持
Price Target History: $12/15/22$$12/15/22$12//15//2212 / 15 / 22 : $130;3/9/23$$130;3/9/23$130;3//9//23130 ; 3 / 9 / 23 : $138;5/16/23$$138;5/16/23$138;5//16//23138 ; 5 / 16 / 23 : $158;7/12/23$$158;7/12/23$158;7//12//23158 ; 7 / 12 / 23 : $315;8/10/23$$315;8/10/23$315;8//10//23315 ; 8 / 10 / 23 : 340 ; $10/17/23$$10/17/23$10//17//2310 / 17 / 23 : 360 ; $11/5/23$$11/5/23$11//5//2311 / 5 / 23 : 320 ; $3/15/24$$3/15/24$3//15//243 / 15 / 24 : 308 ; $4/10/24$$4/10/24$4//10//244 / 10 / 24 : $400;5/8/24$$400;5/8/24$400;5//8//24400 ; 5 / 8 / 24 : $450;8/14/24$$450;8/14/24$450;8//14//24450 ; 8 / 14 / 24 : $388;3/17/25$$388;3/17/25$388;3//17//25388 ; 3 / 17 / 25 : $350;4/23/25$$350;4/23/25$350;4//23//25350 ; 4 / 23 / 25 : $255;5/15/25$$255;5/15/25$255;5//15//25255 ; 5 / 15 / 25 : 350
目标价格历史： $12/15/22$$12/15/22$12//15//2212 / 15 / 22 ： $130;3/9/23$$130;3/9/23$130;3//9//23130 ; 3 / 9 / 23 ： $138;5/16/23$$138;5/16/23$138;5//16//23138 ; 5 / 16 / 23 ： $158;7/12/23$$158;7/12/23$158;7//12//23158 ; 7 / 12 / 23 ： $315;8/10/23$$315;8/10/23$315;8//10//23315 ; 8 / 10 / 23 ：340； $10/17/23$$10/17/23$10//17//2310 / 17 / 23 ：360； $11/5/23$$11/5/23$11//5//2311 / 5 / 23 ：320； $3/15/24$$3/15/24$3//15//243 / 15 / 24 ：308； $4/10/24$$4/10/24$4//10//244 / 10 / 24 ： $400;5/8/24$$400;5/8/24$400;5//8//24400 ; 5 / 8 / 24 ： $450;8/14/24$$450;8/14/24$450;8//14//24450 ; 8 / 14 / 24 ： $388;3/17/25$$388;3/17/25$388;3//17//25388 ; 3 / 17 / 25 ： $350;4/23/25$$350;4/23/25$350;4//23//25350 ; 4 / 23 / 25 ： $255;5/15/25$$255;5/15/25$255;5//15//25255 ; 5 / 15 / 25 ：350

Source: Morgan Stanley Research Date Format: MM/DD/YY Price Target -. No Price Target Assigned (NA) Stock Price (Not Covered by Current Analyst) - Stock Price (Covered by Current Analyst) ${}^{\text{III}}$${}^{\text{III }}$^("III "){ }^{\text {III }}
来源：摩根士丹利研究 日期格式：月/日/年 目标价格 - 无目标价格（NA） 股票价格（当前分析师未覆盖） - 股票价格（当前分析师覆盖） ${}^{\text{III}}$${}^{\text{III }}$^("III "){ }^{\text {III }}
Stock and Industry Ratings (abbreviations below) appear as & Stock Rating/ Industry View
股票和行业评级（缩写见下文）显示为 & 股票评级/行业观点
Stock Ratings: Overweight (0) Equal-useight (E) Underusight (U) Not-Rated (NR) No Rating Ruailable (NA)
股票评级：增持（0） 持平（E） 减持（U） 未评级（NR） 无可用评级（NA）
Industry View: Attractive (A) In-line (I) Cautious © No Rating (NR)
行业观点：有吸引力（A） 持平（I） 谨慎（C） 未评级（NR）
Effective January 13, 2014, the stocks covered by Morgan Stanley Asia Pacific will be rated relative to the analyst’s industry (or industry team’s) coverage.
自 2014 年 1 月 13 日起，摩根士丹利亚太区覆盖的股票将根据分析师所在行业（或行业团队）的覆盖情况进行评级。
Effective January 13, 2014, the industry wiew benchmarks for Morgan Stanley Asia Pacific are as follows: relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
自 2014 年 1 月 13 日起，摩根士丹利亚太区的行业观点基准如下：相关的 MSCI 国家指数或 MSCI 子区域指数或 MSCI 亚太（日本除外）全市场指数。

Hon Hai Precision (2317.TW) - As of 06/09/25 GMT in TWD Industry : Greater China Technology Hardware
鸿海精密（2317.TW）- 截至 06/09/25 GMT，单位为新台币 行业：大中华区科技硬件

Stock Rating History: 6/1/20: 0/I; 1/9/23: E/I; 3/15/24: 0/I
股票评级历史：20/6/1：0/I；23/1/9：E/I；24/3/15：0/I
Price Target History: $3/20/20$$3/20/20$3//20//203 / 20 / 20 : 95; 8/13/20: 102; 1/5/21: 130; 3/22/21: 168; 3/8/22: 145; 1/9/23: 116; 5/11/23: 115;
目标价历史： $3/20/20$$3/20/20$3//20//203 / 20 / 20 ：95；20/8/13：102；21/1/5：130；21/3/22：168；22/3/8：145；23/1/9：116；23/5/11：115；
$3/15/24:155;5/10/24:210;6/26/24:255;7/15/24:270;2/5/25:232;4/23/25:175;5/14/25:200$$3/15/24:155;5/10/24:210;6/26/24:255;7/15/24:270;2/5/25:232;4/23/25:175;5/14/25:200$3//15//24:155;5//10//24:210;6//26//24:255;7//15//24:270;2//5//25:232;4//23//25:175;5//14//25:2003 / 15 / 24: 155 ; 5 / 10 / 24: 210 ; 6 / 26 / 24: 255 ; 7 / 15 / 24: 270 ; 2 / 5 / 25: 232 ; 4 / 23 / 25: 175 ; 5 / 14 / 25: 200
Source: Morgan Stanley Research Date Format: MM/DD/YY Price Target-: No Price Target Assigned (NA)
来源：摩根士丹利研究 日期格式：月/日/年 目标价-：未指定目标价（NA）
Stock Price (Not Covered by Current Analyst) - Stock Price (Covered by Current Analyst)
股票价格（当前分析师未覆盖） - 股票价格（当前分析师覆盖）
Stock and Industry Ratings (abbreviations below) appear as * Stock Rating / Industry View
股票和行业评级（缩写见下文）显示为 * 股票评级 / 行业观点
Stock Ratings: Overweight (O) Equal-usight (E) Underusight (U) Not-Rated (NR) No Rating Available (NA)
股票评级：增持（O） 持平（E） 减持（U） 未评级（NR） 无可用评级（NA）
Industry View: Attractive (A) In-line (I) Cautious © No Rating (NR)
行业观点：有吸引力（A） 持平（I） 谨慎（C） 无评级（NR）
Effective January 13, 2014, the stocks covered by Morgan Stanley Asia Pacific will be rated relative to the analyst"s industry (or industry team’s) coverage.
自 2014 年 1 月 13 日起，摩根士丹利亚太区覆盖的股票将根据分析师所属行业（或行业团队）的覆盖情况进行评级。
Effective January 13, 2014, the industry wiew benchmarks for Morgan Stanley Asia Pacific are as follows: releuant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
自 2014 年 1 月 13 日起，摩根士丹利亚太区的行业基准如下：相关的 MSCI 国家指数或 MSCI 子区域指数或 MSCI 亚太（日本除外）全市场指数。

Stock Rating History: 6/1/20: 0/I; 7/28/21: E/I; 5/1/23: 0/I
股票评级历史：2020 年 6 月 1 日：0/I；2021 年 7 月 28 日：E/I；2023 年 5 月 1 日：0/I
Price Target History: $4/14/20$$4/14/20$4//14//204 / 14 / 20 : 70.5; 8/5/20: 79.5; 8/14/20: 100; 11/13/20: 95; 3/30/21: 108; 5/13/21: 110; 7/28/21: 85;
目标价格历史： $4/14/20$$4/14/20$4//14//204 / 14 / 20 ：70.5；2020 年 8 月 5 日：79.5；2020 年 8 月 14 日：100；2020 年 11 月 13 日：95；2021 年 3 月 30 日：108；2021 年 5 月 13 日：110；2021 年 7 月 28 日：85；
11/12/21: 94; 3/7/22: 99; 3/16/22: 98; 5/13/22: 85; 7/26/22: 80; 8/13/22: 82.5; 5/1/23: 105; 5/12/23: 110; 7/12/23: 215;
$8/12/23:240;10/17/23:280;3/15/24:305;5/15/24:340;11/12/24:348;11/14/24:370;2/4/25:335;2/28/25:315;$$8/12/23:240;10/17/23:280;3/15/24:305;5/15/24:340;11/12/24:348;11/14/24:370;2/4/25:335;2/28/25:315;$8//12//23:240;10//17//23:280;3//15//24:305;5//15//24:340;11//12//24:348;11//14//24:370;2//4//25:335;2//28//25:315;8 / 12 / 23: 240 ; 10 / 17 / 23: 280 ; 3 / 15 / 24: 305 ; 5 / 15 / 24: 340 ; 11 / 12 / 24: 348 ; 11 / 14 / 24: 370 ; 2 / 4 / 25: 335 ; 2 / 28 / 25: 315 ;
$4/23/25:270;5/13/25:310;5/14/25:325;5/27/25:335$$4/23/25:270;5/13/25:310;5/14/25:325;5/27/25:335$4//23//25:270;5//13//25:310;5//14//25:325;5//27//25:3354 / 23 / 25: 270 ; 5 / 13 / 25: 310 ; 5 / 14 / 25: 325 ; 5 / 27 / 25: 335
Source: Morgan Stanley Research Date Format: MM/DD/YY Price Target-: No Price Target Assigned (NA)
来源：摩根士丹利研究 日期格式：月/日/年 目标价：未指定目标价（NA）
Stock Price (Not Covered by Current Analyst) - Stock Price (Covered by Current Analyst) ${}^{\text{and}}$${}^{\text{and }}$^("and "){ }^{\text {and }}
股票价格（当前分析师未覆盖）- 股票价格（当前分析师覆盖） ${}^{\text{and}}$${}^{\text{and }}$^("and "){ }^{\text {and }}
Stock and Industry Ratings (abbreviations below) appear as * Stock Rating / Industry View
股票及行业评级（缩写见下文）显示为* 股票评级 / 行业观点
Stock Ratings: Overusight (O) Equal-usight (E) Underusight (U) Not-Rated (NR) No Rating Auailable (NA)
股票评级：看涨（O）持平（E）看跌（U）未评级（NR）无可用评级（NA）
Industry View: Attractive (A) In-line (I) Cautious © No Rating (NR)
行业观点：有吸引力（A） 持平（I） 谨慎（C） 无评级（NR）
Effective January 13, 2014, the stocks covered by Morgan Stanley Asia Pacific will be rated relative to the analyst’s industry (or industry team’s) coverage.
自 2014 年 1 月 13 日起，摩根士丹利亚太区覆盖的股票将根据分析师所属行业（或行业团队）的覆盖情况进行评级。
Effective January 13, 2014, the industry wiew benchmarks for Morgan Stanley Asia Pacific are as follows: relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
自 2014 年 1 月 13 日起，摩根士丹利亚太区的行业基准为：相关 MSCI 国家指数或 MSCI 子区域指数或 MSCI 亚太除日本指数。

Wistron Corporation (3231.TW) - As of 06/09/25 GMT in TWD Industry : Greater China Technology Hardware
纬创资通股份有限公司（3231.TW）- 截至 06/09/25 GMT，单位为新台币 行业：大中华区科技硬件

Stock Rating History: 6/1/20: E/I; 7/12/23: 0/I
股票评级历史：2020 年 6 月 1 日：E/I；2023 年 7 月 12 日：0/I
Price Target History: 5/14/20: 29; 7/20/20: 40.5; 8/13/20: 42.5; 1/4/21: 31.5; 3/23/21: 34; 7/28/21: 30; 11/5/21: 32;
目标价格历史：2020 年 5 月 14 日：29；2020 年 7 月 20 日：40.5；2020 年 8 月 13 日：42.5；2021 年 1 月 4 日：31.5；2021 年 3 月 23 日：34；2021 年 7 月 28 日：30；2021 年 11 月 5 日：32；
$5/9/22:31;7/26/22:29;8/8/22:30;11/7/22:29;1/17/23:31;3/15/23:34;5/1/23:48.5;5/12/23:47;7/12/23:135;$$5/9/22:31;7/26/22:29;8/8/22:30;11/7/22:29;1/17/23:31;3/15/23:34;5/1/23:48.5;5/12/23:47;7/12/23:135;$5//9//22:31;7//26//22:29;8//8//22:30;11//7//22:29;1//17//23:31;3//15//23:34;5//1//23:48.5;5//12//23:47;7//12//23:135;5 / 9 / 22: 31 ; 7 / 26 / 22: 29 ; 8 / 8 / 22: 30 ; 11 / 7 / 22: 29 ; 1 / 17 / 23: 31 ; 3 / 15 / 23: 34 ; 5 / 1 / 23: 48.5 ; 5 / 12 / 23: 47 ; 7 / 12 / 23: 135 ;
$10/17/23:145;1/18/24:136;3/14/24:143;4/1/24:158;5/22/24:168;10/30/24:150;11/12/24:158;4/23/25:125;$$10/17/23:145;1/18/24:136;3/14/24:143;4/1/24:158;5/22/24:168;10/30/24:150;11/12/24:158;4/23/25:125;$10//17//23:145;1//18//24:136;3//14//24:143;4//1//24:158;5//22//24:168;10//30//24:150;11//12//24:158;4//23//25:125;10 / 17 / 23: 145 ; 1 / 18 / 24: 136 ; 3 / 14 / 24: 143 ; 4 / 1 / 24: 158 ; 5 / 22 / 24: 168 ; 10 / 30 / 24: 150 ; 11 / 12 / 24: 158 ; 4 / 23 / 25: 125 ;
$5/27/25:140$$5/27/25:140$5//27//25:1405 / 27 / 25: 140
Source: Morgan Stanley Research Date Format: MM/DD/YY Price Target-: No Price Target Assigned (NA)
来源：摩根士丹利研究 日期格式：月/日/年 目标价格-：未指定目标价格（NA）
Stock Price (Not Covered by Current Analyst) - Stock Price (Covered by Current Analyst)
股票价格（当前分析师未覆盖） - 股票价格（当前分析师覆盖）
Stock and Industry Ratings (abbreviations below) appear as & Stock Rating/Industry View
股票和行业评级（以下缩写）显示为 股票评级/行业观点
Stock Ratings: Overusight (O) Equal-usight (E) Underusight (U) Not-Rated (NR) No Rating Auailable (NA)
股票评级：超配（O）等配（E）减配（U）未评级（NR）无可用评级（NA）
Industry View: Attractive (A) In-line (I) Cautious © No Rating (NR)
行业观点：有吸引力（A）符合预期（I）谨慎（C）无评级（NR）
Effective January 13, 2014, the stocks covered by Morgan Stanley Asia Pacific will be rated relative to the analyst’s industry (or industry team’s) coverage.
自 2014 年 1 月 13 日起，摩根士丹利亚太区覆盖的股票将根据分析师所属行业（或行业团队）的覆盖范围进行评级。
Effective January 13, 2014, the industry wiew benchmarks for Morgan Stanley Asia Pacific are as follows: relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
自 2014 年 1 月 13 日起，摩根士丹利亚太区的行业基准如下：相关的 MSCI 国家指数或 MSCI 子区域指数或 MSCI 亚太（日本除外）综合指数。

Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research and Morgan Stanley Smith Barney LLC or Morgan Stanley or any of their affiliates, are available on the Morgan Stanley Wealth Management disclosure website at www.morganstanley.com/online/researchdisclosures. For Morgan Stanley specific disclosures, you may refer to www.morganstanley.com/researchdisclosures.
关于摩根士丹利研究所涉及公司与摩根士丹利史密斯巴尼有限责任公司、摩根士丹利或其任何关联公司之间关系的重要披露，可在摩根士丹利财富管理披露网站 www.morganstanley.com/online/researchdisclosures 查阅。有关摩根士丹利的具体披露，您可参考 www.morganstanley.com/researchdisclosures。
Each Morgan Stanley research report is reviewed and approved on behalf of Morgan Stanley Smith Barney LLC. This review and approval is conducted by the same person who reviews the research report on behalf of Morgan Stanley. This could create a conflict of interest.
每份摩根士丹利研究报告均由代表摩根士丹利史密斯巴尼有限责任公司的人士进行审核和批准。该审核和批准由同一位代表摩根士丹利审核研究报告的人士执行。这可能会产生利益冲突。

Morgan Stanley Research policy is to update research reports as and when the Research Analyst and Research Management deem appropriate, based on developments with the issuer, the sector, or the market that may have a material impact on the research views or opinions stated therein. In addition, certain Research publications are intended to be updated on a regular periodic basis (weekly/monthly/quarterly/annual) and will ordinarily be updated with that frequency, unless the Research Analyst and Research Management determine that a different publication schedule is appropriate based on current conditions.
摩根士丹利研究政策是在研究分析师和研究管理层认为适当时，根据发行人、行业或市场的发展情况，及时更新研究报告，这些发展可能对报告中陈述的研究观点或意见产生重大影响。此外，某些研究出版物旨在定期更新（每周/每月/每季度/每年），通常会按该频率更新，除非研究分析师和研究管理层根据当前情况决定采用不同的发布计划。
Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
摩根士丹利并非作为市政顾问行事，本文所含的观点或意见并非旨在构成，也不构成《多德-弗兰克华尔街改革与消费者保护法》第 975 条意义上的建议。
Morgan Stanley produces an equity research product called a “Tactical Idea.” Views contained in a “Tactical Idea” on a particular stock may be contrary to the recommendations or views expressed in research on the same stock. This may be the result of differing time horizons, methodologies, market events, or other factors. For all research available on a particular stock, please contact your sales representative or go to Matrix at http://www.morganstanley.com/matrix.
摩根士丹利出品了一种名为“战术观点”的股票研究产品。“战术观点”中对某只股票的看法可能与该股票的其他研究报告中的建议或观点相左。这可能是由于时间跨度、方法论、市场事件或其他因素的不同所致。有关某只股票的所有研究报告，请联系您的销售代表或访问 Matrix，网址为 http://www.morganstanley.com/matrix。
Morgan Stanley Research is provided to our clients through our proprietary research portal on Matrix and also distributed electronically by Morgan Stanley to clients. Certain, but not all, Morgan Stanley Research products are also made available to clients through third-party vendors or redistributed to clients through alternate electronic means as a convenience. For access to all available Morgan Stanley Research, please contact your sales representative or go to Matrix at http://www.morganstanley.com/matrix.
摩根士丹利研究通过我们专有的 Matrix 研究门户向客户提供，同时也通过摩根士丹利电子方式分发给客户。部分（但非全部）摩根士丹利研究产品也通过第三方供应商提供给客户，或通过其他电子方式转发给客户以方便使用。欲获取所有可用的摩根士丹利研究，请联系您的销售代表或访问 Matrix，网址为 http://www.morganstanley.com/matrix。
Any access and/or use of Morgan Stanley Research is subject to Morgan Stanley’s Terms of Use (http://www.morganstanley.com/terms.html). By accessing and/or using Morgan Stanley Research, you are indicating that you have read and agree to be bound by our Terms of Use (http://www.morganstanley.com/terms.html). In addition you consent to Morgan Stanley processing your personal data and using cookies in accordance with our Privacy Policy and our Global Cookies Policy (http://www.morganstanley.com/privacy_pledge.html), including for the purposes of setting your preferences and to collect readership data so that we can deliver better and more personalized service and products to you. To find out more information about how Morgan Stanley processes personal data, how we use cookies and how to reject cookies see our Privacy Policy and our Global Cookies Policy (http://www.morganstanley.com/privacy_pledge.html).
任何访问和/或使用摩根士丹利研究均须遵守摩根士丹利的使用条款（http://www.morganstanley.com/terms.html）。通过访问和/或使用摩根士丹利研究，您表示您已阅读并同意受我们的使用条款（http://www.morganstanley.com/terms.html）的约束。此外，您同意摩根士丹利根据我们的隐私政策和全球 Cookie 政策（http://www.morganstanley.com/privacy_pledge.html）处理您的个人数据并使用 Cookie，包括为设置您的偏好和收集读者数据，以便我们能够为您提供更好、更个性化的服务和产品。欲了解更多关于摩根士丹利如何处理个人数据、如何使用 Cookie 以及如何拒绝 Cookie 的信息，请参阅我们的隐私政策和全球 Cookie 政策（http://www.morganstanley.com/privacy_pledge.html）。
If you do not agree to our Terms of Use and/or if you do not wish to provide your consent to Morgan Stanley processing your personal data or using cookies please do not access our research. Morgan Stanley Research does not provide individually tailored investment advice. Morgan Stanley Research has been prepared without regard to the circumstances and objectives of those who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. The securities, instruments, or strategies discussed in Morgan Stanley Research
如果您不同意我们的使用条款和/或不希望同意摩根士丹利处理您的个人数据或使用 Cookies，请不要访问我们的研究。摩根士丹利研究不提供个性化的投资建议。摩根士丹利研究的编制未考虑接收者的具体情况和目标。摩根士丹利建议投资者独立评估特定的投资和策略，并鼓励投资者寻求财务顾问的建议。投资或策略的适宜性将取决于投资者的具体情况和目标。摩根士丹利研究中讨论的证券、工具或策略
may not be suitable for all investors, and certain investors may not be eligible to purchase or participate in some or all of them. Morgan Stanley Research is not an offer to buy or sell or the solicitation of an offer to buy or sell any security/instrument or to participate in any particular trading strategy. The value of and income from your investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. If provided, and unless otherwise stated, the closing price on the cover page is that of the primary exchange for the subject company’s securities/instruments.
可能并不适合所有投资者，且某些投资者可能无资格购买或参与其中部分或全部产品。摩根士丹利研究部并非买卖任何证券/工具的要约，也非买卖任何证券/工具或参与任何特定交易策略的招揽。您的投资价值和收益可能因利率、外汇汇率、违约率、提前还款率、证券/工具价格、市场指数、公司运营或财务状况或其他因素的变化而有所不同。证券/工具交易中行使期权或其他权利可能存在时间限制。过去的表现不一定能作为未来表现的指引。对未来表现的估计基于可能无法实现的假设。如有提供，且未另行说明，封面页上的收盘价为相关公司证券/工具的主要交易所价格。
The fixed income research analysts, strategists or economists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality, accuracy and value of research, firm profitability or revenues (which include fixed income trading and capital markets profitability or revenues), client feedback and competitive factors. Fixed Income Research analysts’, strategists’ or economists’ compensation is not linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.
负责摩根士丹利研究报告撰写的固定收益研究分析师、策略师或经济学家的薪酬基于多种因素，包括研究的质量、准确性和价值、公司盈利能力或收入（其中包括固定收益交易和资本市场的盈利能力或收入）、客户反馈以及竞争因素。固定收益研究分析师、策略师或经济学家的薪酬与摩根士丹利所执行的投资银行或资本市场交易，以及特定交易部门的盈利能力或收入无关。
The “Important Regulatory Disclosures on Subject Companies” section in Morgan Stanley Research Lists all companies mentioned where Morgan Stanley owns 1% or more of a class of common equity securities of the companies. For all other companies mentioned in Morgan Stanley Research, Morgan Stanley may have an investment of less than 1% in securities/instruments or derivatives of securities/instruments of companies and may trade them in ways different from those discussed in Morgan Stanley Research. Employees of Morgan Stanley not involved in the preparation of Morgan Stanley Research may have investments in securities/instruments or derivatives of securities/instruments of companies mentioned and may trade them in ways different from those discussed in Morgan Stanley Research. Derivatives may be issued by Morgan Stanley or associated persons.
摩根士丹利研究报告中的“标的公司重要监管披露”部分列出了所有摩根士丹利持有该公司 1%或以上普通股权益的公司。对于摩根士丹利研究中提及的其他公司，摩根士丹利可能持有该公司证券/工具或其衍生品不足 1%的投资，并可能以与摩根士丹利研究中讨论的不同方式进行交易。未参与摩根士丹利研究编制的摩根士丹利员工可能持有提及公司的证券/工具或其衍生品投资，并可能以与摩根士丹利研究中讨论的不同方式进行交易。衍生品可能由摩根士丹利或相关人员发行。
With the exception of information regarding Morgan Stanley, Morgan Stanley Research is based on public information. Morgan Stanley makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in Morgan Stanley Research change apart from when we intend to discontinue equity research coverage of a subject company. Facts and views presented in Morgan Stanley Research have not been reviewed by, and may not reflect information known to, professionals in other Morgan Stanley business areas, including investment banking personnel.
除摩根士丹利相关信息外，摩根士丹利研究基于公开信息。摩根士丹利尽力使用可靠、全面的信息，但不保证其准确性或完整性。除非我们打算停止对某一上市公司的股票研究覆盖，否则我们没有义务告知您摩根士丹利研究中的观点或信息何时发生变化。摩根士丹利研究中呈现的事实和观点未经其他摩根士丹利业务领域专业人士（包括投资银行人员）审核，且可能不反映他们所知的信息。
Morgan Stanley Research personnel may participate in company events such as site visits and are generally prohibited from accepting payment by the company of associated expenses unless pre-approved by authorized members of Research management.
摩根士丹利研究人员可能会参加公司活动，如实地考察，且通常禁止接受公司支付的相关费用，除非事先获得研究管理层授权成员的批准。
Morgan Stanley may make investment decisions that are inconsistent with the recommendations or views in this report.
摩根士丹利可能会做出与本报告中的建议或观点不一致的投资决策。
To our readers based in Taiwan or trading in Taiwan securities/instruments: Information on securities/instruments that trade in Taiwan is distributed by Morgan Stanley Taiwan Limited (“MSTL”). Such information is for your reference only. The reader should independently evaluate the investment risks and is solely responsible for their investment decisions. Morgan Stanley Research may not be distributed to the public media or quoted or used by the public media without the express written consent of Morgan Stanley. Any non-customer reader within the scope of Article 7 -1 of the Taiwan Stock Exchange Recommendation Regulations accessing and/or receiving Morgan Stanley Research is not permitted to provide Morgan Stanley Research to any third party (including but not limited to related parties, affiliated companies and any other third parties) or engage in any activities regarding Morgan Stanley Research which may create or give the appearance of creating a conflict of interest. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to be construed as a recommendation or a solicitation to trade in such securities/instruments. MSTL may not execute transactions for clients in these securities/instruments.
致在台湾或交易台湾证券/工具的读者：有关在台湾交易的证券/工具的信息由摩根士丹利台湾有限公司（“MSTL”）发布。此类信息仅供参考。读者应独立评估投资风险，并对其投资决策负全责。未经摩根士丹利明确书面同意，摩根士丹利研究报告不得向公众媒体分发、引用或被公众媒体使用。根据台湾证券交易所荐股规则第 7-1 条范围内的非客户读者，访问和/或接收摩根士丹利研究报告时，不得向任何第三方（包括但不限于关联方、附属公司及任何其他第三方）提供摩根士丹利研究报告，亦不得从事任何可能产生或看似产生利益冲突的与摩根士丹利研究报告相关的活动。有关非台湾交易证券/工具的信息仅供参考，不应被视为对该等证券/工具的推荐或交易招揽。 MSTL 可能不会为客户执行这些证券/工具的交易。
Certain information in Morgan Stanley Research was sourced by employees of the Shanghai Representative Office of Morgan Stanley Asia Limited for the use of Morgan Stanley Asia Limited. Morgan Stanley is not incorporated under PRC law and the research in relation to this report is conducted outside the PRC. Morgan Stanley Research does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC. PRC investors shall have the relevant qualifications to invest in such securities and shall be responsible for obtaining all relevant approvals, licenses, verifications and/or registrations from the relevant governmental authorities themselves. Neither this report nor any part of it is intended as, or shall constitute, provision of any consultancy or advisory service of securities investment as defined under PRC law. Such information is provided for your reference only.
摩根士丹利研究中的某些信息由摩根士丹利亚洲有限公司上海代表处的员工提供，供摩根士丹利亚洲有限公司使用。摩根士丹利并非根据中国法律设立，本报告相关的研究工作在中国境外进行。摩根士丹利研究不构成在中国境内出售证券的要约或购买证券的招揽。中国投资者应具备投资该等证券的相关资格，并应自行负责从相关政府部门获得所有相关批准、许可、核准和/或登记。本报告或其任何部分均不构成或意图构成根据中国法律定义的任何证券投资咨询或顾问服务。此类信息仅供参考。
Morgan Stanley Research is disseminated in Brazil by Morgan Stanley C.T.V.M. S.A. located at Av. Brigadeiro Faria Lima, 3600, 6th floor, São Paulo - SP, Brazil; and is regulated by the Comissão de Valores Mobiliários; in Mexico by Morgan Stanley México, Casa de Bolsa, S.A. de C.V which is regulated by Comision Nacional Bancaria y de Valores. Paseo de los Tamarindos 90, Torre 1, Col. Bosques de las Lomas Floor 29, 05120 Mexico City; in Japan by Morgan Stanley MUFG Securities Co., Ltd. and, for Commodities related research reports only, Morgan Stanley Capital Group Japan Co., Ltd; in Hong Kong by Morgan Stanley Asia Limited (which accepts responsibility for its contents) and by Morgan Stanley Bank Asia Limited; in Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research) and by Morgan Stanley Bank Asia Limited, Singapore Branch (Registration number T14FCO118)); in Australia to “wholesale clients” within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited A.B.N. 67003734 576, holder of Australian financial services License No. 233742, which accepts responsibility for its contents; in Australia to “wholesale clients” and “retail clients” within the meaning of the Australian Corporations Act by Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19009 145555, holder of Australian financial services License No. 240813, which accepts responsibility for its contents; in Korea by Morgan Stanley & Co International plc, Seoul Branch; in India by Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of Licenses as a Research Analyst (SEBI Registration No. INHOOOOO1105); Stock Broker (SEBI Stock Broker Registration No. INZOOO244438), Merchant Banker (SEBI Registration No. INMOOOO112O3), and depository participant with National Securities Depository Limited (SEBI Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com. Morgan Stanley India Company Private Limited (MSICPL) may use Al tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts; in Canada by Morgan Stanley Canada Limited; in Germany and the European Economic Area where required by Morgan Stanley Europe S.E., authorised and regulated by Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin) under the reference number 149169; in the US by Morgan Stanley & Co. LLC, which accepts responsibility for its contents. Morgan Stanley & Co. International plc, authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, disseminates in the UK research that it has prepared, and research which has been prepared by any of its affiliates, only to persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended) may otherwise lawfully be communicated or caused to be communicated. RMB Morgan Stanley Proprietary Limited is a member of the JSE Limited and A2X (Pty) Ltd. RMB Morgan Stanley Proprietary Limited is a joint venture owned equally by Morgan Stanley International Holdings Inc. and RMB Investment Advisory (Proprietary) Limited, which is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being disseminated by Morgan Stanley Saudi Arabia, regulated by the Capital Market Authority in the Kingdom of Saudi Arabia, and is directed at Sophisticated investors only.
摩根士丹利研究报告在巴西由 Morgan Stanley C.T.V.M. S.A.发布，地址为 Av. Brigadeiro Faria Lima, 3600, 6 楼，圣保罗 - SP，巴西；并受 Comissão de Valores Mobiliários 监管；在墨西哥由 Morgan Stanley México, Casa de Bolsa, S.A. de C.V 发布，受 Comision Nacional Bancaria y de Valores 监管，地址为 Paseo de los Tamarindos 90, Torre 1, Col. Bosques de las Lomas 29 楼，邮编 05120，墨西哥城；在日本由 Morgan Stanley MUFG Securities Co., Ltd.发布，且仅针对商品相关研究报告由 Morgan Stanley Capital Group Japan Co., Ltd.发布；在香港由 Morgan Stanley Asia Limited（对其内容负责）及 Morgan Stanley Bank Asia Limited 发布；在新加坡由 Morgan Stanley Asia (Singapore) Pte.发布。 （注册号 199206298Z）和/或摩根士丹利亚洲（新加坡）证券私人有限公司（注册号 200008434H），受新加坡金融管理局监管（该机构对其内容承担法律责任，如有任何与摩根士丹利研究相关的事项，应联系该机构），以及摩根士丹利银行亚洲有限公司新加坡分行（注册号 T14FCO118）；在澳大利亚，摩根士丹利澳大利亚有限公司（澳大利亚商业编号 67003734576，持有澳大利亚金融服务牌照号 233742）向《澳大利亚公司法》定义的“批发客户”提供服务，并对其内容负责；摩根士丹利财富管理澳大利亚私人有限公司（澳大利亚商业编号 19009145555，持有澳大利亚金融服务牌照号）向《澳大利亚公司法》定义的“批发客户”和“零售客户”提供服务。 240813，对其内容承担责任；在韩国由 Morgan Stanley & Co International plc 首尔分公司负责；在印度由 Morgan Stanley India Company Private Limited 负责，企业识别号（CIN）为 U22990MH1998PTC115305，受印度证券交易委员会（“SEBI”）监管，持有研究分析师许可证（SEBI 注册号 INHOOOOO1105）；股票经纪人（SEBI 股票经纪人注册号 INZOOO244438）、投资银行家（SEBI 注册号 INMOOOO112O3）及国家证券存管有限公司的存管参与者（SEBI 注册号 IN-DP-NSDL-567-2021），注册地址为 Altimus，39 及 40 层，Pandurang Budhkar Marg，Worli，孟买 400018，印度；电话：+91-22-61181000；合规官联系方式：Tejarshi Hardas 先生，电话：+91-22-61181000，邮箱：tejarshi.hardas@morganstanley.com；投诉官联系方式：Tejarshi Hardas 先生，电话：+91-22-61181000，邮箱：msic-compliance@morganstanley.com。Morgan Stanley India Company Private Limited（MSICPL）可能在提供研究服务时使用人工智能工具。 本文所含的所有建议均由具备资质的研究分析师提出；在加拿大由摩根士丹利加拿大有限公司提供；在德国及欧洲经济区（如适用）由摩根士丹利欧洲股份公司提供，该公司经德国联邦金融监管局（BaFin）授权并监管，注册编号为 149169；在美国由摩根士丹利有限责任公司提供，该公司对内容负责。摩根士丹利有限责任公司。 International plc，经审慎监管局授权并受金融行为监管局及审慎监管局监管，仅向以下人员在英国传播其自身或其任何关联公司编制的研究报告：(i) 属于 2000 年《金融服务与市场法案》（金融推广）令第 19(5)条款（经修订，以下简称“该令”）范围内的投资专业人士；(ii) 属于该令第 49(2)(a)至(d)条款范围内的高净值实体；或(iii) 其他可依法接收投资活动邀请或诱导（根据 2000 年《金融服务与市场法案》第 21 条款含义，经修订）的人士。RMB Morgan Stanley Proprietary Limited 是 JSE Limited 和 A2X (Pty) Ltd 的成员。RMB Morgan Stanley Proprietary Limited 是由 Morgan Stanley International Holdings Inc.与 RMB Investment Advisory (Proprietary) Limited 共同拥有的合资企业，后者为 FirstRand Limited 的全资子公司。 摩根士丹利研究中的信息由摩根士丹利沙特阿拉伯分公司传播，该公司受沙特阿拉伯王国资本市场管理局监管，仅面向专业投资者。
Morgan Stanley Hong Kong Securities Limited is the liquidity provider/market maker for securities of AAC Technologies Holdings, BYD Electronics, Lenovo, Sunny Optical, Xiaomi Corp listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: http://www.hkex.com.hk.
摩根士丹利香港证券有限公司是香港联合交易所有限公司上市的瑞声科技控股、比亚迪电子、联想、舜宇光学、小米公司的流动性提供者/做市商。最新名单可在香港交易所网站查阅：http://www.hkex.com.hk。

The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA) or by Morgan Stanley & Co. International plc (ADGM Branch), regulated by the Financial Services Regulatory Authority Abu Dhabi (the FSRA), and is directed at Professional Clients only, as defined by the DFSA or the FSRA, respectively. The financial products or financial services to which this research relates will only be made available to a customer who we are satisfied meets the regulatory criteria of a Professional Client. A distribution of the different MS Research ratings or recommendations, in percentage terms for Investments in each sector covered, is available upon request from your sales representative.
摩根士丹利研究中的信息由摩根士丹利国际有限公司（DIFC 分支）传达，该分支受迪拜金融服务管理局（DFSA）监管，或由摩根士丹利国际有限公司（ADGM 分支）传达，该分支受阿布扎比金融服务监管局（FSRA）监管，且仅面向 DFSA 或 FSRA 各自定义的专业客户。与本研究相关的金融产品或金融服务仅会提供给我们确认符合专业客户监管标准的客户。您可向您的销售代表索取涵盖各行业投资的不同摩根士丹利研究评级或建议的百分比分布。
The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (QFC Branch), regulated by the Qatar Financial Centre Regulatory Authority (the QFCRA), and is directed at business customers and market counterparties only and is not intended for Retail Customers as defined by the QFCRA.
摩根士丹利研究中的信息由摩根士丹利国际有限公司（QFC 分支）传达，该分支受卡塔尔金融中心监管局（QFCRA）监管，仅面向企业客户和市场交易对手，不适用于 QFCRA 定义的零售客户。
As required by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory service is provided exclusively to persons based on their risk and income preferences by the authorized firms. Comments and recommendations stated here are general in nature. These opinions may not fit to your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely to this information stated here may not bring about outcomes that fit your expectations.
根据土耳其资本市场委员会的要求，此处所述的投资信息、评论和建议不属于投资咨询活动的范畴。投资咨询服务仅由授权机构根据个人的风险和收益偏好提供。此处所述的评论和建议具有一般性质。这些观点可能不适合您的财务状况、风险和收益偏好。因此，仅依赖此处所述信息做出投资决策，可能无法带来符合您预期的结果。
The trademarks and service marks contained in Morgan Stanley Research are the property of their respective owners. Third-party data providers make no warranties or representations relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages relating to such data. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P.
摩根士丹利研究中包含的商标和服务标志均为其各自所有者的财产。第三方数据提供者不对其提供数据的准确性、完整性或及时性作出任何保证或陈述，且不对与该数据相关的任何损害承担责任。全球行业分类标准（GICS）由 MSCI 和标准普尔开发，且为其独家财产。
Morgan Stanley Research, or any portion thereof may not be reprinted, sold or redistributed without the written consent of Morgan Stanley. Indicators and trackers referenced in Morgan Stanley Research may not be used as, or treated as, a benchmark under Regulation EU 2016/1011, or any other similar framework.
未经摩根士丹利书面同意，摩根士丹利研究报告或其任何部分不得被转载、出售或再分发。摩根士丹利研究中提及的指标和追踪器不得被用作或视为欧盟法规 EU 2016/1011 或任何其他类似框架下的基准。
The issuers and/or fixed income products recommended or discussed in certain fixed income research reports may not be continuously followed. Accordingly, investors should regard those fixed income research reports as providing stand-alone analysis and should not expect continuing analysis or additional reports relating to such issuers and/or individual fixed income products. Morgan Stanley may hold, from time to time, material financial and commercial interests regarding the company subject to the Research report.
某些固定收益研究报告中推荐或讨论的发行人和/或固定收益产品可能不会被持续跟踪。因此，投资者应将这些固定收益研究报告视为独立分析，不应期望对该等发行人和/或个别固定收益产品进行持续分析或额外报告。摩根士丹利可能不时持有与研究报告所述公司相关的重要财务和商业利益。
Registration granted by SEBland certification from the National Institute of Securities Markets (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
由 SEB 授予的注册和国家证券市场研究所（NISM）的认证并不保证中介机构的业绩，也不为投资者提供任何回报保证。证券市场投资存在市场风险。投资前请仔细阅读所有相关文件。

INDUSTRY COVERAGE: Greater China Technology Hardware
行业覆盖：大中华区科技硬件

Stock Ratings are subject to change. Please see latest research for each company.
股票评级可能会变动。请参阅各公司的最新研究报告。