摩根大通：全球科技行业2026年展望（亚太）-2026-01-宏观大势

Morganstanley

RESEARCH

Foundation

January6,202609:50AMGMT

GlobalTechnology|AsiaPacific

GlobalTechOutlook2026

MorganStanley&Co.Internationalplc+

ShawnKim

EquityAnalyst

Shawn.Kim@+44207677-1018

LeeSimpson

EquityAnalyst

Lee.Simpson@+44207425-3378

NigelvanPutten

EquityAnalyst

Nigel.Putten@+44207425-2803

MorganStanleyAsiaLimited+

DuanLiu

EquityAnalyst

Duan.Liu@+8522239-7357

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

Morganstanley

RESEARCH

Foundation

Morganstanley

AsiaandEuropeTechnologyHardware

6January2026

GlobalTechOutlook2026

MORGANSTANLEYRESEARCH

Europe

MORGANSTANLEY&CO.INTERNATIONALPLC+

ShawnKim

Equityanalyst

shawn.kim@

+442076771018

LeeSimpson

Equityanalyst

lee.simpson@

+442074253378

NigelvanPutten

Equityanalyst

nigel.putten@

+442074252803

AllinformationasofJanuary5th2025

MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorin

makingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoNASD/NYSErestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

Morganstanley

RESEARCH

Foundation

Morganstanley

AsiaandEuropeanTechnology

ShawnKim

MorganStanleyResearch3

4

Morganstanley

RESEARCH

Foundation

Morganstanley

TokenDemandContinuesToBeStrong

Source:OpenRouter,MorganStanleyResearch

MorganStanleyResearch5

Morganstanley

RESEARCH

Foundation

Morganstanley

WhereAreWeintheCycle?

SOXIndexValuationvs.GlobalSemiconductorRevenueYoY%

Source:SIA,FactSet,MorganStanleyResearchestimates

6

Morganstanley

RESEARCH

Foundation

Morganstanley

Globalsectorpicks-Semiconductors

Source:MorganStanleyResearchestimates

MorganStanleyResearch7

Morganstanley

RESEARCH

Foundation

Morganstanley

Globalsectorpicks-Hardware

AIServerdemandtoremainstrongthrough2026.

WeexpecttotalNvidiaGPUserverrackshipmentstodoubley/yin2026,from~28kin2025,outgrowingASICmarketsequentiallyandonaYoYbaisis.Datacenter-relatedrevenueisexpectedtobe>40%ofoverall2025revenueandatleast50%in2026.Theofferingsaremargin-accretiveattheoperatinglevel.

MostPreferred:

Wiwynn,Accton,Kingslide,BizLink,

Delta,Wistron

LeastPreferred:

Giga-Byte

ABFsubstratedemandhasbottomed,withAIGPU/Acceleratorsasthekeygrowthdrivergoingforward.BTsubstratehasbenefittedfromthememorysuper-cycleandrawmaterialpriceincreases,whichdriveupwardrevisionstobothdemandvolumesandASPs.

MostPreferred:

Unimicron,SEMCO

LeastPreferred:

NYPCB

MLCCinventorylevelislean,andAIserverwillserveasakeydemanddriverin2026

MostPreferred:

SEMCO

LeastPreferred:

Applehasrecentlyaddedroughly60KN3PwafersatTMSC,implyingupto24MincrementaliPhoneprocessorsifallwereforA19

production-anupsidethatwouldmateriallyraiseourFY26iPhoneoutlook.ButwebelievepartoftheincreaselikelysupportsM5ultrachipsforApple'sPrivateCloudComputeaheadoftheSpring2026AppleIntelligence/Sirirelaunch.

MostPreferred:

HonHai

LeastPreferred:

WeareencouragedtoseerampingliquidcoolingcomponentshipmentsinNovemberandexpectthestrengthtocarryinto1Q26.However,thegrowthmagnitudeshowedadiversetrendfromourexpectations.

MostPreferred:

AVC

LeastPreferred:

Sunnonwealth

Hardware

SectorView

AIHardware

Substrates

MLCC

iPhoneSupply

Chain

ThermalSolutions

ChinaSmartphone

Display/TV

Weexpectsmartphoneindustrytosufferfromcomponentcostincreasein2026.Asaresult,thesmartphonemarginislikelytofacedownwardpressureinthecomingquarters.ForOpticallenses,duetomemorycostincrease,specupgradeislikelytofaceBOM

pressure.Weexpectmid-to-low-endproductstofaceheadwindswhilehigh-endproductstobebetterpositioned.

MostPreferred:

Xiaomi

LeastPreferred:

TVpanelpricesappeartobebottomingearlierthanexpected,improvingnear-termsentiment,butinvestorsshouldwatchforrising

memorycoststhatmaypressureNBpanelpricing,aswellasthetimingandsustainabilityofanyTVpanelpriceincreasesandthefront-loadedshipmentprofileexpectedfor2026.

MostPreferred:

BOE

LeastPreferred:

Sanan

PCOEMs/ODMs

WeexpectPCOEMs/ODMstoseemarginheadwindsfrommemorypriceincreasesin2026,whichwilllikelyleadtomultiplequartersofmargincompression.

MostPreferred:

Lenovo

LeastPreferred:

Acer

Source:MorganStanleyResearchestimates

8

Morganstanley

RESEARCH

Foundation

Morganstanley

SequencingtheCycle-Firstin,FirstOut

Source:MorganStanleyResearch

MorganStanleyResearch9

Morganstanley

RESEARCH

Foundation

Morganstanley

DRAMpricingYoYmovinghigherinto1H26

Source:Companydata,MorganStanleyResearch

10

Morganstanley

RESEARCH

Foundation

Morganstanley

MemoryInventoryNormalizing

Source:Companydata,MorganStanleyResearch

MorganStanleyResearch11

Morganstanley

RESEARCH

Foundation

Morganstanley

HBMTAM

Sufficiencyestimates

HBMTSVCapacity(Kwpm)

2023

2024

2025

2026e

Samsung

45

130

150

220

SKHynix

45

120

150

200

Micron

3

20

60

90

Total

93

270

360

510

Yieldrateassumptions

Samsung

50%

60%

60%

SKHynix

60%

75%

70%

Micron

50%

70%

70%

UTRassumptions

Samsung

80%

60%

70%

SKHynix

100%

100%

100%

Micron

100%

100%

100%

ImpliedHBMproduction(mnGb)

Samsung

1,500·

4,435·

6,387·

9,560

SKHynix

1,500·

6,273·

12,830

15,072

Micron

150·

729·

3,548·

6,459

Total

3,150

11,436

22,765

31,091

SufficiencyRatio

HBMDemand(mnGb)

1,866

9,059

19,161

30,565

HBMsufficiency

69%

26%

19%

2%

CommodityDRAMmarketdemand(mnGb)

209,527

243,423

291,615

363,968

TotalHBM+DRAMdemand(mnGb)

211,393

252,481

310,776

394,533

CommodityDRAMmarketsupply(mnGb)

200,214

228,086

280,614

332,745

TotalHBM+DRAMsupply(mnGb)

203,364

239,523

303,379

363,835

TotalDRAMsufficiency

-4%

-5%

-2%

-8%

Source:Companydata,MorganStanleyResearchestimates(e)

12

Morganstanley

RESEARCH

Foundation

Morganstanley

EuropeanTechnology

LeeSimpsonandNigelvanPutten

MorganStanleyResearch13

Morganstanley

RESEARCH

Foundation

Morganstanley

StrongWFEgrowthdrivenbyleadingedgelogic/foundrywhileChinaremainsrobust

70,000

60,000

50,000

40,000

30,000

20,000

10,000

-

DRAM

SamsungaSKHynixuMicronGrowthy/y

60%

49%

50%

42%

40%

31%

30%

20%

10%

0%

20242025E2026E

52,000

51,000

50,000

49,000

48,000

47,000

46,000

China

ChinaGrowthy/y

39%

7%

-7%

20242025E2026E

50%

40%

30%

20%

10%

0%

-10%

Source:Companydata,MorganStanleyResearchestimates(E)

14

Morganstanley

RESEARCH

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Morganstanley

Sep20

Dec20

Mar21

Jun21

Sep21

Dec21

Mar22

Jun22

Sep22

Dec22

Mar23

Jun23

Sep23

Dec23

Mar24

Jun24

Sep24

Dec24

Mar25

Jun25

Sep25

Dec25

ASMLSoxIndexASMLP/E(rhs)---AvgP/E(rhs)

Reutersticker:ASML.ASSemiconductorEquipment

Analyst:LeeSimpson

Overweight:PT€1,000Closeasof05/01/26:€1053

1200

1000

800

600

400

200

0

Source:FactSet

Valuation

•Basecase:€1,000-29xFY27EPSof€34

•Bullcase:€1,400-35xFY26EPSof€40

•Bearcase:€400-20xFY26EPSof€20

ASML-Positivemomentumforlithographydemand

MORGANSTANLEYRESEARCH

EuropeanSemiconductors

January,2026

60x

50x

40x

30x

20x

10x

0x

Thesis.ASMLisadominantsupplierofcriticaltoolsetsforthesemimanufacturingprocess.Asweexit2025,weseepositivemomentumforlithographydemandatASMLoverFY26/27.

DRAMspendisstrong,asisthespeedinadvancedlogic.

DUVisslowing,includingwithChina,butmarginsmaystillbefineinFY26.WerecentlyraisedourPTto€1,000,moving

ASMLtoaTopPickinourEuropeanSemicoverage.

80

60

40

20

0

EUVOrderIntake(FY24-27e)

73

64

38

41

FY24FY25eFY26eFY27e

Total——TSMCSamsung——IntelHynixMicronOtherSource:Companydata,MorganStanleyResearchestimates(e)

13

MorganStanleyResearch15

Morganstanley

RESEARCH

Foundation

Morganstanley

Sep20

Dec20

Mar21

Jun21

Sep21

Dec21

Mar22

Jun22

Sep22

Dec22

Mar23

Jun23

Sep23

Dec23

Mar24

Jun24

Sep24

Dec24

Mar25

Jun25

Sep25

Dec25

ASMSoxIndexASMP/E(rhs)---AvgP/E(rhs)

Reutersticker:ASMI.AS

SemiconductorEquipment

Analyst:NigelvanPutten Overweight;PT€625Closeasof05/01/26:€577

800

700

600

500

400

300

200

100

0

Source:FactSet

Valuation

•Basecase:€625-30xFY27EPS

•Bullcase:€800-34xFY27on12%higherEPS

•Bearcase:€350-22xFY27on20%lowerEPS

ASM-Highestexposuretoadvancedlogic/foundry

MORGANSTANLEYRESEARCH

EuropeanSemiconductors

January,2026

60x

50x

40x

30x

20x

10x

0x

Thesis.ASMIlaggedformuchofthelastyearbutaswe

observepositivedevelopmentsinleadingedgelogicweexpectthemarkettostarttoappreciatestockswithhigherexposure,whichiswhyASMIisaTopPickinourcoverage.Ourbase

caseisbuiltontheviewthatheadwindsinto2026are

understoodandgrowthwillaccelerateintoFY27drivenby

leadingedgelogic/foundryandadvancedDRAMtosupporttheAIinfrastructureroll-out.

Source:Companydata,MorganStanleyResearchestimates(e)

14

16

Morganstanley

RESEARCH

Foundation

Sep20

Dec20

Mar21

Jun21

Sep21

Dec21

Mar22

Jun22

Sep22

Dec22

Mar23

Jun23

Sep23

Dec23

Mar24

Jun24

Sep24

Dec24

Mar25

Jun25

Sep25

Dec25

BESISoxIndexBESIP/E(rhs)---AvgP/E(rhs)

Reutersticker:BESI.AS

SemiconductorEquipment

Analyst:NigelvanPutten Overweight;PT€160Closeasof05/01/26:€154

180

160

140

120

100

80

60

40

20

0

Source:FactSet

Valuation

•Basecase:€160-32xFY27EPS

•Bullcase:€235-40xFY27EPS

•Bearcase:€85-25xFY27onEPS30%below

Morganstanley

MORGANSTANLEYRESEARCH

EuropeanSemiconductors

60x

50x

40x

30x

20x

10x

0x

January,2026

Besi-Stronggrowthacrosstheboard

Thesis.InvestorsaretakingnoteofBesiandnotjustbecauseofhybridbonding.Althoughweexpectprogressinthenext

yearonthisside,theearningsgrowthislikelytocomefrom

therestoftheportfolio.In2025AIemergedasabroad-baseddriverforBesi,andwasabletooffsetweaknesselsewhere.

Weexpectstrengthtocontinuebutthisrecoverytobroadenoutresultinginstronggrowthacrosstheboard.

Source:Companydata,MorganStanleyResearchestimates(e)

15

MorganStanleyResearch17

Morganstanley

RESEARCH

Foundation

AnalogSemis–WeakAutosButBrightSpotsInDataCentres

Autos:3Q25largestQQDOI%declinein5years–potentialforFY26channelreplenishment.

Source:FactSet,MorganStanleyResearch

DataCentres:Marketintrigueonthepowersemicontentinapower‘sidecar,.

Source:Infineon3Q25InvestorPresentation

18

Morganstanley

RESEARCH

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Morganstanley

Sep20

Dec20

Mar21

Jun21

Sep21

Dec21

Mar22

Jun22

Sep22

Dec22

Mar23

Jun23

Sep23

Dec23

Mar24

Jun24

Sep24

Dec24

Mar25

Jun25

Sep25

Dec25

IFXSoxIndexIFXP/E(rhs)---AvgP/E(rhs)

Reutersticker:IFXGn.DE

SemiconductorEquipment

Analyst:LeeSimpsonOverweight;PT€40

Closeasof05/01/26:€40

90

80

70

60

50

40

30

20

10

0

Source:FactSet

Valuation

•Basecase:€40-22xFY26EPSof€1.80

•Bullcase:€75-25xFY26EPSof€3.00

•Bearcase:€18-12xFY26EPSof€1.50

Infineon–Neartermde-stockingpricedifficultiesbutlonger-termdatacentretailwinds

MORGANSTANLEYRESEARCH

EuropeanSemiconductors

40x

35x

30x

25x

20x

15x

10x

5x

0x

January,2026

Thesis.Anautomotivesemiscycleblightedbyrollingde-

stockingpricedifficultiesandskittishenddemandiscausing

concernfortheInfineonnarrative.Andyetmuchofthisis

known.Thecompanyhasalreadysuggestedthatlightvehicleproduction(LVP)estimatesofc.91m(source:S&P)maybetoooptimistic,especiallyinto1H26,andanumberclosertoc.88mismoreappropriate-weagree.Longerterm,however,there

arecleartailwindsinAIdatacentrespendaswellasingrid

optimisation.Weexpectsentimentto'see-saw'betweenthesecyclicalandseculardriversthisyearbutultimatelyexpectthecycletoturn(modestrecovery)andclaritytoemergethatIFXisstrategicinpowersemisspendindatacentres.

17

MorganStanleyResearch19

Morganstanley

RESEARCH

Foundation

Design&IP–IntegrationandChipletsinfocus

MarketseesCDNSastheEDAwinner

Source:FactSet,MorganStanleyResearch

Arm’sventureintochipdesigninfocus–ArmTotalDesignPartnersfortheChipletEcosystem…

Source:ArmOCPpresentationslide

20

Morganstanley

RESEARCH

Foundation

PriceTable

MorganStanleyResearch21

Morganstanley

RESEARCH

Foundation

Disclosures

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanleyAsiaLimited(whichacceptstheresponsibilityforitscontents)and/orMorganStanleyAsia(Singapore)Pte.(Registrationnumber

199206298Z)and/orMorganStanleyAsia(Singapore)SecuritiesPteLtd(Registrationnumber200008434H),regulatedbytheMonetaryAuthorityofSingapore(whichacceptslegalresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch),and/orMorganStanleyTaiwanLimitedand/orMorganStanley&CoInternationalplc,SeoulBranch,and/orMorganStanleyAustraliaLimited(A.B.N.67003734576,

holderofAustralianfinancialserviceslicenseNo.233742,whichacceptsresponsibilityforitscontents),and/orMorganStanleyWealthManagementAustraliaPtyLtd(A.B.N.19009145555,holderofAustralianfinancialserviceslicenseNo.

240813,whichacceptsresponsibilityforitscontents),and/orMorganStanleyIndiaCompanyPrivateLimitedhavingCorporateIdentificationNo(CIN)U22990MH1998PTC115305,regulatedbytheSecuritiesandExchangeBoardofIndia(“SEBI”)andholderoflicensesasaResearchAnalyst(SEBIRegistrationNo.INH000001105);StockBroker(SEBIStockBrokerRegistrationNo.INZ000244438),MerchantBanker(SEBIRegistrationNo.INM000011203),anddepositoryparticipantwith

NationalSecuritiesDepositoryLimited(SEBIRegistrationNo.IN-DP-NSDL-567-2021)havingregisteredofficeatAltimus,Level39&40,PandurangBudhkarMarg,Worli,Mumbai400018,India;Telephoneno.+91-22-61181000;Compliance

OfficerDetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:tejarshi.hardas@;Grievanceofficerdetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:msic-compliance@which

acceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch,andtheiraffiliates(collectively,"MorganStanley").MorganStanleyIndiaCompanyPrivateLimited(MSICPL)mayuseAItoolsinprovidingresearchservices.Allrecommendationscontainedhereinaremadebythedulyqualifiedresearchanalysts.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsiteat

/eqr/disclosures/webapp/generalresearch

,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+1800303-2495;HongKong+8522848-5999;

LatinAmerica+1718754-5444(U.S.);London+44(0)20-7425-8169;Singapore+656834-6860;Sydney+61(0)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:ShawnKim;NigelvanPutten;LeeSimpson.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat/institutional/research/conflictpolicies.APortugueseversionofthepolicycanbefoundat

.br

ImportantRegulatoryDisclosuresonSubjectCompanies

AsofNovember28,2025,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:AcctonTechnologyCorporation,AcerInc.,AdvancedWireless

SemiconductorCo,Advantest,AixtronSE,AppliedMaterialsInc.,AsiaVitalComponentsCo.Ltd.,ASMLHoldingNV,AspeedTechnology,BESemiconductorIndustriesNV,Bizlink,CadenceDesignSystemsInc,DeltaElectronicsInc.,Elan

MicroelectronicsCorp,Giga-ByteTechnologyCo.Ltd.,GlobalUnichipCorp,InfineonTechnologiesAG,KingSlideWorksCo.Ltd.,KingYuanElectronicsCoLtd,MicronTechnologyInc.,NanYaPCB,Novatek,ParadeTechnologiesLtd,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,SCREENHoldings,SKhynix,STMicroelectronicsNV,SunonwealthElectricMachineIndustryCo,SynopsysInc.,TSMC,Unimicron,VATGroupAG,WINSemiconductorsCorp,WinbondElectronicsCorp,WistronCorporation,WiwynnCorp,WPGHoldings,XiaomiCorp.

Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofMicronTechnologyInc.,SKhynix,WistronCorporation.

Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfromASMInternationalNV,BESemiconductorIndustriesNV,MicronTechnologyInc.,SKhynix,WistronCorporation.

Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAcctonTechnologyCorporation,AcerInc.,Advantest,AixtronSE,AppliedMaterialsInc.,ArmHoldingsplc,AsiaVitalComponentsCo.Ltd.,ASMInternationalNV,ASMLHoldingNV,BESemiconductorIndustriesNV,Bizlink,CadenceDesignSystemsInc,DeltaElectronicsInc.,EspressifSystems,Giga-ByteTechnologyCo.Ltd.,HonHaiPrecision,Infineon

TechnologiesAG,KingYuanElectronicsCoLtd,Lenovo,MediaTek,MicronTechnologyInc.,NordicSemiconductorASA,Novatek,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,ResonacHoldings,SamsungElectronics,SananOptoelectronics,SCREENHoldings,SKhynix,STMicroelectronicsNV,SynopsysInc.,TSMC,Unimicron,VATGroupAG,WinbondElectronicsCorp,WistronCorporation,WiwynnCorp,WPGHoldings,XiaomiCorp.

Withinthelast12months,MorganStanleyhasreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromAcctonTechnologyCorporation,AcerInc.,AppliedMaterialsInc.,ASMInternationalNV,BE

SemiconductorIndustriesNV,CadenceDesignSystemsInc,Giga-ByteTechnologyCo.Ltd.,HonHaiPrecision,InfineonTechnologiesAG,KingYuanElectronicsCoLtd,Lenovo,MediaTek,MicronTechnologyInc.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SynopsysInc.,TSMC,WinbondElectronicsCorp,XiaomiCorp.

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Morganstanley

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Disclosures

Withinthelast12months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclientrelationshipwith,thefollowingcompany:AcctonTechnologyCorporation,AcerInc.,Advantest,AixtronSE,AppliedMaterialsInc.,ArmHoldingsplc,AsiaVitalComponentsCo.Ltd.,ASMInternationalNV,ASMLHoldingNV,BESemiconductorIndustriesNV,Bizlink,CadenceDesignSystemsInc,DeltaElectronicsInc.,EspressifSystems,Giga-Byte

TechnologyCo.Ltd.,HonHaiPrecision,InfineonTechnologiesAG,KingYuanElectronicsCoLtd,Lenovo,MediaTek,MicronTechnologyInc.,NordicSemiconductorASA,Novatek,PowerchipSemiconductorManufacturingCo,Realtek

Semiconductor,ResonacHoldings,SamsungElectronics,SananOptoelectronics,SCREENHoldings,SKhynix,STMicroelectronicsNV,SynopsysInc.,TSMC,Unimicron,VATGroupAG,WinbondElectronicsCorp,WistronCorporation,WiwynnCorp,WPGHoldings,XiaomiCorp.

Withinthelast12months,MorganStanleyhaseitherprovidedorisprovidingnon-investmentbanking,securities-relatedservicestoand/orinthepasthasenteredintoanagreementtoprovideservicesorhasaclientrelationshipwiththefollowingcompany:AcctonTechnologyCorporation,AcerInc.,AppliedMaterialsInc.,ASMInternationalNV,BESemiconductorIndustriesNV,CadenceDesignSystemsInc,Giga-ByteTechnologyCo.Ltd.,HonHaiPrecision,InfineonTechnologiesAG,

KingYuanElectronicsCoLtd,Lenovo,MediaTek,MicronTechnologyInc.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SynopsysInc.,TSMC,WinbondElectronicsCorp,XiaomiCorp.

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,

competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fundmanagement,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsofcompaniescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyor

instrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecomplete

informationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotin