July 13, 2026 10:45 AM GMT 中国的新兴前沿 重构家电生态：AI普及浪潮下 的家电发展路线图 AI正推动中国家电行业从以更新换代为主的硬件销售模式，向 更具服务属性的家庭基础设施转型：这个规模超过1,200亿美 元的市场正逐步迈向AI设备、互联生态、更高售价、经常性服 务收入以及智能制造，而并非在短期内被人形机器人所替 代。 要点 AI扩大了家电行业的市场规模。我们预计，中国家电市场规模将从2025年的1,230 亿美元增长至2030年的1,500亿美元，对应4%的CAGR。其中，智能家电及AI相关 服务市场预计将以12%的CAGR增长至1,150亿美元，占行业总价值的约75%。增长 动力将主要来自AI赋能的高端化产品、更快的换机周期、新兴AI原生品类以及经常 性服务收入。 扫地机器人（RVC）是最明确的短期AI受益板块。由于其应用场景重复性高、任务 定义清晰，扫地机器人已成为增长最快的智能家居品类之一。我们预计 其2025-2030年期间将实现16%的CAGR，增速显著高于整体家电市场。 未来3-5年，AI将重塑而非颠覆行业。尽管AI降低了小米等新进入者以及机器人 和AI平台企业进入 ...

July 13, 2026 10:36 AM GMT Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Results: Revenue +24% YoY, operating loss of ¥377mn (OPM -3%). Strong growth in the Business segment drove revenue, but lower flow revenue in the Card business, higher personnel costs, and cybersecurity incident-related expenses resulted in an operating loss. Earnings surprise: The company raised its full ...

July 13, 2026 10:31 AM GMT Associated British Foods PLC | Europe M Update Risk Reward Update What's Changed Updated Components EPS Risk Reward for Associated British Foods PLC (ABF.L) has been updated Reason for change We update our model following the Q3 sales release and guidance downgrade (see First Take: Sugar Driving Another Earnings Cut). We lower our FY26 EPS by ~1%, broadly in line with consensus, reflecting Primark LFL sales of -2.4% (vs. -2.7% previously), largely offset by weaker Sugar profitabil ...

July 13, 2026 10:23 AM GMT Mitsubishi Estate (8802) | Japan M Update Data Center Investment Positive in Medium/Long-term On Jul 11, a Nikkei online article reported that Mitsubishi Estate plans to develop domestic data centers at a total project cost of ¥1.5trn by 2036 in anticipation of growth in AI demand. The report states the firm is targeting a power capacity of 2,500MW, and aims to leverage its real estate development expertise to expand the business. However, according to Mitsubishi Estate, the ¥1.5t ...

July 13, 2026 10:14 AM GMT DOUTOR NICHIRES Holdings (3087) | Japan M Update F2/27 1Q Results: Good Results for 1Q, and Effects of Price Hikes in Prospect from 2Q Reaction to earnings Strengthens our thesis Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 1Q OP came in at ¥3.8bn (incl. Doutor ¥2.0bn, Nichires ¥1.4bn), vs. our forecast for ¥3.1bn (¥1.6bn, ¥1.3bn) ...

July 13, 2026 10:07 AM GMT Sansan (4443) | Japan May Q Results: Strong Earnings Momentum; New Mid-Term Plan Announced | F5/264Q | | MSe | Actual | MSe yoy | Actual yoy | vs. MSe | vs. Mkt | | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | | | | | | | | | Consol. | (JPY mil) | 14,585 | 14,496 | 21% | 20% | 99% | 99% | | Sansan | (JPY mil) | 8,158 | 8,063 | 13% | 11% | 99% | 98% | | Bill One | (JPY mil) | 3,842 | 3,803 | 39% | 37% | 99% | 101% | | Eight | (JPY mil) | 1,915 | 1,928 | 20% | 21% | 1 ...

July 13, 2026 09:44 AM GMT Aluminum Corp. of China Ltd. | Asia Pacific Preliminary 2Q26 net earnings in line with expectations Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Chalco expects 1H26 net earnings to increase 58-73% YoY to Rmb11.2-12.2bn, in line with our estimate of Rmb11.7bn but above market expectations. The guidance implies 2Q26 net prof ...

July 13, 2026 09:24 AM GMT Taiwan Telecoms | Asia Pacific Morgan Stanley Asia Limited+ M Update Monthly Results: June 2026 CHT (2412.TW): Total revenue rose 11.4% YoY, with mobile service revenue up 3.6% YoY and ICT revenue up nearly 50% YoY. EBITDA rose 1.7% YoY and EPS rose 3.9% YoY. TWM (4904.TW): Total revenue rose 6.6% YoY, with mobile service revenue up 2.5% YoY. EBITDA was up 6.0% YoY and EPS rose 28.3% YoY. FET (3045.TW): Total revenue rose 15.9% YoY, with mobile service revenue up 3.1% YoY. EBITDA ...

July 13, 2026 09:04 AM GMT PICC P&C Company Ltd | Asia Pacific Healthy Performance with solid CoR and robust earnings expectation Key Takeaways M Update Morgan Stanley Asia Limited+ Rick Zhao Equity Analyst Rick.Zhao@morganstanley.com +852 2239-7033 Chenqian Liu Research Associate Chenqian.Liu@morganstanley.com +852 3963-0359 Richard Xu, CFA Richard.Xu@morganstanley.com +852 2848-6729 PICC P&C Company Ltd (2328.HK, 2328 HK) Hong Kong/China Insurance | China | Stock Rating | Overweight | | --- | --- | | Indu ...

July 13, 2026 09:00 AM GMT Podcast | Big Debates 2026 | Europe M Idea European Tech Hardware: AI Infrastructure Meets Humanoids Paul Walsh is joined by Lee Simpson to revisit two defining technology themes for 2026: humanoid robotics and AI infrastructure. They explore how Europe's semiconductor leaders are positioned to benefit from long-term AI adoption, from next-generation robotics to the growing demand for power semiconductors in AI data centres. Play Audio Related Research: European Thematics: And The ...