Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-11-04Thematic

006400.KS600900.SH9509.TGulf, Keppel, Adani Power, Yangtze Power, Samsung SDI and Hokkaido Electric·OverweightKEPCO, Tata Power, GPSC, Huaneng and Electric Power Development·UnderweightAsia electricity demand CAGR: AI and electrification support growthto 2030EUS AI capacity spillover to Asia: Potential incremental marketbefore 2030Asia behind-the-meter capacity: Potential deployment2030E

Morgan Stanley·2026-11-04Thematic

APLD BEDLR.USEQIX TLN WMB WULFSecured powered shells·OverweightUnapproved Texas/Ohio pipelines·Underweight

Morgan Stanley·2026-11-03Thematic

Morgan Stanley·2026-11-02Thematic

EDP/RWE/Keppel/Bloom and selected generators·Top pickKEPCO/Tata Power/GPSC/Huaneng/J-Power/Enagas/SNAM·Avoid

Morgan Stanley·2026-10-27Thematic

MC.PARACE.MIEuropean luxury goods·Neutral

Morgan Stanley·2026-10-26Thematic

US data-centre net power shortfall: 38GW2026-2028US data-centre power demand: 116GW2026-2028

Morgan Stanley·2026-10-26Thematic

CRM CRWD MSFT NOW SNOWsoftware with workflow moats·Overweight

Morgan Stanley·2026-10-26Thematic

EDP.LS·OverweightRWE.DE·OverweightBE.US·Overweight015760.KS·UnderweightENG.MC·UnderweightSRG.MI·Underweight

Morgan Stanley·2026-10-25Thematic

China humanoid shipments: 50k units2026China humanoid shipments: 100k units2027

Morgan Stanley·2026-10-25Thematic

Morgan Stanley·2026-10-19Thematic

TENCENT9988.HKChina Internet·OverweightAlibaba·Top pickChina AI capex: Rmb8.5tr cumulative 2026-30E2026-2030China compute capacity: 81GW by 2030E2030

Morgan Stanley·2026-10-15Thematic

AI capex incl. leases: USD 1.6tr in 20272027

Morgan Stanley·2026-10-13Thematic

Morgan Stanley·2026-10-12Thematic

Tokenized real-world assets: forecast2030

Morgan Stanley·2026-10-12Thematic

Morgan Stanley·2026-10-11Thematic

SKHYNIX SMSN

Morgan Stanley·2026-10-07Thematic

AMZN GOOGL MSFT

Morgan Stanley·2026-10-07Thematic

AKESOBNTX.USMRK PFESMMT.US

Morgan Stanley·2026-09-24Thematic

AI adopters·OverweightAI enablers (select)·Overweight

Research: Broker notes on sectors, macro, rates and strategy

Asia Powering AI US Mid-term Implications for AP

Powered Shell Providers Midterm Implications for the Time to Power Stocks

Assessing AI Risk in Loans

Powering AI: Agents, Aircons, Allshoring: All Not Priced In

Luxury Goods: Losing Share of the Luxury Wallet?

Global Thematics & US Semiconductors Hot Summer, Short Fall Increased Power Shortfall, Increased BTM Clarity, and Addressing Rubin Rack kW Misconceptions

Software Token Thoughts – How Will Rising Open-Weight Model Adoption Impact Software

Powering AI: Agents, Aircons, Allshoring: All Not Priced In

Humanoids: China Humanoids Survey 2026: High Intent,Gradual Rollouts

Generalist AI: Can Human Hands Teach a Robot Brain?

Investor Presentation China Internet and Other Services China's AI Path

US Equity Strategy & GVAT Following AI’s $1.6 trillion Money Trail-Mapping the Revenue Generated by the Capex Boom

Semiconductors Highlighting 7 Interesting Semiconductor Privates

Global Thematics & Technology Spark Preview What Will Privates Tell Us About the AI Cycle

Breaking from the Pack-The Race for Above-Market Growth

Are Enterprises Really Adopting Open-Weight Models-

Tech Bytes Memory – Cycles vs. Super Cycles

Internet and Software Why Amazon Bedrock and Microsoft Foundry Should Become Household Names

Biopharma: Will HARMONi-3 sing East-toWest harmony?

Mapping AI's Rate of Change From Buildout to Broadening