<p>摩根士丹利在一份报告中表示，亚太地区股票继续受益于对计算机、商品和资本货物的指数倾斜。人工智能（AI）资本支出的激增正在推动 AI 赋能者的盈利增长，同时该银行还看到涵盖国防和经济安全的更广泛资本支出计划，为工业和商品领域创造了机会。</p>
<p>报告指出，凭借其上游优势，亚洲在全球 AI 资本支出激增中处于良好位置，同时公共支出在能源安全和国防方面的持续增加也在助力。根据经济风险暴露的细分，亚洲/新兴市场指数中超过 50% 的权重来自计算机（半导体/硬件）、商品、资本货物和实物资产。计算机领域的盈利增长依然强劲，但估值和定位也相应上升。</p>
<p>该银行认为周期性行业具有吸引力，并且与同行不同，维持对商品行业的 “增持” 立场，该行业也受益于资本支出超级周期，并且相对于历史水平和其他行业享有更好的估值支持。同时，资本货物行业的长期前景稳健，尽管摩根士丹利指出其中位数估值接近计算机行业，尽管三年增长预期较低。从战略上看，该银行对工业行业保持 “增持” 态度，并将继续与其关键行业团队合作，筛选高潜力机会。</p>
<p>摩根士丹利修订了其亚洲主题关注名单，新增四只股票并移除四只，具体如下：</p>
<p>新增 | 行业</p>
<p>海湾发展公司 | 公用事业</p>
<p>三菱重工（7011.JP）| 工业</p>
<p>发那科（6954.JP）| 工业</p>
<p>Wiwynn（6669.TW）| 信息技术</p>
<p>-----------------------------</p>
<p>移除 | 行业</p>
<p>信实工业 | 能源</p>
<p>富士通（6702.JP）| 信息技术</p>
<p>Grab Holdings | 工业</p>
<p>古德曼集团 | 房地产</p>
<p>摩根士丹利最新的亚洲主题关注名单包括：</p>
<p>台湾半导体制造公司（2330.TW）</p>
<p>三星电子（005930.KS）</p>
<p>腾讯（00700.HK）-2.600 (-0.562%)  空头头寸 $1.65B; 比率 14.977%</p>
<p>宁德时代（300750.SZ）-7.050 (-1.624%)</p>
<p>台达电子（2308.TW）</p>
<p>友邦保险（01299.HK）+0.800 (+0.920%)  空头头寸 $324.24M; 比率 23.625%</p>
<p>三菱重工（7011.JP）</p>
<p>北方华创（002371.SZ）-16.600 (-2.857%)</p>
<p>拉森与图布罗有限公司</p>
<p>斗山重工业（034020.KS）</p>
<p>药明康德（02359.HK）-7.300 (-5.317%)  空头头寸 $94.76M; 比率 22.147%</p>
<p>韩华航空航天（012450.KS）</p>
<p>发那科（6954.JP）</p>
<p>现代电气（267260.KS）</p>
<p>英威腾科技（300124.SZ）-2.040 (-2.668%)</p>
<p>Wiwynn（6669.TW）</p>
<p>海湾发展公司</p>
<p>新加坡科技工程</p>
<p>四方电气（002028.SZ）-4.400 (-2.124%)</p>
<p>古河电气（5801.JP）</p>
<p>大成（1801.JP）</p>
<p>莱纳斯稀土</p>
<p>双日（2768.JP）</p>
<p>GS Yuasa（6674.JP）</p>
<p>GemLife 社区集团</p>
<p>（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-14 12:25。）（A 股报价延迟至少 15 分钟。）</p>

7011

发那科(ADR)

发那科

全球机器人自动化 ETF - ROBO

IBOT

工业创新 ETF - ARK

Global X 机器人工智能ETF

<p>摩根士丹利的报告强调，亚太地区股票有望受益于全球人工智能资本支出的激增，特别是在计算、商品和资本货物领域。该银行对商品部门维持 “增持” 评级，并认为周期性行业具有吸引力。摩根士丹利修订了其亚洲主题关注名单，新增了包括三菱重工和发那科在内的四只股票，同时移除了另外四只。报告强调，亚洲在能源安全和国防领域公共支出增加的背景下，具有战略性地位，能够抓住这一机遇，并且计算行业的盈利增长强劲</p>

<p>M Stanley said in a report that Asia-Pacific equities continue to benefit from index tilts toward computing, commodities and capital goods. The surge in artificial intelligence (AI) capital expenditure is driving earnings growth for AI enablers, while the bank also sees broader capital spending programs spanning defense and economic security, creating opportunities in industrials and commodities.</p>
<div class="lb-trans"><p>摩根士丹利在一份报告中表示，亚太地区股票继续受益于对计算机、商品和资本货物的指数倾斜。人工智能（AI）资本支出的激增正在推动 AI 赋能者的盈利增长，同时该银行还看到涵盖国防和经济安全的更广泛资本支出计划，为工业和商品领域创造了机会。</p>
</div><p>The report noted that Asia, with its upstream advantages, is well positioned to capture benefits from the global surge in AI capital expenditure, alongside the ongoing build-up in public spending on energy security and defense. By economic risk exposure breakdown, more than 50% of the weighting in Asia/emerging market indices comes from computing (semiconductors/hardware), commodities, capital goods and real assets. Earnings growth in computing remains strong, but valuations and positioning have also risen accordingly.</p>
<div class="lb-trans"><p>报告指出，凭借其上游优势，亚洲在全球 AI 资本支出激增中处于良好位置，同时公共支出在能源安全和国防方面的持续增加也在助力。根据经济风险暴露的细分，亚洲/新兴市场指数中超过 50% 的权重来自计算机（半导体/硬件）、商品、资本货物和实物资产。计算机领域的盈利增长依然强劲，但估值和定位也相应上升。</p>
</div><p>The bank finds cyclical sectors attractive and, unlike peers, maintains an &#34;Overweight&#34; stance on the commodities sector, which also benefits from the capex supercycle and enjoys better valuation support relative to historical levels and other sectors. Meanwhile, the capital goods sector has solid long-term prospects, though M Stanley noted its median valuation is close to that of the computing sector despite lower three-year growth expectations. Strategically, the bank remains &#34;Overweight&#34; on the industrials sector and will continue to work with its key industry teams to screen for high-potential opportunities.</p>
<div class="lb-trans"><p>该银行认为周期性行业具有吸引力，并且与同行不同，维持对商品行业的 “增持” 立场，该行业也受益于资本支出超级周期，并且相对于历史水平和其他行业享有更好的估值支持。同时，资本货物行业的长期前景稳健，尽管摩根士丹利指出其中位数估值接近计算机行业，尽管三年增长预期较低。从战略上看，该银行对工业行业保持 “增持” 态度，并将继续与其关键行业团队合作，筛选高潜力机会。</p>
</div><p>M Stanley revised its Asia thematic focus list, adding four stocks and removing four, as follows:</p>
<div class="lb-trans"><p>摩根士丹利修订了其亚洲主题关注名单，新增四只股票并移除四只，具体如下：</p>
</div><p>Additions | Sector</p>
<div class="lb-trans"><p>新增 | 行业</p>
</div><p>Gulf Development PCL | Utilities</p>
<div class="lb-trans"><p>海湾发展公司 | 公用事业</p>
</div><p>Mitsubishi Heavy Industries (7011.JP) | Industrials</p>
<div class="lb-trans"><p>三菱重工（7011.JP）| 工业</p>
</div><p>FANUC (6954.JP) | Industrials</p>
<div class="lb-trans"><p>发那科（6954.JP）| 工业</p>
</div><p>Wiwynn (6669.TW) | Information Technology</p>
<div class="lb-trans"><p>Wiwynn（6669.TW）| 信息技术</p>
</div><p>-----------------------------</p>
<div class="lb-trans"><p>-----------------------------</p>
</div><p>Removals | Sector</p>
<div class="lb-trans"><p>移除 | 行业</p>
</div><p>Reliance Industries | Energy</p>
<div class="lb-trans"><p>信实工业 | 能源</p>
</div><p>Fujitsu (6702.JP) | Information Technology</p>
<div class="lb-trans"><p>富士通（6702.JP）| 信息技术</p>
</div><p>Grab Holdings | Industrials</p>
<div class="lb-trans"><p>Grab Holdings | 工业</p>
</div><p>Goodman Group | Real Estate</p>
<div class="lb-trans"><p>古德曼集团 | 房地产</p>
</div><p>M Stanley's latest Asia thematic focus list includes:</p>
<div class="lb-trans"><p>摩根士丹利最新的亚洲主题关注名单包括：</p>
</div><p>Taiwan Semiconductor Manufacturing (2330.TW)</p>
<div class="lb-trans"><p>台湾半导体制造公司（2330.TW）</p>
</div><p>Samsung Electronics (005930.KS)</p>
<div class="lb-trans"><p>三星电子（005930.KS）</p>
</div><p>TENCENT (00700.HK) -2.600 (-0.562%)  Short selling $1.65B; Ratio 14.977%</p>
<div class="lb-trans"><p>腾讯（00700.HK）-2.600 (-0.562%)  空头头寸 $1.65B; 比率 14.977%</p>
</div><p>CONTEMPORARY AMPEREX (300750.SZ) -7.050 (-1.624%)</p>
<div class="lb-trans"><p>宁德时代（300750.SZ）-7.050 (-1.624%)</p>
</div><p>Delta Electronics (2308.TW)</p>
<div class="lb-trans"><p>台达电子（2308.TW）</p>
</div><p>AIA (01299.HK) +0.800 (+0.920%)  Short selling $324.24M; Ratio 23.625%</p>
<div class="lb-trans"><p>友邦保险（01299.HK）+0.800 (+0.920%)  空头头寸 $324.24M; 比率 23.625%</p>
</div><p>Mitsubishi Heavy Industries (7011.JP)</p>
<div class="lb-trans"><p>三菱重工（7011.JP）</p>
</div><p>NAURA (002371.SZ) -16.600 (-2.857%)</p>
<div class="lb-trans"><p>北方华创（002371.SZ）-16.600 (-2.857%)</p>
</div><p>Larsen &amp; Toubro Ltd</p>
<div class="lb-trans"><p>拉森与图布罗有限公司</p>
</div><p>Doosan Heavy Industries (034020.KS)</p>
<div class="lb-trans"><p>斗山重工业（034020.KS）</p>
</div><p>WUXI APPTEC (02359.HK) -7.300 (-5.317%)  Short selling $94.76M; Ratio 22.147%</p>
<div class="lb-trans"><p>药明康德（02359.HK）-7.300 (-5.317%)  空头头寸 $94.76M; 比率 22.147%</p>
</div><p>Hanwha Aerospace (012450.KS)</p>
<div class="lb-trans"><p>韩华航空航天（012450.KS）</p>
</div><p>FANUC (6954.JP)</p>
<div class="lb-trans"><p>发那科（6954.JP）</p>
</div><p>Hyundai Electric (267260.KS)</p>
<div class="lb-trans"><p>现代电气（267260.KS）</p>
</div><p>INOVANCE TECH (300124.SZ) -2.040 (-2.668%)</p>
<div class="lb-trans"><p>英威腾科技（300124.SZ）-2.040 (-2.668%)</p>
</div><p>Wiwynn (6669.TW)</p>
<div class="lb-trans"><p>Wiwynn（6669.TW）</p>
</div><p>Gulf Development PCL</p>
<div class="lb-trans"><p>海湾发展公司</p>
</div><p>ST Engineering</p>
<div class="lb-trans"><p>新加坡科技工程</p>
</div><p>SIEYUAN ELEC (002028.SZ) -4.400 (-2.124%)</p>
<div class="lb-trans"><p>四方电气（002028.SZ）-4.400 (-2.124%)</p>
</div><p>Furukawa Electric (5801.JP)</p>
<div class="lb-trans"><p>古河电气（5801.JP）</p>
</div><p>Taisei (1801.JP)</p>
<div class="lb-trans"><p>大成（1801.JP）</p>
</div><p>Lynas Rare Earths</p>
<div class="lb-trans"><p>莱纳斯稀土</p>
</div><p>Sojitz (2768.JP)</p>
<div class="lb-trans"><p>双日（2768.JP）</p>
</div><p>GS Yuasa (6674.JP)</p>
<div class="lb-trans"><p>GS Yuasa（6674.JP）</p>
</div><p>GemLife Communities Group</p>
<div class="lb-trans"><p>GemLife 社区集团</p>
</div><p>(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-14 12:25。）（A 股报价延迟至少 15 分钟。）</p>
</div>

M Stanley: Asia Ready to Capture Surge in Global AI Capex; Lists Latest Regional Thematic Focus Stocks

AASTOCKS News

Mitsubishi Heavy Industries, Ltd.

VanEck Robotics ETF

摩根士丹利

Fujitsu Limited

Grab

Goodman Group

台积电

Samsung Electronics Co., Ltd. Sponsored GDR

三星电子

腾讯控股

宁德时代

友邦保险

北方华创

药明康德

汇川技术

新科工程

思源电气

Furukawa Electric Co., Ltd.

TAISEI CORP

Lynas Rare Earths Limited

Sojitz Corp.

GS Yuasa Corporation

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

GRAB - CW25

腾讯控股(ADR)

腾讯控股-R

Tencent HK SDR 10to1

腾讯控股(ADS)

CATL HK SDR 30to1

友邦保险-R

友邦保险(ADR)

莱纳斯(ADR)

摩根士丹利：亚洲已准备好抓住全球人工智能资本支出激增的机会；列出了最新的地区主题关注股票