Hanwha Ocean/ HMS (PT Trimmed), HD Hyundai Elec, China Auto Update, AI DC Power Demand Could Reach ~160Gwh by 2030: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

研报英文原文证据摘录

Hanwha Ocean/ HMS (PT Trimmed), HD Hyundai Elec, China Auto Update, AI DC Power Demand Could Reach ~160Gwh by 2030: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

Specialist Sales

APAC Specialist Sales J P M O R G A N

28 July 2026

Hanwha Ocean/ HMS (PT Trimmed), HD Hyundai Elec, China Auto

Update, AI DC Power Demand Could Reach ~160Gwh by 2030

Joann Kim

+852 2800 8016

joann.kim@jpmorgan.com

The SOX index fell 2% (now -21% from highs), with Nvidia down 5% on concerns over its potential $250bn backstop for an

OpenAI datacenter project, raising questions about circular financing and Nvidia’s evolving role from capex beneficiary to capex

spender. ASML dropped 6% after reports that a China state company has begun manufacturing immersion DUV lithography tools.

Thematically, Crowded Shorts +3.2% led the gains with Software +3.8% the standout. Semis, having been down >5% earlier in

the session, finished -1.7% with Memory and Storage down most -6.45%. JPM APAC pad starting the day s better to buy led by

tech; buying in CH memory vs incremental sellers of techs in KR/TW. We are buyers of TW financials, KR value up and HK/

China EV.

From research, Simon Han has cut PT on both Hanwha Ocean and Hyundai Marie Solutionn reflecting the soft industry

sentiment, however, remain OW on both names for resilient margin profile and order visibility with LT growth optionalities.

From our global research, Joseph Cardoso came out with a note covering the latest views on data center demand outlook and

project pipelines. He highlights that demand for data center capacity continues to expand at a robust pace, and a more aggressive

‘AI-Chip’ case—based on AI server forecasts from semiconductor manufacturers and OEMs—points to 160GW AI DC