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研报英文原文证据摘录

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Asia Pacific Equity Research

Taiwan First to Market 27 July 2026

Greater China (Feng Zhu)

• China: July Politburo meeting in focus

• Slow fiscal deployment leaves more room for 2H

• Taiwan: Upbeat IP mitigates 2Q growth concerns and points to a strong 2H

• June export orders beat expectations

• Next week: China industrial profits and PMIs; Hong Kong trade and 2Q GDP; Taiwan 2Q GDP

PCs and Servers (Albert Hung/Gokul Hariharan)

Read-through from INTC’s 2Q26 and AMD Advancing AI 2026

Key takeaways for the Asian PC/Server supply chain from Intel’s 2Q26 earnings call (INTC US, covered by J.P. Morgan analyst

Harlan Sur) were: (1) better-than-expected 2Q Client sales, primarily driven by favorable product mix and price actions. (2)

2Q26 DCAI revenue upticks driven by strong demand across the board and supply improvement. (3) Sub-seasonal PC

demand outlook and continued server momentum in 2H26. (4) Double-digit decline in PC demand in 2026. (5) Strong double-

digit server CPU demand growth in 2026/27 and a sustained momentum into 2028. (6) Continued supply constraints across

leading-edge logic, silicon wafer, memory, and substrate. The sub-seasonal 2H26 PC demand outlook echoes our cautious PC

view due to memory price hikes. However, management sees incremental positive signs in server CPU demand over the next

2-3 years with strong double-digit growth. AMD (also covered by Harlan) has also raised its datacenter CPU TAM to US$220bn

by 2030 from its previous estimate of US$120bn during the Advancing AI 2026, representing a 53% CAGR in 2025-30. This

underpins our recent server CPU market research (Server: JPM proprietary server CPU shipment model). Overall, we reiterate