投资者演示 | 中国的人工智能路径 | 亚太地区

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September 16, 2026 02:06 PM GMT

Investor Presentation | China's AI Path | Asia Pacific

Morgan Stanley Asia Limited+

Gary Yu

Equity Analyst

Rmb8.5tr Capex into 3x

Compute

Tom Tang

Equity Analyst

Yang Liu

Equity Analyst

We forecast Rmb8.5tr total capex, 2026-30E, supporting IT

capacity reaching 81GW by 2030E. We address the financing

need and ROIC. We are OW AI infra (BABA, KC, VNET), AI labs

(MiniMax, Zhipu) and GPU localization.

Morgan Stanley Taiwan Limited+

Charlie Chan

Equity Analyst

Morgan Stanley Asia Limited+

Rebecca Xu

Equity Analyst

Lydia Lin

Equity Analyst

Joanne Lau

Research Associate

Eddy Wang, CFA

Equity Analyst

Kathy Zhu

Research Associate

China Internet and Other Services

Asia Pacific

Industry View

Attractive

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