摩根士丹利2026年11月6日发布大中华区半导体行业报告，维持行业观点「吸引」，聚焦亚太AI半导体供应链的三大核心风险：一是AI数据中心基础设施是否充足，以及芯片库存是否存在积压隐忧；二是2028年后美国云厂商资本开支放缓，可能引发亚洲半导体供应链市盈率压缩；三是AI需求与杀手级应用能否落地，需以实际AI收入支撑巨额投资。选股方面，看好的标的包括联发科（首选）、台积电、中芯国际、Aspeed、世芯、京元电子、日月光、AllRing与创意电子；存储板块看好长鑫存储、旺宏、爱普（首选）、南亚科、华邦与兆易创新；中国AI与设备链条看好寒武纪、北方华创、中微公司与华大九天；测试设备看好旺矽与鸿劲；另看好联电、稳懋。看淡的标的包括世界先进、矽力杰、祥硕与奇景光电。估值表显示，台积电目标价3088元新台币，潜在涨幅47%。
Morgan Stanley keeps an Attractive industry view on the Asia Pacific AI semiconductor supply chain and highlights three key concerns: whether AI datacenter infrastructure is sufficient, given emerging chip inventory risk; a potential slowdown in US cloud capex after 2028 that could compress P/E multiples across the Asia semi supply chain; and whether AI demand and killer apps can generate revenue that justifies the investment. Top ideas include MediaTek (Top Pick), TSMC, SMIC, Aspeed, Alchip, KYEC, ASE, AllRing and GUC; in memory, CXMT, Macronix, AP Memory (Top Pick), Nanya Tech, Winbond and GigaDevice; in China AI, semiconductors, WFE and EDA, Iluvatar, Cambricon, NAURA Tech, AMEC and Empyrean Technology; testing equipment names MPI and Hon Precision, plus UMC in mature nodes and WIN Semi in space and optical. Equal-weight names include OmniVision, Phison, MetaX, Realtek, GlobalWafers and FOCI, while Vanguard, Silergy, ASMedia and Parade are Underweight. TSMC carries a price target of