摩根大通《亚洲科技追踪》（2026年9月22日）为多主题汇编报告。三星电子（增持，目标价40万韩元）3Q预览显示存储器业务经营稳健，尽管2H26E面临汇率逆风及股东回报政策披露有限等盈利风险，8月以来股价跑输存储同业（三星+1% vs 存储同业+14%、Kospi/SOX +2%/+3%）；报告认为市场对HBM退出及存储需求收缩的担忧过度，在AI token需求增长（RSI与持续学习）背景下，汇率逆风属短期风险，中期风险回报有利，建议逢低吸纳。储能（ESS）专题认为中国ESS价值链6月以来大幅回调（宁德时代-28%、海博思创-42%、德业-26%、阳光电源-49%，同期沪深300 -7%）已过度悲观，仍看好中国ESS至2030年前景。印度EMS方面，印度SEMICON第五日要点显示Kaynes拟在ISM 2.0下投资10亿美元建设先进封装与LED/micro LED的OSAT产能；
J.P. Morgan Asia Technology Tracker, 22 September 2026. Samsung Electronics (Overweight, PT W400k): the 3Q preview shows the strong memory operation intact despite near-term FX headwinds and limited shareholder-return policy disclosure; the memory de-spec narrative and fears of HBM going away/demand shrinkage are viewed as excessive amid growing gross AI token demand for RSI and Continuous Learning, and we see the risk-reward as favorable on a medium-term horizon, recommending investors accumulate the stock. ESS demand: we remain constructive on China ESS into 2030, viewing the sharp correction in the China ESS value chain (CATL-A -28%, HyperStrong -42%, Deye -26%, Sungrow -49% vs CSI300 -7%) as overly pessimistic. India EMS: takeaways from day 2 of the fifth India SEMICON event, where Kaynes is planning a $1bn OSAT investment on advanced packaging and LED/micro LED under ISM 2.0, with all five OSAT/ATMP plants exporting and supplying domestically. US reports/notes: Nucor's 3Q adj EPS