Morgan Stanley：2025年大中华区半导体全球人工智能供应链更新；亚洲半导体的关键机遇报告（英文版）

We upgraded our Industry View to Attractive going into 2H25, and we reiterate our preference for AI over non-AI. With tariffs on semis and FX impact concerns behind us, we expect the sector to re-rate further. It is also a good time to preview key investment themes for 2026. See our report for details: Greater China Semiconductors: AI semi strength continues; upgrading Industry View to Attractive.