本檔為投影片 OCR，文字破碎

本報告為 TMT Webcast 簡報 PDF 解析，多數投影片為圖片式版面，文字層 OCR 大量破碎（尤其 Exhibit 20 記憶體同業比較表數字）。圖片是本份報告的主要資訊來源，正文數字已由下方「圖片清單」逐張 Read 核對還原，trimmed 文字僅供交叉參考、不可單獨引用。

PDF 原檔：報告_MS_大中華科技硬體TSMC點評_20260720_original.pdf

圖片清單（已驗證 2026-07-22）

檔名	size	分類	親眼所見內容
`報告_MS_大中華科技硬體TSMC點評_20260720_001.png`	66KB	裝飾·banner	"Asia Summer School 2026" 廣告橫幅（泳池背景+圖示），與報告內容無關
`報告_MS_大中華科技硬體TSMC點評_20260720_002.png`	985KB	真資料圖	小米新 SUV「Sky Nomad」座艙四宮格照片：俯視座椅配置＋行李箱堆疊、平躺座椅配咖啡桌與筆電、車內辦公會談場景、車尾野餐場景
`報告_MS_大中華科技硬體TSMC點評_20260720_003.png`	342KB	真資料圖	WAIC 展場照片：華為 Atlas 950 SuperPod 機櫃陣列，看板標示「256TB 統一內存編址」「1024卡超大規模」「3μs RTT 時延」
`報告_MS_大中華科技硬體TSMC點評_20260720_004.png`	236KB	真資料圖	WAIC 展場照片：AI 智慧體手機新品預告立牌（「即將發布敬請期待，全球首款 AI 智能體手機」），展示深藍與粉色兩款摺疊造型手機
`報告_MS_大中華科技硬體TSMC點評_20260720_005.png`	314KB	真資料圖	WAIC 展場照片：中興「OEX 超節點」展區看板，標示「高可靠性」與伺服器機櫃陣列
`報告_MS_大中華科技硬體TSMC點評_20260720_006.png`	174KB	真資料圖	WAIC 展場照片：多芯光纖連接器與光纖連接線捲盤產品展示（光通訊廠商攤位）
`報告_MS_大中華科技硬體TSMC點評_20260720_007.png`	113KB	真資料圖	DDR5 16G(2Gx8) 4800/5600 現貨(Spot)與合約(Contract)價格走勢圖（2023-01~2026-06），現貨價已漲至 US$45.00，合約價 US$37.50
`報告_MS_大中華科技硬體TSMC點評_20260720_008.png`	64KB	真資料圖	運算 FLOPS 與記憶體頻寬成長對比圖（1996-2025，log scale），標示兩者成長速率差距達 20,000x
`報告_MS_大中華科技硬體TSMC點評_20260720_009.png`	88KB	真資料圖	Qualcomm HBC（High Bandwidth Compute）技術介紹頁：LPDDR Stack + TSV + HBC accelerator + 2D organic substrate 結構示意圖
`報告_MS_大中華科技硬體TSMC點評_20260720_010.png`	175KB	真資料圖	TSMC「AI Architecture Optimization」官方簡報頁：Near-Memory 2.5D(CoWoS) / On-Die SRAM / Memory on Logic 3D(SoIC) 三種架構比較圖（Source: TSMC）
`報告_MS_大中華科技硬體TSMC點評_20260720_011.png`	533KB	真資料圖	「Six Vectors to Frame the Memory Innovation」六象限卡片圖：Process migration／Design change／Packaging adoption／Peripherals addition／PIM-CIM／Materials innovation，各列出對應技術名詞
`報告_MS_大中華科技硬體TSMC點評_20260720_012.png`	64KB	真資料圖	Memory Innovation TAM estimates base case 長條圖（2025-2030，US$mn，WoW／SiCap／MRCD-MDB／CXL MXC-switch／MRAM），2030 達約 US$23bn
`報告_MS_大中華科技硬體TSMC點評_20260720_013.png`	74KB	真資料圖	Memory Innovation TAM estimates bull case 長條圖（同上＋Global memory increments），2030 達約 US$41bn
`報告_MS_大中華科技硬體TSMC點評_20260720_014.png`	281KB	真資料圖	Global Memory Comparables Table：Samsung／SK Hynix／Micron／Kioxia／Sandisk／GigaDevice／南亞科／Longsys／華邦電／群聯／東芯／旺宏，含股價、目標價、評等、P/E、EPS Growth、ROAE、P/B 完整數據（as of 報告日 2026-07-20）

全份 14 張抽出圖片皆為真資料圖，僅 001 為純廣告 banner；無文字卡。此報告文字層破碎，本清單為後續嵌圖與數字引用的唯一依據。

原始內容

M July 20, 2026 04:03 PM GMT

TMT Webcast | Asia Pacific

Key Stock Ideas in Hardware, Memory Innovation & TSMC Review

Morgan Stanley Asia Limited+

Andy Meng, CFA

Equity Analyst Andy.Meng@morganstanley.com

+852 2239-7689

Morgan Stanley Taiwan Limited+

Howard Kao

Equity Analyst

Howard.Kao@morganstanley.com

+886 2 2730-2989

Charlie Chan

Equity Analyst Charlie.Chan@morganstanley.com

+886 2 2730-1725

Daniel Yen, CFA

Equity Analyst Daniel.Yen@morganstanley.com

+886 2 2730-2863

Greater China Technology Hardware

Asia Pacific

Industry View

In-Line

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Xiaomi New SUV -Sky Nomad

Source: Company data, Morgan Stanley Research.

256 TB M

Điz.

ELIZABET

10 1 METE 112IA 1 NE

WAIC Takeaways -SuperPod, AI Smartphone and Optical Fiber

YOLS

Source: Company data, Morgan Stanley Research.

Exhibit 15: Compute vs. Memory comparison

US$

48.0

100,000

38.0

33.0

10,000

28.0

1,000

23.0

18.0

400

10000

13.0 -

8.0

Jan-23

Mar-23

37.50

Memory Pricing Is Very High and Bandwidth Is Limited

May-23 -

Jul-23 -

Sep-23 •

Now-23

Jan 24 -

Mar-24

May-24

Jut-24

Sep-24

Nov-24

Jan-25

Mar-25 •

May-25 -

Jut-25 -

Sep-25

Nov -25

Jan-26

Mar-26

May-26-

2008

2094

2037

2020 21 22 23 M

Source: Morgan Stanley Research.

Exhibit 41: Qualcomm's HBC Technology

30 integration madenhip

stem-level a Moon

sadership

Source: Qualcomm

Example of Memory Innovation

Exhibit 42: Al Architecture Optimization

Al Architecture Optimization

Requiring Different Technology Solutions

Near-Memory 2.5D

On-Die SRAM

Compute

HBM

Interposer

Adv. Logic + HBM

(CoWoS)

• 2028 TAMC, LM

Source: TSMC

Logic + SRAM

Zero-Latency

Data Flow

Adv. Logic + SRAM

DRAM

Adv. Logic + DRAM

(SolC)

Power efficiend

TIMC Pre

Exhibit 16: Summary of different paths of innovation

1c DRAM / EUV

4F2 DRAM

Zyyl-3yyL NAND

PLC NAND

30 DRAM

ZAM

Six Vectors to Frame the Memory Innovation

1,000L NAND

HAR cryo etch

Peripherals addition

MROIMM

CXL pooling

CBA / hybrid bonding

ZHBM

MRAM

SOT-MRAM

Packaging adoption bring memory closer

HBM4 / HBM40

custom HOM

base die

H3: HBM + HBF

ICE cooling

WoW stacking

HDF 8-16x cap.

Source: Company data, Morgan Stanley Research.

Exhibit 17: Memory Innovation TAM estimates - excluding HBM, base case (USSmn)

30,000

20,000

10,000

2025

= WoW

2026

•SICap

2027

= MROD/MDB

2028

CXL MXC/switch

2029

= MRAM

Exhibit 18: Memory Innovation TAM estimates - excluding HBM, bull case (USSmn)

50,000

40,000

30,000

We Estimate TAM To Be Around US$25bn

10,000

WOW

Source: Company data, Morgan Stanley Research.

2025

SiCap

MRAM = Global memory increments

2030

2027

Exhibit 20: Global memory comparables table

DODGEDURE

MULD

2, 180 DOD

979 31

TT, 000 D

1,915.5

M-aron

Kicain

SNDILO

Sandink

600086-55 Giga Davice

KRW

U5D

CHY

USD

2,600,000

1.20010

118 00010

1.75010

612 D

ENT

BERLO

Global Memory Comp 435 5 TAD 55Du0

2.220 D

TAD

SINDO

Silicon Matian

80H10.55 Dolicen

230T. TW

Млоголіа

Mean:

BARINA

126 4

19N D

143.5

USD

CNY

TAD

158E0

40010

2010

22 000

18%6

23%

43%

-5%

45%

26%

13%

EJ%

17%

32%

-11%

53%4

Yield

14%

45%

4D%

41%

2.0%

41%

₫ 0%

15%

125

40%

4.8%

0.18%

FOF

rield

1555

7.6%%

41%

13 B%

NiA.

16.6/%%

16%

2.1%

46%

17.2%

T.A%

Market

Сар

1,418B27

1, 182 DE3

1,138,10E

381, 544

276 15D

DU IDE

42,.384

X 21P

15.309

10347

4 4DT

Daly

Trading

AUSEMI

5 800-3

4 EDD.7

41300J

21,475.5

1,57D.1

1,250.7

1544.0

SETS

535.4

283.4

314.4

P.C. Ratia (x)

2080s

20388

20278

4.1

4.7

5.4

4.7

14-2

4.6

16.7

18.6

hal

5.7

SJa

4.2

4.4

NHI

17.4

2204

4.1

15.7

11.

hal

5.5

13.0

9.4

10.8

12.9

26.7

101

В.]

6.5

34.8

14.4

12.7

ups Grouch

20006

2027%

722%

417%

807%

2258%

321%

574%

3577%

1585%

2318%

751%

t88%

•122%

-412%

515%

NASH

E = Morgan Stanley Research estimates. Source: Company data, Morgan Stanley Research

11%

44%

75%

13%

41%

42%

-20%

ВОЛЬ

-61%

Lent

1280%%

154%

200%%

INA.

NA.

16%

48%

12%

ST%

1 TE%

2%%

15%

20368

41%

1274

148

50%

47%

77%

1274

51%

78%

13%

30 %

51%

ROAC

30278

20%

85%

82%

73%

87%

54%

57%

47%

28%

17%

45%

57%

43%

20.2Be

42%

47%

42%

41%

47%

22%

20%

41%

10%

37%

14.

12.4

2.5

T.B

2.7

100

20.8

4.]

20278

4.4

5.]

200

20.

2-4

1.4

4.J

4.8

22.5

1.0

5.0

報告_MS_大中華科技硬體TSMC點評_20260720

圖片清單（已驗證 2026-07-22）

原始內容

TMT Webcast | Asia Pacific

Key Stock Ideas in Hardware, Memory Innovation & TSMC Review

Andy Meng, CFA

Howard Kao

Charlie Chan

Greater China Technology Hardware

Xiaomi New SUV -Sky Nomad

WAIC Takeaways -SuperPod, AI Smartphone and Optical Fiber

10000

Memory Pricing Is Very High and Bandwidth Is Limited

Example of Memory Innovation

Six Vectors to Frame the Memory Innovation

CXL MXC/switch

We Estimate TAM To Be Around US$25bn

WOW

SiCap

Global Memory Comp 435 5 TAD 55Du0

被誰引用