亚洲工业技术全球自动化旁观者眼中的周期（2025年上半年）

www.bernsteinresearch.com DETAILSEXHIBIT 1:Companies’ views on global automation cycle (1)Note: FANUC, SMC, and Harmonic Drive are covered by Bernstein Asian Industrial Technology team. The remaining companies are not covered by Bernstein.Source: Company fillings, earnings presentations, conference calls, Bernstein analysisASIAN INDUSTRIAL TECHNOLOGY Source: Company reports, Bernstein analysisASIAN INDUSTRIAL TECHNOLOGY EXHIBIT 7:Trends of demands from solar industry forindustrial automation in ChinaSource: MIR Databank, Bernstein analysis EXHIBIT 6:Trends of demands from battery industry forindustrial automation in ChinaSource: MIR Databank, Bernstein analysisASIAN INDUSTRIAL TECHNOLOGY Note: Siemens, ABB, and Schneider Electric are covered by Bernstein European Capital Goods team. FANUC and IPGP are covered by Bernstein Asian IndustrialTechnology team. The remaining companies are not covered by Bernstein.Source: Company fillings, earnings presentations, conference calls, Bernstein analysisEXHIBIT 12:Channel inventory levels are trending downNote: 2QCY2025E number is estimated by Omron.Source: Omron, Bernstein analysisASIAN INDUSTRIAL TECHNOLOGY Source: SMC, Bernstein analysisEXHIBIT 15:Emerson’s analysis of impact from U.S. tariffsSource: Emerson, Bernstein analysisASIAN INDUSTRIAL TECHNOLOGY 11 INVESTMENT IMPLICATIONSReiterate Outperform for FANUC, Keyence, Inovance, SMC, AirTAC, Cognex, Harmonic Drive, Hikvision, Han’s Laser; Market-Perform for IPG Photonics, Estun.ASIAN INDUSTRIAL TECHNOLOGY BERNSTEIN TICKER TABLETickerRating1590.TT (AirTAC)OCGNXO002747.CH (Estun)M6954.JP (Fanuc)O002008.CH (Hans Laser)O002415.CH (Hikvision)O6324.JP (HDSI)OIPGPM6861.JP (Keyence)O300124.CH (Inovance)O6273.JP (SMC)OASIAXSPXJPLO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage Suspended6273.JP estimate is Adjusted EPS; 6273.JP valuation is Adjusted P/E (x); 6954.JP, 6861.JP, 6273.JP base year is 2025;Source: Bloomberg, Bernstein estimates and analysis.ASIAN INDUSTRIAL TECHNOLOGY I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYThis research publication covers six or more companies. For valuation methodology and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.RISKSThis research publication covers six or more companies. For risks and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:•Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and pri