亚太地区材料行业展望：供应中断及储能、AI需求向好支撑精选材料标的

Investor Presentation| Asia Pacific Asia Summer School: China Materials Supply disruptions, alongside improving demand from ESS & AI, support selective materials exposure. We prefer aluminum, copper, lithium, uranium, gold, and glass fiber equities in this environment. MFoundation Asia SummerSchool 2026 MFoundation June 12, 2026 INVESTOR PRESENTATION MORGAN STANLEY RESEARCHAsia Pacific Asia Summer School: China Materials Morgan Stanley Asia Limited+ Rachel L ZhangEquity AnalystRachel.Zhang@morganstanley.com+852 2239-1520 Supply disruptions,alongside improving demand from ESS & AI, support selective materials exposure. We prefer aluminum, copper, lithium, uranium, gold, and glass fiber equities in this environment. Hannah Yang, CFAEquity AnalystHannah.Yang1@morganstanley.com+852 2239-7079 Chris JiangEquity AnalystChris.Jiang@morganstanley.com Cynthia TangEquity AnalystCynthia.Tang@morganstanley.com+852 3963-4360 MFoundation Key Changes MFoundation Steel Industry MFoundation Copper Industry China Copper Consumption Index MFoundation Aluminum Industry MFoundation Infrastructure (17% of Steel Demand, 40% of Cement Demand, 15% of Aluminum Demand) MS China Economics Team Estimates 3% YoY FAI Growth for 2026 Source:CEIC, NBS, Morgan Stanley Research. e = Morgan Stanley Research estimates. MFoundation Infrastructure Funding for Infrastructure MFoundation MFoundation Steel Inventory of Steel and Iron Ore MFoundation Steel MFoundation MFoundation Cement ASP and GP/t Have Seen Sequential Weakening Recently MFoundation Copper MFoundation Copper MFoundation MFoundation MFoundation Bauxite & Alumina MFoundation Power Tariff for Aluminum Smelters MFoundation EV & Lithium MFoundation Lithium MFoundation Lithium MFoundation Lithium MFoundation Lithium MFoundation Uranium CountryNuclear Power Development Plans ChinaChina targets to reach 150GW nuclear installed capacity by 2035 vs. 56.9GW as end of 2023USUS and 21 other countries pledged to triple nuclear capacity by 2050 from 2020 level, implying ~3.9% CAGR of capacitygrowth. UKUK plans to increase nuclear generation by up to 4 times to 24GW by 2050.Japan is actively extending life of nuclear power plants to 60 years, restarting suspended reactors, and planning to build MFoundation Uranium Source:SPUT, WNA, IAEA, Yellow Cake, Cameco, Morgan Stanley Research. MFoundation Rare Earth Permanent Magnets MFoundation Glass Float Glass Price and Inventory MFoundation MFoundation Glass Solar Glass Price and Inventory MFoundation Glass Fiber MFoundation Coal Price Recovery M Foundation Coal MFoundation Coal Carbon Control + Macro are the Key Overhangs on Demand MFoundation Gold Upward Price Trend MFoundation Thisreportreferencesjurisdiction(s) or person(s) which may be the subject of economic sanctions. Readersare solely responsible for ensuring that their investment activities are carried out in compliance with applicable MFoundation Disclosure Section The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z)and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arisingfrom, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial serviceslicense No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents),and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No.INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI Registration No.IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email:tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect t