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

Rachel L ZhangEquity AnalystRachel.Zhang@morganstanley.com Asia Summer School: China Materials Hannah Yang, CFAEquity AnalystHannah.Yang1@morganstanley.com Chris JiangEquity AnalystChris.Jiang@morganstanley.com 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. Cynthia TangResearch AssociateCynthia.Tang@morganstanley.com Greater China Materials Asia PacificIndustry View Attractive Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Asia SummerSchool 2026 June 12, 2026 INVESTOR PRESENTATION MORGAN STANLEY RESEARCHAsia PacificMorgan Stanley Asia Limited+ Asia Summer School: China Materials 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+852 3963-1593 Cynthia TangEquity AnalystCynthia.Tang@morganstanley.com+852 3963-4360 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors shouldbeaware that the firm may have aconflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making theirinvestment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. Copper Industry China Aluminum Consumption Index Infrastructure MS China Economics Team Estimates 3% YoY FAI Growth for 2026 Infrastructure Funding for Infrastructure China Steel Supply/Demand Model Steel Inventory of Steel and Iron Ore Steel Cement ASP and GP/t Have Seen Sequential Weakening Recently Copper Copper Aluminum Bauxite & Alumina Source:China Custom,SMM, Morgan Stanley Research. Power Tariff for Aluminum Smelters Source:Bloomberg,Baiinfo, SMM, Wind, Morgan Stanley Research. EV & Lithium Source:China Customs, SMM,Baiinfo, CAAM, CPCA, Morgan Stanley Research. Note: We measure the market balance by looking at: 1) total marketsupply, containing domestic lithium chemical output, adjusted by net imports (mainly adding imports of lithium carbonate anddeducting exports of lithiumhydroxide); and 2) lithium-ion battery-related demand, primarily from the production of cathode materials in China. NEV PV wholesales inventory iscalculated from the difference between production and wholesales, and retail sales inventory is from the difference between wholesales and retail sales aswell as exports; Inventory period is calculated by dividing total NEV PV inventory by the current monthly wholesale. Lithium Lithium Source:China Customs, SMM, Morgan Stanley Research. Note: LC represents lithium carbonate;LiOHrepresents lithium hydroxide; LFP representslithium iron phosphate materials; NCM/NCA represents ternary materials. Lithium Lithium Uranium CountryNuclear Power Development PlansChinaChina 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.JapanJapan is actively extending life of nuclear power plants to 60 years, restarting suspended reactors, and planning to buildnew reactors.IndiaIndia plans to add 18 more nuclear reactors by 2031-32, bringing the total nuclear power capacity to 22.4GW from6.8GW as end of 2023. Uranium Rare Earth Permanent Magnets Glass Float Glass Price and Inventory Source:SCI, Wind, CEIC, Morgan Stanley Research. Demand From the Property Market Remains Muted Glass Solar Glass Price and Inventory Glass Fiber Coal Price Recovery Coal Coal Carbon Control + Macro are the Key Overhangs on Demand Source:CCTD,SXCoal, NBS, Morgan Stanley Research. Gold Upward Price Trend Thisreportreferencesjurisdiction(s) or person(s) which may be the subject