MS China's Next Industrial Revolution

M September 9, 2026 09:00 PM GMT BluePaper

China's Next Industrial Revolution China is entering a new phase of industrial development, moving beyond its historical advantages of low-cost and manufacturing scale towards ecosystem and innovation leadership. We see profound implications for China's industrial supercycle, manufacturing profit migration, and its position in global manufacturing value chains.

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. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += 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.

Contributors Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+

Sheng Zhong Robin Xing Chetan Ahya Equity Analyst Chief China Economist Chief Asia Economist

Morgan Stanley & Co. International plc (DIFC Branch)+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+

Rajeev Sibal Laura Wang Richard Xu, CFA Senior Global Economist Equity Strategist Equity Analyst

Morgan Stanley & Co. International plc+ Morgan Stanley MUFG Securities Co., Ltd.+ Morgan Stanley & Co. LLC

Max R Yates Takeshi Kitaura Brandon Knutson Equity Analyst Equity Analyst Equity Analyst

Morgan Stanley Taiwan Limited+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+

Charlie Chan Tim Hsiao Rachel L Zhang Equity Analyst Equity Analyst Equity Analyst

Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+

Gary Yu Alexis Yan, CFA Laurence Tam Equity Analyst Equity Analyst Equity Analyst

Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+

Lillian Lou Jack Lu Eva Hou Equity Analyst Equity Analyst Equity Analyst