diff --git a/clang/lib/Sema/SemaTemplate.cpp b/clang/lib/Sema/SemaTemplate.cpp
--- a/clang/lib/Sema/SemaTemplate.cpp
+++ b/clang/lib/Sema/SemaTemplate.cpp
@@ -9764,6 +9764,11 @@
       dllExportImportClassTemplateSpecialization(*this, Def);
     }
 
+    if (Def->hasAttr<MSInheritanceAttr>()) {
+      Specialization->addAttr(Def->getAttr<MSInheritanceAttr>());
+      Consumer.AssignInheritanceModel(Specialization);
+    }
+
     // Set the template specialization kind. Make sure it is set before
     // instantiating the members which will trigger ASTConsumer callbacks.
     Specialization->setTemplateSpecializationKind(TSK);
diff --git a/clang/test/CodeGenCXX/microsoft-abi-member-pointers.cpp b/clang/test/CodeGenCXX/microsoft-abi-member-pointers.cpp
--- a/clang/test/CodeGenCXX/microsoft-abi-member-pointers.cpp
+++ b/clang/test/CodeGenCXX/microsoft-abi-member-pointers.cpp
@@ -148,6 +148,16 @@
 // CHECK-SAME:  %"struct.pr43803::C" { { i32, i32, i32 } { i32 8, i32 0, i32 0 }, [4 x i8] undef }]
 }
 
+namespace pr48687 {
+template <typename T> struct A {
+  T value;
+  static constexpr auto address = &A<T>::value;
+};
+extern template class A<float>;
+template class A<float>;
+// CHECK: @"?address@?$A@M@pr48687@@2QQ12@MQ12@" = weak_odr dso_local constant i32 0, comdat, align 4
+}
+
 struct PR26313_Y;
 typedef void (PR26313_Y::*PR26313_FUNC)();
 struct PR26313_X {