Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-08-11Sector

China solar·Neutral

Goldman Sachs·2026-08-11Sector

China airlines·Overweight

Goldman Sachs·2026-08-11Sector

Independent investment banks·Neutral

Goldman Sachs·2026-08-11Sector

1318.HK2367.HK600315.SHChina cosmetics·Overweight

Goldman Sachs·2026-08-11Macro

EM·Neutral

Goldman Sachs·2026-08-11Sector

ACI.USAMZNKR.USWMTUS supermarkets·Underweight

Goldman Sachs·2026-08-11Sector

002891.SZ301498.SZChina pet food·Neutral

Goldman Sachs·2026-08-11Macro

FX volatility·Overweight

Goldman Sachs·2026-08-11Sector

AMTM.USCCJD.USNuclear·Overweight

Goldman Sachs·2026-08-11Sector

China property·Neutral

Goldman Sachs·2026-08-11Sector

US investment banks·Neutral

Goldman Sachs·2026-08-11Macro

Agricultural commodities·Neutral

Goldman Sachs·2026-08-11Sector

APOARES.USBXKKR.USSTEP.USTPG.USAlternative asset managers·Overweight

Goldman Sachs·2026-08-11Sector

GDS.USVNET.USChina data centers·Overweight

Goldman Sachs·2026-08-10Sector

TENCENT KUAISHOU MEITUAN9618.HK9988.HKChina internet·Overweight

Goldman Sachs·2026-08-10Sector

1364.HKChina restaurants·Neutral

Goldman Sachs·2026-08-10Sector

Machinery exports·Neutral

Goldman Sachs·2026-08-10Sector

BYDRNO.PASTLAM.MIVOW3.DEEuropean mass-market autos·Underweight

Goldman Sachs·2026-08-10Strategy

Goldman Sachs·2026-08-10Macro

Research: Broker notes on sectors, macro, rates and strategy

China Solar: A new round of anti-involution initiatives: what’s new, what’s different, and what to watch next?

CHINA AIR TRAVEL RECOVERY TRACKER: Domestic airfare keeps recovering on steady pax traffic and a lower fuel surcharge, while oil price remains a key share price driver

AMERICAS INVESTMENT BANKS: Structural M&A growth persists, but expenses continue to rise, with valuation upside less likely; key themes exiting 2Q26 EPS

CHINA COSMETICS: MONTHLY TRACKER Jul-26: slower Jul GMV post strong 618, albeit a seasonally soft month; MNCs mixed; MGP led

EM IN FOCUS: The IMF’s External Sector Report — Global Imbalances Continue to Rise

AMERICAS RETAIL: SUPERMARKETS Evaluating the impact of Amazon Now on grocers

China Pet Food Monthly: Jul 2026: growth accelerated in Jul vs 2Q26 with smaller local brands MNC brands catching-up

Global Markets Daily: Fed Communication and FX Volatility

Nuclear Nuggets: Global reactor tracker-August edition

China Property Weekly Wrap: Week 32 Wrap-Sequential volume weakening with leading indicators trended moderately lower; BJ announced new easing measures

AMERICAS INVESTMENT BANKS Investment Banking Monitor: Announced July activity fell, as strategic large-cap M&A and DCM moderated

AGRICULTURE ANALYST Biofuels Primer: Why Crop Prices Increasingly Follow Fuel

AMERICAS ASSET: MANAGERS More room to run as fundraising hits record, valuations remain attractive

CHINA DATA CENTERS: The rise of Ulanqab as one of APAC’s largest and fastest growing AI computing clusters

NAVIGATING CHINA INTERNET: What to expect into mega-caps 2Q prints

China Restaurants: Monthly Tracker: Jul update: Demand weakness remained, FMD faced tough base, but select players remained resilient

China and Japan Machinery Export Tracker: Jun 2026 update,Mixed DMs; broad-based strength across EMs

Europe Automobiles: Chinese OEM Competition Monitor Jul-26: Chinese market share growth stays strong; PHEV exports surge, likely front-running the pending tarif

GOAL KICKSTART: Summer data-only update

China: Three things in China