Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-08-12Thematic

AI multi-model beneficiaries·Overweight

Morgan Stanley·2026-08-12Sector

GIGADEV STMMCU·Overweight

Morgan Stanley·2026-08-12Sector

AMZN GOOGLUS internet·Overweight

Goldman Sachs·2026-08-12Macro

JGBs·Underweight

Goldman Sachs·2026-08-12Macro

China·Neutral

HSBC·2026-08-12Macro

J.P. Morgan·2026-08-12Strategy

Low volatility·OverweightMomentum·Neutral

Bernstein·2026-08-12Sector

China semicap·Overweight

Goldman Sachs·2026-08-12Sector

IT hardware·Overweight

J.P. Morgan·2026-08-12Credit

COHR

Bernstein·2026-08-12Thematic

NXPI.USSTMAuto semis·Overweight

Morgan Stanley·2026-08-12Sector

BARN.SWHSY.USMDLZ.USCocoa·Neutral

Morgan Stanley·2026-08-12Sector

BAC CFITB.USGSHBAN.USKEY.USRF.USUS large-cap banks·Overweight

HSBC·2026-08-12Sector

AMZN ASML GOOGL MSFTAI semis supply chain·Overweight

J.P. Morgan·2026-08-12Sector

003670.KS006400.KS051910.KS066970.KS247540.KQ373220.KSKorea battery cells·OverweightBattery materials·Underweight

Nomura·2026-08-12Sector

688498.SHLITEOptical components·Overweight

Goldman Sachs·2026-08-12Sector

China consumer staples·Neutral

Goldman Sachs·2026-08-12Sector

000895.SZ0288.HKSFD.USChina pork·Neutral

J.P. Morgan·2026-08-12Sector

2015.HKChina autos·Neutral

HSBC·2026-08-12Sector

098460.KQ1590.TW2049.TW6861.T6954.TAsia automation·Overweight

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

Global Thematics The Model Race Gets More Complicated Chinese Model Pricing & Open-Weights Adoption

Greater China Technology Semiconductors: MCU: Chip inflation continuing in 2H26

Internet: How Could Open-Weight Models Impact GenAI ROIC?

JAPAN ECONOMICS ANALYST: Exploring Funding Sources for a Consumption Tax Cut

China: July activity data preview: Below-consensus IP forecast; base effects likely to distort investment and retail sales readings

China Macro Tracker: Tech frictions, steady trade

China Quant Strategy: Momentum unwound without a liquidity squeeze; prefer defensive styles, neutral on Momentum

China Semiconductors: China Semicap: Reaccelerating growth with $100bn TAM

AMERICAS TECHNOLOGY: HARDWARE C2Q26 preview: Strong fundamentals, but recent rally creates high bar; reiterate Buy on DELL, HPE, NTAP

Coherent Corp Data Center Demand Accelerates As Capacity Ramp Remains Key Constraint

EU Semiconductors: Electric Revolution: Resilience in the Auto Semiconductor Supply Chain

Global Chocolate Unwrapped: July Edition: A Tale of Two Crops

Large Cap Banks: Key Metrics Post-2Q26 Earnings

Global Technology: Sustainable CSP capex to support AI trend through FY28e

Global EV & Battery Update: July 2026: EV PHEV mix strong in EU, China moderate,US weak; ESS momentum continues

Global AI Trend Tracker: Read-through on LITE results

China Consumer Staples Cost Index Tracker: Jul 2026: PET price slightly trended up to c.Rmb7.8k ton; selected agricultural goods prices

CHINA CONSUMER STAPLES: Pork: 2Q26 read across from SFD: 2Q26 missed on Fresh Pork shortfall; FY26 Guidance mid-point cut by 7%

China Auto Industry: Our store visits in Shanghai reveal different competitive dynamics in 2H26

Asia Automation: Upcycle longer than expected