Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-08-17Sector

US refiners·Overweight

Bernstein·2026-08-17Sector

India rare earth magnets·Overweight

Bernstein·2026-08-17Sector

GEELY BYD XIAOMI2015.HK2238.HK2333.HK9866.HK9868.HKChina autos·Underweight

Morgan Stanley·2026-08-17Sector

NVDAUS semiconductors·Overweight

Goldman Sachs·2026-08-17Sector

US transports·Neutral

Goldman Sachs·2026-08-17Sector

China commercial real estate·Overweight

Morgan Stanley·2026-08-17Sector

China consumer·Neutral

Goldman Sachs·2026-08-17Macro

China·Underweight

Bernstein·2026-08-17Sector

2333.HK300750.SZ373220.KSGlobal EVs·Neutral

Deutsche Bank·2026-08-17Sector

China banks·Neutral

Goldman Sachs·2026-08-16Macro

China·Neutral

Morgan Stanley·2026-08-16Sector

MINIMAX ZHIPUChina AI foundation models·Neutral

Goldman Sachs·2026-08-16Macro

US rates·NeutralEuropean equities·Overweight

J.P. Morgan·2026-08-16Sector

601939.SH601988.SHChina SOE banks·OverweightChina joint-stock banks·Underweight

UBS·2026-08-16Sector

2301.TW2308.TW2317.TW2330.TW3711.TW6723.TAMAT AMD ARM AVGO GOOGL MSFT NVDA VRTAI infrastructure·Overweight

Morgan Stanley·2026-08-16Sector

AMS.MCDSY.PANETC.COWDAYEuropean software·Neutral

J.P. Morgan·2026-08-16Sector

China AI models·Overweight

Morgan Stanley·2026-08-16Sector

2337.TWGIGADEV6531.TW6770.TWGreater China legacy memory·Overweight

J.P. Morgan·2026-08-15Sector

0688.HK1109.HK2007.HKChina property developers·Underweight

Deutsche Bank·2026-08-15Sector

Gold·Neutral

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

AMERICAS ENERGY: OIL - REFINING Refreshing SMID Estimates; Favor DK with 13% 2027 FCF Yield

India Electric Vehicles Electric Revolution: Rare earth opportunity & the emerging supply chain in India

Chinese Autos: Recovery remains elusive—July domestic sales-20.6% YoY, EV penetration 62.3%; Export +84.6% YoY

Semiconductors Weekly NVDA Earnings Preview Strong growth even before Rubin product cycle impact

GS Supply Chain Congestion Scale: Aug 17th; Index Down W W, Bottleneck Scale Unchanged at ‘2’

CHINA PROPERTY: New development on land tenure renewal, long-term positive for stronger players

China Hong Kong Consumer: China Retail Sales - July 2026: A Mild Softening

China: July activity data broadly weakened and missed expectations, pointing to a soft start to Q3

Global Energy Storage: EV TRACKER-June 2026: US EV market show signs of bottoming out

China Banks July TSF: bond financing offsets weak credit demand

China: Three things in China

China AI Foundation Model: What's New,GLM5.3 and DeepSeek V4 Series Price Increase

Global Views: They’re Not Hiking

China banks: Reality check on PBOC & NFRA 2Q26 data: positive read-across to SOE banks while JSBs lag

APAC Technology: 2026 OCP APAC Summit: AI Infrastructure a FullStack Systems Race

Software Snippets: Private Equity Putting Software on Notice?

China Artificial Intelligence: GLM-5.3 and DeepSeek's repricing shift the capabilitycost frontier; raise Zhipu MiniMax PT, remain OW Neutral

Old Memory: No LTAs Is Not Necessarily Bad

China Property: 1H26 results preview: The air pocket hasn't passed

Commodities: Gold explosive phase