Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-08-20Macro

IG private placements·Neutral

HSBC·2026-08-20Sector

036570.KSTENCENT259960.KSMSFT NTES TTWOGlobal video games·Overweight

J.P. Morgan·2026-08-20Sector

0688.HK0817.HK1109.HKChina tier-1 SOE developers·Overweight

Bernstein·2026-08-20Sector

Luxury goods·Overweight

Goldman Sachs·2026-08-20Strategy

AMZN MSFT SNOW SPCX STXHedge fund crowded longs·Underweight

HSBC·2026-08-20Thematic

Hong Kong·Overweight

Morgan Stanley·2026-08-20Sector

AAPLUS IT hardware·Neutral

Goldman Sachs·2026-08-20Sector

European multi-industry·NeutralTrucks·Overweight

Morgan Stanley·2026-08-20Macro

RBI policy rate: upDec-2026India CPI inflation: upJul-2026

Morgan Stanley·2026-08-20Sector

European energy services·Neutral

J.P. Morgan·2026-08-20Sector

MRNAChina biotech/CXO·Overweight

BofA Securities·2026-08-20Sector

GERR.LRTXSAF.PALegacy engine aftermarket·UnderweightNew-gen engine platforms·Overweight

Goldman Sachs·2026-08-20Sector

US power·OverweightRenewables·Neutral

Nomura·2026-08-19Macro

CNY·Neutral

Bernstein·2026-08-19Thematic

Solid-state transformers·Overweight

Goldman Sachs·2026-08-19Strategy

US equities·Neutral

Morgan Stanley·2026-08-19Sector

AAPLBMBL.USDUOL.USMobile apps·Overweight

J.P. Morgan·2026-08-19Sector

002594.SZ300750.SZESS batteries·Overweight

BofA Securities·2026-08-19Macro

China inbound tourism·Overweight

BofA Securities·2026-08-19Sector

3037.TW3189.TW4062.T8046.TWABF substrates·Overweight

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

Global Credit Trader: IG Private Placements—No Longer Niche

Global video games: Gamer’s digest: AI vs Video games

China Property: Shanghai’s well-anticipated policy support arrives; Shenzhen likely next

Global Luxury Goods: July Swiss watch exports-US momentum offsets softer Greater China

Hedge Fund Trend Monitor: Down but not out

HK Northern Metropolis: A masterplan in action: Turning a vision into reality

IT Hardware: Monthly Data Tracker: C3Q App Store Weakness; Minor iPad Build Cuts; Incremental Cloud Capex Upside

EUROPE MULTI-INDUSTRY: What Global Capacity Utilization and Leasing Data tell us about Multi-Industry

Resilient Growth; Normalising Inflation

European Energy Services: 150 Charts That Decode Energy Services

China Healthcare: Positive read-through to China biotech pharma CXO from Moderna’s mRNA vaccine Ph3 success

Global Aerospace: Legacy engine cycles weaken as new platforms continue to grow

AMERICAS UTILITIES: POWER Levelized Cost of Energy Update: Costs Rising Across Resource Types, but Solar Wind Remain Attractive

USD CNY fix model: Projection: 6.7434

Americas Power and Energy Transition: Solid-State Transformers: 800V, 0 Windings

Mutual Fundamentals: Rebalancing act

Mobile Internet: Sizing The Impact From AAPL's EU App Fee Cut

ESS Battery: July shipments accelerated the growth

China Viewpoint: A very Chinese time for inbound tourism: from recovery to value creation

Technology Hardware-Asia-Pacific: ABF substrate progress toward a seller’s market with a wider S D gap driven by AI