Broker Research: Sector, Macro and Strategy Notes

Nomura·2026-08-20Macro

CNY·Overweight

Barclays·2026-08-20Thematic

AVGO CRWVAI infrastructure credit·Neutral

Morgan Stanley·2026-08-20Sector

EQIXCommunications infrastructure·Neutral

Goldman Sachs·2026-08-20Sector

CFR.SWUHR.SWLuxury watches·Neutral

Morgan Stanley·2026-08-20Strategy

AMZN GOOGL META MSFT ORCLHyperscaler credit·UnderweightAI securitized/secured credit·Overweight

Goldman Sachs·2026-08-20Sector

China consumer staples·OverweightValue retail·Overweight

J.P. Morgan·2026-08-20Sector

CFR.SWUHR.SWSwiss watch exports: upJul-2026

Barclays·2026-08-20Credit

005490.KS015760.KS373220.KSAsian hard-to-abate credits·Neutral

J.P. Morgan·2026-08-20Thematic

APPF.US

BofA Securities·2026-08-20Strategy

Government bonds·OverweightHong Kong/China equities·OverweightAI bonds·Underweight

HSBC·2026-08-20Sector

BMW.DEMBG.DERNO.PASTLAM.MITSLAVOW3.DEEuropean EVs·Overweight

J.P. Morgan·2026-08-20Sector

ALBSQM.USLithium hydroxide export price: upJul-2026

Morgan Stanley·2026-08-20Sector

AMS.MCINF.LIOS.DENETC.COSGE.LTEMN.SWEuropean software & services·Neutral

Bernstein·2026-08-20Sector

CARR ENPH GEV JCILR.PANVT TT VRTData center electrical and cooling equipment·Overweight

Morgan Stanley·2026-08-20Sector

Nomura·2026-08-20Macro

China·Underweight

Goldman Sachs·2026-08-20Macro

Refining margins·Overweight

Bernstein·2026-08-20Sector

IMVT.USROIV.US

Bernstein·2026-08-20Sector

AMZN GOOGL META PINS RDDT SNAPUS digital advertising·Neutral

Morgan Stanley·2026-08-20Sector

UNITREE6954.T9660.HK9880.HKABBN.SWTSLAChina industrials·NeutralHumanoid robots·Overweight

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

USD CNY fix model: Projection: 6.7129

AI Infrastructure Financing: Tracking Issuance Across Asset Classes: August 2026 Update

Data Centers Debated-Reiterate EQIX Top Pick

Europe Branded Consumer Goods: Luxury Goods: Watches round-up July 2026: Swiss Watch Exports +9.6% y y; latest industry news wrap

AI Debt Financing Tracker: The Summer Spreads Turned Wider

CHINA CONSUMER STAPLES: MOC announced policy guideline to support county level consumption; High-level implications for our value retailer coverage with deep low-tier penetration

European Luxury Goods Swiss watch exports: Resilient trend led by the US while Asia decelerated

Asia 50: Hard-to-abate sectors are under-addressing climate adaptation and cybersecurity

AI Entrant Spotlight - Proliferate or Participate?

The Flow Show Steel Cage Match...Bessent vs ABB

Global Autos: EV demand – push vs pull

Lithium: July China Export Import Data

Software & Services Mid-Year Outlook: A Pause in the Downtrend, or a New Beginning?

U.S. Multi Industry & Electrical Equipment US Industrials: 30 exhibits on the state of cooling and electrical equip. procurement in North American Data Centers

China Steel and Iron Ore Weekly Update

Asia Chart Alert China: Soft EPMI raises sustained growth concerns in August

Oil Analyst: Running Hard or Hardly Running,Effect of Refinery Outages on Runs and Margins

US Biotechnology: Roivant and Immunovant - Post 1Q27 Model Update

U.S. Internet: Digital Ads in 2Q26: AI benefits accrue elsewhere

China Industrials: Read Across From Unitree IPO