Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-08-21Thematic

Greater China semiconductors·OverweightChina domestic AI chips·OverweightChina AI chip TAM: MS forecast2030

Bernstein·2026-08-21Thematic

FSLR GEV NEE

Bernstein·2026-08-21Thematic

SPCXAMT.USCCI.USCHTR.USCMCSASBAC.USTMUS TDirect-to-device satellite·Neutral

Goldman Sachs·2026-08-21Sector

2367.HK4911.TEL.USOR.PAChina premium/derma cosmetics·Overweight

UBS·2026-08-21Strategy

Goldman Sachs·2026-08-21Sector

MIN.AXNEM.AXPDN.AXPLS.AX

HSBC·2026-08-21Macro

Brent oil price: upAug-2026

Goldman Sachs·2026-08-21Macro

US Treasuries (belly)·UnderweightUS yield curve·Overweight

Bernstein·2026-08-21Thematic

GEELY BYD XIAOMIChina retail sales growth: stagnant2026

Goldman Sachs·2026-08-21Strategy

India·Neutral

Goldman Sachs·2026-08-21Thematic

IRM.USMCO.USMDB MSFTRBRK.USSPGI

Bernstein·2026-08-21Sector

002371.SZ688012.SH688072.SHTOKYOELChina WFE·NeutralChina WFE imports: China customs (Bernstein)Jul-2026

Barclays·2026-08-21Sector

ENR.DENDX1.DENEX.PANKT.COPRY.MIVWS.COEuropean Capital Goods·NeutralCable suppliers·OverweightWind turbine OEMs·Underweight

Morgan Stanley·2026-08-21Strategy

China A-shares·Overweight

BofA Securities·2026-08-21Strategy

Global equities·UnderweightAI capex beneficiaries·Underweight

Nomura·2026-08-21Strategy

USD: down2026USD/CNH: downend-OctEUR/USD: upend-Dec

Goldman Sachs·2026-08-21Macro

Korea exports: upAug-2026

Goldman Sachs·2026-08-21Sector

AWI.USCSL.USUS non-residential construction·Neutral

Morgan Stanley·2026-08-21Sector

BAS.DESDF.DESOLB.BRYAR.OLEuropean chemicals·NeutralDutch TTF natural gas: MS forecast1H27

Morgan Stanley·2026-08-21Sector

CRWDNTSK.USOKTA PANWSAIL.USS.USZSCybersecurity·Overweight

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

China AI GPUs – Closing the Gap with the US

Bernstein Energy & Power: Loss, not change, is what we're actually afraid of...

Aerospace & Defense, US Telecom & Communications Infrastructure SpaceX: The Telecom Play - Can Direct-to-Device Work?

Global cosmetics read-across: 2Q26 saw selective recovery on premium & derma in China; Global peers target sustained growth into 2H; Hainan recovery continued yet slowing down

US Equity Derivatives Strategy Summertime sadness?: Turbu-lens signaling max fragility, but choose your hedge wisely

Australian Gold, Lithium & Uranium Coverage: Coverage Summary, Forecasts and Spot Pricing Scenarios

Commodity Economic Comment: Diesel and refined product prices rise again

GLOBAL RATES TRADER: Macro Problems, Micro Solutions

Asia Consumer Blast: How to Revive China's Economy? Lessons from Henry Ford

INDIA WEEKLY KICKSTART: NIFTY closed flat w w despite rising bond yields and oil prices; Hawkish tone in RBI MPC Minutes; FCNR (B) deadline brought forward; Inflecting foreign flows

AMERICAS TECHNOLOGY: Takeaways From Our 3rd Annual Silicon Valley AI Field Trip

Global Semiconductor Capital Equipment: China WFE Import Tracker (July 2026): July YTD YoY-7%, import gradually improving

Capital Goods: How much more wind does Germany's power system actually need?

A-Share Sentiment Rebounds as IPO Overhang Eases; What to Watch Next

European Equity Strategy: AI fragilities continue to linger

Key focus and themes: Weaker USD theme builds – high convictions in USD CNH, EUR INR and EUR JPY

South Korea: Rebound in Early August Exports, Led by Accelerating Chip Demand

AMERICAS CONSTRUCTION: BUILDING PRODUCTS: Non-Residential Construction: Data Centers and Institutional Projects Support Growth in DMI while Billings Deteriorate

Chemicals: EU Gas Price Surge = Earnings Risk?

Cybersecurity: Q2 Preview and Reseller Survey – Round 2: Healthy Checks, Higher Hurdles