Broker Research: Sector, Macro and Strategy Notes

Nomura·2026-08-25Macro

Bank loans swapped under debt swap: Nomura estimatemid-2026

Goldman Sachs·2026-08-25Sector

KGS.USKMI.USWMBUS gas pipelines·Overweight

Goldman Sachs·2026-08-25Macro

China Current Activity Indicator: GS estimateJul-2026

BofA Securities·2026-08-25Macro

Henry Hub natural gas: BofA forecast2026Henry Hub natural gas: BofA forecast2027

Nomura·2026-08-25Sector

0728.HK0762.HK0941.HKChina Mobile·Top pickChina telecoms·Neutral

Bernstein·2026-08-25Sector

3659.T9684.T7832.T7974.T9697.T9766.TSquare Enix·OverweightNexon·Neutral

Morgan Stanley·2026-08-25Sector

Semiconductor capital equipment·OverweightGlobal WFE: MS forecast2026Global WFE: MS forecast2027

Bernstein·2026-08-25Strategy

Asia industrials·Overweight

Goldman Sachs·2026-08-25Sector

002891.SZ300673.SZChina pet food·Underweight

Morgan Stanley·2026-08-25Strategy

MSCI China·Neutral

J.P. Morgan·2026-08-25Thematic

000270.KSHYUNDAIHumanoid robotics·OverweightKorea auto OEMs·Overweight

Citi·2026-08-25Macro

Grains and oilseeds·OverweightCorn price: Citi 12-month target12mSoybean price: Citi 3-month forecast3m

Goldman Sachs·2026-08-25Sector

300751.SZ601865.SHMaxwell·Top pickChina solar·Neutral

Deutsche Bank·2026-08-25Macro

Morgan Stanley·2026-08-25Sector

ADIALGM.USIFX.DENXPI.USSTM.FRAnalog semiconductors·Overweight

BofA Securities·2026-08-25Strategy

Global equities·OverweightBonds·Underweight

HSBC·2026-08-25Sector

000902.SZ002895.SZ600096.SHYuntianhua·Top pickChina phosphate chemicals·Overweight

Nomura·2026-08-25Macro

USD/CNY fix: Nomura model projection2026-08-25

Bernstein·2026-08-25Sector

2267.T2801.T2802.T2875.T2897.T

Goldman Sachs·2026-08-25Sector

STERV.FIEurope boxboard·Underweight

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

Asia Insights China: An update on the RMB10trn debt swap

Americas Pipelines and MLPs: Increasing Our Data Center Gas Demand Outlook-Emerging Value in Gas Pipelines and BTM After Pullback

GS China Econ Proprietary Indicators: August

Global Energy Weekly: Biofuels engulfed by war and El Nino

China telecoms: Core business continues to face headwinds...

Japan Video Gaming: Respec'ing... upgrading Square Enix, downgrading Nexon

Semiconductor Capital Equipment 3Q'26 WFE update 2026 27 Bull Case is the Base Case

Asia Quantitative Strategy: The Long View: The Asia Industrial Cycle-Entering the next phase

CHINA CONSUMER STAPLES: Pet food: Earnings Review: 2Q26 miss on deteriorating overseas profitability for Rmb appreciation while domestic stays competitive

China Equity Strategy: China Free Liquidity vs. MSCI China YoY Change

Korea Robotics and Humanoids: How we envisage the humanoid era;HMG robotics value at $57bn;stay Overweight on HMC Kia

Global Commodities: Super El Nino and Geopolitical Supply Risks Reinforce Our Bullish Ags View and Raise Food Inflation Risks

China Solar: Tracking profitability inflection: Aug-26: Wafer and Cell prices jump on overseas policy rush; upstream transactions muted post self-regulation

US Economic Perspectives: A simple framework shaping AI's impact on debt sustainability and inequality

Global Technology Analog Recap Margins Overshadow Data Center Commentary

Global Wave: Meaningful improvement

China Chemical: Phosphate: Delayed phosphate rock project ramp-ups may extend the upcycle

USD CNY fix model: Projection: 6.7256

APAC Food & Beverages Japan Food in the USA: Accelerating Ajinomoto-Nielsen data to August 8th

Europe Paper & Forest Products: Chinese boxboard exports remained elevated in July;addressing pushbacks to our bear thesis