Broker Research: Sector, Macro and Strategy Notes

BofA Securities·2026-08-31Sector

TENCENT9988.HKChina AI cloud·Overweight

BofA Securities·2026-08-31Sector

0939.HK1288.HK1398.HKChina SOE banks·OverweightCCB·Overweight

BofA Securities·2026-08-28Strategy

AI adopters (XLV, XLF)·OverweightGold & commodities·Overweight

BofA Securities·2026-08-27Sector

Memory·Overweight

BofA Securities·2026-08-25Macro

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

BofA Securities·2026-08-25Strategy

Global equities·OverweightBonds·Underweight

BofA Securities·2026-08-24Sector

China basic materials·Neutral

BofA Securities·2026-08-21Sector

Semiconductor equipment·NeutralChina semiconductor equipment imports: China customsJul-2026

BofA Securities·2026-08-21Strategy

Global equities·UnderweightAI capex beneficiaries·Underweight

BofA Securities·2026-08-20Sector

3110.T3407.T5706.T5801.TJapan PCB materials·Overweight

BofA Securities·2026-08-20Sector

SKHYNIX SMSNMemory·Overweight

BofA Securities·2026-08-20Strategy

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

BofA Securities·2026-08-20Sector

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

BofA Securities·2026-08-19Macro

China inbound tourism·Overweight

BofA Securities·2026-08-19Sector

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

BofA Securities·2026-08-19Sector

GOOGLUS semiconductors·Overweight

BofA Securities·2026-08-19Sector

AAL.LANTO.LBHP.AXFCXFMG.AXGLEN.LRIO.LS32.AXSCCOCopper·OverweightDiversified miners·Neutral

BofA Securities·2026-08-19Credit

Asia credit·NeutralAsia NBFC and BB corporates·Overweight

BofA Securities·2026-08-18Strategy

Global equities·Underweight

BofA Securities·2026-08-18Macro

CNY·OverweightIDR·UnderweightPHP·Underweight

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

China AI Model Monitor (Aug)-Upgrade wave, Usage surge, Cloud upside

Banks - China (H-A) 1H26-K-shaped; solid core earnings offset by higher tax and provisions

The Flow Show Investing with Pleasure-26828

Global Memory Tech Weekly theme-NVIDIA’s 70% growth vs memory, tour takeaways, Sept spot upside

Global Energy Weekly: Biofuels engulfed by war and El Nino

Global Wave: Meaningful improvement

Basic Materials-China: Gold Rallied; Copper Retreated and Steel Margins Sank

Global Semiconductors: China Semicap Import Tracker -July 2026 down 2% yoy

European Equity Strategy: AI fragilities continue to linger

Electronic Material Industry Electronic material monthly: PCB materials, micro-thin foil, optics, wafers

Global Memory Tech Weekly theme-Hynix buyback implication, upbeat spot price, tech tour preview

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

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

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

US Semiconductors New TPU deal provides upside for MRVL, neutral to AVGO

Big Global Miners Learnings from earnings: Copper _new” centre of gravity. Costs _less bad”.

Asian Credit Survey: Investors Less OW Asia Credit; More Defensive; Best value in NBFCs BB corps

Global Fund Manager Survey The Noes Have It

The EM Asia FX Strategist: Asia FX Monthly – CNY leads as summer carries on