Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-09-07Sector

AEO.USANF.USGAP.USURBN.US

Goldman Sachs·2026-09-07Macro

Germany industrial production: actualJul 2026

Goldman Sachs·2026-09-07Thematic

Agricultural commodities·Overweight

Goldman Sachs·2026-09-07Sector

Optical transceivers·Overweight

Goldman Sachs·2026-09-07Macro

China augmented fiscal deficit: GS forecast2026

Goldman Sachs·2026-09-07Sector

Goldman Sachs·2026-09-07Macro

Crude oil·OverweightBrent crude: GS forecastDec 2026WTI crude: GS forecastDec 2026

Goldman Sachs·2026-09-07Sector

0966.HK1339.HK2628.HKPICC Group·Overweight

Goldman Sachs·2026-09-07Sector

1548.HK2268.HK3759.HKChina CRO/CDMO·OverweightWuXi XDC·Overweight

Goldman Sachs·2026-09-07Sector

0322.HKChina consumer staples·NeutralTingyi·Overweight

Goldman Sachs·2026-09-07Sector

2313.TW2383.TW4958.TW6274.TW

Goldman Sachs·2026-09-07Sector

1919.HK2510.HK

Goldman Sachs·2026-09-07Strategy

Global equities·OverweightGovernment bonds·NeutralCommodities·Neutral

Goldman Sachs·2026-09-07Sector

1318.HK603605.SHMao Geping·Overweight688363.SH·Underweight

Goldman Sachs·2026-09-07Strategy

European equities·Overweight

Goldman Sachs·2026-09-07Sector

0939.HK1398.HK3328.HK3988.HKCCB·OverweightBank of China·OverweightBank of Communications·Underweight

Goldman Sachs·2026-09-07Sector

DRX.LNDX1.DERWE.DESLR.MCEuropean utilities·OverweightEuropean renewables·Overweight

Goldman Sachs·2026-09-07Sector

MCO.USSPGIUS investment grade gross issuance: GS forecast2026

Goldman Sachs·2026-09-07Strategy

China semiconductors·OverweightChina internet·Neutral

Goldman Sachs·2026-09-07Sector

3800.HK600438.SHDQ.USChina polysilicon·Underweight

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

Retail: Specialty Apparel & Accessories: Analyzing Back-to-School Brand Heat Through AI Search

Germany: Industrial Production Declines by -1.1% in July, Below Expectations

AGRICULTURE ANALYST: Higher Barriers to Trade, Lower Barriers to Shocks: Hormuz, Black Sea and a Super El Ni-o

Global Optical transceivers_ Raising 1.6T and above shipment by 29% _ 61% _ 50% for 2026-28E; continuous mix upgrade ahead

ASIA IN FOCUS: China: Property Downturn Keeps Straining Local Government Finances

China and Japan Machinery Export Tracker: Jul 2026 update: Continued softness in DMs; broad-based moderation in EMs

Ongoing Disruptions, More Adaptation: Nudging Up Our Price Forecast

China Insurance: Implications of announced capital supports for insurance industry

CHINA CRO & CDMO 2Q 1H26 Wrap up: From earnings recovery to growth durability; improving innovation activity supports the next leg of the cycle

CHINA CONSUMER STAPLES Aug check in ALC wrap Cautious outlook for 3Q

Taiwan PCB_CCL_ Compeq mgmt visit_ Optical transceiver to be the key growth driver, with high ASP_volume_GM expansion potential

Transportation: Shipping,NDR takeaways: resilient demand on EU US routes could sustain to end-Sept, while port congestion in East China could ease if weather improves

GOAL Kickstart: Summer rotation moderation with higher yields and commodities

CHINA COSMETICS: 1H26 2Q26 wrap: Online margin pressure persists and offline remains resilient; 2H26 key to watch for local players vs MNCs

GLOBAL WEEKLY KICKSTART: Resilient Growth, Uncertain Macro

CHINA BANKS: Addressing the second round of large bank recapitalization

European Utilities: Back to School: A bias for Renewables

August debt issuance improves as US investment grade outlook moves higher

China Musings 2Q/1H26 Earnings Brochure - Where to Find Growth Beyond AI

CHINA SOLAR: POLY 2Q26 miss; stay cautious on Poly price hike execution and new business upside