Broker Research: Sector, Macro and Strategy Notes

Bernstein·2026-09-08Thematic

MSFT ORCLSAPG.DESGE.LWDAYERP software·Overweight

Bernstein·2026-09-08Sector

7832.T7974.T9697.T

Bernstein·2026-09-08Sector

CAT ETN HUBBLGN.USPWR

Bernstein·2026-09-08Sector

ADI AMD AVGO

Bernstein·2026-09-07Sector

BYD175.HKElectric vehicles·Neutral

Bernstein·2026-09-07Sector

300750.SZCATLBattery energy storage·Overweight

Bernstein·2026-09-07Strategy

Korea equities·UnderweightTaiwan equities·UnderweightIndia equities·OverweightChina equities·Overweight

Bernstein·2026-09-07Sector

CON.DEML.PASTLAM.MIMichelin·OverweightRACE.US·OverweightStellantis·Underweight

Bernstein·2026-09-07Sector

4568.T6990.HKAZN.LGILD MRK

Bernstein·2026-09-07Sector

BEI.DEBN.PAHLN.LOR.PAEuropean food & HPC·Neutral

Bernstein·2026-09-07Sector

6723.TADIIFXG.DENXPI.USTXNAuto semiconductors·Overweight

Bernstein·2026-09-07Sector

373220.KS

Bernstein·2026-09-04Sector

XIAOMI2454.TWAAPLChina smartphones·Underweight

Bernstein·2026-09-04Sector

MA VMastercard·Overweight

Bernstein·2026-09-04Sector

CI.USCNC.USELV.USHUM.US

Bernstein·2026-09-04Sector

6146.TBESI.ASHybrid bonding·Neutral

Bernstein·2026-09-04Thematic

300124.SZ6324.T6861.T6954.TCGNXHumanoid robotics·Overweight

Bernstein·2026-09-04Sector

AGCO.USBAS.DECNH.USDEAgricultural inputs·Overweight

Bernstein·2026-09-03Sector

SKHYNIX SMSN KIOXIA MU SNDKMemory·OverweightConventional DRAM contract price: Bernstein est3Q26

Bernstein·2026-09-03Sector

002821.SZ2269.HK603259.SHWuXi AppTec·OverweightAsymchem·OverweightPeptide CDMOs·Overweight

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

Global Software and European Technology Software Global Software: The next ERP supercycle: The race to control enterprise execution

Japan Video Gaming: Taking our AI bots for a walk- Onimusha vs. Dawnwalker

US Industrials & Tech: The Data Center Project Pipeline-Capacity, Construction, Credibility & Cancellations (Aug '26)

Global Semiconductors and Semiconductor Capital Equipment Global Semis: July 2026 WSTS Tracker -Sales -9.5% MoM, a bit worse than typical (-8.5% MoM) but +131% YoY on continued memory strength

Global Energy Storage EV TRACKER-July 2026: International EV sales surge as more consumers make the switch

Global ESS TRACKER-July 2026: Hot summer for battery energy storage

Asia Quant Strategy: Rising bond yields-Is the risk really priced in?

European Automobiles & Components Electric Revolution: Resilience - Legacy suppliers' important and undervalued role in a shifting global automotive world

Global Biopharma: Datroway vs sac TMT in 1L NSCLC - the question is triplet or doublet, not which is better

European Food & HPC: The Billion Dollar Brand is dead, long live the Billion Dollar Brand

Global Semiconductors Auto Semis Cycle Tracker 2Q26: Auto Semis Recovery Gains Momentum with Pricing Improving

Global Energy Storage: Battery Weekly 7 September

Global Semiconductors & Hardware China Smartphone Tracker (July): Sharper- than-usual seasonal slowdown post the _618_ festival

Payments,Processors & IT Services: Visa,Mastercard: India Brazil;has the ship sailed for cards (especially on debit)? Does it matter?

U.S. Healthcare Services: Implications of midterms and 2028 election - a summary of our Policy Symposium

Japan EU Semis and Global Memory: Besi, DISCO & Global Memory — Push out of HBM hybrid bonding is likely temporary

Humanoid Robotics: The emperor's new brain and the AlphaGo moment-four predictions shaping the next three years

Chemicals & Machinery: Higher crop prices to drive higher agricultural input spending

Global Memory MEMORY TRACKER (Aug): Conventional DRAM & NAND price to rise nearly 20% in 3Q26

China CDMO: Primer on peptide CDMOs Part 2-building a global supply demand model