Broker Research: Sector, Macro and Strategy Notes

Bernstein·2026-09-08Sector

002371.SZ6809.HK688012.SH688072.SHChina semiconductor equipment·Top pickMontage Technology·Top pick

J.P. Morgan·2026-09-08Sector

0916.HK0968.HK300274.SZ3800.HK605117.SH6865.HKDQ.US

Morgan Stanley·2026-09-08Thematic

J.P. Morgan·2026-09-08Sector

082740.KS443060.KS

Bernstein·2026-09-08Thematic

MSFT ORCLSAPG.DESGE.LWDAYERP software·Overweight

Goldman Sachs·2026-09-08Sector

0522.HK2455.TW300757.SZ3363.TWO688019.SHCo-packaged optics supply chain·Overweight

Nomura·2026-09-08Macro

China imports: actualAug 2026

HSBC·2026-09-08Macro

Brent: USD89/b (from 75)3Q26Brent: USD95/b (from 70)4Q26Brent: USD90/b average2026Brent: USD85/b2027Brent: USD75/b long-term2028+Oil market balance: 1.0mbd surplus2027

Bernstein·2026-09-08Sector

7832.T7974.T9697.T

Bernstein·2026-09-08Sector

CAT ETN HUBBLGN.USPWR

J.P. Morgan·2026-09-08Sector

0016.HK1109.HK1209.HKBEKE.USChina developers with recurring rental income·OverweightChina 9-city real-time secondary home sales: +22% Y/Y (prior +8%)week to early Sep-26China 12-city secondary home sales: +13% Y/Y (prior +3%)week to early Sep-26

Bernstein·2026-09-08Sector

ADI AMD AVGO

HSBC·2026-09-08Thematic

European electricity grids·OverweightEuropean renewables incl. offshore wind·OverweightEuropean electricity demand growth: 1-3% per year (raised from 1-2%)2025-2035European load increase: c27% vs 20252035

J.P. Morgan·2026-09-08Strategy

US duration·NeutralUSD·OverweightEM credit·UnderweightUS real GDP growth: JPM forecast2026 (q4/q4)US core PCE inflation: JPM forecast2026 (q4/q4)

J.P. Morgan·2026-09-08Sector

600150.SH603268.SHYAZG.SIChina shipbuilding·OverweightYangzijiang Shipbuilding·OverweightChina CSSC Holdings·OverweightGuangdong Songfa·Overweight

Barclays·2026-09-08Thematic

Bernstein·2026-09-07Sector

BYD175.HKElectric vehicles·Neutral

Goldman Sachs·2026-09-07Sector

AEO.USANF.USGAP.USURBN.US

Bernstein·2026-09-07Sector

300750.SZCATLBattery energy storage·Overweight

Goldman Sachs·2026-09-07Macro

Germany industrial production: actualJul 2026

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

China Semiconductors: China Semis Tour 2H26: Demand Holds Up as Supply Tightens

China Utilities & Renewables Blog: Solar glass polysilicon prices up, ESS momentum builds, policy tailwinds emerge for data-center renewables

Digital Assets: From Disruption to Convergence

Korea Shipbuilding & Repairs: Propelling beyond cycles; initiate on Hanwha Engine at OW; maintain OW on HD Hyundai Marine Solution

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

Semicon Taiwan: Takeaways from Chairman, C-level, and Booth visits

Asia Insights: China: Trade growth picked up in August

Oil markets: Raising forecasts on disrupted Hormuz new normal

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)

Property Data Monitor Mainland China: Real-time secondary sales improved; HK: SHKP won a land tender in Tuen Mun

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

Powering AI – Europe: In US footsteps, but very green. Well prepared.

Global Macro Outlook and Strategy: Global Rates, Commodities, Currencies and Emerging Markets

China Shipbuilding: Monthly snapshot (August 2026): Large containership demand returns

The new geo-economics of energy

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

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

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

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