Broker Research: Sector, Macro and Strategy Notes

Bernstein·2026-09-08Sector

AIR.PABA GEHWM.USMTX.DERTXSAF.PASARO.US

Goldman Sachs·2026-09-08Sector

600519.SH

Nomura·2026-09-08Sector

1801.HK2268.HK2269.HK2359.HKChina healthcare·OverweightWuXi AppTec·OverweightInnovent·Overweight

Goldman Sachs·2026-09-08Sector

J.P. Morgan·2026-09-08Sector

2222.SRENI.MIGALP.LSOMVV.VISHEL.LTTEF.PAEni·OverweightGalp·OverweightOMV·Underweight

Goldman Sachs·2026-09-08Sector

US investment banks·Overweight

J.P. Morgan·2026-09-08Thematic

005380.KS·Overweight

J.P. Morgan·2026-09-08Sector

Semiconductors·OverweightGlobal semiconductor sales: industry outlook2026E

Goldman Sachs·2026-09-08Sector

000333.SZ300866.SZ688169.SHMidea·Top pickRoborock·Top pickAnker Innovations·Top pick

J.P. Morgan·2026-09-08Macro

China exports: +25.0% oyaAug-26China imports: +28.2% oyaAug-26China trade surplus: US$119.1bnAug-26

Morgan Stanley·2026-09-08Sector

600176.SH601609.SH603799.SH

Goldman Sachs·2026-09-08Sector

AVGO CAMT GFS QCOMAI semiconductors·Overweight

Nomura·2026-09-08Strategy

USD/CNY fixing: Nomura model projection8 Sep 2026

Goldman Sachs·2026-09-08Macro

Barclays·2026-09-08Sector

U.S. Autos & Mobility·Neutral

J.P. Morgan·2026-09-08Thematic

ASEAN·Neutral

J.P. Morgan·2026-09-08Sector

China steel production: 1,000Mt2026China steel production: 990Mt2027China steel exports: 107Mt2026China steel exports: 104Mt2027

Goldman Sachs·2026-09-08Sector

Barclays·2026-09-08Sector

CDW.USCGNXMANH.USSNX.USTRMB.USU.S. Industrial Technology & Distributors·Overweight

Goldman Sachs·2026-09-08Sector

001979.SZ0688.HK600048.SHChina Overseas Land·Overweight

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

Global Aerospace & Defense: Commercial Aircraft: Aftermarket-Should we be afraid? Iran, Russia extend high fuel prices; Risks to legacy engines?

China Spirits Tracker: Moutai price adjustment of 7 SKUs; Super premium spirits wholesale price recovers; Yet still cautious outlook for

China healthcare: 1H26 results review and 2026 CIF meeting takeaway

US Tariff Impact Tracker: Indicated Imports into LA to Increase Next Week Before Turning Negative Two Weeks Out

EU Oils ‘Back to School’ Feedback: Faltering inventories hard to ignore; Reiterate OW Eni, Shell, Iberian names over OMV in midcaps

AMERICAS BANKS & IBANKS: The next phase of capital markets growth & the AI infra impact

How we envisage the humanoid era: Korea Auto, Robotics, Battery and Utilit

Semiconductors July WSTS: Seasonal M M Downtick Skewed by Memory Lumpiness; Industry Sales Outlook Now - $1.7T in 2026 and -$2T in 2027

China Consumer Durables: 2Q26 Wrap: Overseas remain the key growth driver, domestic base to marginally ease into 2H26; Buy Midea Roborock Anker

China Trade: Strong surplus, uneven growth support

China Materials - Asia Pacific: China Trip Takeaways – Day 2

Americas Technology: Semiconductors: Communacopia + Technology Conference 2026 - Day 1 Takeaways

USD CNY fix model: Projection: 6.7033

TRACKING U.S. SUPPLY CHAIN CONGESTION: GS Supply Chain Congestion Scale: Sept 7th; Index Lower W W, Bottleneck Scale Unchanged at ‘2’

U.S. Autos & Mobility: Amid a sharp rise of China exports, increased importance of the _other auto markets_

ASEAN & China Consumer Decoding ASEAN expansion: How Chinese consumer brands can win beyond China

China Steel -Channel checker: 10-day China steel output -4% vs previous. China steel exports in August flat vs July. Bulk freight rates hit new 2026 highs

CAPITAL MARKETS DASHBOARD: Checking-in on Capital Markets KPIs: Dispersion in beta and rate tailwinds, healthy trading volumes, and improving Sponsor activity

Industrial Technology & Distribution: Q2 Takeaways: Short-Cycle + Long Cycle Demand Drives Q2 EPS Beats & Solid Outlook

CHINA PROPERTY WEEKLY WRAP: Week 36 Wrap- Transaction volume pulled back while some leading indicators and sentiment turn positive