Broker Research: Sector, Macro and Strategy Notes

Citi·2026-09-10Sector

0688.HK0817.HK1109.HKBEKE.USChina Overseas Land·Top pickCR Land·Top pickBeike·Top pickJinmao·Top pick

Goldman Sachs·2026-09-10Macro

TTF natural gas price: GS forecast4Q26TTF natural gas price: GS forecast2027

Morgan Stanley·2026-09-10Thematic

J.P. Morgan·2026-09-10Sector

1801.HK2359.HK6990.HKChina healthcare innovation·OverweightInnovent Biologics·Top pick

Goldman Sachs·2026-09-10Sector

CDNS.USUS semiconductors·Overweight

Goldman Sachs·2026-09-10Sector

7182.T7186.T8303.T8304.T8308.T8331.T8354.TJapan megabanks·Overweight8411.T·Top pickBoJ policy rate: 25bp hike in January 2027 now in forecasts2027-01

J.P. Morgan·2026-09-10Macro

Goldman Sachs·2026-09-10Sector

1318.HK2367.HK2657.HK603605.SH688363.SHChina domestic cosmetics brands·OverweightChina online beauty GMV growth: acceleratedAug 2026

Citi·2026-09-10Strategy

Chile GDP growth: BCCh forecast revised lower2026

Morgan Stanley·2026-09-09Thematic

000333.SZBYD300750.SZ688169.SH9660.HKChina industrial upgrade·Overweight

J.P. Morgan·2026-09-09Rates

NZD 10Y·UnderweightGBP and NOK 10Y·Overweight

J.P. Morgan·2026-09-09Strategy

S&P500 equity risk premium: ~2.1%, lowest since 2002Sep-26

Bernstein·2026-09-09Sector

A.USAVTR.USGH.USILMN.USNTRA.USRVTY.USWAT.US

HSBC·2026-09-09Macro

China bank recapitalisation: announced2026

Morgan Stanley·2026-09-09Sector

BABA

J.P. Morgan·2026-09-09Strategy

EM FX·OverweightEM corporates·NeutralAsia IG credit·Underweight

Goldman Sachs·2026-09-09Sector

BYDGlobal auto sales growth: -1.1% y/y (from -2.1%)2026

J.P. Morgan·2026-09-09Sector

2330.TW2454.TW3374.TW3661.TW3711.TW6239.TWAMKR AVGO NVDAAsia semiconductor equipment·Overweight

Nomura·2026-09-09Strategy

USD/CNY fixing: Nomura model projection9 Sep 2026

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

China Property: The 3rd Industry Revolution & The 2nd Round of Supply-side Reform

Natural Gas Analyst: Hormuz Delays Tighten Prompt TTF, But Incremental US Supply Softens The Back

China's Next Industrial Revolution

Energy Security: Challenges,Paths, and Symbiosis

China Healthcare: Post-earnings marketing takeaways: Higher conviction in China healthcare's innovation cycle

Americas Technology: Semiconductors: Communacopia + Technology Conference 2026-Day 2 Takeaways

JAPAN BANKS: Adjusting GSe TPs for our coverage banks to reflect higher policy rate forecasts

USD JPY has broken below our assumed 155-165 range Still too early to conclude a lower range

CHINA COSMETICS: MONTHLY TRACKER ,Aug-26: Aug rebound slightly vs Jul with domestic brands regaining momentum vs MNCs; Proya core back to growth

Emerging Markets Strategy Weekly: EM Resilient Despite Core Rate Vulnerabilities

China's Emerging Frontiers China's Next Industrial Revolution

Say Anything: Translating between market rates and Central Bank speak

Flows & Liquidity Equity Risk Premia shrink further to levels last seen in 2002

US Life Science Tools & Diagnostics US Life Science Tools & Diagnostics: Is Academic & Government spend actually improving? (what datapoints beyond the NIH tell us)

China Macro Tracker: Recapitalisation

China AI Foundation Model Our View on DeepSeek V4 Flash Price Cut

Emerging Markets Outlook and Strategy: Yields up,shields up

GLOBAL AUTOMOBILES: Conducted field research in China; updating the Electric Vehicle Sentiment map

Asia Semis: Key takeaways from Semicon Taiwan

USD CNY fix model Projection: 6.697