Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-09-10Sector

000338.SZ2338.HK

Goldman Sachs·2026-09-10Sector

HBR.LHarbour Energy·Top pickVar Energi·Top pickBrent crude price: GS forecast2026E

Goldman Sachs·2026-09-10Sector

300760.SZ688271.SHChina medical equipment·Overweight

Goldman Sachs·2026-09-10Sector

CRDO LRCX NVDAQ.USSWKSAI infrastructure semiconductors·Overweight

Goldman Sachs·2026-09-10Thematic

2317.TWApple supply chain·Overweight

Goldman Sachs·2026-09-10Strategy

Goldman Sachs·2026-09-10Sector

AMT.USCCI.USCHTR.USCMCSA DIS FOXASBAC.USVZ

Goldman Sachs·2026-09-10Sector

KGS.USLBRT.USPUMP.US

Goldman Sachs·2026-09-10Sector

6762.T6770.T6807.T6981.T6988.TAAPLMurata Manufacturing·Top pickTDK·Overweight

Goldman Sachs·2026-09-10Sector

US LNG·Overweight

Goldman Sachs·2026-09-10Macro

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

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

Goldman Sachs·2026-09-10Sector

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

Goldman Sachs·2026-09-09Sector

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

Goldman Sachs·2026-09-09Macro

Japan Reuters Tankan manufacturers DI: actualSep 2026

Goldman Sachs·2026-09-09Sector

3774.T4307.T4704.T4768.T6532.T6701.T6702.T8056.TCRMNEC·OverweightFujitsu·OverweightNomura Research Institute·OverweightOtsuka Corp·Underweight

Goldman Sachs·2026-09-09Thematic

PLTR

Goldman Sachs·2026-09-09Sector

GEELY BYD9863.HKBMW.DELIMBG.DENIOVOLCAR-B.STVOW3.DE

Goldman Sachs·2026-09-09Sector

000895.SZ

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

China Machinery: Genset supply chain trip takeaways: Demand runs ahead of supply; Buy Weichai Power

Europe Energy: Lifting cash flow and distribution estimates to reflect stronger EU gas and refining; Harbour to Buy

China Healthcare: Aug 2026 China hospital equipment bidding: Maintain positive growth; VBP impact limited

AI Infrastructure Semiconductors Outlook AI Infrastructure

GC Tech Foldable and Affordable

GOAL POSITIONING: Fixed income demand still resilient despite rising rates

Americas Telecom and Media: Communacopia + Technology 2026 — Key Takeaways on Day 2

Americas Energy Services, Pipelines & MLPs: Takeaways from Data Center Power Infrastructure Round Table with KGS, LBRT, PUMP

Japan Electronic Components: New iPhones launched: Apple impact on a downtrend; no major surprises from the event; Eyes on three stocks

Americas Pipelines and MLPs: Key Themes in Global LNG Ahead of Gastech and Our Asia LNG Tour

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

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

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

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

Japan: September Reuters Tankan: Semiconductor-Related Demand Contributes to Improvement in Manufacturers’ and Non-manufacturers’

JAPAN TECHNOLOGY: IT SERVICES Investment strategy overseas earnings read-across: Excessive AI disruption concerns receding, focus shifting to AI beneficiaries AI tailwind

Americas Technology: Software: Communacopia + Technology 2026 — Key Takeaways

EUROPEAN OEMS IN CHINA: Market Share Aug-26: New BEV launches and ICE resilience help Mercedes BMW defend share

China Consumer Staples: Pork: 3Q further pressure from US; SFD another cut on Fresh Pork & Hog Production