Broker Research: Sector, Macro and Strategy Notes

UBS·2026-09-24Sector

2330.TW2454.TW3711.TW5274.TWO2303.TW6770.TWAVGO INTCMature foundry·OverweightUMC·OverweightPSMC·OverweightMediaTek·Overweight

Morgan Stanley·2026-09-24Sector

ALL.USPGR.USPRI.USUS Property & Casualty Insurance·Overweight

J.P. Morgan·2026-09-24Thematic

Goldman Sachs·2026-09-24Strategy

COPEXE.USVLO.USCMC.USKGS.USNRG.USNXT

Goldman Sachs·2026-09-24Macro

Barclays·2026-09-24Strategy

Global equities·OverweightGlobal fixed income·UnderweightUS Consumer·UnderweightS&P 500 EPS: forecast2026S&P 500: forecastend-2026

Deutsche Bank·2026-09-24Strategy

UBS·2026-09-24Strategy

Goldman Sachs·2026-09-24Strategy

Nomura·2026-09-24Macro

USD/CNY fixing: forecast2026-09-24

Barclays·2026-09-24Strategy

Goldman Sachs·2026-09-24Sector

0939.HK1398.HK3988.HK600015.SH

Goldman Sachs·2026-09-24Macro

Deutsche Bank·2026-09-24Macro

Euro area GDP: forecast2026Euro area HICP: forecast2026ECB deposit rate: forecastterminal

UBS·2026-09-24Sector

1766.HK3808.HK600885.SH0631.HK300274.SZChina infrastructure FAI growth: forecast2026

Nomura·2026-09-24Strategy

Goldman Sachs·2026-09-24Strategy

USD leveraged loan gross supply: forecast2027

Goldman Sachs·2026-09-23Sector

AAPL

Morgan Stanley·2026-09-23Sector

ERICB.STORA.PAEuropean Telecoms·Overweight

J.P. Morgan·2026-09-23Sector

TENCENT ZHIPU9988.HK0020.HKMINIMAX0268.HK600588.SHChina AI value chain·OverweightAlibaba·Top pickTencent·Top pickZhipu (Z.AI)·Top pick

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

Asia Semiconductors Sector Keys Sep 2026: Stronger Cloud AI demand driving broader industry tight supply

AI Agents-It's Deja Vu All Over Again

Enterprise Agentic Workflows & Multi-Agent Systems DeepFin Investor Workshop summary with Google

Energy, Utilities & Mining Pulse: Investors Asking: Where Do We See Opportunities Across Natural Resources for Stocks Off 52-Week Highs?

China: PBOC Q3 MPC Meeting: Broad Stance Unchanged, FX Management in Focus

Global Outlook: Reluctantly optimistic

dbMetals: The Whole Flow Report,Echoes of 2022 Grow Louder

Global Strategy: Rates Map-Sticky rates, fiscal fears

US EQUITY VIEWS: AI capex, required revenues, and what’s priced in the AI trade

USD CNY fix model: Projection: 6.7214

Global Rates Strategy: Anatomy of fiscal repricing

China Banks: Large banks: limited earnings revisions following 2Q26 results; Huaxia forecasts lowered

Asia-Pacific Inflation Monitor: Renewed upward pressure from energy prices

Europe Macro Outlook: Resilience vs. Rigidity

China Industrials Industrial insights (September): Industry performance continues to diverge

Asia Insights: Asia rates: Some pressure on our flattening view

GLOBAL CREDIT TRADER: Introducing our Loan and CLO Issuance Forecasts

Global Smartphones: Shipments at-10% +2% +2% YoY in 2026-28E; Rising value TAM on higher ASP and specification upgrades

Agents of Change? Addressing Sector Weakness

China AI value chain The expanding pie and race for value-Initiate broader coverage; BABA, Tencent and Z.AI are our preferred exposures