Broker Research: Sector, Macro and Strategy Notes

UBS·2026-09-29Sector

ASM.ASASML.ASSTMPA.PAAIXA.DEASML·Top pickASM International·Top pickSTMicroelectronics·Top pickEuropean semicap·Overweight

Nomura·2026-09-29Rates

HSBC·2026-09-29Macro

Global GDP growth: forecast2026Global GDP growth: forecast2027

Deutsche Bank·2026-09-29Macro

Nomura·2026-09-29Thematic

GOOGL NVDA

Bernstein·2026-09-29Sector

CFR.SWMC.PARMS.PAGlobal luxury goods·Underweight

J.P. Morgan·2026-09-29Strategy

J.P. Morgan·2026-09-29Sector

688017.SH688322.SH9880.HK002747.SZUNITREE

Goldman Sachs·2026-09-29Macro

Goldman Sachs·2026-09-29Sector

207940.KS2269.HK2359.HKLONN.SW

Deutsche Bank·2026-09-29Thematic

NVDA SPCX TSLA

Goldman Sachs·2026-09-29Sector

6506.T6954.T

Goldman Sachs·2026-09-29Sector

6762.T6976.T6981.T

Bernstein·2026-09-29Sector

3382.T3563.T7532.T8267.TFood & Life Companies·Top pick

J.P. Morgan·2026-09-29Sector

6762.T6976.TSAMSUNGEM6981.T

UBS·2026-09-29Sector

Iron ore long-term price (61% Fe CFR China): forecast2035

Nomura·2026-09-29Macro

USD/CNY fix: forecast2026-09-29

Goldman Sachs·2026-09-29Sector

GEELY BYD NIO

Goldman Sachs·2026-09-29Thematic

AMZN MA V WMT

Bernstein·2026-09-29Sector

SKHYNIX SMSN KIOXIA MU SNDK

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

European Technology Hardware Focus on AI Share Gainers: ASML, ASMI and STM Remain Preferred

Asia Insights: Asia rates: Turning tactically less bearish

Global Economics: Tightening tensions

FX Blog: What is driving high-frequency FX?

Global AI Trend Tracker: AI expert call 74: OCS, CPO, and optical transceivers update

Global Luxury Goods & China Macrofinancial: The hoped-for Ushaped recovery looks in fact like an L

Commodity Market Positioning & Flows: OI off the highs as energy prices soften

Humanoid Robot Re-assessing sector positioning: UBTech downgraded, Leader Drive and Orbbec model upgrades, and our preferred names

US Election Monitor: Relaunching Our US Election Monitor for the Midterms

Global Healthcare: Evolving CDMO landscape#10: Takeaways from 2nd Asia Healthcare CDMO Day; Demand Durability Drives Capex Reacceleration

Future of Physical AI: Intelligence leaves the screen and the planet

Japan Machinery: Automation: Trade statistics: August 2026 robot Robodrill volume inferred from customs data

Japan Electronic Components: August MOF trade data (MLCC.US): mom decline on seasonality, but expect stronger momentum from September

Japan Retail: Why an 8% grocery tax cut could put further pressure to domestic retailers- downgrading PPIH to MarketPerform

Electronic Component Sector: TDK and Taiyo Yuden start considering passive component tie-up; combined global rankings of joint second in MLCCs and top in inductors; positive

Iron Ore: APAC Focus: Iron Ore's New Phase & Higher Price Beyond Simandou

USD CNY fix model: Projection: 6.7184

CHINA NEW ENERGY VEHICLE WEEKLY CHARTBOOK 2026 Week 39 - Weekly order -7% -58% wow yoy, retail wholesale NEV penetration 68% 74%

Entering the Agentic AI Era for the Commerce Landscape

Global Memory: Cycle is still elevated, but beware of the longterm threat from China