Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-09-30Sector

3017.TW6805.TWTaiwan cooling components·OverweightAsia Vital Components·Top pickFositek·Top pick

J.P. Morgan·2026-09-29Sector

BYD3808.HK9868.HK9973.HKChina autos·UnderweightChery Automobile·Top pickSinotruk·Top pick

J.P. Morgan·2026-09-29Sector

1109.HK1209.HK2202.HKBEKE.US

J.P. Morgan·2026-09-29Sector

1378.HK2600.HKNHY.OLRIO.AX

J.P. Morgan·2026-09-29Sector

DBK.DEGSMS.USGlobal investment banks·Overweight

J.P. Morgan·2026-09-29Strategy

J.P. Morgan·2026-09-29Sector

688017.SH688322.SH9880.HK002747.SZUNITREE

J.P. Morgan·2026-09-29Sector

6762.T6976.TSAMSUNGEM6981.T

J.P. Morgan·2026-09-29Sector

ADBE CRM DDOG FIGHUBS.USNOW

J.P. Morgan·2026-09-28Macro

J.P. Morgan·2026-09-28Sector

300750.SZCATL

J.P. Morgan·2026-09-28Strategy

TOPIX EPS CAGR: forecastFY2025-28

J.P. Morgan·2026-09-28Sector

COHR CSCO

J.P. Morgan·2026-09-28Thematic

AURKDK.US

J.P. Morgan·2026-09-28Strategy

Mining·OverweightCapital Goods·OverweightSemis·OverweightConstruction Materials·OverweightLuxury·OverweightEnergy·UnderweightMedia·UnderweightStaples·UnderweightInsurance·Underweight

J.P. Morgan·2026-09-28Sector

J.P. Morgan·2026-09-26Sector

6501.T6503.T6758.T

J.P. Morgan·2026-09-24Strategy

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

Taiwan Cooling Components: Accelerating cooling upgrades in Nvidia VRU and ASICs to unlock continued TDP growth

China Auto Industry 2027: Policy headwinds, earnings risk and exit strategy

China Property: Authorities to study policies to stabilize

Hardware & Networking: Data Center Watch: Token Spend Accelerates While GPU Rental and Memory Spot Pricing Track More Mixed in September

Aluminium Dashboard: Global demand down 1% YTD,but visible inventory is off sharply;expect a balanced market in 2027

Global Investment Banks: Signs of late cycle IB balance sheet expansion: peeling the onion

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

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

Software OpenAI DevDay: Marketplace Positive for Partners, with Agent and Workspace Push Raising Competitive Intensity

China: Industrial profit growth slowed further in August

China Battery & Materials: Copper foil supply tightness resolved post price hike; October production outlook

Japan Equity Strategy: Corporate reforms in 2026: Deepening rather than slowing, with companies taking the lead instead of activist investors

Hardware & Networking: Takeaways from J.P. Morgan U.S. All Stars Conference 2026

Autonomous Trucking Driver Out, Production Ramp Ahead. Physical AI Update After Rides & Meetings with Aurora and Kodiak

Equity Strategy: Tech de-rating became advanced in a number of areas

Global LNG Supply & Shipping Tracker: Dancing in the dark

China Metals Activity Tracker: China base metals de-stocking remains strong ahead of mid-Autumn holiday

Technology – Consumer Electronics Industrial Electronics Precisions

Flows & Liquidity: Rising corporate financing surpluses