Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-09Sector

0027.HK1928.HKHTHT.USTCOM

Morgan Stanley·2026-10-09Strategy

Low volatility·Overweight

Bernstein·2026-10-09Sector

CMCSA DIS NFLX

Nomura·2026-10-09Macro

USD/CNY fix: model projection2026-10-09

Nomura·2026-10-09Macro

Taiwan policy rate: hike expected2026-12

Morgan Stanley·2026-10-09Sector

BMY.USGILD JNJ

Goldman Sachs·2026-10-09Macro

USD/BRL: 4.70 in 3 months3mUSD/BRL: 4.75 in 6 months6mUSD/BRL: 4.80 in 12 months12m

Morgan Stanley·2026-10-09Sector

2353.TWHPQ.USIT Hardware - North America·Neutral

Goldman Sachs·2026-10-09Sector

BHP.AXFMG.AXRIO.AX

J.P. Morgan·2026-10-09Sector

INW.MITEF.MC

HSBC·2026-10-09Sector

0836.HK0902.HK1071.HK

Deutsche Bank·2026-10-09Macro

Morgan Stanley·2026-10-09Sector

ANET KEYS MSFTKeysight·Top pickTelecom & Networking Equipment·Neutral

Bernstein·2026-10-09Thematic

DLR.USEQIX

HSBC·2026-10-09Sector

0316.HK2603.TW1919.HK

Bernstein·2026-10-09Sector

EDP.PLENGI.PASSE.L

Goldman Sachs·2026-10-09Macro

Bernstein·2026-10-09Thematic

3692.HK4519.T603259.SHJNJ

Morgan Stanley·2026-10-09Sector

China Healthcare·Overweight

Goldman Sachs·2026-10-09Strategy

TOPIX EPS (GS top-down): 242 in FY26FY26TOPIX EPS (GS top-down): 267 in FY27FY27

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

China Travel & Leisure: Golden Week wrap-up: Muted domestic but solid outbound travel demand. Higher airfare drove more traffic to nearby HK Macau and other short-haul destinations

Navigating the More Challenging Later Stage of the AI Rally

Weekend Media Blast: Synergies, Layoffs, and the Kid in Sambas-the Future Doesn't Wear a Tie

USD CNY fix model: Projection: 6.7004

Asia Economic Monthly: Is inflation generalising in Asia?

Biopharma: A picture is worth a thousand words

Global FX Trader: The Credit Connection

IT Hardware - North America: Rising ASPs and Slowing Demand Pressure PCs Into 2027

GS Australian Bulks, Base Metals, Rare Earths, & Steels

European Telecoms: Agentic AI. Musing the potential implications for Telcos

China Power Utilities: Turning a lot more bullish

Asia Macro Strategy Notes: RMB: Implications from PBoC's statement

Telecom & Networking Equipment OCP Preview A Look into Cloud DC Design Weather Patterns

US Communications Infrastructure: The Bernstein Data Center Atlas: An interactive, in-depth, virtual data center walk through

Asia Container Shipping: Stronger freight-rate floor, better risk-reward

European Utilities & Clean Energy: European Utilities & Clean Energy: 3Q26 power production-uneven hydrology but power demand turns positive

GLOBAL RATES TRADER: Establishing a Foothold

Global Biopharma Mid-sized molecules: The new frontier for biopharma and CDMOs

China Healthcare: Ten Charts that Illustrate China's Social Security Reforms (Updated with NSSF's AUM and Return in 2025)

Next generation TOPIX changes will increase the importance of the Japan AI thematic even further