Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-14Sector

MA PYPL V

Goldman Sachs·2026-10-14Sector

AMAT CAMT LRCX MKSI ONTO TER

Goldman Sachs·2026-10-14Macro

Goldman Sachs·2026-10-14Sector

0939.HK3988.HK

Goldman Sachs·2026-10-13Sector

3774.T4307.T4704.T4768.T6532.T6701.T6702.T

Goldman Sachs·2026-10-13Macro

Goldman Sachs·2026-10-13Sector

000786.SZ002271.SZ002372.SZ603737.SH

Goldman Sachs·2026-10-13Macro

Goldman Sachs·2026-10-13Sector

002938.SZ4958.TWAI PCB and CCL·Overweight

Goldman Sachs·2026-10-13Sector

GEELY9863.HKTSLA

Goldman Sachs·2026-10-13Sector

FIS.USFOUR.USGLBE.USMA PYPLTOST.USVVisa·Top pickMastercard·Top pickToast·Top pickGlobal-E Online·Top pick

Goldman Sachs·2026-10-13Credit

USD credit over EUR credit·OverweightBBB-rated credit·Overweight

Goldman Sachs·2026-10-13Sector

KLAR.USRELY.USSOFIUPST.USWU.USXYZ

Goldman Sachs·2026-10-13Sector

EE.USGLNG.USLNG.USNEXT.USVG.US

Goldman Sachs·2026-10-13Sector

1318.HK603605.SH

Goldman Sachs·2026-10-13Sector

0688.HK1109.HK

Goldman Sachs·2026-10-13Sector

SHEIN ANTA3813.HK

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

Americas Payments & Financial Technology

Americas Technology: Semiconductors: SEMICON West 2026-Remain bullish on group as industry visibility continues to extend

China: September trade growth accelerated significantly, lifting surplus to a record high

CHINA BANKS: Sep TSF,Corporate credit rebounds, but broader loan growth remains soft

Japan Technology: IT Services: Cybersecurity: Demand expanding rapidly amid rising incidents; a landscape overview

TOPof MIND: HIGHER BOND YIELDS: HOW CONCERNING?

US Economics Analyst: The Impact of AI Demand on Inflation

CHINA PROPERTY: BUILDING MATERIALS,3Q26 Preview: persistent demand weakness, divergent ASP outlook and cost inflation pressure

GLOBAL ECONOMICS ANALYST: DM Growth Rules of Thumb for Higher Rates

AGRICULTURE ANALYST: Black Sea Grains Rerouting: Only Partial and Risky

China PCB: Avary (002938) Chairman visit: Rising AI server and optical module PCB; Accelerated capacity expansion on strong demand

CHINA NEW ENERGY VEHICLE WEEKLY CHARTBOOK: 2026 Week 41-Weekly order +5% -51% wow yoy, retail wholesale NEV penetration 67% 66% in Sep

Americas Payment Technology: 3Q26 Preview: Expect strong spending trends and more constructive thematics to sustain recent strength

Global Markets Daily: Credit: When Higher Yields Become Less Supportive

3Q26 Preview: Weighing key investor debates and near-term earnings setups

Asia Energy Tour: Takeaways on Global LNG: Tight in Near-Term, but Long-Term Outlook Looser on Supply Additions and Soft Demand

China Consumer Connection: Online Brand Tracker: Sep-26: 3Q26 online demand remains subdued ahead of Double 11; Pet food

CHINA CONSUMER STAPLES COST INDEX TRACKER: Sep 2026: PET records a new peak at c.Rmb9.5k ton; sugar soybean rise MoM likely on El Ni-o impacts; raw milk WPC protein rise on S D

CHINA PROPERTY WEEKLY WRAP Week 41 Wrap- Transactions extended gains with improved leading indicators; 5 cities announced 828 implementation details so far

Asia Pacific Textile, Apparel & Footwear: Monthly Tracker: Sep 2026: OEM better-than-fear; PS decline narrowed; Introducing Shein related