Broker Research: Sector, Macro and Strategy Notes

UBS·2026-10-15Sector

000333.SZ000651.SZ300866.SZ600690.SHAnker Innovations·Top pickMidea·Top pick

Goldman Sachs·2026-10-15Sector

3436.T4063.T4186.TASML

J.P. Morgan·2026-10-14Sector

SKHYNIX SMSN007660.KSSAMSUNGEM095340.KSKIOXIASamsung Electronics·OverweightSK Hynix·OverweightKioxia·OverweightSamsung Electro-Mechanics·OverweightISU Petasys·OverweightISC·OverweightKorean memory combined HBM revenue: US$128bn in 2027E2027

Goldman Sachs·2026-10-14Sector

6146.T6361.TLASERTEC TOKYOEL ASML

UBS·2026-10-14Strategy

Bernstein·2026-10-14Sector

300750.SZCATL·Top pick

Nomura·2026-10-14Sector

000425.SZ600031.SH601100.SH

Goldman Sachs·2026-10-14Macro

China new RMB loans: RMB1,080bn in September2026-09China outstanding RMB loan growth: 4.8% YoY in September2026-09China TSF stock growth: 7.1% YoY in September2026-09

UBS·2026-10-14Sector

0023.HK2388.HK

Bernstein·2026-10-14Sector

CATPH.USVRT

UBS·2026-10-14Macro

USD·OverweightCAD·OverweightEURUSD: 1.1200 at end-20262026-12EURNOK: 11.20 at end-20272027-12

UBS·2026-10-14Sector

Nomura·2026-10-14Sector

CXMT SKHYNIX SMSN

Goldman Sachs·2026-10-14Sector

0291.HK0322.HK1579.HK2460.HK

Goldman Sachs·2026-10-14Sector

0038.HK2338.HK300832.SZ3339.HK3808.HK600031.SH601100.SH

Bernstein·2026-10-14Sector

ANET CIEN CLS COHR CSCO GLW LITE

Bernstein·2026-10-14Sector

0386.HK0857.HK0883.HKSTO.AXGlobal oil demand growth (IEA): 2.0MMbbl/d in 2027 to 104.4MMbbl/d2027Global oil supply (IEA): 100.7MMbbl/d in 20262026

UBS·2026-10-14Sector

Goldman Sachs·2026-10-14Sector

2319.HK600887.SH6186.HKATM.NZ

Goldman Sachs·2026-10-14Sector

GOOGL META

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

China Consumer Appliances Sector: September domestic white goods sales stayed weak

Japan Chemicals: Specialty: ASML 3Q read-across: EUV for DRAM accelerating, positive for advanced materials, including resists

Asia Technology: Asian Investor Marketing Feedback on Memory Korea Tech Holdco

Japan SPE: ASML results read-across: Mention of further capacity expansion amid strong demand;no negative read-through for SPE

Points of Inflection: September: Physical Constraints Drive the Next Inflections

Global Energy Storage: No sign of an ESS slowdown

China Construction Machinery: Earthmoving Machinery Monthly Data Tracker

China: Stronger-than-expected credit extension in September mainly from higher government bond issuance

Hong Kong Banks: Riding on higher rates and an AI-driven trade surge: upgrade BOCHK and BEA to Buy

US Industrials Activity Tracker (Sep): DC & DC-adjacent sectors still contribute lion's share of mfg. growth, but down from August

Global FX Strategy: FX Compass: Fragile calm belies pending risks

China Cosmetics Sector: Expert call takeaways on Double 11 preview and China beauty outlook

Asia Semi and Technology: Implications of CXMT’s recent progress on 4F2

China Consumer Staples: Sep check-in 3Q26 preview: Muted 3Q trend

China Machinery 3Q26 Preview: Domestic growth moderates, exports hold firm; profitability remains nuanced

US Networking & Communications Equipment: US Networking: Numbers going up, multiples going down-Top questions and feedback on our initiation

Asia-Pacific Oil & Gas: IEA Oil Market Update-Oil flows increase, but crisis far from over

China Construction Machinery: Soft domestic demand and healthy exports in September; unchanged export tax rebate rates

CHINA CONSUMER STAPLES China Infant Formula Tracker: Nielsen offline market decline sequentially narrowed (Jul-Aug ‘26); Online sales decline widened in Sep

Americas Technology: Internet,US Digital Ad Q3’26 Preview: Analyzing the Industry Debates & Framing the Operating Environment