Broker Research: Sector, Macro and Strategy Notes

BofA Securities·2026-10-15Strategy

Gold·OverweightCommodities·OverweightEmerging markets·OverweightGovernment bonds·UnderweightBofA Bull & Bear Indicator: 7.4, down from 8.12026-10

Goldman Sachs·2026-10-15Sector

002120.SZ2618.HK600233.SH6936.HKZTO.USChina express parcel volume growth: 5% in 2026E2026

UBS·2026-10-15Sector

002891.SZ301498.SZ

Bernstein·2026-10-15Sector

MA V

Goldman Sachs·2026-10-15Sector

002747.SZ300124.SZ688188.SH

Goldman Sachs·2026-10-15Sector

6146.T6361.TLASERTEC TOKYOEL

UBS·2026-10-15Sector

EU gas storage at winter entry: c.75%2026-11EU end-winter gas storage: 25%2027-03

Nomura·2026-10-15Macro

BofA Securities·2026-10-15Sector

AEM.USCCJ FCXFNV.USNUESSRM.USWPM.US

Bernstein·2026-10-15Sector

2308.TWCARR JCI NVT TT VRT

Nomura·2026-10-15Macro

RBI net FX reserve sales: USD1.6bn in September2026-09PBoC net FX reserve sales: USD15.4bn in September2026-09

Goldman Sachs·2026-10-15Sector

3436.T4063.T4186.T5016.T

Goldman Sachs·2026-10-15Sector

3037.TW3189.TW4958.TW8046.TW

Nomura·2026-10-15Sector

4062.T

Morgan Stanley·2026-10-15Sector

UBS·2026-10-15Thematic

2380.HK600886.SH600900.SH

Bernstein·2026-10-15Sector

ADANIGREEN.NSADANIPOWER.NSJSWENERGY.NSNTPC.NSTATAPOWER.NS

Goldman Sachs·2026-10-15Sector

AR.USCOPDINO.USDUK.USGLNG.USOXY PRTRP.US

Bernstein·2026-10-15Sector

ADVANTEST7735.TTOKYOELASML.AS

Goldman Sachs·2026-10-15Credit

USD IG Technology·UnderweightUSD High Yield·NeutralGlobal project finance issuance for AI capex: $300bn in 20272027

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

The Flow Show Sell Signal Ends

CHINA LOGISTICS: Turning incrementally cautious on profit reset, updating estimates TPs; Buy JDL; Downgrade SF-H ZTO to Neutral, Yunda to Sell; Upgrade YTO to Neutral

China Pet Food Sector September 2026: Pet product GMV flattish YoY; CPF outperformed

Payments, Processors & IT Services Visa, Mastercard: The easy rebound is done, what drives the next leg of re-rating?

CHINA INDUSTRIAL TECH: 2026 CIIF trip takeaways: Likely modest 4Q restocking with resilient 2027 demand support

Japan SPE: TSMC results read-across: Demand strengthening further, continues to significantly exceed supply

Global Gas: Above-normal injections,still tight storage

USD CNY fix model: Projection: 6.698

North American Metals & Mining: Q3’26 preview: steel copper prices strong,gold price weak, while focus shifts to 2027

U.S. Multi Industry & Electrical Equipment Data Center Equipment: Sizing the US Cooling TAM

Asia Insights: Many AeJ central banks sold USD in September

Japan Chemicals: Specialty: TSMC read-across: AI megatrend backed by advanced node capacity boosts, positive for advanced material firms

Asia Technology BT substrates industry update: Structural changes in S D conditions; raise ZDT Kinsus NYPCB Unimicron TPs to NT$1,025 1,515 2,700 1,270

Semiconductor packaging industry update: Packaging substrate shipments up 52% y-y

Greater China Technology Hardware Takeaways on Photonics from 2026 OCP Global Summit

China Sustainability: El Ni-o on climate, food and power

India Industrials and Infrastructure India Power: Merchant Kings

Energy, Utilities & Mining Pulse: Investors Asking: Responding to Investor Pushback on Ten Stock Ideas Across Energy for Q4

Japan and EU Semiconductors Japan EU Semi Taiwan Import Tracker (Sep 26): SPE import +37% YoY

GLOBAL CREDIT TRADER: AI, Credit, and a Higher Cost of Capital