Broker Research: Sector, Macro and Strategy Notes

Nomura·2026-10-20Macro

USD/CNY fix projection: 6.68132026-10-20

BofA Securities·2026-10-20Thematic

ANTO.LRIO.L

BofA Securities·2026-10-20Sector

J.P. Morgan·2026-10-20Credit

INTC.US·OverweightMRVL.US·OverweightSWKS.US·OverweightAVGO.US·UnderweightNVDA.US·UnderweightAMD.US·Underweight

Goldman Sachs·2026-10-20Sector

001979.SZ0688.HK0817.HK1030.HK1109.HK2202.HK3900.HKChina SOE developers with strong balance sheets·OverweightChina POE developers·UnderweightChina secondary housing share of transactions: ~75% by 2035E vs 53% in 2026E2035China housing ASP growth: ~3% p.a. from 2031E after flat 2029E-30E2031

Nomura·2026-10-20Macro

China official manufacturing PMI: 49.8Oct 2026

Goldman Sachs·2026-10-20Macro

Global average crude freight rate: above $20/bbl vs $3/bbl a year agoOct-26

J.P. Morgan·2026-10-20Sector

Nomura·2026-10-20Macro

China real GDP growth: 4.7%2026China real GDP growth: 4.0%2027

Goldman Sachs·2026-10-20Sector

CVX.US·OverweightCOP.US·Overweight

J.P. Morgan·2026-10-20Sector

Global BEV sales (China+EU+US): 1,144k units, -4% YoYSep-26Global BEV penetration: 28%Sep-26

Goldman Sachs·2026-10-20Sector

2618.HKMEITUAN9618.HK9988.HKChina online GMV growth: +3% in 2026E2026

Bernstein·2026-10-20Sector

BRBY.LCFR.SWMONC.MISwiss watch exports: +11.7% YoYSep-26

J.P. Morgan·2026-10-20Macro

Bernstein·2026-10-20Strategy

6273.TADVANTEST6861.TSOFTBANKKeyence·Top pickSMC·Top pickQARP·OverweightMomentum·UnderweightJapan entertainment/software·Overweight

J.P. Morgan·2026-10-20Sector

300750.SZ·Top pick

BofA Securities·2026-10-20Macro

Korea/Taiwan policy rates: further tighteningPBoC policy rate: on hold

Goldman Sachs·2026-10-20Sector

Goldman Sachs·2026-10-19Macro

UBS·2026-10-19Sector

4062.T6594.T6762.T6971.T6976.T6981.TMurata Manufacturing·Top pickIbiden·Top pick

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

USD CNY fix model: Projection: 6.6813

Global Metals & Mining Primer: Metals & Mining valuation approaches, 3rd edition

Basic Materials-China: Copper & aluminum softened; Lithium & tungsten slumped

Selective Memory: 2Q26 Semiconductor & Hardware Review

CHINA PROPERTY: 2027 Outlook: Four Key Pivot Points Driving a New Equilibrium Towards 2035

Asia Chart Alert: China: A weak pickup in October’s EPMI

OIL ANALYST High Freight Costs: Wide Crude Differentials, High Product Prices

China Healthcare: Technology Export Proposals Leave China's OutLicensing Intact

Asia Insights: China: Sectoral breakdown of Q3 GDP

AMERICAS ENERGY: OIL 3Q26 Preview: Solid Quarter Ahead for US Majors; Buy CVX COP and Raising XOM Target

Lithium: Global BEV sales in September flat YTD

Navigating China Internet: eCommerce tracker: September online retail GMV flat year-on-year;Alibaba & JD previews

Global Luxury Goods: September Swiss watch exports - US drives recovery as China remains tentative

China’s Monetary, RMB and Market Architecture Takes Shape,Financial Street Forum 2026: A progress report

Japan Quant & Fundamental Tech Strategy: Japan Tech Strategy 4Q26: Intra-sector rotation likely to continue...Don't chase momentum...Focus on QARP & value

China Battery: Profit-pool rebalancing: CATL may take the first hit, but gain the most; downgrade CATL-H, CALB, EVE, WuxiA H and Putailai

Asia Viewpoint Al export boom: who are the spillover winners and how should policy respond?

China Healthcare: Diagnostics and Clinical Labs: Better than feared: Anhui became the first to release new testing service price after

China: PBOC Signals Shift to Overnight Policy Rate and Broader Interest Rate Benchmark Reforms

Electronic Components Sector Update: Feedback from meetings with Asian investors