Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-20Sector

000002.SZ2202.HK

Goldman Sachs·2026-10-20Sector

001979.SZ0688.HK1109.HK

Morgan Stanley·2026-10-20Sector

STX WDCSeagate Technology·Top pick

Goldman Sachs·2026-10-20Sector

Nomura·2026-10-20Rates

China 5y CGB·OverweightChina monthly net CGB+LGB supply: RMB1.2trn4Q26

J.P. Morgan·2026-10-20Sector

J.P. Morgan·2026-10-20Strategy

J.P. Morgan·2026-10-20Sector

CRWV

Morgan Stanley·2026-10-20Macro

RBI policy rate: hikes at next three meetings to 6.25% terminalIndia CPI: 5.5% y/y2026-09

Bernstein·2026-10-20Sector

000270.KSHYUNDAI7201.T7203.T7261.T7267.T

Goldman Sachs·2026-10-20Macro

China net FX inflows (GS preferred measure): US$50bn in Sep vs US$55bn in AugSep-26

Bernstein·2026-10-20Sector

NVDAUS telecom & cable·Neutral

J.P. Morgan·2026-10-20Strategy

Quality factor·OverweightMomentum factor·Neutral

J.P. Morgan·2026-10-20Sector

MU000660.KS·Top pick

BofA Securities·2026-10-20Sector

0688.HK1109.HKChina Resources Land·Top pickChina Overseas Land·Top pick

Goldman Sachs·2026-10-20Sector

BYD TSLAChina battery-grade lithium carbonate price: Rmb109.5k/t (-7.6% wow)Week 42 2026

Goldman Sachs·2026-10-20Strategy

commodities·Overweightcopper·Overweight

Nomura·2026-10-20Sector

000333.SZANTA9987.HKMidea Group·Top pickANTA Sports·Top pickYum China·Top pickChina retail sales growth: 1.1% y-ySep 2026

Goldman Sachs·2026-10-20Sector

688169.SH·Top pick603486.SH·Avoid

Morgan Stanley·2026-10-20Macro

Dated Brent: $92.5/bbl3Q27Dated Brent: $90/bbl4Q27

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

CHINA PROPERTY: Inventory structure and balance sheet depth differentiate ROE recovery path; ASP key to upside; Buy COLI, CRL, Jinmao, upgrade CMSK to Buy

CHINA PROPERTY WEEKLY WRAP: Week 42 Wrap - Strong volume on seasonality yet leading indicators softened

Hard Disk Drives F1Q27 Preview – The Cycle Isn't Over, But The Market Is Pricing HDDs Like It Is

EUROPE BRANDED CONSUMER GOODS: Is size a barrier to growth? Revisiting scale in Luxury

Asia Insights: China rates: Liquidity to stay looser for longer

China tanker shipping and shipbuilding: Washington wants more tankers, but who will take the risk?

China Equity Strategy: Seven questions on bridging China’s innovation-toreturns gap

Global Banks : CoreWeave: Capital at risk for global banks?

Challenging External Dynamics Persist

Asian Autos: China-exclusive NEV strategies show mixed results, JV restructuring emerges as the next battleground

China: SAFE data suggest continued FX inflows in September

US Telecom: Telcos getting an AI narrative? Assessing the Edge AI opportunity

APAC Equity Style Positioning: Quality and Value Working Together

Memory Market Update : Perplexing top-down vs bottom-up view; Thoughts into 3Q earnings; NT earnings conviction to calm fears

China Property: Plotting earnings impact for CRL COLI under presales reform; bull vs. bear views

CHINA NEW ENERGY VEHICLE WEEKLY CHARTBOOK: 2026 Week 42-Weekly order -18% -41% wow yoy, LCE price -8% wow

Commodity Views: Conflict, Climate and the Case for Commodity Diversification

China consumer: Sept retail sales sentiment recovered marginally

CHINA CONSUMER DURABLES RVC 3Q26 Preview: Core profits growth to remain resilient despite trade policy PD timing concerns; Buy Roborock

The Oil Manual: Diesel and the Coming Catch-Up in Refinery Maintenance