Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-10-22Sector

LRCXWFE market size: about $155bn2026WFE market size: more than $200bn2027

J.P. Morgan·2026-10-22Sector

LENOVO2345.TW2382.TW5274.TWOMETALenovo·Top pick

J.P. Morgan·2026-10-21Sector

META

J.P. Morgan·2026-10-21Strategy

NBIS SPCX TSM

J.P. Morgan·2026-10-21Strategy

J.P. Morgan·2026-10-21Sector

ZIJINMININGCopper·OverweightGold equities·Overweight

J.P. Morgan·2026-10-20Sector

J.P. Morgan·2026-10-20Strategy

J.P. Morgan·2026-10-20Sector

CRWV

J.P. Morgan·2026-10-20Strategy

Quality factor·OverweightMomentum factor·Neutral

J.P. Morgan·2026-10-20Sector

MU000660.KS·Top pick

J.P. Morgan·2026-10-20Credit

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

J.P. Morgan·2026-10-20Sector

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

J.P. Morgan·2026-10-20Macro

J.P. Morgan·2026-10-20Sector

300750.SZ·Top pick

J.P. Morgan·2026-10-19Sector

1109.HK1209.HKBEKE.USChina Resources Land·OverweightChina Resources Mixc Lifestyle·OverweightKE Holdings·OverweightChina distressed developers·AvoidChina primary residential sales value: -12% Y/Y2026

J.P. Morgan·2026-10-19Sector

000333.SZ000651.SZ600690.SH6690.HKMidea Group·Top pick

J.P. Morgan·2026-10-19Macro

Latam FX·OverweightCEE FX·UnderweightUS real GDP growth (q4/q4): 2.5%2026US core PCE inflation (q4/q4): 3.2%2026

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

Semiconductor SPE: Implications from Lam Research’s results: WFE market to exceed $200 billion in 2027

Servers: Read-through from Meta Sep-26 earnings

Humanoid Robot & Physical AI Robotics tour takeaways: CIIF 2026—Ecosystem demand, workflow integration, and what’s next for the sector

Hardware & Networking: Cloud Capex Wrap-Up: Meta Joins SpaceX in Reinforcing AI Infrastructure Demand with Capex Raise in C3Q26

Retail Radar Oct 21 – From Mag-7 to Broader AI plays as Momentum Unwinds

Flows & Liquidity Bottoming out-

China Basic Materials: September 26 NBS data: Diverging sector signals

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?

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

Selective Memory: 2Q26 Semiconductor & Hardware Review

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

Lithium: Global BEV sales in September flat YTD

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

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

China Property : NBS September data: Sales and construction remain soft; home price declines mildly narrow (T1 cities holding up)

China Home Appliance: Paid to wait,but the wait just got longer;downgrade Haier A H to Neutral

Global Macro Outlook and Strategy: Global Rates, Commodities, Currencies and Emerging Markets