Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-10-22Macro

Additional local government bond quota: Rmb550bn to support investment4Q26

Goldman Sachs·2026-10-22Macro

Workers temporarily displaced by AI: up to 9%

Nomura·2026-10-22Macro

USD/CNY fix projection: 6.67622026-10-22

Nomura·2026-10-22Macro

Nomura·2026-10-22Sector

002463.SZ300308.SZMETAZhongji Innolight·OverweightWUS Printed Circuit·Overweight

Barclays·2026-10-22Strategy

China equities (upside via options)·Overweight

Morgan Stanley·2026-10-22Sector

1208.HKGLEN.LRIO.LCopper market balance: 70kt deficit2027

J.P. Morgan·2026-10-22Sector

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

Bernstein·2026-10-22Sector

6501.T6503.T6701.T6752.T6981.T7011.T7012.T

J.P. Morgan·2026-10-22Sector

LENOVO2345.TW2382.TW5274.TWOMETALenovo·Top pick

Morgan Stanley·2026-10-22Strategy

China equities·Underweight

J.P. Morgan·2026-10-21Sector

HSBC·2026-10-21Strategy

002371.SZ600183.SHChina Info Tech·OverweightChina Healthcare·OverweightChina Industrials·UnderweightChina Consumer Discretionary·UnderweightChina Real Estate·Underweight

Nomura·2026-10-21Macro

USD/CNY fix projection: 6.674121 Oct 2026

Morgan Stanley·2026-10-21Sector

ADINXPI.USSTM.PASTMicroelectronics·Top pickNXP Semiconductors·Top pickAnalog Devices·Overweight

Goldman Sachs·2026-10-21Macro

Morgan Stanley·2026-10-21Sector

AAPLIT Hardware (North America)·NeutralPC shipments: -11% y/yCY27

Goldman Sachs·2026-10-21Sector

Morgan Stanley·2026-10-21Sector

ADI.US·OverweightNXPI.US·OverweightNVDA.US·OverweightAVGO.US·OverweightMU.US·OverweightSNDK.US·Overweight

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

China alt-data trackers chartpack (Series 65): Plenty of govt bond quota left

GLOBAL ECONOMICS ANALYST: Revisiting the Extent and Timing of AI Labor Displacement

USD CNY fix model: Projection: 6.6762

Asia Chart Alert: Asia’s rice prices are on the rise

Global AI Trend Tracker: META’s 3Q26 earnings read through

ETF Compass China: mind the squeeze

Copper Behind Borders

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

Japan IT Hardware & Electronics: 2Q26 Preview... are AI sentiments too low?

Servers: Read-through from Meta Sep-26 earnings

China Equity Strategy: A-Share Sentiment Remains Near July 2024 Levels for Third Week

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

China Strategy Tracker: AI narrative under scrutiny – time to rebalance

Economic Chart Alert: AI-led investment boom vs. energy price shock

USD CNY fix model: Projection: 6.6741

Global Technology The Analog Playbook 3Q26 Cycle Recovery Underway

China Consumer Dashboard: 2026Q3: Consumption and income growth slowed

IT Hardware: Monthly Data Tracker: Reaccelerating App Store and Worsening PC Builds

China Cosmetics Double 11 pulse check: Heated rivalry; wider discounts and dynamic ranking shift

Semiconductors Semiconductor Inventory Tracker Leaner Channel, Limited Restocking