Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-10-23Sector

BMY.USGILD JNJ

Goldman Sachs·2026-10-23Strategy

Taiwan·OverweightKorea·OverweightBrazil·OverweightSouth Africa·Overweight

Bernstein·2026-10-23Sector

TRN.MI

BofA Securities·2026-10-23Sector

SKHYNIX SMSN

Bernstein·2026-10-23Sector

3436.T4062.T6525.T6723.TADVANTEST7735.T7741.TTOKYOELAdvantest·Top pickKokusai Electric·Top pickHoya·Top pick

J.P. Morgan·2026-10-23Macro

Bernstein·2026-10-23Sector

DSV.COFDX.USKNIN.SWMAERSKB.CONSC.USUNP UPSDSV·Top pick

Morgan Stanley·2026-10-22Sector

CRWDFTNT.USPANWQLYS.USPalo Alto Networks·Top pickCybersecurity·Overweight

Goldman Sachs·2026-10-22Sector

BofA Securities·2026-10-22Sector

1398.HK3328.HK601988.SH939.HKICBC·Top pickChina Construction Bank·Top pick

Morgan Stanley·2026-10-22Sector

CHKP.USFTNT.USQLYS.USRPD.USTENB.US

Goldman Sachs·2026-10-22Credit

US credit spreads·Underweight

Nomura·2026-10-22Sector

1109.HKRMS.PA

Bernstein·2026-10-22Thematic

Goldman Sachs·2026-10-22Strategy

China A-shares·OverweightChina H-shares·NeutralChina Banks·Overweight

J.P. Morgan·2026-10-22Thematic

300124.SZ688017.SH9880.HKTSLALeader Drive·Top pick

Morgan Stanley·2026-10-22Sector

CRWD PANWCybersecurity·OverweightPalo Alto Networks·Top pick

BofA Securities·2026-10-22Thematic

002080.SZ002428.SZ0358.HKZIJINMINING301511.SZ3993.HKCopper·Top pick

BofA Securities·2026-10-22Strategy

US government bonds·Overweightsmall caps, REITs, utilities·Overweight

J.P. Morgan·2026-10-22Sector

4062.T6762.T6963.T6971.T6981.T

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

A picture is worth a thousand words

EM WEEKLY KICKSTART - MSCI EM fell 3 pct as AI concerns and rising energy

Bernstein Energy & Power: Different WACCs, different multiples for gas and power networks

Global Memory Tech Weekly theme: Shareholder return upside, 4Q guidance preview, resilient spot export

Japan Semiconductors: Japan Semis Earnings Preview (3Q CY26): Buy the dip, anyone?

China: Budget revenue growth turned negative in Sept,Additional LGB quota eases near-term funding pressure

Global Logistics Supply Chain Pulse Check: Strong freight markets, rising capacity concerns

Cybersecurity CQ3 Reseller Survey – Acceleration Continues As Threat Environment Grows

China Smartphones: Sep shipments -23% YoY +28% MoM; High memory costs weigh on demand

Banks - China (H A) Near-term earnings intact, but upside fading

Cybersecurity CQ3 Security Preview – Round 1 While 2027 Setups Tricky, See Tactical Longs in the Group

GLOBAL CREDIT TRADER: M&A: On Track for a Record; Focus on Financing Mix

China consumer: Read-across from Hermès’ 3Q26 results

Asia Quantitative Strategy: Gen AI in Asset Management: Key takeaways from New York Symposium

CHINA MUSINGS: Cash return is the best hedge to higher US rates (and lower China rates)

Humanoid Robot and Physical AI: Tesla Optimus 3 read-throughs – deployment progress, technical bottlenecks, and stock implications

Software Cyber Thoughts on PHP2Shell Incident

AI Infrastructure-China (H A): China AI Infrastructure Handbook: Materials, Power & Equipment

The Flow Show Enter the Dragon

Electronic Components: Earnings Outlook (Jul-Sep),Focus on MLCC ABF substrate capacity expansion, pricing demand trends, progress on Rohm's deal for Toshiba's semiconductor business