Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-23Rates

Euro area 2s5s·OverweightUK swap spreads·Overweight

Goldman Sachs·2026-10-23Strategy

Short duration factor·OverweightStrong balance sheets·OverweightGlobal cyclicals value·OverweightAsia AI infrastructure·Overweight

Goldman Sachs·2026-10-23Strategy

Agency MBS basis·OverweightNon-QM AAA RMBS·Overweight

Goldman Sachs·2026-10-23Strategy

Quality / strong balance sheet·Overweight

Goldman Sachs·2026-10-23Strategy

ADVANTEST TOKYOEL SOFTBANKTOPIX: 4,400 3-month target3mTOPIX: 4,500 6-month target6mTOPIX: 4,600 12-month target12m

Goldman Sachs·2026-10-23Sector

ANET CLS HPE

Goldman Sachs·2026-10-23Strategy

Goldman Sachs·2026-10-23Sector

ETL.PASESG.PA

Goldman Sachs·2026-10-23Sector

AZN.LBAYN.DEBMY.USLLY MRKNOVN.SWPFEROG.SW

Goldman Sachs·2026-10-23Strategy

China real GDP growth: 4.6%2026

Goldman Sachs·2026-10-23Macro

JPY·Overweight

Goldman Sachs·2026-10-23Sector

002371.SZHHGRACE688012.SH688256.SH688981.SH9660.HKChina Semiconductors·Overweight

Goldman Sachs·2026-10-23Macro

Goldman Sachs·2026-10-23Sector

BYD HSAI LI NIOXPEV.US

Goldman Sachs·2026-10-23Strategy

Taiwan·OverweightKorea·OverweightBrazil·OverweightSouth Africa·Overweight

Goldman Sachs·2026-10-22Sector

Goldman Sachs·2026-10-22Credit

US credit spreads·Underweight

Goldman Sachs·2026-10-22Strategy

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

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

GLOBAL RATES TRADER AI Volatility Disrupts Energy Risks

ASIA STRATEGY BASKETS: Positioning for Higher Rates and a More Differentiated Asia

MORTGAGE & STRUCTURED PRODUCTS TRADER: Structural changes to non-QM RMBS deals enhance AAA relative value

EUROPE WEEKLY KICKSTART: Rising Cost of Debt and What It Means for Corporates

JAPAN WEEKLY KICKSTART: Under pressure; YTD winning thematics get aggressively sold off

Americas Technology: Hardware,Expert Network Series: Data Center & Networking Equipment October 2026 outlook with 650 Group

US WEEKLY KICKSTART One step back from the retail trader, two steps forward from household equity demand

Americas Healthcare: Pharmaceuticals: Treasury proposal includes restrictions on US investment in Chinese biotechnology

European telecoms: SpaceX’s US cell-site ambitions continue to raise US competition concerns, but spectrum sovereignty should leave Europe

GLOBAL HEALTHCARE: PHARMACEUTICALS: Analysing Oncology Specialist Prescribing trends into ESMO

CHINA WEEKLY KICKSTART: A outperformed H amid global AI selloffs; First batch of active ETFs launched; Q3 GDP modestly beat expectations

GLOBAL FX TRADER: For Whom Tech Tolls

Greater China Semis: Sep: IC import export value +74.7% +136.0% YoY

China Economic Activity and Policy Tracker: Oct 23

China Mobility Tech: 3Q26 ADRs Preview: Weaker domestic demand, lower government support, higher R&D

INDIA WEEKLY KICKSTART - NIFTY lost 2 pct this week - Activity stayed resilient

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

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

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

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