Broker Research: Sector, Macro and Strategy Notes

BofA Securities·2026-10-26Sector

Bernstein·2026-10-26Sector

HLT.USH.USIHG.LMAR

Citi·2026-10-26Sector

China secondary home sales: +3% y/y to Rmb7.7trn2027EChina residential new starts: -20.5% y/y2027E

Bernstein·2026-10-26Sector

006400.KSGM.US

Nomura·2026-10-26Macro

USD/CNY fix projection: 6.67092026-10-26

J.P. Morgan·2026-10-26Sector

002594.SZGEELY BYD2015.HK601633.SH9863.HK9868.HK9973.HKNIOChina autos·Underweight

J.P. Morgan·2026-10-26Strategy

Morgan Stanley·2026-10-26Thematic

EDP.LS·OverweightRWE.DE·OverweightBE.US·Overweight015760.KS·UnderweightENG.MC·UnderweightSRG.MI·Underweight

Goldman Sachs·2026-10-25Sector

2383.TW3044.TW6274.TW

Goldman Sachs·2026-10-25Sector

Bernstein·2026-10-25Sector

ABBV AMGNBMY.USGILD LLY MRK MRNA PFE

Morgan Stanley·2026-10-25Thematic

China humanoid shipments: 50k units2026China humanoid shipments: 100k units2027

Goldman Sachs·2026-10-25Strategy

Korea·OverweightKOSPI index 12m target: 9,00012m

Goldman Sachs·2026-10-25Strategy

Korea·OverweightPower·OverweightCorporate governance·OverweightKOSPI index 12m target: 9,00012mMXAPJ index 12m target: 1,04012m

J.P. Morgan·2026-10-25Sector

0688.HK1109.HKH78.SIHongkong Land·Top pickHK conglomerates·Overweight

Nomura·2026-10-25Thematic

UNITREE

Goldman Sachs·2026-10-25Macro

Fed funds rate: skip in October, hike in December2026-12

Morgan Stanley·2026-10-25Strategy

China A-shares·Overweight

Goldman Sachs·2026-10-25Macro

China property drag on real GDP growth: 1.8pp2026China property drag on real GDP growth: 1.3pp2027

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

Basic Materials - China Copper, Gold and Lithium Weaken; Aluminum Remains Resilient

Global Hotels & Leisure Global Hotels: The price of success-a 2026 RevPAR index

China Property 2027 Physical Market – Turning Point for Home Price in Key Cities

Global Energy Storage: Battery Weekly 26 October

USD CNY fix model: Projection,6.6709

China Auto Industry: 2027: Will the worst case become the base case?Downgrade BYD-A to UW

Japan Quant Strategy - Signs of February 2020 - 60,980 threshold triggered

Powering AI: Agents, Aircons, Allshoring: All Not Priced In

Taiwan Technology: PCB CCL tour 2026 key takeaways: Upgrade pace accelerating;Expanding High ASP Profitability ABF opportunity

GC Telecom: 5G Sep BTS deployment MoM increased; Fiber cable exports show strong YoY growth

U.S. Technology U.S. Tech Hardware Semis Networking: How crowded are hardware and semis as we enter H2'26?

US Biopharmaceuticals: US Biopharma @ ESMO-the most impactful data presented thus far (& implications for our coverage)

Humanoids: China Humanoids Survey 2026: High Intent,Gradual Rollouts

KOREA WEEKLY KICKSTART KOSPI declined further by 2% amid continued risk-off sentiment across global AI names ahead of major earnings reports

ASIA-PACIFIC PORTFOLIO STRATEGY Korea: Favorable risk reward even with more conservative valuation assumptions

Mainland China HK Property: Top 3 Questions This Week-Defensive names bigcap SOEs’ outperformance Louis Vuitton@LANDMARK

Global Robotics: SuperMimic cuts control compute by - 1,000x

US ECONOMICS ANALYST October FOMC Preview: Hiking at a Slower Pace

What Happened? What Next?

China: Property Downturn Deeper Than Previously Anticipated, But Its Growth Drag Should Still Ease Gradually in the Years Ahead