Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-26Macro

DM core inflation boost from AI: 25bp average2026

Goldman Sachs·2026-10-25Sector

2383.TW3044.TW6274.TW

Goldman Sachs·2026-10-25Sector

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

Goldman Sachs·2026-10-25Macro

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

Goldman Sachs·2026-10-25Macro

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

Goldman Sachs·2026-10-25Macro

Brent crude: $116/bbl2026-10

Goldman Sachs·2026-10-25Sector

4578.TVERA.USVRTX

Goldman Sachs·2026-10-25Macro

France fiscal deficit: 5.4% of GDP2027

Goldman Sachs·2026-10-25Macro

China real GDP growth: 4.5% yoy3Q26China augmented fiscal deficit: 10.0% of GDP2026

Goldman Sachs·2026-10-25Macro

2027 European summer gasoline·Overweight

Goldman Sachs·2026-10-24Sector

Goldman Sachs·2026-10-24Strategy

TAIEX 12m index target: 57,50012m

Goldman Sachs·2026-10-24Thematic

002600.SZ992.HK

Goldman Sachs·2026-10-24Macro

Taiwan real GDP growth: 0.8% qoq sa2026-Q3Taiwan real GDP growth: 11.7% yoy2026Taiwan real GDP growth: 3.3% yoy2027Taiwan policy rate: 2.125% end-20262026-12Taiwan policy rate: 2.375% end-20272027-12USD/TWD: 31.0 on 12M view12m

Goldman Sachs·2026-10-24Strategy

Goldman Sachs·2026-10-23Strategy

Goldman Sachs·2026-10-23Macro

China augmented fiscal deficit: 10.0% of GDP2026

Goldman Sachs·2026-10-23Sector

6146.T6361.T6525.TTOKYOEL MU

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

Global Economics Comment: A Moderate Boost to DM Inflation from AI Demand

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

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

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

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

Asia-Pacific Inflation Monitor: Edging higher on energy price pressures

Healthcare: Biotechnology: Takeaways from the American Society of Nephrology meeting

EUROPEAN ECONOMICS ANALYST Euro Area—Fiscal Policy Gears Up for the Electoral Cycle

China: Three things in China

Oil Products Tracker: Supply Weakness Likely to Linger into 2027

CHINA CONSUMER STAPLES Value Retailers: Expert Call Takeaways — A continued durable winner amid structural channel shifts backed by resilient UE ample infill potential

TAIWAN WEEKLY KICKSTART - TAIEX fell 2 pct as record foreign selling continued

GC Tech: AI AR glasses: Rokid’s store visit: AI and enhancing hardware specifications to drive end demand

Taiwan: AI-Boom Boosts Broad Activity—Upgrading the Growth Forecast and Expecting a Rate Hike Cycle to Begin in December

EM WEEKLY FUND FLOWS MONITOR - Large FII selling in Taiwan continued this week

WEEKLY FUND FLOWS: Tech Inflows Despite Volatility

China: Fiscal revenue growth slowed in September, while spending remained subdued; lowering our 2026 full-year AFD forecast

Japan Technology: Semiconductor Capital Equipment: Micron technology webinar read-across: Benefits for TEL Disco Ebara Kokusai