Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-10-27Credit

TENCENT9988.HKAsia TMT credit·Underweight

J.P. Morgan·2026-10-27Macro

China industrial profit growth: acceleratedSep-26China industrial profit growth ytd: broadly stable; October expected stableSep-26

J.P. Morgan·2026-10-26Sector

Refined copper demand growth: +2.9% in 20272027

J.P. Morgan·2026-10-26Sector

DRAM contract price growth: +13% q/q4Q26ENAND contract price growth: +18% q/q4Q26E

J.P. Morgan·2026-10-26Sector

3017.TW6805.TWliquid cooling components·Overweight

J.P. Morgan·2026-10-26Sector

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

J.P. Morgan·2026-10-26Strategy

J.P. Morgan·2026-10-25Sector

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

J.P. Morgan·2026-10-23Rates

UST 10s/30s curve·Overweight

J.P. Morgan·2026-10-23Sector

J.P. Morgan·2026-10-23Macro

J.P. Morgan·2026-10-23Sector

AMGNNOVN.SW

J.P. Morgan·2026-10-23Sector

6762.TWDC

J.P. Morgan·2026-10-23Macro

J.P. Morgan·2026-10-22Thematic

300124.SZ688017.SH9880.HKTSLALeader Drive·Top pick

J.P. Morgan·2026-10-22Sector

4062.T6762.T6963.T6971.T6981.T

J.P. Morgan·2026-10-22Macro

Additional local government bond quota: Rmb550bn to support investment4Q26

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

Asia TMT: Beyond Headline News; Stay Cautious

China: Industrial profit growth picked up in Sept

China Metals Activity Tracker: China base metals consumption rebounds as China returned post Golden Week. Iron Ore FOB prices increased, as freight costs fell

Hardware & Networking: Data Center Watch: Token Spend Growth Accelerates in October Amid Mixed GPU Rental and Memory Pricing

PCB, CCL, and Substrate: Key takeaways thoughts from TPCA 2026

Taiwan Cooling Components: Addressing recent FAQ on ASIC and GPU liquid cooling project delay

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

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

Treasuries: AI, OATs, and oil, oh my

China Healthcare: Ph3 mRNA cancer vaccine validation supports China pipeline development and CXO demand

Global Commodities: The Week in Commodities

China Healthcare Treasury rules for COINS Act: More negative than our expectations, but we see possibility for change

Cardiology Expert Call: Key Takeaways from the Expert Call on the Evolving Cardiology Landscape

Payment Processing: Musing on Agentic Commerce – Iterative Changes Happening Weekly, but Payment Processing World Order Feels Increasingly BAU

Electronic Components Sector Western Digital’s 1Q FY2027 results: Implications for Japan’s electronic components sector

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

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

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

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