Broker Research: Sector, Macro and Strategy Notes

Nomura·2026-10-29Thematic

Goldman Sachs·2026-10-29Sector

Japan optical cable·Overweight

Nomura·2026-10-29Macro

China shipbuilding new orders: 175.29mn DWT1Q-3Q26

BofA Securities·2026-10-29Strategy

AI Compute·OverweightPhotonics·OverweightData Centers·OverweightGlobal EPS growth: forecast2026Global EPS growth: forecast2027

Nomura·2026-10-29Thematic

002463.SZ300308.SZ600183.SHMSFTZhongji Innolight·Top pickShengyi Technology·Top pickWUS Printed Circuit·Top pickMicrosoft capex: ~USD170bnCY2026

Goldman Sachs·2026-10-29Macro

China real investment growth (GS tracker): 1.9% yoy3Q26China property-sector drag on real GDP growth: 1.8pp (vs 1.5pp)2026China augmented fiscal deficit: 10.0% of GDP2026

Nomura·2026-10-29Rates

HK front-end rates (receive Mar27-1y IRS)·OverweightHK Mar27-1y IRS: target 3.80% by end-November (current 4.07%)2026-11

J.P. Morgan·2026-10-29Sector

Bernstein·2026-10-29Sector

AAPL

J.P. Morgan·2026-10-29Strategy

000333.SZ1816.HK600406.SH601857.SH601899.SH603268.SH688200.SH6990.HKChina A-shares·OverweightChina IT·OverweightChina Consumer Staples·UnderweightChina Real Estate·Underweight

Citi·2026-10-29Macro

Global GDP growth: 2.7%2026Global GDP growth: 2.8%2027Global headline inflation: 3.4% (from 2.8%)2026

Nomura·2026-10-29Sector

GOOGL MSFT

J.P. Morgan·2026-10-29Sector

0939.HK3988.HK601939.SH601988.SHChina Big 4 SOE banks·Overweight

Bernstein·2026-10-29Sector

US Telecom·Neutral

Citi·2026-10-29Sector

SKHYNIX SMSN ADI LRCX MPWR MUNXPI.USTXNSemiconductor capital equipment·UnderweightTexas Instruments·OverweightMonolithic Power·OverweightAnalog Devices·Overweight

J.P. Morgan·2026-10-29Sector

LENOVO2317.TW2357.TW2382.TW5274.TWO6669.TWGOOGL MSFT

J.P. Morgan·2026-10-29Sector

GOOGL META MSFT ORCL

Bernstein·2026-10-29Sector

FCX

BofA Securities·2026-10-29Strategy

US tech IG bonds·OverweightOil·UnderweightGovernment bonds·UnderweightChina equities·UnderweightGold·OverweightUS tech stocks·OverweightBofA Bull & Bear Indicator: 7.1 (from 7.2)Oct 2026

J.P. Morgan·2026-10-29Sector

ADVANTEST TER

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

Global AI Trend Tracker: Alphabet’s 3Q26 results read-through

Japan Technology: Hardware -Industrial Electronics: September MOF data (optical fiber cable): Favorable trend continues

Asia Insights China: Beijing widens its shipbuilding lead as maritime disruption reshapes demand

Global Quant Panorama: Poised to catch up

Global AI Trend Tracker: Microsoft’s September quarter results read-through

China Investment Dashboard: 2026Q3: Investment Growth Slowed Further on Fiscal Tightening and Property Weakness

Strategy Trade: Hong Kong rates: Maintain strong conviction level in lower front-end rates

China Property: Expert meeting takeaways on Shenzhen market

U.S. IT Hardware: APPLE TRACKER (September): Staggered iPhone18 launch ends 18months of YoY unit growth; downside risk to FQ4 est.

China Equity Strategy: Risk-reward attractive from here- key stocks to buy

Global Economic Outlook & Strategy: The Global Economy’s Tenuous Balance—Resilience Amid Uncertainty

Industrial electronics sector: Results at Alphabet and Microsoft

China Banks: Takeaways from financial property tour in Shenzhen

US Telecom & US Aerospace & Defense US Telecom & SPCX: The First to Blink...Yet Eyes Remain Closed? Telcos Hold the Line on SpaceX MVNO

US Semiconductors and Semiconductor Equipment: Earnings so Far – Four Key Observations

PCs and Servers: Read-through from Microsoft Google Sep-26 earnings

Hardware & Networking Cloud Capex Wrap-Up: GOOGL and MSFT Join META in Reinforcing DC Investments into CY27

Global Metals & Mining: 3Q26 FCX dropped extremely intriguing hints around leaching breakthroughs...our take

The Flow Show When AI met ABB

Semiconductor SPE: Implications from Teradyne’s results: Inquiries from a third hyperscaler