Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-29Sector

Japan optical cable·Overweight

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

Goldman Sachs·2026-10-28Strategy

Long-dated S&P 500 call options·Overweight

Goldman Sachs·2026-10-28Macro

China Current Activity Indicator: acceleratedSep-26

Goldman Sachs·2026-10-28Sector

300124.SZ

Goldman Sachs·2026-10-28Sector

2317.TW2382.TW4938.TW6669.TW

Goldman Sachs·2026-10-27Macro

High-tech contribution to China real GDP growth: about 2pp a year2026-2030Data-centre build-out boost to China real GDP level: about 40bp on average2026-2030

Goldman Sachs·2026-10-27Macro

Fed funds rate: two hikes then cuts to 3.25-3.5% later

Goldman Sachs·2026-10-27Sector

BYD

Goldman Sachs·2026-10-27Macro

China NBS manufacturing PMI: 49.72026-10China industrial profits: +14.1% y/y2026-09

Goldman Sachs·2026-10-27Sector

SKHYNIX SMSNBlended HBM ASP: +122% y/y to US$3.7/Gb2027

Goldman Sachs·2026-10-27Sector

AMGNAZN.LBMY.USBNTX.USMRK MRNASMMT.US

Goldman Sachs·2026-10-26Strategy

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

Goldman Sachs·2026-10-26Sector

Global coffee surplus: about 10mn bags (~6%)2026/27

Goldman Sachs·2026-10-26Macro

World real GDP growth: 2.7%2027US real GDP growth: 2.1%2027China real GDP growth: 4.6%2027

Goldman Sachs·2026-10-26Sector

300751.SZ600438.SHDQ.USPolysilicon·Underweight

Goldman Sachs·2026-10-26Strategy

Equities·OverweightCredit·UnderweightCash·OverweightBonds·Overweight

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

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

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

GOAL: Asset Allocation: Considering all (long-dated) options-how to stay invested

GS China Econ Proprietary Indicators: October

CHINA INDUSTRIAL TECH 3Q26 Robot Automation Landscape Analyzer: How are market shares shifting?

CHINA CONSUMER STAPLES Pork: 3Q26 Earnings review: Overseas headwinds to persist; eyes on hog cycle and shareholder returns; Buy WH Group

TAIWAN CCL Solid expansion on GM OPM will continue into the next 12+ months, with widening CCL S D gap; Buy on EMC & TUC

Taiwan ODM Brands: 3-month preview: new AI server racks and smartphone models to drive growth in coming months

ASIA ECONOMICS ANALYST: China’s High-Tech Push: Support for Output, Less for Employment

FOMC Roundtable

CHINA NEW ENERGY VEHICLE WEEKLY CHARTBOOK: 2026 Week 43-Weekly order +9% -28% wow yoy driven by BYD flash-charging model launches, LCE price -8% wow

China: Industrial profits flat in September while revenue edged down sequentially; October PMIs preview

South Korea Technology: Semiconductors-Memory: TrendForce memory expert session reaffirming strong 2027 DRAM HBM outlook

Global Healthcare: Pharmaceuticals: Key takeaways from our lung cancer KOL event at ESMO

ASIA-PACIFIC WEEKLY KICKSTART - MXAPJ fell 2 pct as Tech risk-off continued

AGRICULTURE ANALYST Coffee: The Good, the Bad,and the Ugly

Global Views: Downside Growth Risks

CIMC Raffles: Key takeaways from Investor Day at Yantai Shipyard

CHINA SOLAR: TRACKING PROFITABILITY INFLECTION,Oct-26: Profitability deteriorated in Wafer Glass due to higher cost; Poly inventory rises despite production cuts

GOAL Kickstart: Below zero – Risk Appetite Indicator negative as Tech dominates cross-asset moves