Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-10-30Rates

US Treasury yields: downNov-2026

J.P. Morgan·2026-10-30Sector

AD.ASBME.LCA.PACOLR.BRDOM.LGRG.LJMT.LSSBRY.LTSCO.L

Bernstein·2026-10-30Sector

Morgan Stanley·2026-10-30Sector

2330.TW2449.TWAMZN GOOGL NVDAGreater China semiconductors·Overweight

J.P. Morgan·2026-10-30Macro

AUD·OverweightBRL·Neutral

Goldman Sachs·2026-10-30Sector

300724.SZ300751.SZ

J.P. Morgan·2026-10-30Credit

MSFT ORCL

Nomura·2026-10-30Macro

Goldman Sachs·2026-10-30Sector

MINIMAX ZHIPU

Nomura·2026-10-30Macro

USD/CNH: short, target 6.50end-Dec 2026

Bernstein·2026-10-30Sector

AMT.USCRWVDLR.USEQIX MSFT ORCL

Nomura·2026-10-30Macro

China real GDP growth: 4.0% (consensus 4.4%)2027China official manufacturing PMI: 49.8Oct-26China CPI inflation: 0.8% y/yOct-26

Citi·2026-10-30Macro

Taiwan/Korea/Singapore·OverweightNon-AI emerging markets·UnderweightChina real GDP growth: downgraded2027F

Morgan Stanley·2026-10-30Macro

LME copper price: forecast4Q26LME copper price: forecast1Q27

Goldman Sachs·2026-10-30Strategy

Equities·OverweightWorld real GDP growth: 2.7%2026E

J.P. Morgan·2026-10-30Sector

LENOVO2345.TW2357.TW2377.TW3037.TW5274.TWODELTA.BKINTCAsian server supply chain·Overweight

Nomura·2026-10-29Macro

USD/CNY fix projection: 6.660729 Oct 2026

Bernstein·2026-10-29Strategy

Korea·OverweightTaiwan·UnderweightChina value and selective growth·Overweight

Goldman Sachs·2026-10-29Thematic

China robotics supply chain·Overweight

J.P. Morgan·2026-10-29Credit

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

It's The Rates Market...

Grocery macro indicators: Reflation trade underpinned by El Ni-o

Global Biopharma: ESMO KOL event takeaways—ADC + next gen IO could potentially replace Keytruda in selected 1L NSCLC

Greater China Semiconductors: AI Semi Supply Chain, Memory, CPO, Quantum Security

FX Outlook: The dollar read-across from US midterms

CHINA SOLAR: EQUIPMENT: Updating estimates post 3Q26 results

Credit Market Outlook & Strategy: It’s not just the French - US IG buyers strike until flows improve

Strategy Trade: --HOT-- Short USD CNH: Raise conviction level to the maximum of 5 5

Navigating China Internet & AI models: LLM call series: Views from expert, Z.AI & MiniMax company spotlights

Key focus and themes: Tech lead sell-off in the USD

Global Software + US Communications Infrastructure Decoding Datacenter Contracts: Key takeaways and transcript from our discussion with a legal expert

Asia Insights China monthly: October data preview

Emerging Markets Economic Outlook & Strategy: The Widening AI vs Non-AI Wedge

Copper Signalling Scarcity

GOAL: Asset Allocation

Asian Tech: Read-through from INTC 3Q26 takeaways

USD CNY fix model Projection: 6.6607

Asia Quant Strategy: After all the turmoil, how to position for rest of the year?

CHINA AI ROBOTICS: Expert call on Frontier Foundation Models in Physical AI & Embodied Robotics

AI Capex Funding: Data Center - Hyperscaler Bond Matrix 3.0 Wider Spreads, Wider Relationships, More PC & More Equity