Broker Research: Sector, Macro and Strategy Notes

Nomura·2026-11-01Sector

GEELY BYD LI NIOXPEV.USChina autos·Underweight

Nomura·2026-11-01Macro

J.P. Morgan·2026-10-31Sector

0939.HK1288.HK1398.HK1658.HK3988.HKICBC·Top pickPostal Savings Bank of China·Neutral

Nomura·2026-10-31Macro

Nomura·2026-10-30Sector

300308.SZ688183.SHAMZN

J.P. Morgan·2026-10-30Thematic

7203.TBMW.DEMBG.DESHA0.DETSLA

J.P. Morgan·2026-10-30Macro

Agricultural commodities·NeutralBCOM Agri index YTD performance: pared back from peak2026 YTD

Citi·2026-10-30Rates

US duration·Neutral

J.P. Morgan·2026-10-30Macro

Citi·2026-10-30Sector

Lithium·UnderweightLithium chemicals price (0-3m point): cut0-3mSpodumene SC6 price (0-3m point): cut0-3m

Bernstein·2026-10-30Sector

PINS RDDT

Citi·2026-10-30Thematic

GOOGL MU NVDA ORCL TER

Nomura·2026-10-30Macro

US real GDP growth: 3.4% q/q saar3Q26Fed policy: hike in December, then hold through 20272026-12

Nomura·2026-10-30Sector

SKHYNIX SMSN AMZN GOOGL META MSFTMemory semiconductors·Overweight

Citi·2026-10-30Macro

J.P. Morgan·2026-10-30Sector

0960.HK

J.P. Morgan·2026-10-30Thematic

SMid-cap AI·Overweight

Morgan Stanley·2026-10-30Macro

US real GDP growth: actual3Q26Fed funds rate: 25bp hikeDec 2026

BofA Securities·2026-10-30Sector

BP.LEQNR.OLNESTE.HEOMV.VIREP.MCSHEL.LTTE.PAEquinor·Top pickTotalEnergies·Top pick

BofA Securities·2026-10-30Rates

2y UST·UnderweightUK 10y gilt yield: forecastYE26US nonfarm payrolls: forecastOct-26

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

China Auto EV: Oct-26: Similar sales situation as Sep

Asia Chart Alert : China: Developers’ contract sales continued to decline in October

China SOE banks 3Q26 wrap: Solid beat, resilient 4Q outlook; PSBC lags

Asia Insights: China: PMIs fell in October

Global AI Trend Tracker: Amazon’s 3Q26 earnings read through

Global Humanoid : Physical AI update on the automotive sector

Agricultural Markets Weekly: Agri price risk premiums have eroded, but supply is not out of the woods yet

US Rates Weekly: The Disappearing Hawks Trick

Global Commodities: The Week in Commodities

Metal Matters: Lithium prices to remain depressed in the near term

U.S. Internet PINS & RDDT 3Q26: Wrong kind of centaur

Artificial Intelligence: Citi’s Inference Ahead -Google Raises the Intelligence Ceiling

US Economic Weekly: Warsh’s hawkishness goes out the window

Global Memory: Big tech tells:

China Economics Time to Think 2027: Growth, Policy and Key Questions – Takeaways from Monthly Call

China Property: Huafa tests the faith in SOEs

161 AI plays you haven’t heard about!: The

US Economics Weekly: Trick or Trend? Is growth outpacing restraint?

The Oil Gusher 3Q26 report card – 2026 cash gushers compete with 2022 records

Global Rates Weekly Fright to quality