Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-11-02Strategy

Quality·OverweightS&P 500: targetYE26

Morgan Stanley·2026-11-02Sector

Low-end PC OEM/ODMs·UnderweightServer assemblers/CPU sockets/ABF·Overweight

Morgan Stanley·2026-11-02Sector

Greater China AI/server supply chain·Overweight

Morgan Stanley·2026-11-02Macro

Morgan Stanley·2026-11-02Strategy

Global equities·OverweightCore fixed income·UnderweightUS equities·Top pickS&P 500: target2Q27US HY credit spread: forecast2Q27

Morgan Stanley·2026-11-02Sector

5274.TW688008.SHCloud semiconductors·Overweight

Morgan Stanley·2026-11-02Macro

Morgan Stanley·2026-10-30Macro

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

Morgan Stanley·2026-10-30Rates

US Treasury yields: downNov-2026

Morgan Stanley·2026-10-30Sector

2330.TW2449.TWAMZN GOOGL NVDAGreater China semiconductors·Overweight

Morgan Stanley·2026-10-30Macro

LME copper price: forecast4Q26LME copper price: forecast1Q27

Morgan Stanley·2026-10-29Sector

000157.SZ600031.SH603338.SH

Morgan Stanley·2026-10-27Strategy

AI adopters·OverweightSemiconductors and data centre·UnderweightLow-volatility value·Overweight

Morgan Stanley·2026-10-27Macro

China global export market share: rising to 16.5% by 20302030E

Morgan Stanley·2026-10-27Thematic

MC.PARACE.MIEuropean luxury goods·Neutral

Morgan Stanley·2026-10-27Sector

AMZN BKNGCART.USGOOGL META RDDTNorth America internet·Overweight

Morgan Stanley·2026-10-26Thematic

US data-centre net power shortfall: 38GW2026-2028US data-centre power demand: 116GW2026-2028

Morgan Stanley·2026-10-26Sector

ALGM.USAMKR INTCNXPI.USSNDK

Morgan Stanley·2026-10-26Thematic

CRM CRWD MSFT NOW SNOWsoftware with workflow moats·Overweight

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

US Equity Strategy - North America Weekly Warm-up-Enter Sandman

Key US CPU vendor's 3Q26 earnings call – key implications for our coverage

Greater China Technology Hardware: Positive implications for downstream tech hardware companies from US hyperscalers' 3Q26 results

Tracking industrial risks: Derisking on track with widening negative gap between industrial investment and production

ASSET STRATEGY Cross-Asset Playbook – November 2026 Engage, With Caution

Cloud Semis: Growing Cloud Capex into 2027

Asia Economics: PMIs: Underlying details suggest broadening strength

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

It's The Rates Market...

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

Copper Signalling Scarcity

China Construction Machinery: Sany Heavy, Zoomlion, Dingli 3Q26 Results

From AI Upstream to Downstream

Asia Economics: The Viewpoint: Navigating through concerns about AI capex, rates, and oil prices

China Outlook Amid AI And Industrial Supercycle

Luxury Goods: Losing Share of the Luxury Wallet?

Internet: Where Are We Trading Now,Moving Through 3Q Earnings

Global Thematics & US Semiconductors Hot Summer, Short Fall Increased Power Shortfall, Increased BTM Clarity, and Addressing Rubin Rack kW Misconceptions

Semiconductors Weekly Earnings Week 2 (AMKR, NXPI, ALGM, INTC, SNDK)

Software Token Thoughts – How Will Rising Open-Weight Model Adoption Impact Software