Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-11-03Sector

000625.SZ1958.HK200625.SZ2238.HK600104.SH601238.SHChery·Top pickSinotruk·Top pick

Bernstein·2026-11-03Sector

000858.SZ0168.HK0291.HK600519.SH605499.SH9633.HKCFR.SWRMS.PAChina premium baijiu·OverweightChina sportswear·NeutralChina GDP growth: improved3Q26

J.P. Morgan·2026-11-03Strategy

Onshore IT·OverweightBrokers·OverweightBuyback relending rate: Permanent facility rate reductionNov-2026

Goldman Sachs·2026-11-03Sector

0670.HK0753.HK1055.HK600029.SH600115.SH601021.SH601111.SHSpring Airlines·Top pickChina Southern·AvoidSingapore jet fuel price: Revised assumption2027E

Morgan Stanley·2026-11-03Sector

AMZN DDOG GOOGL MDB MSFT SNOWUS infrastructure software·Overweight

Nomura·2026-11-03Strategy

HKIRS H27-1y: Receiver targetend-Nov2026

Nomura·2026-11-03Macro

HSBC·2026-11-03Sector

300750.SZCATLCATL·Overweight

J.P. Morgan·2026-11-03Credit

EL.US

Nomura·2026-11-03Sector

AI-diversified Apple suppliers·Overweight

HSBC·2026-11-03Strategy

China equities·OverweightBuyback relending rate: Policy rate cited

Bernstein·2026-11-03Sector

Nomura·2026-11-03Strategy

USD/CNH: Short-trade targetend2026

J.P. Morgan·2026-11-03Sector

300760.SZ300832.SZ688271.SHMindray·Top pick

Bernstein·2026-11-03Thematic

CRWV MSFT ORCL

Bernstein·2026-11-03Sector

Nomura·2026-11-02Sector

TENCENT BABA

Morgan Stanley·2026-11-02Thematic

EDP/RWE/Keppel/Bloom and selected generators·Top pickKEPCO/Tata Power/GPSC/Huaneng/J-Power/Enagas/SNAM·Avoid

Bernstein·2026-11-02Sector

AAL.LBHP.AXFMG.AXRIO.LVALE.USIron ore·UnderweightIron ore price: could dip into the $80s/tnear term

Nomura·2026-11-02Macro

Korea retail net purchases of US portfolio assets: slowedweek to 30 Oct 2026

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

China Auto Industry: 3Q26 misses expose structural pressure; cutting SOE estimates further

China Consumer Pulse: Amplifying K shaped consumer behaviour in 3Q26

China Equity Strategy PBoC and CSRC steps: not a bazooka, but a firmer floor

CHINA TRANSPORTATION: AIRLINES,Higher jet fuel to weigh for longer, though supply shortage sustains

Software New Stack 3Q26 Hyperscaler Results – AI Pulls Core Higher Pullbacks Make for Better Setups

Hong Kong rates: Maintain high conviction view in receiver position

Asia Insights China: The PBoC hikes the RRR for FX deposits by 2pp to 6%

China EV ESS battery: Challenging domestic pricing environment

The Estee Lauder Cos (EL.US) 1Q27 Fresh Top Notes, Lingering Base Notes -Upgrading to Neutral

Asia Apple supply chain: Implications of Apple’s 4QFY26 results

China Equity Strategy: Stabilisation efforts to boost market sentiment

Global Luxury Goods: Retail Network Dynamics in the USA

Strategy update: PBoC strikes – reduce conviction level on short USD CNH to 4 5

China Medtech: Three tailwinds are lining up; is a rotation into medtech in place?

What are the AI Lab datacenter compute commitments and what does it mean for hyperscalers and neoclouds?

Global Semiconductors and Semiconductor Capital Equipment: Global Semis: Sept 2026 WSTS Tracker-Sales up 10.8% MoM, better than typical (+9.0% MoM) and +151% YoY on continued memory strength

China Internet & New Media: WorkBuddy accelerates cross-product integration

Powering AI: Agents, Aircons, Allshoring: All Not Priced In

Global Metals & Mining Global Metals & Mining: Iron Ore -trapped in the cross current of rising freight costs and inventory destocking

FX Insights: Inflows into US equities slowed during recent sessions with a large US-led tech selloff