Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-11-04Macro

JPY/CHF/EUR versus USD·OverweightAUD/CAD·Underweight

BofA Securities·2026-11-04Sector

AEP.USCNP.USETR.USFE.USLNT.USMGEE.USNEE SOSRE.USVSTWEC.US

Bernstein·2026-11-04Sector

CIFR CLSK CORZ IREN MARA RIOT WULF

Nomura·2026-11-04Strategy

Quality central SOE dividends·OverweightTechnology hardware·Overweight

Goldman Sachs·2026-11-04Sector

AEP.USCEGDUK.USEIX.USFE.USNRG.USPCG SOSRE.USVSTXEL.US

Bernstein·2026-11-04Sector

BE CEGFRVO.USNEEORA.USVSTDisclosed power demand: PPA trackerNov-2026Binding capacity: PPA trackerNov-2026

Bernstein·2026-11-04Thematic

Morgan Stanley·2026-11-04Thematic

006400.KS600900.SH9509.TGulf, Keppel, Adani Power, Yangtze Power, Samsung SDI and Hokkaido Electric·OverweightKEPCO, Tata Power, GPSC, Huaneng and Electric Power Development·UnderweightAsia electricity demand CAGR: AI and electrification support growthto 2030EUS AI capacity spillover to Asia: Potential incremental marketbefore 2030Asia behind-the-meter capacity: Potential deployment2030E

Citi·2026-11-04Sector

KUAISHOU BABA JD PDDBZUN.USVIPS.USSingles' Day phase-one GMV growth (marketplaces plus content commerce): Slightly above this level YoY11.11 phase 1, 2026Singles' Day phase-one GMV growth including instant retail and local services: About this level YoY11.11 phase 1, 2026

J.P. Morgan·2026-11-04Credit

AEP.USCEGNRG.USSEI.USTLN VSTBehind-the-meter and bridge power·UnderweightApproved data-center projects·OverweightRegulated utility credit·NeutralNewbuild power supply: Meaningful additions are not expected before the stated timeframe.2029

Morgan Stanley·2026-11-04Sector

China industrial automation·Neutral

BofA Securities·2026-11-04Strategy

Share of CSI 800 constituents above 200-day moving average: Fell near historical troughs, below the September 2024 pre-pivot level2026-10-30A-share corporate buybacks: Highest monthly total since March 2024Oct 2026Southbound net flows: Largest monthly net outflow in more than five yearsOct 2026

BofA Securities·2026-11-04Credit

AMZN GOOGL META MSFT ORCLUS investment-grade credit·NeutralBrent oil (2nd contract) change: Fell sharply with no post-election escalation in hostilitiesNov 2026 MTDAMZN, GOOGL and META 2027 capex consensus: Revised higher again after 3Q earnings2027AMZN, GOOGL and META FCF less dividends: Revised down from -$95bn after 2Q2027AMZN, GOOGL and META FCF less dividends: Expected to improve markedly before turning positive in 20292028

Goldman Sachs·2026-11-04Macro

China export growth: Speaker expects deceleration2027

Bernstein·2026-11-04Thematic

North American data-center pipeline: Tracker totalOct-2026Stranded capacity additions: Tracker monthly increaseOct-2026

Goldman Sachs·2026-11-04Thematic

BofA Securities·2026-11-04Sector

IGO.AXLTR.AXPLS.AXSpodumene price implied by ASX lithium equities: Equities price in roughly this flat levelSpotLong-term spodumene price assumption: Real 2026 dollarsLong term

BofA Securities·2026-11-04Rates

Treasury coupon auction size increases: Timing pushed back from Aug 2027Nov 2027Bill supply: Revised down from $270bnNov 2026Bill supply: Revised up from $228bn on a higher TGA path1Q27Bill share of marketable debt: Treasury likely comfortable near this levelFY27

Morgan Stanley·2026-11-04Thematic

APLD BEDLR.USEQIX TLN WMB WULFSecured powered shells·OverweightUnapproved Texas/Ohio pipelines·Underweight

Nomura·2026-11-04Sector

2359.HK603259.SH

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

US Public Policy Midterm Election Results Decisive for Democrats

Midterm Election Outcomes: Impacts on Power & Utilities

Global Digital Assets Emerging AI Infra: Texas turns blue...not the end but DC power pipelines at risk & approved MWs more valuable

China A-share strategy: Caution on one-day rallies until volatility eases

Americas Utilities_ Power_ Early views on key state election results for power_utilities; potential risk to TX exposed stocks

Americas Energy & Transition: Americas Power and Energy Transition: A PPA Deal Tracker, What's binding, What's in development? (Oct Nov 2026 Ed.)

Asia Quantitative Strategy Gen AI in Asset Management: Chat with CEO & Co-Founder of Reflexivity-Key Takeaways & Replay

Asia Powering AI US Mid-term Implications for AP

China Internet: Ecommerce Expert Call Takeaways - 11.11 First Phase At +4% YoY

AI Capex Data Centers: Early Thoughts On Blue Wave Implications On DC & Power Funding

China Industrials: Automation Operations Tracker – Domestic Players' Growth Moderated in Oct

China Flow Lens - Monthly: Depressed breadth and ETF buying offer support, but not yet a durable recovery

Situation Room: Midterms IG impact: neutral

China-Macro CIO Tour Takeaways

US Industrials & Tech: The Data Center Project Pipeline-Capacity, Construction & Cancellations (Oct '26)

Key takeaways from DCD Connect Conference

Lithium: recutting our preferences. Where did all the free cash flow go?

US Rates Watch: Nov refunding recap: steady sizes

Powered Shell Providers Midterm Implications for the Time to Power Stocks

China healthcare: BIOSECURE Act and COINS Act updates-1