Broker Research: Sector, Macro and Strategy Notes

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

Citi·2026-11-04Macro

Brent price: Base case, gradual de-escalation, 60% probability2027Brent price: Bull case, escalation, 30% probability2027

Citi·2026-11-04Sector

002028.SZ0968.HK2208.HK300274.SZ603806.SH6865.HK688223.SH0836.HK0902.HK0916.HK1071.HK1816.HK2380.HKChinese renewable energy equities·OverweightPRC coal-fired IPPs·UnderweightQinhuangdao 5,500 kcal spot coal price: Down 1.3% WoW; likely elevated into winter2026-11-04Solar glass price: Up 5.3% WoW on higher winter gas costs2026-11-04

Citi·2026-11-02Thematic

AMZN GOOGL META MSFT

Citi·2026-11-02Macro

Taiwan foreign equity flow: Observed monthly flowOct2026Korea foreign equity flow: Observed monthly flowOct2026

Citi·2026-10-30Rates

US duration·Neutral

Citi·2026-10-30Sector

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

Citi·2026-10-30Thematic

GOOGL MU NVDA ORCL TER

Citi·2026-10-30Macro

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

Citi·2026-10-29Macro

Global GDP growth: 2.7%2026Global GDP growth: 2.8%2027Global headline inflation: 3.4% (from 2.8%)2026

Citi·2026-10-29Sector

SKHYNIX SMSN ADI LRCX MPWR MUNXPI.USTXNSemiconductor capital equipment·UnderweightTexas Instruments·OverweightMonolithic Power·OverweightAnalog Devices·Overweight

Citi·2026-10-29Thematic

2269.HK3696.HKWuXi Biologics·Top pickInsilico Medicine·Top pick

Citi·2026-10-28Thematic

KUAISHOU

Citi·2026-10-28Sector

Taiwan CCL makers·Overweight

Citi·2026-10-26Sector

China secondary home sales: +3% y/y to Rmb7.7trn2027EChina residential new starts: -20.5% y/y2027E

Citi·2026-10-23Sector

Citi·2026-10-12Sector

GEELY BYD600104.SHChina NEV export VAT rebate: 9% from April 20272027-04

Citi·2026-10-07Sector

300014.SZ300750.SZ373220.KS3931.HK6752.TCATL·Top pickCALB·Top pickEVE Energy·Top pickLG Energy Solution·Top pickPanasonic·Top pick

Citi·2026-10-06Sector

AMD INTC META MU NVDA

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

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

Oil Monitor US midterm “blue wave” adds to near-term US-Iran dealmaking momentum, but escalation risks remain

China Diversified Utilities: Renewables to Gain from Democrats Holding US Midterms Lead

Artificial Intelligence ROI on AI: Rev Growth Accelerates as Returns & Backlog Growth Moderate

Asia FX and Rates Strategy Asia Flow Overview: October 2026–Equity Outflows Deepen amid AI Sentiment Correction

US Rates Weekly: The Disappearing Hawks Trick

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

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

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

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

Global Economic Outlook & Strategy: The Global Economy’s Tenuous Balance—Resilience Amid Uncertainty

US Semiconductors and Semiconductor Equipment: Earnings so Far – Four Key Observations

China Healthcare AIDD’s Ongoing & Next-Wet-labs, CXOs, AI drug developers

China AI Video Model: Read-through From Genie 4 on Future Development of China AI Video Model

Taiwan PCB & Laminates: CCL sector: 3Q26 quality beat; price hike for AI products; Buy

China Property 2027 Physical Market – Turning Point for Home Price in Key Cities

China Healthcare US Outbound Investment Proposal: License-out and CDMO Operations Likely to be Unaffected

China Auto Manufacturers: Export-Rebate cut finally out—Expect 3-stages ASP hike

Global Battery Materials: The Second Battery Capacity Cycle with More Balanced Landscape, We Are Not Bearish

US Semiconductors Meta Muse Personal Agent Implications – AMD to $80