Broker Research: Sector, Macro and Strategy Notes

Citi·2026-10-30Sector

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

Citi·2026-10-29Sector

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

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

Citi·2026-09-15Sector

AAPL

Citi·2026-09-14Sector

SKHYNIX SMSN MUDRAM bit supply growth: Citi forecast2027

Citi·2026-09-10Sector

0688.HK0817.HK1109.HKBEKE.USChina Overseas Land·Top pickCR Land·Top pickBeike·Top pickJinmao·Top pick

Citi·2026-09-04Sector

CPRI.USTPR.USGlobal luxury goods·Neutral

Citi·2026-09-03Sector

TENCENT1357.HKMEITUAN BABA PDDYMM.USTencent·OverweightAlibaba·OverweightChina internet·Neutral

Citi·2026-09-02Sector

2228.HK3696.HK688222.SHInsilico Medicine·OverweightAI drug discovery·Overweight

Citi·2026-08-18Sector

002475.SZLENOVO2454.TW3008.TW6613.HKAAPLSmartphone supply chain·Underweight

Citi·2026-08-18Sector

China property·UnderweightBase metals·Neutral

Citi·2026-08-18Sector

ABNB AMZN BKNG CVNA DASH GOOGL META RDDTUS internet·Overweight

Citi·2026-08-11Sector

China autos·Neutral

Citi·2026-08-11Sector

1913.HKKER.PAMC.PARMS.PAUHR.SWLuxury goods·Neutral

Citi·2026-08-11Sector

Taiwan PCB·Overweight

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

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

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

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

Global Consumer Electronics: Pockets of Strength Amidst Mixed Spending Intentions; AAPL Maintaining Brand Leadership

Global_Semiconductors_Continual_Learning_to_Fuel_HBMeSSD_Demand_AI_TrainingInference

China Property: The 3rd Industry Revolution & The 2nd Round of Supply-side Reform

Global Luxury Goods—Card Insights : US Luxury credit card spend remains negative in August, marking a second consecutive monthly decline

China Internet 2Q26 Wrap & 2H26 Outlook: AI vs. Non-AI Prospects & Debates

China Healthcare AI-led Drug Discovery the Next Big Thing-Top Pick Insilico

Global Tech Hardware: 1H26 a Beat; Raise 2026E But Trim 2027-28E Shipment

Global Metals & Mining: China property metrics decline continues in July; incremental declines less material to metal demand

North America Internet Internet Traffic Trends Analysis: Positive Traffic & Engagement Trends for GOOGL, META, DASH, CVNA, & ABNB

China Auto Manufacturers: CPCA data—Jul EV domestic penetration surged to 65.1%; ICE NEV export at 42% 148% YoY

Global Luxury Goods: Luxury Pricing Tracker: limited July price increases, led by Louis Vuitton and Omega

Taiwan PCB & Laminates: CCL price hike not a concern; Buys on Gold Circuit and Tripod