Broker Research: Sector, Macro and Strategy Notes

Morgan Stanley·2026-11-06Strategy

High-quality balance sheets and free cash flow·OverweightLiquidity-sensitive speculative exposure·UnderweightS&P 500 target: Year-end target retained2026 year-end

Morgan Stanley·2026-11-05Sector

002709.SZ002812.SZ300014.SZ300750.SZBattery separators·OverweightCATL A shares·OverweightEVE Energy·OverweightGlobal battery demand growth: EV plus ESS2027E

Morgan Stanley·2026-11-05Sector

AMT.USCCI.USECHO QCOMSBAC.USSPCX TMUS T VZ

Morgan Stanley·2026-11-05Sector

3037.TW8046.TWAMDATS.VIMRVLABF substrates·OverweightGreater China technology hardware·Neutral

Morgan Stanley·2026-11-04Macro

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

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

Morgan Stanley·2026-11-04Sector

China industrial automation·Neutral

Morgan Stanley·2026-11-04Thematic

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

Morgan Stanley·2026-11-03Thematic

Morgan Stanley·2026-11-03Sector

European staples·NeutralStaples commodity cost inflation: Constant-spot/hedging model2027EHPC commodity inflation: Constant-spot/hedging model2027EFood commodity inflation: Constant-spot/hedging model2027E

Morgan Stanley·2026-11-03Sector

CRWD CSCO PANWCybersecurity automation·Overweight

Morgan Stanley·2026-11-03Sector

AMZN DDOG GOOGL MDB MSFT SNOWUS infrastructure software·Overweight

Morgan Stanley·2026-11-02Thematic

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

Morgan Stanley·2026-11-02Sector

BMY.USGILD JNJ MRK VRTX

Morgan Stanley·2026-11-02Sector

1030.HK1109.HK601155.SHChina property·NeutralChina secondary home prices (100 cities): fallingOct 2026

Morgan Stanley·2026-11-02Strategy

Morgan Stanley·2026-11-02Credit

ORCL AMZN DELLOracle 5Y CDS·UnderweightORCL 5.2% 2035 bonds·Underweight

Morgan Stanley·2026-11-02Macro

US consumer sentiment (net): improvedOct 2026

Morgan Stanley·2026-11-02Sector

000776.SZ1776.HK3908.HKChina brokers·Overweight

Morgan Stanley·2026-11-02Strategy

000001.SZ300750.SZ300760.SZ600019.SH600741.SH601318.SH601838.SHHigh-yield OW CSI300 buyback candidates·Overweight

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

US Equity Strategy November 6, 2026 Strategy Data Pack

China - Batteries and Components - Asia Pacific Flows Back; Fundamentals Not Bad

SpaceX Signs Deal w Qualcomm for Radio Equipment; Implications for Telcos & Towers

Greater China Technology Hardware ABF Substrates – Implications of AT&S' 2QF26 27 Results

US Public Policy Midterm Election Results Decisive for Democrats

Asia Powering AI US Mid-term Implications for AP

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

Powered Shell Providers Midterm Implications for the Time to Power Stocks

Assessing AI Risk in Loans

Commodity Cost Tracker–October 2026

Takeaways From MS IT Conversation – Cybersecurity In The Age of AI: Security Operations Center Evolution

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

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

Biopharma: A picture is worth a thousand words

China Property - Asia Pacific Faster Price Declines, Mixed Leading Indicators in October

China Equity Strateg: China Five-factor Consumer Activity Z-Score vs.MSCI China

ORCL Credit: The Bonds Have Cleared, The Clouds Have Not

Thematic Alpha: US Consumer Pulse Survey: Consumer Sentiment Edges Up, AI Usage Hits New Highs

China Financials Asia Pacific Upcoming PBOC Liquidity Support Has Lifted Broker Shares

China Market-Wise: National Team Stepping Up-Implications