Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-11-06Sector

002472.SZ002484.SZ002518.SZ002837.SZ2050.HK300124.SZ600885.SHIndustrial automation and robotics·OverweightData-center electricals·OverweightGrid technology·NeutralChina industrial automation market growth: Modest recovery2027EChina grid investment growth: Slows from 2026E 8%2027E

Morgan Stanley·2026-11-06Sector

2454.TW6531.TWSMIC2330.TW3443.TWGreater China semiconductors·OverweightMediaTek·Top pickAP Memory·Top pickAI semiconductor TAM: Estimate2027eCloud AI semiconductor TAM (bull case): Supply-chain driven assumption2027eCloud capex of top 14 listed CSPs: Growth slows to about 12% in 20282028eUS cloud capex growth: Year-over-year increase3Q26

Goldman Sachs·2026-11-05Sector

5803.T6501.T6503.T6504.T6622.T

Bernstein·2026-11-05Sector

SKHYNIX SMSN KIOXIA CXMT MU SNDKMemory·OverweightConventional DRAM contract prices: Expected sequential increase based on October contracts.2026-Q4NAND contract prices: Enterprise SSD mix offsets weak wafers.2026-Q4

Morgan Stanley·2026-11-05Sector

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

Nomura·2026-11-05Sector

Global new data-center capacity delayed: Base case policy-delay estimatethrough 2028Global new data-center capacity delayed: Bear case policy-delay estimatethrough 2028

Goldman Sachs·2026-11-05Sector

000333.SZ0300.HK300866.SZ688169.SH

Morgan Stanley·2026-11-05Sector

AMT.USCCI.USECHO QCOMSBAC.USSPCX TMUS T VZ

J.P. Morgan·2026-11-05Sector

002821.SZ300759.SZ3759.HK6821.HK

Morgan Stanley·2026-11-05Sector

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

Bernstein·2026-11-05Sector

BRBY.LCFR.SWRichemont·Top pick

Bernstein·2026-11-05Sector

GEELY BYD XIAOMIChina domestic passenger demand: Forecast down approximately 20%2026E

Bernstein·2026-11-05Sector

DG.USDLTR.USTGT.USWMT

Bernstein·2026-11-05Sector

006400.KS300750.SZ373220.KSCATLGlobal xEV sales growth: September actualSep-2026Global EV penetration: Forecast2026EEV battery demand growth: Full-year target2026E

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

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

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

Morgan Stanley·2026-11-04Sector

China industrial automation·Neutral

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

CHINA INDUSTRIAL TECH 2027 Outlook-Valuation reset; prefer AI robotics, DC Electricals vs. Grid Tech

Greater China Semiconductors: AI Semi Supply Chain – What are the key risks?

Japan Technology_ Hardware - Industrial Electronics_ Google announces DC investment in Malaysia_ Focus on orders at coverage

Global Memory: MEMORY TRACKER (Oct): Conventional DRAM price up high single digit%& NAND up mid teens% in 4QCY26

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

Global Memory: US mid-term election impact: options for big tech and memory

Midea-Anker-Roborock

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

China CDMO Entering a New Phase of Development; Initiate on Pharmaron-A-H at N-OW, Asymchem-A-H at N-OW

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

Global Luxury Goods-Luxury Asia Pulse 3Q26: Jewellery Resilience Points to Richemont Upside

Asian Autos: Chinese Autos: Peak pessimism? Nearing the trough;Xiaomi Q3 preview

US Retailing Broadlines & Hardlines US Retail Price Monitor: Pricing returns; Walmart holds its lead (largely)

Global Energy Storage: EV TRACKER-September 2026: China and US slowdown weighs on global EV sales

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

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.)

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

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