Morgan Stanley believes AI capital expenditure has not entered the overinvestment zone, with spending by the five major cloud providers expected to reach USD 1.23 trillion in 2027, and it uses the 2026-27 WFE bull case scenario as its base case, expecting total DRAM WFE to exceed USD 1200 billion; JPMorgan positions AI as a multi-layered hardware investment cycle, expecting total AI chips to increase to 1698.7 million units by 2027E, benefiting Japanese tech companies such as Sony Group, Hitachi, and Mitsubishi Electric, but deployment ahead of monetization has led to downward revisions in free cash flow forecasts.

Both Nomura and Goldman Sachs confirmed that Sany Heavy Industry's 1H26 overseas revenue grew by more than 21%, driven by share gains in Southeast Asia, Western Europe, and Africa, with cost reductions contributing about 2 percentage points of gross margin improvement; however, Nomura cut its net profit forecast in the short term due to FX headwinds, while Goldman Sachs believes the stock price has been fully re-rated and maintains Neutral. Meanwhile, Goldman Sachs noted that Zhejiang Dingli's European revenue rose 20% and it is preparing local U.S. capacity, whereas Jinjiang Hotels' RevPAR turned negative, underperforming peers with lagging expansion, prompting Goldman Sachs to maintain its Sell rating.

JPMorgan notes that the U.S. executive order explicitly covers grid equipment of 69kV and above as well as energy storage inverters, with more than 90% of U.S.-bound exports from one large Chinese transformer manufacturer facing high risk; orders are being reviewed or delayed but not yet canceled on a large scale, and if restricted, Korea's LS Electric and others would benefit. Morgan Stanley expects the U.S.-China summit in 9 to only confirm controlled stability, with the real test coming in 11 when multiple exemptions expire simultaneously, and China's rare earth controls have already caused U.S. yttrium imports to fall 70%.

Bank of America expects a global copper market deficit of 397kt in 2026; since 2Q25, anomalous U.S. imports have stored over 1.2Mt of refined copper, forming a warehouse financing equilibrium that has intensified spot tightness outside the LME. Although China's apparent demand has risen only 2.4% year-to-date and fixed asset investment has declined, State Grid's approximately RMB 4tn investment in 2026-30 will shift demand from real estate toward electrification, supporting an LME copper price forecast of US$13,331/t in 2026.

Goldman Sachs raised its TAIEX target to 54,000 points based on accelerating earnings revisions, as listed companies' 7-month revenue rose 50% year-on-year with 49% beating expectations, though foreign investors were net sellers of USD 26 billion in tech stocks and valuations are elevated. The bank also maintained its Buy rating on Anji Micro (implying 139.5% upside), believing AI-driven advanced logic and memory demand will increase usage of materials such as CMP slurries, and is positive on ASMPT's MEGA platform for cross-cycle potential in photonic packaging as well as FitTech's expansion into optical network equipment testing.

JPMorgan notes that Chinese regional banks' average NII in 2Q26 rose 15% year-on-year and net profit rose 8%, but retail credit contracted and the retail NPL ratio climbed to 1.71%; Bank of Ningbo and Bank of Nanjing are top picks due to differentiated performance, while Bank of Shanghai and Bank of Beijing face asset quality or fundamental pressures. Meanwhile, Hong Kong banks' average earnings in 1H26 rose 33% year-on-year and loan growth recovered to 7.7%, with JPMorgan preferring Standard Chartered over HSBC and BOCHK.

Bernstein data shows China's 7-month ESS shipments hit a record 105.5GWh with capacity utilization as high as 96%; CATL maintains an absolute lead but faces capacity constraints, while Korean battery makers saw installations plunge due to weak U.S. EV demand. Goldman Sachs noted Zenergy's power battery shipments rose 66% with explosive ESS growth, and full production at new capacity is expected to repair margins. Meanwhile, global xEV sales have risen only 5% year-to-date, with BEVs' increasing share driving battery demand up 17% and LFP's global share expanding to 52%.

Goldman Sachs put forward a thesis of an electricity demand-driven earnings super-cycle for European utilities, expecting EPS to grow an average of 8% annually in 2026-30; Bernstein demonstrated that 57% of billion-dollar consumer brands achieved share growth over the past decade; Nomura noted divergent U.S. sales among Indian pharmaceutical companies, with gBosulif's exclusivity period bringing a high-margin window; Citigroup expects the iPhone 18 series' introduction of foldables to raise unit value, benefiting suppliers such as Lens Technology; UBS noted Arashi Vision swung to a loss in 2Q26 due to chip costs and DJI competition, cutting its target price to Rmb124; Goldman Sachs cut NIO's target price due to 3Q guidance below expectations but maintained Buy; Morgan Stanley maintained Underweight on Netcompany and Temenos; Goldman Sachs maintained its Sell rating on MTR Corp due to weak local ridership and massive future capital expenditure.