Barclays noted that China's PMI in 8 improved modestly but remained in contraction, with strong exports but weak domestic demand; JPMorgan and Morgan Stanley warned that existing-home sales reform and new pre-sale regulations will severely hit developers' cash flows and IRR, while Goldman Sachs data showed that second-hand home transaction volumes have recently recovered but prices are still bottoming out, and Barclays' field research also indicated that luxury and mass consumption deteriorated significantly over the summer.

Morgan Stanley expects hyperscalers' data center capex in 2027 to reach USD 1.5 trillion, with custom ASIC share rising to 66%, and argues that APAC AI trades should expand to the application layer while retaining exposure to core enablers; Goldman Sachs significantly raised the optical transceiver TAM to USD 1480 billion by 2028 and is positive on Innolight's silicon photonics penetration; Bernstein highlighted surging demand for Soitec's photonic SOI and MRDIMM solving the memory wall problem, while Goldman Sachs cautioned that MetaX C600 mass production ramp-up still requires time.

JPMorgan favors the Biotech, CXO, and AIDD sub-sectors, noting that innovative drug out-licensing reached USD 1100 billion and CXO orders are accelerating across the board; Goldman Sachs confirmed that the CRO/CDMO recovery is sustainable and multiple leaders have significantly raised guidance, but Bernstein cautioned that CSPC faces generic drug pressure and TG103's weight-loss efficacy ranks at the lower end among peers.

JPMorgan maintains an overweight on global equities and favors non-US and emerging markets; Nomura noted that A-share net profit growth in 2Q26 hit a 2021-year high but was highly concentrated in tech and finance; Morgan Stanley lowered China index targets due to weakening liquidity and prefers A-shares, while Goldman Sachs underweights credit in cross-asset allocation and favors gold's safe-haven value.

Goldman Sachs raised its Brent forecast to USD 85 reflecting continued Middle East shipping disruptions, but estimates fair value at only USD 79; Bernstein believes oil prices will trend toward the USD 75 marginal cost in the long run, though short-term crack spreads are extremely high; Deutsche Bank warned that agricultural products face upside tail risks from the combined effects of El Niño and trade restrictions, while Morgan Stanley is positive on Asian refining margins remaining elevated through 2028.

Morgan Stanley noted that new private equity fund regulations raising thresholds will accelerate share concentration among large institutions; JPMorgan and Goldman Sachs analyzed that Ministry of Finance capital injections into state-owned insurers and major banks improve solvency but cause EPS dilution, while Goldman Sachs is also bearish on Industrial Bank due to retail credit cost pressure.

Goldman Sachs and Nomura are positive on BYD's overseas expansion and second-generation blade battery capacity release driving profit growth, and noted strong locked orders for Xiaomi's SkyNomad EREV; Bernstein warned that European Tier 1 suppliers face Chinese competition and margin compression, but is positive on strong warehouse automation orders and Volkswagen's restructuring plan.

Goldman Sachs noted that China's dairy sector is recovering but beer is weak, cosmetics' online margins are eroded by promotions while offline shows resilience, and Nestlé is expected to repair margins via cost deflation; Bernstein believes ERP is evolving into AI-driven execution platforms, opening a supercycle, while Goldman Sachs is also positive on a 2026 volume recovery in transportation and rating agencies benefiting from AI bond issuance.