Both JPMorgan and Goldman Sachs confirmed that the AI-driven semiconductor upcycle is in its early stage, with overall revenue in 7 rising 129% year-on-year, including a 435% surge in memory chips due to HBM demand; TSMC's advanced node utilization exceeded 100%, and J.P. Morgan significantly raised its global WFE market growth forecasts for 2026-2028 to 31%, 38%, and 17%, with ASML's EPS in a bull case scenario standing 67.5% above consensus estimates for 2028.

Goldman Sachs noted that CoreWeave and Microsoft are expanding into the high-value AI technology stack through self-built data centers, proprietary chips, and platform software such as Omni to alleviate GPU supply bottlenecks, while Bank of America is deploying AI using a three-tier subscription model to control costs, and enterprise software companies such as MongoDB, Unity, Shopify, and BILL are turning AI agents into substantial incremental revenue engines.

JPMorgan and Morgan Stanley noted that China exhibits a structural divergence with upstream PPI accelerating to 3.8% while downstream CPI stands at only 0.8%, alongside extremely weak retail sales and slow fiscal execution; meanwhile, Morgan Stanley emphasized that Middle East production cuts and Chinese safety inspection-related output restrictions have led to structural shortages of aluminum and coking coal, while JPMorgan observed that China's lithium market turned into the tightest supply-demand gap of the year in 8 as ESS battery shipments surged 96% year-to-date.

JPMorgan believes the Rules on Pricing Conduct of Internet Platforms will end destructive subsidy wars, shifting the competitive focus of Alibaba, JD.com, and Vipshop toward CMR monetization, logistics service quality, and shareholder returns; meanwhile, J.P. Morgan noted that CATL's domestic market share still rose to 48% amid the multi-sourcing trend, while PDD was given a Neutral rating due to its domestic OMS growth slowing to 3% and Temu facing EU scrutiny.

Morgan Stanley expects industrial 5.0 to unlock 12 trillion dollars in incremental capital expenditure for China over the next decade and raise potential GDP by 3.5%; Goldman Sachs raised its 2035 global humanoid robot shipment forecast to 650 ten thousand units, thereby dominating harmonic reducer demand; meanwhile, Aurora's autonomous truck Gen 2 hardware costs have halved, with plans to fully transition to a DaaS per-mile charging model in 2027.

Morgan Stanley noted that new refining demand far exceeds capacity expansion and effective tanker capacity is constrained by fleet aging, forming mutually reinforcing structural supply bottlenecks; accordingly, Goldman Sachs raised its Brent and TTF price assumptions and upgraded Harbour Energy to Buy, while in Asia-Pacific credit markets it favors the carry opportunities in high-yield perpetual bonds of Hysan and Genting Berhad.

Goldman Sachs emphasized that AT&T's fiber broadband and wireless convergence strategy is delivering record new accounts, tower companies view AI edge computing as a multi-year leasing catalyst, while Live Nation's premium experiential consumption, Spotify's low-churn pricing power, and Disney streaming's 13% margin demonstrate the strong monetization potential of entertainment and communications infrastructure.

SWS Research noted that A-share listed brokerages' greater wealth management revenue rose 51.7% year-on-year in the first half, with top-tier concentration continuing to increase; Goldman Sachs observed a recovery in China's medical equipment tender values, with United Imaging's and Mindray's overseas revenues surging 54.5% and more than 20% respectively; meanwhile, Nomura warned that the quarterly goods deficit between China and Europe exceeding one hundred billion euros is prompting the EU to accelerate anti-dumping and public procurement defense tools.