Goldman Sachs maintained its MXAPJ 12-month target at 1,120 (implying 27% upside), believing valuations at historical lows provide a margin of safety, but Middle East tensions pushed Brent to a four-month high, which, combined with weekly foreign capital outflows of US$3.3bn from Asian emerging markets excluding China and elevated US Treasury yields, is pressuring near-term liquidity and earnings.

Goldman Sachs expects monthly net issuance of central and local government bonds from 9 to 10 to reach 1% of GDP; regression analysis shows supply has the greatest impact on the short end (exhibiting bear-flattening characteristics), but with repo rates anchored, weak domestic demand and low inflation expectations, long-end rates will remain structurally lower over the long term.

Morgan Stanley expects China's AI capex to reach Rmb8.5tr over 2026-30; based on this, Goldman Sachs is bullish on TDK's aluminum electrolytic capacitor capacity expansion, Samsung Electro-Mechanics' pricing power amid MLCC/ABF supply tightness, and upward revisions to Ruijie's white-box switch shipments, while Nomura emphasized that 1.6T optical modules have become mainstream but high-end component yields are the core bottleneck; however, SG Micro and Ruijie were both kept at Neutral by Goldman Sachs as their valuations are fully priced in.

Bernstein believes that if frontier model training slows, demand will shift from rural areas to Tier 1/2 metro areas, benefiting operators with high metro concentration such as Equinix and Digital Realty while hurting CoreWeave; meanwhile, AI construction bottlenecks are shifting toward MEP labor shortages, with modular penetration expected to rise to nearly 60% by 2030, and Schneider and Vertiv, as integrated electrical OEMs, will capture incremental market share.

Goldman Sachs noted that the third batch of investment projects under the Japan-US tariff agreement may focus on SMRs, with Japan Steel Works becoming a key beneficiary thanks to its large-scale forging capabilities, and IHI also positioning itself in the supply chain through investment in NuScale; Bernstein maintained its Outperform rating on Cameco, believing a potential Westinghouse IPO and the US government-backed AP1000 project pipeline constitute catalysts, but warned of execution delays and dilution risk from government participation rights.

Bernstein believes power networks are the most visible growth engine for European utilities, with data centers, EVs and electrification driving incremental demand; existing plans by Iberdrola, Endesa and EDP may be conservative with room for upward revision, but net debt could increase by about €250bn by 2030, and high interest rates are suppressing equity valuations, while specialized equipment such as HVDC still faces procurement constraints.

Bernstein attributed the current rise in copper prices to COMEX hoarding driven by US tariff expectations (inventories rising to about 700kt) rather than fundamental tightness; under its base case it estimates a fair copper price of about $11,125/t and maintained Market-Perform ratings on Freeport-McMoRan and Antofagasta, but if a 15% tariff is imposed, copper prices could rise above $15,000/t.

Bernstein's tracking shows Hermes core handbag resale premiums stable at about 1.4x, but Greater China trends are weaker than Europe and the US; Mercedes-Benz is optimizing utilization through low-cost capacity expansion in Hungary, Volkswagen is advancing layoffs and restructuring, and Volvo plans to deploy autonomous trucks in 2027; concessions in the Senate CLARITY Act revised draft may raise the probability of crypto legislation passing; Goldman Sachs is bullish on a transport cycle recovery over the medium to long term, with logistics names such as EXPD and UPS benefiting from trade volatility and supply chain adjustments.