Capital Goods Today

Research evidence excerpt

Capital Goods Today

J P M O R G A N Europe Equity Research

10 July 2026

Research Highlights European Capital Goods

Phil Buller AC

• European Capital Goods: The Nuts & Bolts: July 2026 Chartbook. See Full (44-20) 3493-9403

Note phil.buller@jpmorgan.com

J.P. Morgan Securities plc

News Highlights Akash Gupta AC

(44-20) 7742-7978

akash.z.gupta@jpmorgan.com

• Siemens (OW/AFL) and FuelCell Energy have announced a collaboration to J.P. Morgan Securities plc

accelerate the growth of fuel cell-based power generation. Siemens will design AC Chitrita C Sinha

and supply electrical balance of plant (EBOP) systems for fuel cell installations, (44-20) 7742-7176

supporting the rapid deployment of 100+ MW commercial projects. chitrita.sinha@jpmorgan.com

• China Renewables: Bloomberg reported that China published its five-year Jeremy Caspar

climate plan until 2030, which plans to integrate its renewable power fleet into

(44-20) 3493-5188

factories, data centres and transport. The core climate targets are the same as jeremy.caspar@jpmorgan.com

those China published in its broader five-year plan in March. J.P. Morgan Securities plc

Ram S Mehta

Global Highlights (91-22) 6157-3233

ram.mehta@jpmchase.com

• Volkswagen (N): Strategic Plan Key Takeaways. EU Construction: PMIs J.P. Morgan India Private Limited

Declined Sequentially MoM. SMid Cap Industrials: The Implications of

Specialist Sales contact details:

800V DC Data Centre Architecture on Our Power Infrastructure Coverage.

UK Housing Pulse: July Edition – Focus on political change, risk of Sam Edmunds - Specialist Sales -

European Industrials

uncertainty weighing on the market. Sustainable Research: The Long View: (44-20) 7742-8733

Responsible AI: The Brussels Effect, When the EU AI Act Becomes the sam.edmunds@jpmorgan.com