Equity Thematic Strategy Security and Resiliency Investing

研报英文原文证据摘录

Equity Thematic Strategy Security and Resiliency Investing

J P M O R G A N Global Markets Strategy

15 May 2026

Equity Thematic Strategy

Security and Resiliency Investing

For decades, global capital allocation prioritized economic efficiency. Firms Global Equity Strategy

ACoptimized cross-border supply chains, sourcing inputs from the lowest-cost Dubravko Lakos-Bujas

producers and concentrating manufacturing to improve margins. However, a (1-212) 622-3601

recent series of supply chain crises (e.g. Covid, Russia/Ukraine, Liberation Day dubravko.lakos-bujas@jpmorgan.com

tariffs/export controls, Iran tensions) expose the vulnerability of this guiding Bhupinder Singh AC

principle especially given pressure from accelerating economic competition and (1-212) 622-9812

geopolitical fragmentation (see Report). In our view, a structural reorganization bhupinder.singh@jpmorgan.com

is underway in US public and private investment from efficiency-first Kamal Tamboli AC

towards building greater national and economic security, resiliency and (1-212) 622-5794

kamal.r.tamboli@jpmorgan.com

reliability. This shift towards the Security and Resiliency theme is likely to be one

Jahangir Azizof the more durable thematic dispersion catalysts across equities since the passage

(1-212) 834-4328

of the IRA/CHIPS/IIJA Acts in 2021-22 (see Report). Given the level of catch-up jahangir.x.aziz@jpmorgan.com

required across key segments such as Defense, Critical Minerals, Security/ J.P. Morgan Securities LLC

Cyber and Advanced Manufacturing, investor demand for Security and

Resiliency theme will likely ramp-up aggressively. Based on investor

discussions, we are not only observing rising interest in this theme but are seeing We thank Soham Kabra of J.P. Morgan