European Capital Goods Feedback from Asia Marketing + JPM China Summit read across to our EU coverage

研报英文原文证据摘录

European Capital Goods Feedback from Asia Marketing + JPM China Summit read across to our EU coverage

J P M O R G A N Europe Equity Research

28 May 2026

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European Capital Goods

Feedback from Asia Marketing + JPM China Summit

read across to our EU coverage

We were marketing in Asia last week (Tokyo, Singapore, Hong Kong, Shanghai) European Capital Goods

ACand capped off the week at the JP Morgan China Summit. There were three primary Phil Buller

topics of debate during our marketing meetings: the AI/Data Center trade, China (44-20) 3493-9403

Factory Automation recovery and "everything else." On AI/DC, investors were phil.buller@jpmorgan.com

evidently more bullish on the duration component of the theme than their Akash Gupta

European-based counterparts, but were somewhat cautious on the near-term (44-20) 7742-7978

crowding / valuation levels of associated Asian and US equities. We enjoyed a lot akash.z.gupta@jpmorgan.com

of reverse-broking on the merits and strengths of several Asian players involved Chitrita C Sinha

in gas turbines, transmission equipment and solid state transformers, for example, (44-20) 7742-7176

chitrita.sinha@jpmorgan.com

but investors were ultimately attracted to the relative valuation levels of the

Jeremy CasparEuropean electricals (see Figures 2 & 3). We also come away incrementally more

(44-20) 3493-5188

bullish on the outlook for Factory Automation (FA) in China (with a number of jeremy.caspar@jpmorgan.com