Wolfe Industrial Weekly #961

研报英文原文证据摘录

Wolfe Industrial Weekly #961

Electrical Equipment & Multi-Industry

Distributors - Market Underweight

Industrial Technology - Market Weight

Multi-Industry - Market Weight

Wolfe Industrial Weekly #961 June 29, 2026

MSM 3Q26 EPS Preview & Sentiment Pulse Check Exhibit 1 - EE/MI

Performance for Week

Ended Jun 26The Wolfe Byte

HAYW 9.9%

VLTO 6.8%

6.6%We see a small beat from MSM with scope for both 4Q26 price and volume ZBRASWK 6.0%

LII 5.9%

XYL 4.5%

IR 4.4%

PNR 2.8%guidance to surprise Street to the upside - recent share price momentum tells us GTES 2.5%

CARR 2.5%

MMM 2.1%

1.9%that this has now become discounted. We would expect upcoming PMI releases NDSNPH 1.6%

HON 1.4%

ITW 1.4%

1.1%to remain pro-cyclical. DOVFTV 0.7%

EE/MI Median 0.6%

ROK 0.6%

GGG 0.5%

AME 0.0%

OTIS -0.1%

VNT -1.0%

TT -1.1%

HUBB -1.3%

MAIR -1.4%Our EE/MI and Distributor coverage ended last week up +0.6% and flat, ITT -1.9%

S&P 500 -2.0%

RRX -3.1%

JCI -4.4%

ETN -4.5%respectively, compared to the S&P500 declining -2%. AI/Electrical names have SPXC -4.6%

EMR -4.8%

GEV -5.8%

-8.0%whipsawed in recent weeks - in-line with the outsized volatility seen across several NVTVRT -8.7%

FPS -13.1%

-15% -10% -5% 0% 5% 10% 15%Tech subsectors. This week, FPS (-13.1%), VRT (-8.7%), NVT (-8.0%) and GEV

(-5.8%) significantly underperformed. Elsewhere, persistent YTD underperformers Source: Wolfe Research, FactSet Exhibit 2 - US Cap Goods

- HAYW (+9.9%), VLTO (+6.8%), ZBRA (+6.6%), and SWK (+6.0%) - led to the Subsector Performance

upside; Short Cycle and HVAC names were generally positive following the sharp for Week Ended Jun 26

Flow 3.4%move lower in crude oil prices. For the Distis, FAST (+2.6%), WSO (+2.4%), and

CNM (+1.2%) outperformed, while WCC (-4.9%) declined alongside its EE peers. See TransportsMachinery 3.1%3.2%