UK & European Research at a Glance - June 30, 2026

研报英文原文证据摘录

UK & European Research at a Glance - June 30, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Industry Comments

Dan Leonard (Analyst) Gene Therapy Sentiment Better than Headlines Suggest?

(212) 858-7065; dan.leonard@rbccm.com Implications for DHR, SRT3, LONN, OXB, etc.

Published June 29 2026 16:42:32 EDT

Our view: Our post-BIO expert call on gene therapy CDMO trends surfaced

a constructively bullish read on the AAV space, with more optimism than

we expected given the narrative around oversupply and CDMO closures. The

expert called out Danaher's (DHR) Aldevron as a beneficiary, important to the

growth rebound story underlying our Outperform rating. The RFP (Request-

For-Proposal) environment, while not characterized by splashy press releases, is

quietly growing when normalized for how capital is deployed today vs. the 2020

bubble era. Danaher (DHR) and Sartorius (SRT3) were named the usual suspects

in bioprocessing equipment, while Lonza (LONN), Thermo (TMO), Catalent (owned

by Novo) and Oxford Biomedica (OXB) were called out as key members of the

competitive landscape.

Sam Crittenden, P.Eng., CFA (Analyst) Industrial Metals Weekly

(416) 842-7886; sam.crittenden@rbccm.com Published June 29 2026 19:01:36 EDT

Copper equities underperforming

Our view: Copper equities sold off this past week alongside the underlying

commodity, but to a lesser extent. While copper prices fell 1.8% w/w, copper

equities dropped 10.9% w/w, our worst-performing tracked asset class of the week.

This leaves valuations looking cheaper (see pages 6-9). On inventory flows, Comex

hit an all-time high of 601kt (+12.0% w/w) as metal continues flowing into US

exchanges ahead of the Commerce Department's copper tariff recommendation

by June 30, while Shanghai tightened to 336kt (-4.5% w/w). In China, spot TC/RCs