Yingliu: Customer Updates, ESS; May YoY >100%, JPM EU Industrial Conf Key Takeaways

研报英文原文证据摘录

Yingliu: Customer Updates, ESS; May YoY >100%, JPM EU Industrial Conf Key Takeaways

momentum is

accelerating, translating into real orders, and data center demand is clearly ramping, especially in the US. The transition to

800V DC architecture is a key theme, with companies well positioned to benefit. Industrial automation is recovering, led

by China, while process automation and Middle East rebuilds add further opportunity. Construction recovery is still elusive,

likely a 2027 story, but mining outlook is positive, supported by copper and gold demand.

• We are incrementally more bullish on Siemens Energy, Legrand, Schneider, and ABB, and see robust medium-term

prospects for mining equipment companies. Overall, the sector is benefiting from structural tailwinds in electrification,

automation, and data center infrastructure, with the Middle East reconstruction opportunity adding further upside.

• Asian Investor Feedback: Investor interest was mostly back on key AI industrial names during the market rebound, with

some appetite to broaden out trades but conviction levels remain low. While the focus is still on key AI industries, much of the

attention is on the potential for US AIDC buildout delays and debate over possible oversupply in behind-the-meter power if

grid capacity growth accelerates. Within non-AI industrials, investors are concentrating on names with strong earnings

visibility and reasonable valuation, however, interest level remains low —Most non-AI names in dicussion are Korean

Defense on a pullback (Hanwha Aerospace), KSOE (parent of Hyundai Heavy Industries, offering strong earnings visibility

and AIDC exposure via HHI at a reasonable valuation with value-up potential) for LO/Hanwha Ocean for HF into Canada