Mitsubishi Electric; CH 15-FYP New Energy System Plan, Cathay Pacific, JP Equity Strategy; Impact of ¥370tr Growth Investment; Spec Ideas - Toyota, Daikin, HMS: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

研报英文原文证据摘录

Mitsubishi Electric; CH 15-FYP New Energy System Plan, Cathay Pacific, JP Equity Strategy; Impact of ¥370tr Growth Investment; Spec Ideas - Toyota, Daikin, HMS: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 June 2026

Mitsubishi Electric; CH 15-FYP New Energy System Plan, Cathay Pacific,

JP Equity Strategy; Impact of Y370tr Growth Investment; Spec Ideas -

Toyota, Daikin, HMS

Joann Kim

+852 2800 8016

joann.kim@jpmorgan.com

US Equities range bound with Mag7 -> Semis rotation, real yields pressure cyclicals and banks outperformed ; SPX -0.4%, SPW

+0.2%, NDX -0.2%, SOX +2.0%.Under the hood, Momentum +3.0% (1.8z) with Crowded Longs +1.6% vs Shorts -1.3%, notable

outperformance of consensus picks. Also notable Rates Sensitives factor +2.2% (1.9z) tracking real yields. Our Asia pad starting

the day as better to buy on relatively light volume with selling in KR/TW semis slowing down compared to last week and buying

in China Battery/AI infra plays.

Junya Ayada shares key takeaways from Mitsubishi Elec (6503) CEO/CFO meeting, where mgmt expressed confidence that

momentum will remain strong this fiscal year, driven by FA and optical semiconductors, with medium-term growth expected from

next-generation 800V DC-compatible power supplies and IT cooling systems for AIDC. While investors generally remain

constructive on the stock over the mid-to-long term, most recent questions center on what’s the incremental near-term catalyst;

some suggest it could be the power semi division and 2HFY26 orders related to 800V DC architecture.

Outside of of research, I was flagging trading opportunities within APAC Industrial & Auto: Toyota Motor, which trades at a