Tomakase: SMid Cap Industrials Season‘s Best in 2Q26 and Potential Catalysts into 3Q26

研报英文原文证据摘录

Tomakase: SMid Cap Industrials Season‘s Best in 2Q26 and Potential Catalysts into 3Q26

J P M O R G A N North America Equity Research

01 July 2026

Tomakase

SMid Cap Industrials Season’s Best in 2Q26 and

Potential Catalysts into 3Q26

Tomakase means Tomo’s Omakase, “I will leave it to you” in Japanese, and this North America Small and Mid Cap

quarterly report is our chef’s tasting for investors. Like a chef who serves Industrials

ingredients at peak season, this second course curates our highest conviction Tomohiko Sano AC

insights from 2Q26 and organizes the key developments across our coverage with (1-212) 622-1099

a practical lens on catalysts into 3Q26. This issue highlights six recent initiations, tomohiko.sano@jpmorgan.com

our latest thematic work across automation, humanoids, management alignment, Brendan Shea, CFA

and safety, and the proof points investors should demand following 2Q Investor (1-212) 622-0770

Days. We close with a book it list of upcoming factory tours and industry events brendan.shea@jpmorgan.com

to help validate backlog, execution, and end market demand. Ethan Coyle

(1-212) 270-0613

• New Plates: Six Fresh Initiations Served: This Tomakase spotlights six ethan.coyle@jpmchase.comJ.P. Morgan Securities LLC

recent initiations: Bel Fuse, ESCO Technologies, Hammond Power Solutions,

Matson, NWPX Infrastructure, and Powell Industries. Across the group, the

shared essence is exposure to durable demand pockets such as data center The authors wish to thank Rakshit Jain,

buildouts, aerospace and defense ramps, grid and electrification investment, of the J.P. Morgan Global Research

and broader infrastructure spend, where visibility is supported by backlog and Center, for contributions to this report.

embedded program content.