Sunday Workaholics Weekly

研报英文原文证据摘录

Sunday Workaholics Weekly

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

05 July 2026

EE/MI

This weekly product is meant to streamline investors’ weekend work by providing the Electrical Equipment & Multi-

tools/dashboard to help prepare for the week ahead and any related Sunday meetings/ Industry

conference calls. In short, we hope this helps improve quality of life for those working Chigusa Katoku AC

on Sunday. (1-212) 622-0855

chigusa.katoku@jpmchase.com

• Data point of the week. In this week’s data point, we highlight key takeaways Piyush Khaitan

from MSM results as a read on short-cycle industrial trends, and a quick update (1-212) 622-0605

on HARDI sales for May and state of inventory, along with CDD trends as a read piyush.khaitan@jpmchase.com

through for HVAC OEMs. Starting with MSM, F3Q average daily sales grew J.P. Morgan Securities LLC

by 7.8% y/y, largely contributed by price, with volumes turning positive up

~0.5% across all customer types (F2Q/F1Q -4%/~flat). The industrial recovery

The authors wish to thank Chandreyee was characterized as being in the “third inning,” supported by five consecutive

months of BMI readings above 50 and positive IP readings across most top Sengupta, of the J.P. Morgan Global

manufacturing end markets, with 4/5 top end markets showing strong growth Research Center, for contributions to this

in F3Q, the sole exception being automotive, which itself turned positive report.

heading into June, with summer shutdown patterns changing significantly, a

positive indicator. For F4Q, management guided ADS growth of 6.5-8.5%,

with June daily sales expected to grow ~7%. F4Q price is expected in the 6.5-7%

range as the company begins lapping prior tariff-related pricing actions, which