J.P. Morgan U.S. FTM 13 Jul 26: Global Data Watch; US Retailing & Leisure; DG; Consumer Finance 2Q26 Preview; Insurance Brokers 2Q26 Preview; Machinery/Waste Services; SMid Cap Industrials and More. Mon Jul 13 2026

研报英文原文证据摘录

J.P. Morgan U.S. FTM 13 Jul 26: Global Data Watch; US Retailing & Leisure; DG; Consumer Finance 2Q26 Preview; Insurance Brokers 2Q26 Preview; Machinery/Waste Services; SMid Cap Industrials and More. Mon Jul 13 2026

Ken Goldman AC North America Equity Research

(1-212) 622-0359 13 July 2026 J P M O R G A N

ken.goldman@jpmorgan.com

Insurance Brokers 2Q26 Preview (Pablo S. Singzon)

Exercise Caution Chasing the Laggards

With P&C brokerage stocks showing signs of life in late 2Q26 as the broader market rotated into financials, we continue to like

AON (Overweight) and MRSH (Overweight). On the other hand, we remain cautious on RYAN (Underweight), which is trading

above where it was before it reduced forward expectations with 1Q26 results. In personal lines, we prefer TWFG over GSHD

(both Neutral).

AFL | CW | Machinery/Waste Services (Tami Zakaria, CFA)

2Q26 Preview: Guidance Update Season

Ahead of the 2Q26 earnings season, our view remains favorable for our cyclical coverage (similar to our view at the

start of the year); the expected volume acceleration in 2H for waste names, however, could be elusive. On the positive

side, tariff burdens lessened for some Ag and Construction OEMs under S232; we expect some OEMs to report sizeable

IEEPA tariff refunds in the quarter (similar to DE and CMI last quarter), but we have not incorporated these in our updated

models considering the one-time nature.

AFL | | SMid Cap Industrials (Tomohiko Sano)

2Q Preview: Charged and Automated: Favoring Automation & Power, Cautious on Building Products

SMid Cap Industrials represents a compelling space for investors, offering exposure to secular megatrends like AI, safety,

automation, electrification, and infrastructure renewal. The sector is undergoing a cultural and strategic transformation, with