U.S. SMID FIRST TO MARKET

研报英文原文证据摘录

U.S. SMID FIRST TO MARKET

North America Equity Research

U.S. SMID First to Market 20 July 2026

Top Stories

Global Data Watch (Bruce Kasman)

The ins and outs of a cyclical lift

• Cyclical lift speaking loudly and calls for earlier rate hikes

• China 2Q disappoints but bounce back expected; Imbalances unchecked

• Policy and regulatory reform could spark Latam capex revival

• Next week: DM flash Jul PMI; ECB hld; CBRT ease; BI, SARB +25bp

US Equity Strategy (Dubravko Lakos-Bujas/Bhupinder Singh)

Hyperscalers vs. AI Hardware, AI Capex & Monetization, Momentum Unwind, 2Q Earnings

The AI cycle remains intact. The key theme this reporting season remains centered on the hyperscaler capex guide,

but with a greater focus on more tangible evidence of monetization. This includes incremental use cases such as Meta’s

move to sell excess AI compute capacity. Additionally, the potential implications of the Anthropic Mythos development suggest

that security concerns could accelerate the timeline for moving workloads onto cloud-based platforms across both the private

and increasingly the public sector, creating another long-term tailwind for cloud providers, data centers, semiconductors, and

enterprise software (see Frontier AI Escalates Security Costs ) .

Init | Enpro Inc. (Tomohiko Sano) (NPO, OW, PT $420.00)

Seals, Chips & Compounding Value: The Enpro 3.0 Story: Initiating at Overweight with YE27 PT of

$420

We are initiating coverage of Enpro Inc. (NPO) with an Overweight rating and a YE27 $420 price target, representing ~30%

upside potential from current levels. Enpro is an industrial technology company specializing in sealing solutions and advanced

surface technologies across a multitude of end markets. Our Technetics (Columbia) site visit reinforced our conviction in