Clean Energy & Power Infrastructure: Volatility Creates Entry Points; Top Picks into the 2Q Print Are GEV, INIO, MWH, and NXT

研报英文原文证据摘录

Clean Energy & Power Infrastructure: Volatility Creates Entry Points; Top Picks into the 2Q Print Are GEV, INIO, MWH, and NXT

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

21 July 2026

Clean Energy & Power

Infrastructure

Volatility Creates Entry Points; Top Picks into the 2Q

Print Are GEV, INIO, MWH, and NXT

Heading into the 2Q print, we expect generally positive updates from most Clean Energy, Power Infrastructure,

subsectors under coverage including gas turbines, recip engines, fuel cells, BESS, and Sustainable Investing

geothermal, and utility-scale solar. While our coverage has outperformed YTD (up Mark Strouse, CFA AC

20% vs SP500 up 10%), we believe the pullback over the past two months (down (1-212) 622-8244

14% vs SP500 up 1%) creates compelling entry points, particularly given broad- mark.w.strouse@jpmorgan.com

based order and pipeline momentum that we believe has largely continued into mid Michael G Fairbanks AC

2026 per discussions at our Natural Resources conference (see note). Our top picks (1-212) 622-4908

are Overweight-rated GEV, INIO, MWH, and NXT. Baseload power sources michael.fairbanks@jpmchase.com

remain most topical in our investor conversations with dynamic sentiment around Anna Zhu

(1-212) 622-0012

AI capex spending. Within solar, we expect continued industry consolidation as anna.zhu@jpmorgan.com

tier-1 developers/EPCs with strong margins and balance sheets grow inorganically J.P. Morgan Securities LLC

and organically as projects increase in size and complexity. Utility-scale solar and

storage remains our preferred exposure within renewables, and while we believe

that we have reached a bottom in US residential solar, we believe the shape of the All pricing as of intraday July 20, 2026,

recovery is still fairly underwhelming.