JPM | Industrial Strength Morning Messages: Calm before the (earnings) storm

研报英文原文证据摘录

JPM | Industrial Strength Morning Messages: Calm before the (earnings) storm

M. Asumendi: The European Automotive landscape has a longstanding tradition of automotive suppliers

and OEMs which are naturally very interested in participating in the Humanoid end market. The opportunity is not only

from the perspective of supplying components or manufacturing Humanoids but also integrating Humanoids in the

manufacturing or supply chain to reduce labour cost in high labor cost countries. We would mention the following

suppliers: Valeo, Schaeffler, Forvia, SKF, Aumovio, and Bosch with exposure to the humanoid space, whether through

manufacturing investments, supplying key components, or early-stage partnerships. This positions them to potentially

benefit as the humanoid robotics ecosystem evolves within the automotive sector. On the OEM side, notably Renault,

Mercedes-Benz, BMW, Audi, Volvo Cars, and Porsche are actively collaborating with robotics companies including

Wandercraft, Apptronik, Hexagon Robotics, Figure AI, Humanoid, Mimic Robotics, and Neura Robotics amongst other

companies. These engagements highlight the industry’s growing commitment to integrating humanoid and advanced

robotics technologies into both production and broader industrial applications.

Pan European Industrials Research

1. CRH Plc - 2Q26 Preview: Expect EBITDA +4% y/y (-1% vs Cons) with Likely Solid Materials Results Offset Partly by

Scope Headwinds in Building Solutions- Adrian E Huerta hereCRH reports 2Q results on Thursday, July 30th BMO. We

expect the company to witness solid results on its AM Materials and International Solutions business, with softer performance

from AM Building, which skews more towards residential demand. To this end, we think AM Materials likely witnessed