在具体推荐标的方面，摩根士丹利对13只个股给出积极展望： argenx SE(ARGX.US)因研发管线价值被低估获关注，目标价700美元。 Atlassian(TEAM.US)凭借持续20%以上营收增长潜力及利润率扩张预期，目标价320美元。 Chewy(CHWY.US)受益于营销与产品优化，预计收入维持或超越一季度水平，目标价50美元。 点击蓝字，关注我们 摩根士丹利策略团队重点关注15只具备短期催化潜力的个股，并指出标普500指数第二季度 盈利增长或超预期。 摩根士丹利策略团队近日发布研究报告，重点关注15只具备短期催化潜力的个股，并指出标普500 指数第二季度盈利增长或超预期。 以米歇尔·韦弗为首的策略团队分析称，当前市场普遍预期标普500指数二季度每股收益同比增长 5%，营收增长超4%，但实际增长可能更强劲。科技七巨头净利润预计同比增长14%，而其余493 家成分股则可能下滑3%。 尽管4月至5月期间分析师曾下调每股收益预期，但盈利修正幅度已从-25%回升至约1%，预计本季 度指数盈利将超预期，与历史平均4%-5%的超预期幅度基本持平。 伊顿公司(ETN.US)受益于美国电气业务利润率改善，目标价3 ...

Core Insights - Eaton has significantly outperformed the S&P 500, delivering total returns of 57.8% since the last article [1] Investment Strategy - A well-diversified portfolio should be constructed with a core foundation of a high-quality low-cost S&P 500 fund [1] - For those who can tolerate short-term risks, an overweight position in the technology sector is recommended, as it is believed to be in the early stages of a long-term secular bull market [1] - Large oil and gas companies that provide strong dividend income and growth are suggested for dividend income [1] - A top-down capital allocation approach is recommended, tailored to individual investor situations, including factors like age, retirement status, risk tolerance, income, net worth, and goals [1]

Company Performance - Eaton's stock closed at $373.66, reflecting a -1.31% change from the previous day's closing price, underperforming the S&P 500 which gained 0.14% [1] - Over the past month, Eaton's stock has increased by 14.31%, outperforming the Industrial Products sector's gain of 7.52% and the S&P 500's gain of 5.35% [1] Upcoming Earnings - Eaton's earnings report is anticipated on August 5, 2025, with expected earnings of $2.92 per share, indicating a year-over-year growth of 6.96% [2] - The consensus estimate for revenue is $6.93 billion, representing a 9.09% increase compared to the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.01 per share and revenue of $27.36 billion, reflecting changes of +11.2% and +9.98% respectively from the previous year [3] - Recent modifications to analyst estimates for Eaton suggest positive sentiment regarding the company's business and profitability [3] Stock Performance and Valuation - The Zacks Rank system indicates that estimate alterations are linked to stock price performance, with Eaton currently holding a Zacks Rank of 3 (Hold) [4][5] - Eaton's Forward P/E ratio is 31.52, which is higher than the industry average of 24.02, suggesting that Eaton is trading at a premium [6] - The PEG ratio for Eaton is 2.86, compared to the industry average PEG ratio of 1.98, indicating a higher valuation relative to expected earnings growth [6] Industry Context - The Manufacturing - Electronics industry, part of the Industrial Products sector, has a Zacks Industry Rank of 45, placing it in the top 19% of over 250 industries [7] - Strong individual industry groups, as measured by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [7]

[Table_Title] 研究报告 Research Report 17 Jul 2025 Global AI Industrial and Energy 政策刺激又下一城，特朗普于宾夕法尼亚公布新 AI 及能源投资计划 Trump unveils new AI and energy investment plans in Pennsylvania 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com 投资建议：建议关注受益于政策带来的减税降费及产能扩张所需的相应设备投资的企业如【Vistra】、 【Constellation】、【Talen Energy】、【GE Vernova】、【Siemens Energy】、【Hyundai Electric】、【LS Electric】、 【Schneider Electric】、【Eaton】、【Vertiv】。 风险提示：美国 AI 产业发展不及预期风险；美国电网建设不及预期风险；美国政策变化风险；地缘政治风险。 [Table_yemei1] 热点速评 Flash An ...

Core Viewpoint - Vestas Wind Systems AS (VWDRY) is currently viewed as a better value opportunity compared to Eaton (ETN) based on various financial metrics and analyst outlooks [1][3][7]. Valuation Metrics - VWDRY has a forward P/E ratio of 20.66, while ETN has a forward P/E of 30.02, indicating that VWDRY is more attractively priced [5]. - The PEG ratio for VWDRY is 0.62, suggesting it is undervalued relative to its expected earnings growth, whereas ETN has a PEG ratio of 2.72, indicating a higher valuation relative to growth [5]. - VWDRY's P/B ratio is 4.65, compared to ETN's P/B of 7.61, further supporting the notion that VWDRY is a more favorable investment based on book value [6]. Analyst Outlook - VWDRY holds a Zacks Rank of 2 (Buy), reflecting an improving earnings estimate revision activity, while ETN has a Zacks Rank of 3 (Hold) [3][7]. - The improving earnings outlook for VWDRY enhances its attractiveness as a value investment [7].

Group 1: Infrastructure Investment Theme - Infrastructure has been a significant investment theme since the U.S. Congress passed the Infrastructure Investment and Jobs Act (IIJA) in November 2021, with opportunistic investors generating a total return of over 96% from the Global X U.S. Infrastructure Development ETF (PAVE) [1][2] - As of early 2025, only about $400-$450 billion of the $1.2 trillion from the IIJA has been announced or awarded, indicating that hundreds of billions are still to enter the economy over the next decade [2] Group 2: Company Analysis - Vulcan Materials - Vulcan Materials Co. is the leading supplier of construction aggregates in the U.S., with 67% of highway formula dollars from the IIJA allocated to states where the company operates [3] - VMC stock has delivered a total return of over 86% in the last three years but experienced a nearly 25% drop after reaching an all-time high in November 2024 due to concerns over potential clawbacks of IIJA funds and weak private sector demand in residential construction [4] - The stock has shown recovery in the last three months, driven by bullish investor sentiment regarding private sector demand for projects like data centers, with expected earnings growth of over 11% justifying a purchase at 38x earnings [5] Group 3: Company Analysis - Fluor - Fluor Inc. provides engineering, procurement, construction, and project management services, with a backlog exceeding $28 billion, largely tied to federally funded infrastructure and clean energy initiatives supported by the IIJA [7][8] - The backlog is expected to grow, as Fluor is well-positioned to capitalize on the reshoring trend and has a stake in NuScale Power, which builds small modular reactors [8] - FLR stock is trading at an attractive 4.7x earnings, with expected earnings growth of over 16%, indicating potential for a higher premium [9] Group 4: Company Analysis - Eaton - Eaton Corp. is positioned to benefit from the demand for projects related to modernizing the electrical grid and data centers, with the Industrial Select Sector SPDR Fund up 13.4% for the year, while Eaton's stock has increased by 8% [10] - In its first quarter 2025 earnings report, Eaton reported a 13% year-over-year earnings growth, reflecting investments in grid modernization and resilient power infrastructure [11] - Analysts forecast earnings growth of over 12% in the next 12 months, suggesting that any pullback in ETN stock should be viewed as a buying opportunity [12]

Core Viewpoint - Eaton's stock has shown a strong performance recently, returning +10.5% over the past month, outperforming the S&P 500's +4.4% and the Zacks Manufacturing - Electronics industry's +10.1% [1] Earnings Estimate Revisions - The consensus earnings estimate for Eaton is $2.92 per share for the current quarter, reflecting a year-over-year increase of +7% [4] - The consensus estimate for the current fiscal year is $12.02, indicating a year-over-year change of +11.3% [4] - For the next fiscal year, the consensus estimate is $13.62, representing a +13.3% change from the previous year [5] Revenue Growth Projections - Eaton's consensus sales estimate for the current quarter is $6.93 billion, showing a year-over-year increase of +9.1% [10] - The revenue estimates for the current and next fiscal years are $27.36 billion and $29.55 billion, indicating changes of +10% and +8%, respectively [10] Last Reported Results and Surprise History - In the last reported quarter, Eaton generated revenues of $6.38 billion, a year-over-year increase of +7.3% [11] - The EPS for the same period was $2.72, compared to $2.4 a year ago, with a revenue surprise of +1.78% and an EPS surprise of +0.74% [11] - Eaton has beaten consensus EPS estimates in each of the trailing four quarters, while topping revenue estimates just once [12] Valuation - Eaton has a Zacks Rank of 3 (Hold), indicating it may perform in line with the broader market in the near term [6][17] - The Zacks Value Style Score for Eaton is graded D, suggesting it is trading at a premium compared to its peers [16]

Core Viewpoint - Eaton is expected to report strong financial results, with anticipated earnings per share (EPS) and revenue showing significant year-over-year growth Financial Performance - Eaton's stock closed at $362.22, reflecting a daily increase of 1.13%, outperforming the S&P 500's gain of 0.83% [1] - The company is projected to report an EPS of $2.92, representing a 6.96% increase compared to the same quarter last year, with quarterly revenue expected to reach $6.93 billion, up 9.07% from the previous year [2] - For the annual period, earnings are estimated at $12.02 per share and revenue at $27.36 billion, indicating increases of 11.3% and 9.96% respectively from last year [3] Analyst Estimates and Market Sentiment - Recent adjustments to analyst estimates for Eaton suggest a positive outlook, with a 0.1% increase in the Zacks Consensus EPS estimate over the past month [5] - Eaton currently holds a Zacks Rank of 3 (Hold), indicating a neutral sentiment among analysts [5] Valuation Metrics - Eaton's Forward P/E ratio stands at 29.81, which is higher than the industry average of 22.94, suggesting a premium valuation [6] - The company's PEG ratio is 2.7, compared to the Manufacturing - Electronics industry's average PEG ratio of 1.95, indicating a higher expected growth rate relative to its price [6] Industry Context - The Manufacturing - Electronics industry, part of the Industrial Products sector, holds a Zacks Industry Rank of 90, placing it in the top 37% of over 250 industries [7] - Strong industry performance is indicated, as the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Points - Southern California Gas Co. (SoCalGas) has made a $75,000 donation to support small businesses in Altadena affected by the Eaton Fire [1][2] - The funds will assist local businesses in covering essential expenses such as relocation, equipment replacement, and operational restart costs [2][3] - The Pasadena Chamber of Commerce Foundation (PCCF) will manage the grant applications and distribution based on need and potential impact [3][4] Company Contributions - SoCalGas previously contributed $400,000 to the YMCA of Metropolitan Los Angeles to aid in the response to the Eaton Fire, providing various support services to displaced families and first responders [4] - The company emphasizes its commitment to the local economy and the resilience of small businesses during recovery efforts [4][5] Community Impact - The Eaton Fire has significantly impacted Altadena's small business community, necessitating collaborative efforts for recovery [4] - SoCalGas aims to provide meaningful support through its partnership with the Pasadena and Altadena Chambers [4][5] - The Pasadena Chamber of Commerce Foundation focuses on workforce development, disaster recovery, and support for local businesses [6][9]

Group 1: Stock Performance - Eaton's stock closed at $331.23, reflecting a -1.08% change from the previous day, underperforming the S&P 500's daily loss of 0.22% [1] - Over the past month, Eaton's stock has increased by 4.3%, outperforming the Industrial Products sector's gain of 1.77% and the S&P 500's gain of 0.45% [1] Group 2: Earnings Expectations - Analysts anticipate Eaton will report an EPS of $2.93, representing a 7.33% increase compared to the same quarter last year [2] - The consensus estimate for revenue is $6.92 billion, indicating an 8.92% increase from the same quarter last year [2] Group 3: Full Year Projections - For the full year, earnings are projected at $12.01 per share and revenue at $27.27 billion, reflecting changes of +11.2% and +9.63% respectively from the prior year [3] - Recent adjustments to analyst estimates suggest a favorable outlook on Eaton's business health and profitability [3] Group 4: Valuation Metrics - Eaton's Forward P/E ratio is 27.89, which is higher than the industry average of 21.77, indicating that Eaton is trading at a premium [6] - The PEG ratio for Eaton is currently 2.6, compared to the Manufacturing - Electronics industry's average PEG ratio of 1.82 [7] Group 5: Industry Ranking - The Manufacturing - Electronics industry, part of the Industrial Products sector, holds a Zacks Industry Rank of 30, placing it in the top 13% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]