全球资本支出调查_与人工智能相关的终端市场在 2027 年仍将持续增长，上调其增长预期 - 对 WEG 的影响分析-Global Capex Survey_ Upward Revisions on AI-Related End Markets with Continued Growth in 2027e - Read-Through for WEG

Summary of J.P. Morgan Global Capex Survey Industry Overview - The report focuses on the global capital expenditure (capex) trends across various industries, particularly highlighting the data center (DC) and AI-related end markets. [1][4] Key Findings Capex Growth Projections - Global capex is projected to increase by 10% year-over-year (yoy) in 2025, which is 2 percentage points higher than previous estimates. [1][4] - The Internet, Media, and Services sector is expected to lead this growth with a 55% yoy increase, up 16 percentage points from earlier estimates. [1][4] - For 2026, global capex is expected to grow by 1% yoy, a recovery from the previous estimate of -1% yoy. [1][4] Sector-Specific Revisions - 2025 Revisions: - Positive: - Internet Media & Services: +16pp to +55% yoy - Iron & Steel: +9pp to +2% yoy - Industrials: +7pp to +12% yoy - Negative: - Automotive: -4pp to -1% yoy - Chemicals: -3pp to -4% yoy - Consumer Products: -1pp to +1% yoy [4] - 2026 Revisions: - Positive: - Internet Media & Services: +12pp to +17% yoy - Semiconductors: +6pp to +6% yoy - Utilities Power Generation: +3pp to +1% yoy - Negative: - Discretionary Retail: -3pp to flat yoy - Automotive: -2pp to -1% yoy - Cement and Aggregates: -2pp to -3% yoy [4] 2027 Capex Outlook - The first look into 2027 indicates continued strength in AI-related markets, with expected growth in: - Internet Media & Services: +7% yoy - Utilities Network: +4% yoy - Discretionary Retail: +4% yoy - Sectors expected to cut capex the most include: - Iron & Steel: -6% yoy - Mining: -5% yoy - Pulp & Paper: -3% yoy [4] Implications for WEG - The survey results are viewed positively for WEG, indicating higher expected spending in AI-related markets until 2027. [1][4] - WEG has announced investments of approximately R$5.3 billion (~US$980 million) over the past two years to expand production, including doubling transformer capacity and entering the high-voltage motor segment. [1][4] - The capex survey's correlation with WEG's foreign revenue growth has decreased to ~80% from ~90% in 2023, indicating a potential shift in market dynamics. [5] Additional Insights - The survey covers around 3,900 listed companies across 19 end markets, representing approximately US$3.4 trillion of capex. [1][4] - The report highlights the importance of monitoring commodities-related sectors, which could negatively impact revenues in Industrial Electro-Electronic Equipment. [1][4] Conclusion - The J.P. Morgan Global Capex Survey presents a bullish outlook for capital expenditures, particularly in sectors related to AI and data centers, with significant implications for companies like WEG. The findings suggest a recovery in capex growth, particularly in the Internet and Utilities sectors, while caution is advised for sectors like Automotive and Chemicals. [1][4][5]