多行业热力图_2025 年第三季度迄今-Multi-Industry Heatmap_ 3Q25 so far

Summary of Multi-Industry Heatmap: 3Q25 Industry Overview - The report covers various industries, including electrical equipment, discrete automation, mining, semiconductors, trucks, and agriculture equipment, with a focus on the performance trends in these sectors during the third quarter of 2025 [3][5]. Key Insights 1. Earnings Performance: Approximately 77% of the companies covered have reported, showing a largely positive trend in orders, margins, and EBITA performance [3]. 2. Electrical Equipment Strength: There is continuing strength in electrical equipment volumes, particularly driven by data center demand, with some positive signs in European residential construction [3]. 3. Mixed Mining Results: Mining results have been mixed, indicating variability in performance across different companies [3]. 4. Semiconductor Weakness: Despite earlier expectations of a turnaround in 2026, there has been observed weakness in the semiconductor sector [3]. 5. Weakness in Trucks and Agriculture Equipment: Activity in trucks and agriculture equipment is reported to be very weak, with a noted softening in Europe, which was previously expected only in the US [3]. 6. Pricing Pressure in the US: Companies with historically higher margins, such as Legrand, Atlas Copco, VAT, and Schneider, are facing challenges in justifying price increases due to weaker-than-expected pricing power in the US [4]. 7. Global Heatmap Trends: The broader global heatmap indicates improving trends in sectors such as autos, general industrial, consumer, rail, and construction in the EU and Americas, while healthcare in China/Asia is experiencing deceleration [5]. Additional Observations - Sector-Specific Trends: The report highlights specific sectors showing sequential improvement, including autos, general industrial, and EU healthcare, while marine and oil & gas sectors have turned negative [5]. - Overall Stability: The aggregated trends in the EU and US are positive, suggesting a degree of stability in the market, particularly in comparison to the previous quarters [5]. - Future Monitoring: The report emphasizes the need to monitor pricing strategies of higher-margin companies to understand their ability to maintain price increases amidst changing market conditions [4]. Conclusion The 3Q25 reporting season reflects a mixed but generally positive outlook across various industries, with specific challenges noted in semiconductors and trucks. The pricing dynamics in the US market warrant close attention as companies navigate inflationary pressures and changing demand patterns.