资本- 跨行业业绩联动分析：初现生机，但最终均与 AI 相关-Capital Goods-Read-across from cross-sector results. Signs of life, but is it all linked back to AI in the end

January 20, 2026 05:00 AM GMT Capital Goods | Europe Read-across from cross-sector results. Signs of life, but is it all linked back to AI in the end? There are green shoots, but much of it is linked to semis (and Industry View In-Line ultimately AI). Old world industries like Construction are still subdued. We are less convinced on a positive read-across to Siemens (EW) from Yaskawa, and would avoid Assa (EW) into 4Q on Sika comments. We still like Atlas (OW) for 1H26. Backdrop. We have had some early resu ...