China International Capital Corporation (CICC) has released a research report analyzing recent economic and sectoral trends. The report notes that the Purchasing Managers' Index (PMI) for June 2026 reached 50.3%, marking a month-on-month increase of 1.0 percentage points.
Sectors with High Growth Potential
CICC expresses a positive outlook on several high-growth sectors for July, recommending continued focus on the AI infrastructure chain, shipbuilding, construction machinery, and optical module equipment. The firm's key perspectives are detailed below.
Focus on the AI Infrastructure Chain
Within the AI infrastructure chain, CICC is bullish on AI data centers (AIDC), PCB manufacturing equipment, and liquid cooling solutions. For the domestic AIDC sector, the bank anticipates a potential restart of data center tenders that could exceed expectations. On the international front, it highlights significant orders, such as Jereh Group's recent consecutive wins for AIDC gas generator sets totaling over $700 million, indicating a robust supply of core components. The report also points to a vast overseas market for diesel generators, noting that major manufacturers like MTU and Caterpillar have order books filled through 2028, creating an export opportunity for Chinese diesel generator producers due to supply-demand gaps.
Regarding PCB equipment, CICC believes the main drivers for AI PCB capacity expansion in 2026 are likely to spread across the entire industry. For liquid cooling, the firm is optimistic about 2026 marking a pivotal year for order fulfillment and validation of the technology's logic, with the adoption trend for liquid cooling in optical modules also accelerating.
Shipbuilding and Construction Machinery Analysis
The shipbuilding sector has seen a recovery in market conditions during the first half of the year. Global new ship order values from January to June increased by 61% year-on-year, while delivery values rose by 10%. Companies involved in whole ships and components within the industrial chain are seen as having substantial performance cushions, making them worthy of attention.
In construction machinery, strong export momentum continues. CICC is particularly positive on mining equipment. Data for June 2026 shows excavator exports grew by 36.4% year-on-year, and domestic sales increased by 33.9%. Sales of new energy construction machinery also maintained a positive trend. The bank expects sustained high growth in excavator demand, both domestically and internationally, in July. Against a backdrop of elevated prices for non-ferrous metal resources, a recovery in mining capital expenditures is anticipated, with看好 potential for breakthroughs by large mining truck manufacturers in overseas markets.
Outlook for Optical Module Equipment
Since May, business progress at optical module equipment manufacturers has been rapid. The global value chain for optical module packaging and testing is segmented into testing, coupling, die bonding (eutectic/chip mounting), and other equipment, including automated assembly lines. Strict testing is essential during the R&D and manufacturing processes for optical modules, requiring various communication test instruments such as sampling oscilloscopes, clock recovery units, and bit error analyzers. The market for optical communication test instruments is experiencing rapid growth, presenting a timely opportunity for domestic substitution.
The report concludes by noting potential risks, including weaker-than-expected downstream demand and new product development, a potential downturn in overseas market景气, and geopolitical uncertainties.
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