摩根大通工业实力晨间信息指出，欧洲股指期货开盘略弱，但油价回落与债市趋稳或提供支撑；地缘政治不确定性下，欧洲的战略与经济韧性成为焦点。研报汇总欧洲工业、汽车与化工观点：美国投资者对欧洲工业股情绪悲观，尽管板块较美股折价约25%、盈利增速加快；欧盟限制中国混动及插混进口的措施有望支撑欧洲车企，但化工品受益有限。山特维克因钨价较8月峰值下跌11%被列入负向催化剂观察；施耐德电气数据中心业务增长强劲，但PTC融资安排仍待明确。中国9月乘用车批发销量同比下降9.5%，新能源车增长13%，出口增长逾72%。
J.P. Morgan's Industrial Strength morning note says European equity futures point to a slightly weaker open, though lower oil prices and stabilizing bond markets may offer support; geopolitical uncertainty has put Europe's strategic and economic resilience in focus. The note summarizes European industrials, autos and chemicals research: US investors remain bearish on European capital goods despite a roughly 25% valuation discount to US peers and faster growth; EU restrictions on Chinese hybrid and plug-in hybrid imports should support European automakers, while benefits for chemicals are less clear. Sandvik is placed on Negative Catalyst Watch as European tungsten prices are 11% below their August peak, and Schneider Electric's data-center growth is strong but PTC financing details remain uncertain. China's September passenger-car wholesales fell 9.5% y/y, NEV sales rose 13% and exports jumped more than 72%.