Mizuho's 2026 Industrials Sector Outlook: Tale of Two Cities

Based on my comprehensive search, I was unable to locate a publicly available list specifically identifying Mizuho Securities’

. However, I can provide you with the relevant information that is publicly accessible regarding Mizuho’s 2026 outlook for the industrials sector.

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According to Mizuho Financial Group’s official “Sector Outlook 2026” report authored by

(Co-Head of Industrials) and (Head of U.S. M&A and Co-Head of Industrials), the industrials sector is characterized as a with divergent prospects across subsectors[1][2].

Mizuho identifies three subsectors with strong fundamentals and growth drivers:

Subsector	Key Investment Thesis
AI Infrastructure	Data center build-outs and U.S. manufacturing re-shoring are driving industrial equipment investments
Aerospace & Defense	Geopolitical tensions are fueling massive increases in defense spending in the U.S., Europe, and Asia Pacific
Commercial Aerospace	Cyclical travel rebound combined with aircraft undersupply will drive demand across the supply chain

Companies in these subsectors have “solid footing” with strong access to capital and expected M&A opportunities driving both organic and inorganic investment[1][2].

Mizuho identifies three subsectors facing headwinds:

Subsector	Key Challenges
Chemicals	Prolonged downcycle due to overcapacity and soft end-market demand
Automotive	Continued impacts from tariff policies (both ICE and EV segments)
Building Products	Pressure from interest rate cut uncertainty; tariffs affecting steel, aluminum, and wood pricing

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Mizuho’s industrials analysts emphasize that 2026 should offer opportunities across the sector, particularly for:

• Deal-making
  : Initial public offerings (IPOs), mergers & acquisitions (M&A), and leveraged buyouts (LBOs) are expected to be active
• Fiscal stimulus benefits
  : Potential upside from government spending initiatives
• Capital deployment
  : Companies with strong balance sheets and solid credit fundamentals can exploit their profiles in a robust market environment[1][2]

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While Mizuho has published specific top stock picks for other sectors—such as

for semiconductors[3][4]—the specific appear to be available only through proprietary client research reports or subscription services. The firm’s official sector outlook provides thematic guidance rather than specific stock-level recommendations in the publicly accessible materials.

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[1] Mizuho Financial Group - Sector Outlook 2026: https://www.mizuhogroup.com/beyond-the-obvious/sector-outlook-2026

[2] CNBC - Wall Street’s Top Stock Picks for 2026: https://www.cnbc.com/2025/12/20/wall-streets-top-stock-picks-for-2026-mizuhos-under-the-radar-name.html

[3] Investing.com - Mizuho Names Top Semiconductor Sectors for 2026: https://www.investing.com/news/analyst-ratings/mizuho-names-top-semiconductor-sectors-for-2026-favors-nvidia-stock-93CH-4438913

[4] TipRanks - Mizuho Names Its Top 3 Chip Stocks for 2026: https://www.tipranks.com/news/mizuho-names-its-top-3-chip-stocks-for-2026

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: For access to Mizuho’s specific top 5 US industrial stock picks with price targets and detailed investment theses, you may need to access Mizuho’s institutional research services or financial platforms that carry their proprietary analyst reports.