Next year is shaping up to be a good one for reshoring stocks, according to Societe Generale. The firm sees three major catalysts ahead for stocks tied to reshoring, which is the return of companies’ overseas operations to the United States. For one, the reshoring trend should get a boost from the so-called One Big Beautiful Bill , which was signed into law in July, Societe Generale strategist Manish Kabra wrote in a note Monday. The most impactful measure in the law is the 100% bonus depreciation for qualified properties acquired and placed in service after January 2025, he said. That is a full reversal of the phasedown schedule outlined in the Tax Cuts and Jobs Act (TJCA), which aimed to eliminate bonus depreciation by 2027, he noted. “Accelerated depreciation is a net positive for companies, as it enables immediate tax savings,” Kabra explained. “By allowing deductions upfront, it reduces taxable income for the current year, thereby improving cash flow instantly.” The second catalyst is the massive investment activity in the U.S., he said. There is a total of $8.9 trillion in investments announced from both domestic and foreign entities, according to the White House Investment Tracking website . Lastly, non-residential construction spending is at a cyclical low, Kabra said. With the the Federal Reserve expected to continue lowering rates, construction spending should start accelerating, he noted. To play the theme, Kabra and his team have constructed the SG US Reshoring thematic equity index. They recently rebalanced the index, adding nine names and removing three. The team selects S & P 500 companies that have at least 50% of revenue from the American market and high sensitivity to non-residential investment growth. Then, they find names with exposure to critical industries such as defense, information/communication services, semiconductors, artificial intelligence, autonomous vehicles, energy, pharmaceuticals and transportation. Here are some of the names on the SG US Reshoring thematic equity index. Eaton , which provides electrical systems and power management solutions, is seen as a beneficiary of increased construction of facilities and connecting them to the grid . The power management company’s latest quarterly results disappointed investors. Its adjusted earnings of $3.07 for the third quarter fell short of the $3.05 per share expected from analysts polled by FactSet. Revenue was $6.99 billion, versus the $7.07 billion consensus estimate. Shares are up 16% year to date. A new addition to the index is global technology and software company Emerson Electric . Kabra called it a top microgrid player in hardware components supply that has a strong exposure to the U.S. The company reported adjusted earnings for its fiscal fourth quarter in line with expectations, but its revenue fell short. Emerson Electric’s full-year EPS guidance of $6.35 to $6.55 per share missed the FactSet consensus estimate of $6.56 per share. The stock has gained nearly 7% so far this year. Nucor was also newly added to the list since it is a steel manufacturer, which should benefit from a construction boom. On Monday, the company reported a revenue beat for its third quarter and earnings that were above where the company had previously guided. Nucor is leaning hard into the construction of data centers, supplying over 95% of the steel products that go into the buildings, CEO Leon Topalian said on the earnings conference call. That demand is coupled with the company’s plus new domestic facilities and expansions, he noted. “The tsunami of earnings power that’s going to be brought to Nucor’s balance sheet is significant.” he said. Shares of Nucor have risen more than 24% year to date. Lastly, Ameren is another new entry on the index. The utility company’s subsidiaries generate and deliver electricity to customers in Missouri and Illinois and also distributes natural gas, Kabra said. Ameren posted an earnings and revenue beat for its third quarter after the bell Thursday. It also raised its full-year adjusted earnings guidance for 2025 to a range of $4.90 to $ 5.10 per share, up from its prior guidance of $4.85 to $5.05 per share. The stock is up nearly 14% so far this year.