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<Research>JPM Expects MSCI China/ Hong Kong Indices to Rise Further Next Yr, Recommends 4 Major Themes Like 'Anti-involution' Acceleration/ Strong AI Capex
Recommend 31 Positive 56 Negative 21 |
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JPMorgan released a research report maintaining a positive view on the MSCI China Index and the CSI 300 Index since 9 January 2025 for 2026, and expecting further incline to remain intact in 2026. The broker summarized four major investment themes as follows: (1) the acceleration of 'anti-involution' policy implementation is expected to structurally increase the profit margin and return on equity (ROE) of the MSCI China Index and CSI 300 Index, with current market estimates for net profit margin and ROE over the next 12 months being low; (2) strong growth in global AI infrastructure capital expenditure boosted China's local AI ecosystem and related localized industries; (3) developed market fiscal and monetary easing environments helped stabilize China's export sales; (4) consumption showed a K-shaped (divergent) recovery, with significant growth in high-end food & beverage and luxury goods sales, but mid-tier consumption recovery was relatively weak. JPMorgan selected top picks for 1Q26 in the Chinese market, including BIDU-SW (09888.HK), NTES-S (09999.HK), MIDEA GP (000333.SZ), MIXUE GROUP (02097.HK), PDD Holdings (PDD.US), POP MART (09992.HK), TRIP.COM-S (09961.HK), TINGYI (00322.HK), Futu Holdings (FUTU.US), INNOVENT BIO (01801.HK), CATL (300750.SZ) and CHINA OVERSEAS (00688.HK). Its top picks among Hong Kong equities include Futu Holdings (FUTU.US), HKEX (00388.HK), AIA (01299.HK), GALAXY ENT (00027.HK), MGM CHINA (02282.HK), TECHTRONIC IND (00669.HK), CHINA STATE CON (03311.HK), MTR CORPORATION (00066.HK), LINK REIT (00823.HK) and HANG LUNG PPT (00101.HK). AASTOCKS Financial News Website: www.aastocks.com |
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