中国股票策略 - 反内卷- 为何对股市重要及摩根大通首选标的-China Equity Strategy_ Anti-involution (vol 3)_ why it matters to equities and JPM‘s top picks

Global Markets Strategy 09 September 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy Anti-involution (vol 3): why it matters to equities and JPM's top picks We provide a third update on the "anti-involution" theme following our ini ...