Global Markets Strategy 09 October 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 China SMid: Anti-involution stock screen and top picks In Sept 2025, YTD outperformance of SMid caps vs. large caps narrowed and reversed by index: ...