Vi e w p o i n t | 27 Jan 2026 09:39:08 ET │ 17 pages China Industrials Initiating O/W KB Laminate and U/W JE on Copper Cost Surge CITI'S TAKE In H-share China Industrial universe – we initiate a pair trade on divergent and material earnings impact from recent copper cost surge – O/W KB Laminate (1888.HK), global largest copperclad laminate mfg with ~16% share and U/W Johnson Electric (0179.HK), global largest micromotor for auto with >20% share. Recall copper cost surged 22% yoy and ~14% qoq in 4Q25. We ex ...