How to position for a liquidity-driven market rally? [Table_Stock] China A-share strategy [Table_Industry] Equity Strategy [TABLE_SUMMARY] A-share market has outpaced emerging Asia peers so far in 3Q25 Since last November, the A-share market has once again sustained an average daily turnover exceeding CNY2tn for over a week, with surging market activity pushing the Shanghai Composite Index to a near-decade high. Yet this market rally is unfolding against a backdrop of sobering economic reality. While the CS ...

Global Markets Strategy 25 August 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 Assessing the current liquidity charged rally See page 29 for analyst certification and important disclosures, including non-US analyst disclosures. ...

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