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. ...

past 2 weeks, with A-share large and small caps surging 8% and 10% since August on record volumes, and H shares making new year-to-date/4-year highs in 2 out of the past 5 trading days. The rally has manifested against a backdrop where macro statistics are showing signs of cyclical softness and consensus profit revisions are muted, prompting investor questions about the durability of this liquidity-driven rally. We note that "liquidity" has boosted equity returns globally, and with (i) China equity multiple ...

A liquidity-driven rally in Chinese stocks is sparking debate among Wall Street analysts over its sustainability, as macroeconomic indicators remain weak https://t.co/VKz0c2ALtp ...