J P M O R G A N Asia Pacific Equity Research 11 January 2026 China Bubble & Brew What's happening? Our views, and takeaways from the expert call What happened? Our take: back to organic We believe the investment thesis for the China FMD sector is now leaning more towards the organic fundamentals, and away from the external swing factors. With incrementally more evidence and new growth drivers in sight, we expect to see more market discussions on the basics instead of the on-and-off of delivery subsidies. Co ...