J P M O R G A N Asia Pacific Equity Research 19 December 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 Basic Materials Lithium news flow stealing the show; Copper remains our top pick followed by Aluminum The MSCI China Materials Index continued ...