Global Markets Strategy 24 February 2026 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 Eye on "Brittle Youth" spending The term "Brittle Youth" (脆皮青年) broadly refers to young adults in Mainland China facing stressful work-life balance ...