J P M O R G A N Asia Pacific Equity Research 18 January 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 Consumer Strategy Stock Ideas for the Year of the Horse The top-5 investment themes for the China consumer sector in 2026 are: (1) end- demand ...