Asia Pacific Equity Research October 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. Asia and China Capital Goods – 3Q25 Karen Li, CFA AC Head of HK Equity Research, Head of Asia Infra, Industrials and Transport +852 2800 8589 karen.yy.li@jpmorgan.com J ...