Global Markets Strategy 01 August 2025 Equity Macro Research Erin Zhang, CFA AC (86-21) 6106 6328 erin.zhang@jpmorgan.com SAC Registration Number: S1730521090002 J.P. Morgan Securities (China) Company Limited Wendy Liu China A-shares Monthly Wrap July 2025: Another month of solid price gains | A-share sector returns | | | A-share stock returns | | HK & US listed CN stock returns | | --- | --- | --- | --- | --- | --- | | Sector | 1M (%) YTD (%) | | Ticker Company | 1M (%) | Ticker Company 1M (%) | | Healthca ...