Global Markets Strategy 14 June 2025 Wendy Liu AC (852) 2800-1087 wendy.m.liu@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Erin Zhang, CFA 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Equity Strategy China consumption: From Goods to Experiences While China's overall consumption trends have been lackluster since re-opening, shares of selected "new consumption" stocks have significantly outperformed the MXCN index YTD. An average weighted index consisting of stocks ...

China Internet Equities How to position for 2H25 China Emerging themes and observations: 1) Content consumption: Demand in the games and entertainment sub-sectors has been more resilient than goods and services y-t-d. Good content takes time and resources to curate, setting a high entry barrier for newcomers. This acts as a defensive earning buffer for top content providers like Tencent and NetEase. 2) AI outlook: Lower-than-expected capex and cloud revenue growth has dented the market's confidence about th ...