中国汽车行业-石油冲击：本次与过往有何不同-China Auto Industry_ The oil shock - how will this time differ from the pas

Asia Pacific Equity Research 24 March 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 Auto Industry The oil shock - how will this time differ from the past? We structure this report along five key topics related to the oil price:1) total cost of o ...