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<Research>JPM Sees Anti-Involution Policies as Boon for CN Stock Mkt; Top Picks Incl. ZHONGSHENG HLDG/ SF HOLDING/ PETROCHINA/ ZTO EXPRESS-W
Recommend 33 Positive 35 Negative 26 |
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JPMorgan has released a research report reiterating that "anti-involution" will remain a key thematic trade in China's market over the next 18-24 months, with the following new assessments. 1) The "anti-involution" policy is closest in spirit to the 2021 regulatory push to prevent disorderly capital expansion, but its scope is broader, going beyond the "Supply-Side Reform 1.0". This time, the focus is on rationalizing local government-backed or subsidized investments. 2) Three industry ecosystems will be affected. Among them, renewable energy stocks are prioritized because their revenue structures are stronger than those of property + macro stocks, and policy execution is more effective than in e-commerce stocks. 3) "Anti-involution" is critical for China’s stock market, as higher ROI is a prerequisite for market expansion during the institutionalization of onshore equities. Believing that the "anti-involution" policy will benefit leading industry giants, JPMorgan has listed its top Chinese stock picks expected to be among the beneficiaries. Its picks include DAQO New Energy (DQ.US), HLGF (600346.SH), CATL (03750.HK) (300750.SZ), ZHONGSHENG HLDG (00881.HK), BAO IRON (600019.SH), SF HOLDING (06936.HK) (002352.SZ), GAC GROUP (02238.HK), PETROCHINA (00857.HK), and ZTO EXPRESS-W (02057.HK). AAStocks Financial News |
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