China Autos: China Summit and Asia Tour highlights One step forward, but one step back

Research evidence excerpt

China Autos: China Summit and Asia Tour highlights One step forward, but one step back

Asia Pacific Equity Research

28 May 2026

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China Autos: China Summit and

Asia Tour highlights

One step forward, but one step back

• Five structural themes at 12th Annual APAC Auto Tour: Our global auto Head of APAC Auto Research

team conducted its annual Asia tour alongside the JPM China summit. Over the AC Nick Lai

past week we visited over 30 companies in Japan, Korea and China, and present (65) 6801-3176

the five most discussed and debated topics below. All in all, in China auto space, nick.yc.lai@jpmorgan.com

we recommend long-term investors focus on 1) NEVs with rapid global J.P. Morgan Securities Singapore Private

production footprint e.g. BYD or 2) OEMs with earnings upgrade momentum Limited/ J.P. Morgan Securities (Asia Pacific)

e.g. Geely. Investors looking for shorter-term catalysts should watch Leapmotor Limited/Limited J.P. Morgan Broking (Hong Kong)

(2H26 volume surge), Nio (earnings turnaround) and XPeng (AI initiative from

Jiajie Shen, CFA

4Q26). On the flip side, we would avoid SOE JVs as well as Li Auto for

(86-21) 6106 6352

relatively weaker sales or earnings downside risk. We saw five structural trends: jiajie.shen@jpmchase.com

• Theme 1-Domestic PV demand to fall further: When asked about the SAC Registration Number: S1730520030006

domestic demand outlook, “lack of consumer confidence ” was the most J.P. Morgan Securities (China) Company