J.P. Morgan China/HK FTM 29 Jun 26: Luxshare - A; Iluvatar CoreX - H; NetEase; Budweiser Asia Pacific; China Economics; Greater China Data Watch. Sun Jun 28 2026

Research evidence excerpt

J.P. Morgan China/HK FTM 29 Jun 26: Luxshare - A; Iluvatar CoreX - H; NetEase; Budweiser Asia Pacific; China Economics; Greater China Data Watch. Sun Jun 28 2026

Asia Pacific Equity Research AC Asia Pacific Equity Research

29 June 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Price Target and Estimate Changes

Budweiser Asia Pacific (1876.HK – Neutral), China (Jessie Xu)

Korean improvements not yet able to offset weakness in China; New PT HK$6.7, maintain Neutral

Cathay Pacific Airways (0293.HK – Overweight), Hong Kong (Karen Li, CFA)

Middle East disruption creates lasting tailwinds for premium traffic; model update reinforces bullish view

China Gas Holdings (0384.HK – Neutral), China (Stephen Tsui, CFA)

FY26 results missed with 30% dividend cut; operating outlook remains challenging

China State Construction (3311) (3311.HK – Neutral), China (Jenny Qiu, CFA)

Lowering PT on softer China infra momentum

Iluvatar CoreX - H (9903.HK – Overweight), China (Billy Feng)

CSP design-wins and next generation GPU ramp to accelerate sales growth; remain OW

Lenovo Group Limited (0992) (0992.HK – Neutral), China (Albert Hung / Gokul Hariharan)

Key takeaways from US Investor Day

Luxshare - A (002475.SZ – Overweight), China (Billy Feng)

Stronger-than-expected iPhone demand and potential optical module ramp to drive growth: buy on

correction

Trip.com Group Ltd (TCOM – Overweight), China (Alex Yao)

Trip.com (TCOM US & 9961 HK): Macro-driven slowdown, structural story intact; reiterate OW

Trip.com Group Ltd - H (9961.HK – Overweight), China (Alex Yao)

Results and Company Views

Bosideng (3998.HK – Overweight), China (Qian Yao)

First Take: FY26 results - FY26 core OP slight beat

2Q26 preview: China recovery to be delayed; Korea improving on a low base; 7% dividend yield justifies