J.P. Morgan China/HK FTM 22 May 26 China Healthcare; China Economics; Hong Kong Economics; Yunnan Energy; NIO

研报英文原文证据摘录

J.P. Morgan China/HK FTM 22 May 26 China Healthcare; China Economics; Hong Kong Economics; Yunnan Energy; NIO

Asia Pacific Equity Research

Due to market closures, there will be no publication of China / Hong Kong First to Market on 25 May.

Publication resumes on 26 May.

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/HK First to Market 22 May 2026

Top Stories

China Healthcare (Yang Huang)

Global China Summit Takeaways (Day 2): AI applications in early and late drug development; China

pharma panel

Day 2 key takeaways are: 1) WuXi AppTec reiterated its FY26E guidance, but we expect potential raise; 2)

XtalPi is expanding its AI-driven drug discovery ecosystem through flexible partnerships and automated lab

capabilities; 3) Tigermed is actively integrating AI across its clinical operations to optimize costs and

address ongoing pricing pressures; 4) Yifeng’s same-store sales recovery is on track, with management

guiding to 5%+ SSG (same store growth) in 2026; 5) Innovent’s management expressed confidence in

achieving a CAGR of 15%~20% from 2027-2030.

China: Trade blows out, but composition matters, China (Tingting Ge)

Recent trade strength warrants outlook recalibration

Export strength is concentrated in memory ICs, EVs, solar, and batteries, driving 58% of total export gains

Hong Kong: April CPI inflation held steady at 1.7%oya, Hong Kong (Tongfang Yuan)

Hong Kong SAR’s headline CPI inflation stayed unchanged at 1.7%oya in April, slightly below our

expectations (JPM: 1.8%; consensus: 1.9%).