*J.P. Morgan Asia FTM 28 May 26 CN Summit: AI profit pool expanding, energy-security worries drive Renewables interest; Init Manycore at N; Weichai Power more bullish; Grand Process Tech: Capex benefits, raise PT

研报英文原文证据摘录

*J.P. Morgan Asia FTM 28 May 26 CN Summit: AI profit pool expanding, energy-security worries drive Renewables interest; Init Manycore at N; Weichai Power more bullish; Grand Process Tech: Capex benefits, raise PT

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Asia First to Market 28 May 2026

Top Stories

China Internet (Alex Yao)

JPM 2026 Global China Summit Key Takeaways

We hosted JPM 22nd Global China Summit last week in Shanghai, conducting management meetings

across platform incumbents, listed AI pure-plays, and consumer internet companies spanning our coverage

universe. The observation that most reframes the China AI investment debate is that AI profit pool is

expanding, but economic surplus is accruing upstream, to compute owners and specialized hardware

lessors, not to the model companies generating demand for that infrastructure. Inference capacity, not

training scale, is the binding constraint on industry revenue growth. The market prices model-layer

companies as primary AI beneficiaries while the economics we observed suggest investors should assess

upstream value capture leakage before underwriting margin expansion.

China Renewables (Alan Hon)

Global China Summit Takeaways: Key Trends and 4 key picks

We returned from the Energy Evolution Tour and Global China Summit last week and observed a pick-up in

investor interest in China renewables, driven by heightened energy-security concerns from the Middle East

conflict and developed-market data-center power infrastructure constraints.