J.P. Morgan GEMS FTM 28 May 26 Emerging Markets Equity Strategy; China Internet; China Renewables; Weichai Power - A/H; Brazil S&E Fundamentals; America Movil and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 28 May 26 Emerging Markets Equity Strategy; China Internet; China Renewables; Weichai Power - A/H; Brazil S&E Fundamentals; America Movil and More

Global Equity Research AC Global Equity Research

28 May 2026 J P M O R G A N

gr_publications@jpmorgan.com

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. Sungrow and Deye share prices are up 14%/20%, respectively, since May 15th (vs.

SHCOMP -1%). Within ESS, Sungrow cited early AIDC-related ESS orders, while it also benefits from global ESS installations,

though it cautioned on near-term cost pressure. Meanwhile, we also heard consistent evidence of surging DG ESS demand in

emerging markets (notably Southeast Asia), a positive read-across to Deye . Goldwind-H may also benefit from rising WTG

shipment to the EM. Within offshore wind, policy visibility improved with the State Council’s offshore wind installation target in

2030, supporting the offshore supply chain, especially submarine cables, which have high market concentration and entry

barriers; we remain constructive on Orient Cables . Within solar, progress on the anti-involution initiative remains slow, while in

renewable power operators, power market liberalization hurts the tariff outlook of wind/solar farms, so we prefer nuclear/

hydro exposure.

Weichai Power - A/H (Karen Li, CFA), China

Global China Summit Takeaways: TAM expansion, margin uplift, and global share ambitions