J.P. Morgan China/HK FTM 11 Jun 26 Kuaishou Technology; MMG; Trend Tapestry; HSBC/STAN/FUTU; China Economics

研报英文原文证据摘录

J.P. Morgan China/HK FTM 11 Jun 26 Kuaishou Technology; MMG; Trend Tapestry; HSBC/STAN/FUTU; China Economics

Asia Pacific Equity Research AC Asia Pacific Equity Research

11 June 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Trend Tapestry (Hannah L Lee)

Surviving Space: A 101 on the environment, the hardware and the opportunity

We hosted an expert call to discuss what makes operating in space so physically demanding, and where the

investment opportunities lie as a result. Prof. Loren Chang, Department Chair and Distinguished Professor

of Space Science and Engineering at National Central University (NCU) in Taiwan, walked us through the

defining characteristics of the space environment from low earth orbit (LEO) to deep space, and explained

what it takes for components and materials to survive in orbit (including power systems and propulsion).

HSBC/STAN/FUTU (Katherine Lei)

Recent volatility, regulatory signals and onshore investor feedback

HSBC/STAN shares have corrected 8%/10% since 1 June, underperforming the HSI by 4ppt/6ppt, likely

reflecting investor concerns about growth and the MCV back book following the ODI rule announcement.

While share price movements have arguably priced in a meaningful portion of earnings downside,

uncertainty around disruption to medium-term growth guidance could keep investors on the sidelines until

there is greater regulatory clarity. Nonetheless, if the cumulative correction since 1 June reaches a mid-

teens ppt, we would see this as a compelling entry point for HSBC/STAN, all else equal. We reiterate our

OW ratings in the medium to long term. One positive note is that recent comments from a HK SFC

spokesperson reported in the media help ease regulatory ambiguity and, if accurate, support continued