J.P. Morgan China/HK FTM 23 Jun 26 Hong Kong Residential Property; Asia Insurance; China SMid Insurance; China Sportswear; China Securities; China Economics

研报英文原文证据摘录

J.P. Morgan China/HK FTM 23 Jun 26 Hong Kong Residential Property; Asia Insurance; China SMid Insurance; China Sportswear; China Securities; China Economics

Asia Pacific Equity Research AC Asia Pacific Equity Research

23 June 2026 J P M O R G A N

aprr.publications@jpmorgan.com

dedicated insurance products, as conventional P&C policies do not fully cover their unique risk profiles. In

our base-case scenario, China’s humanoid robot insurance market will grow at a 129% CAGR over the next

five years, reaching Rmb1.17B by 2030. We believe this emerging niche has long-term strategic value for

SMid players and creates a standalone thematic growth story. A key hurdle for insurers is the lack of reliable

pricing models, given limited historical claims data.

China Sportswear (Qian Yao)

How can brands be successful in China – lessons from Adidas "Urban Errand" viral marketing

campaign

A quick response to consumer demand is one of the key success factors in the rapidly changing China

sportswear market, in our view. The recent Adidas (covered by Chiara Battistini, Wendy Liu) ‘Urban Errands’

incident showcased the importance of a quick response that turned a translation mistake into a viral

marketing campaign. We attribute such outcome to Adidas’ localization strategy in China. However, we

believe local brands have maintained their edge vs international brands, in terms of localized

communication and rapid market reaction, given their deep understanding of Chinese culture, closer

proximity to end consumers and shorter decision-making chains. Antais our top pick in the China sportswear

sector, as we believe Anta’s well-executed multi-brand portfolio and its greater-than-peers’ potential for

overseas expansion should position it to seize more opportunities.