J.P. Morgan GEMS FTM 30 Jun 26 Consensus Asset Allocation; Full Truck Alliance; Korea Banks; Korea Healthcare; Braskem; Raizen; Prosus & Naspers and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 30 Jun 26 Consensus Asset Allocation; Full Truck Alliance; Korea Banks; Korea Healthcare; Braskem; Raizen; Prosus & Naspers and More

Global Equity Research

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investment consultancy services within the territory of Mainland China. This material or any portion hereof

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GEMS First To Market 30 June 2026

Top Stories

Consensus Asset Allocation (Rajiv Batra), Brazil, China, Chile, Colombia, Czech Republic, Hungary, India,

Indonesia, Malaysia, Philippines, Mexico, Morocco, Peru, South Korea, South Africa, Thailand, Taiwan,

Poland, Turkey, Vietnam

Spotlight on China, Korea and CEEMEA

The most notable finding is that consensus turned net OW on China+HK for the first time since March 2025. Median

EM fund allocation is only 10bps above benchmark for China. However, allocation to China remains severely UW across global

and international mandates. Despite ~US$236bn of onshore ETF net outflows YTD (often viewed as “national team” proxy

flows), A-shares have held up firmly on the back of resilient domestic liquidity. Overall, we see room for substantial inflows as

China stands to benefit from spillovers of EM inflows and incremental foreign buying as positioning normalizes. Our core

thematic positioning in China remains focused on long-term structural growth themes including AI, energy security, and

robotics, while staying selective in the internet and consumption space.

| Full Truck Alliance (Karen Li, CFA), (YMM US, OW, PT $10.00), China

Upgrade to OW: Trough multiple and lower earnings risk set up potential mean reversion, demand

poised to inflect in 2H