J.P. Morgan GEMS FTM 18 Jun 26: China Equity Strategy; TSMC; Asean Banks; Fibra Prologis; Brazil F&B; MENA TMT and More. Thu Jun 18 2026

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J.P. Morgan GEMS FTM 18 Jun 26: China Equity Strategy; TSMC; Asean Banks; Fibra Prologis; Brazil F&B; MENA TMT and More. Thu Jun 18 2026

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GEMS First To Market 18 June 2026

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China Equity Strategy (Erin Zhang, CFA / Tim Huang / Alex Yao / Gokul Hariharan / Billy Feng / Olivia Xu), China

Unique opportunities in the China AI ecosystem

China AI industry – a two-fold capex expansion with domestic players catching up. China’s AI sector features a tightly

imbalanced supply-demand profile with clear structural divergence across segments. On the demand front, policy-backed

domestic adoption is driving outsized, market-leading growth. JPM forecasts China’s AI data center capital expenditure to

expand c2x from US$55-69bn in 2026 to US$95-151bn in 2029 (CAGR of c20-30%), and domestic inference token demand to

grow at a 330% compound annual rate through 2030, underpinned by 70%/90%+ AI agent application penetration by 2027/29,

and 40% industrial AI penetration by 2030, as mandated by the Chinese government. The capex estimate above refers to AI

compute spend in China vs the US$160-200bn number quoted by clients on total capex by Chinese players both domestically

and overseas and both AI and non-AI. In addition, Bloomberg’s report that China is preparing to spend cRmb2trn over the next

five years on building data centers across the country (US$295bn in total, or US$74bn per year on average), if confirmed to be