China Securities: Summer-time rally enters its third week; What‘s changed and what hasn‘t?

研报英文原文证据摘录

China Securities: Summer-time rally enters its third week; What‘s changed and what hasn‘t?

Asia Pacific Equity Research

22 June 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China Securities

Summer-time rally enters its third week; What's

changed and what hasn't?

A-/H-share brokers’ share prices rose by 8%/6% on Monday, outperforming Banks & Financial Services

the CSI300/Hang Seng Index by 6ppt/7ppt, respectively. This is the third AC Peter Zhang

week since our ‘summer-time rally’ call on the sector (link), and we’re turning (852) 2800-8557

increasingly positive on the back of stronger A-share market sentiment, policy peter.zhang@jpmorgan.com

tailwinds from the recent Lujiazui Forum, and increasing investor interest in J.P. Morgan Securities (Asia Pacific) Limited/

the sector. Despite A-share ADT and margin financing being at all-time high J.P. Morgan Broking (Hong Kong) Limited

levels, A- and H-share broker valuations remain below historical average and Katherine Lei

4Q24/3Q25 peak valuation levels, indicating room for further share price (852) 2800-8552

upside, in our view. We continued to favour leading brokers (i.e.: CICC-H and katherine.lei@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/

Citic Sec-A), given their higher exposure to institutional and overseas J.P. Morgan Broking (Hong Kong) Limited

business and we expect them to benefit more from the ChiNext and STAR Lincoln Yu

board related reforms mentioned at the Lujiazui Forum. If sentiment remains (852) 2800 8523