Consensus Asset Allocation: Spotlight on China, Korea and CEEMEA

研报英文原文证据摘录

Consensus Asset Allocation: Spotlight on China, Korea and CEEMEA

J P M O R G A N Global Markets Strategy

29 June 2026

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Consensus Asset Allocation

Spotlight on China, Korea and CEEMEA

• The most notable finding is that consensus turned net OW on China+HK Equity Macro Research

AC for the first time since March 2025. Median EM fund allocation is only 10bps Rajiv Batra

above benchmark for China. However, allocation to China remains severely (65) 6882-8151

UW across global and international mandates. Despite ~US$236bn of onshore rajiv.j.batra@jpmorgan.com

ETF net outflows YTD (often viewed as “national team” proxy flows), A- J.P. Morgan Securities Singapore Private Limited

shares have held up firmly on the back of resilient domestic liquidity. Overall, Emy Shayo Cherman

we see room for substantial inflows as China stands to benefit from spillovers (55-11) 4950-6684

emy.shayo@jpmorgan.com

of EM inflows and incremental foreign buying as positioning normalizes. Our Banco J.P. Morgan S.A.

core thematic positioning in China remains focused on long-term structural

David Aserkoff, CFA

growth themes including AI, energy security, and robotics, while staying (44-20) 7134-5887

selective in the internet and consumption space. david.aserkoff@jpmorgan.com

• Despite US$87bn of foreign net outflows from Korea YTD – which would J.P. Morgan Securities plc

handily break the record of annual outflows from any market in Asia, net Mixo Das