THEMATIC PULSE

研报英文原文证据摘录

THEMATIC PULSE

THEMATIC PULSE – JUNE 2026 JPM GLOBAL MARKET INTELLIGENCE

SUMMARY OF THEMATIC VIEWS

Below is a summary of the views which we investigate in this note with the ‘Deep Dive’ section

including (i) a detailed rationale for the theme; (ii) key charts; and, (iii) color on positioning.

• SECURITY & RESILIENCE INVESTING (“SRI”) – A FOCUS ON INDUSTRIAL

POLICY: Government priorities will remain drivers of equity returns. We anticipate

Physical AI becoming more salient in US vs China competition. EU is moving on 2 axes,

specifically Tech Sovereignty and Protectionism, but unlikely to do anything bold. China

will continue to emphasize self-sufficiency in core technologies, supply-chain resilience,

and strategic buffers in food and energy. The next China tech giants will be in upstream

equipment/materials, the wafer-fabrication “foundation,” domestically memory, advanced

packaging & testing, and compute/chips. Other Asian Economies will fight for their edge

(Korea & Japan)

• GLOBAL CONSUMER – PART 2: Our key argument is that the global macro regime

should shift back to recovery/expansion (from slowdown/stagflation) and should drive an

inflection in Consumer Sentiment and related Equity market themes. The Consumer also

benefits from attractive price relatives and low positioning. Give the lack of earnings

momentum we would still say selective and favor names with at least one of the

following characteristics: a) target more resilient upper-end consumer (given wealth

effects); b) capture the shift to spending on experiences; c) are exposed to regions with

solid wealth and cyclical backdrops (US, Korea, Taiwan); and d) stand to benefit from a

substantial decrease in oil prices in 2H26.

• TRACKING FLOWS IN THEMATICS: We track flows into 16x Secular Equity Themes.