J.P. Morgan GEMS FTM 21 Jul 26: Korea Equity Strategy; Philippine Equity Strategy; China AI chip; Victory Giant Technology - H; Weichai Power - A/H; Mexico Equity Strategy and More. Tue Jul 21 2026

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J.P. Morgan GEMS FTM 21 Jul 26: Korea Equity Strategy; Philippine Equity Strategy; China AI chip; Victory Giant Technology - H; Weichai Power - A/H; Mexico Equity Strategy and More. Tue Jul 21 2026

nd management update support the AIDC thesis; price reset creates an attractive

entry point; 1H26 preview

Recent investor engagement around Weichai Power remains high despite recent price swings, as reflected in strong

participation at the fireside chat with Phil Buller (JPM European Capital Goods Analyst, covering Siemens). The session, which

drew over 130 sign-ups, focused on the global AIDC cycle, architecture shifts, and sector risk/reward—key themes directly

relevant to Weichai’s positioning and outlook. In addition, we highlight our update call with Weichai’s management that provided

incremental color on AIDC execution, orderbook trends, and margin outlook. Weichai’s US market entry is progressing on

track, as the 2.5MW gas engine product for AIDC was officially launched at the end of June, with customer validation and US

EPA certification now underway and expected to take 2-3 months, i.e., by August. Initial shipments will follow certification, and

Weichai is already engaging directly with major US data center customers. Weichai’s flexible go-to-market approach – including

both direct sales and partnerships – positions the company to capture incremental demand as US supply constraints persist.

Last but not least, concerns about weak 1H26 and 2Q26 delivery have weighed on the share price in light of the soft domestic

ICE truck sales in May/June. Against this backdrop, Weichai’s parent company’s 1H26 beat provides positive read-throughs as

we note Weichai Group’s revenue rose 22% Y/Y to over Rmb200B and data center product revenue was up 140% Y/Y.