Asia Pacific Equity Derivatives Strategy: China Hyperscalers Rotation Gains Traction into Politburo and Earnings, Positioning for Offshore China Upside, CATL-H Event Vol Premium, NetEase Connect Flows

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Asia Pacific Equity Derivatives Strategy: China Hyperscalers Rotation Gains Traction into Politburo and Earnings, Positioning for Offshore China Upside, CATL-H Event Vol Premium, NetEase Connect Flows

rgan Broking (Hong Kong) Limited

crowded domestic positioning. At the same time, the surge in broad-based AC Twinkle Mehta, CFA

ETF inflows (supported by “National Team” buying), persistent southbound

(852) 2800-7109

purchases and margin deleveraging all suggest liquidity conditions are twinkle.mehta@jpmorgan.com

improving and leverage risks have been reduced. Although expectations for J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

significant policy easing remain measured, the combination of cleaner Morgan Broking (Hong Kong) Limited

positioning and emerging flow support provides a more constructive Davide Silvestrini

backdrop for offshore China as the market approaches its next major (44-20) 7134-4082

davide.silvestrini@jpmorgan.com

catalysts. J.P. Morgan Securities plc

• Earnings Season to Test Whether Offshore China Resilience Can Extend: Bram Kaplan, CFA

Attention now shifts to earnings as the key catalyst for determining whether (1-212) 272-1215

offshore China's recent resilience can broaden into a more durable rerating. bram.kaplan@jpmorgan.com

J.P. Morgan Securities LLC

While options markets are already pricing a more active reporting season,

historical experience suggests July-August earnings volatility has generally Yangyang Hou

(1-212) 834-6734

exceeded implied expectations, leaving scope for company-level results to yangyang.hou@jpmorgan.com

become the primary driver of relative performance over the coming weeks. For J.P. Morgan Securities LLC

the large internet platforms, investors will likely focus on AI investment