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发布日期: 2026-07-24研究机构: JPMorgan报告页数: 6原文语言: English证据页码: 3

研报英文原文证据摘录

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ction and, if not licensed, do not hold

themselves out as being able to do so.

Exchange-Traded Funds (ETFs): J.P. Morgan Securities LLC (“JPMS”) acts as authorized participant for substantially all U.S.-listed ETFs. To

the extent that any ETFs are mentioned in this report, JPMS may earn commissions and transaction-based compensation in connection with the

distribution of those ETF shares and may earn fees for performing other trade-related services, such as securities lending to short sellers of the

ETF shares. JPMS may also perform services for the ETFs themselves, including acting as a broker or dealer to the ETFs. In addition, affiliates

of JPMS may perform services for the ETFs, including trust, custodial, administration, lending, index calculation and/or maintenance and other

services.

Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future

become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please

consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates

Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its

subsidiaries (“J.P. Morgan Private Bank”), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,

including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.

Legal entity responsible for the production and distribution of research: The legal entity identified below the name of the Reg AC Research

Analyst who authored this material is the legal entity responsible for the production of this research.

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