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研报英文原文证据摘录

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Asia Pacific Equity Research

This material is neither intended to be distributed to Mainland China investors nor to provide securities

investment consultancy services within the territory of Mainland China. This material or any portion hereof

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China/HK First to Market 03 August 2026

China Equity Strategy, China (Erin Zhang, CFA)

Focus on "Six Networks", Policy Optionality Supports Our Constructive View

We view the July Politburo readout as incrementally positive for China equities.JPM views the key message

as focusing on fiscal execution in the near-term, while pledging greater counter-cyclical support. While not

yet a large-scale stimulus, such intention to cushion macro downside should provide meaningful support to

EPS growth for Chinese stocks (consensus 2026/27 EPS y-y for MXCN: 13%/15%; CSI-300: 24%/16%). On

stock implications, the centerpiece of the policy agenda is the "six networks" initiative, an Rmb7trn-

plusinvestment program this year to improve domestic infrastructure of AI, grid, telecom, water supply,

urban underground pipeline and logistics (Figure 1). TheNDRC has framed these networks as the backbone

of China's 15th Five-Year Plan (2026–2030) modern infrastructure system. The companies shown in Figure

2-Figure 7 are exposed to the “six networks” theme, based on market cap and 3m ADT.

CW | Techtronic Industries (0669) (0669.HK, OW – HK$130.20), China (Karen Li, CFA)

Global read-throughs from Quanta, SWK, and Makita highlight beats and raises, with TAM/margin

expansion a key theme

Global read-throughs from Techtronic’s AIDC partner Quanta Services (Neutral, covered by Mark Strouse)