*J.P. Morgan Asia FTM 4 Aug 26: The many gaps in China; China CXO preview: Constructive; WuXi Apptec: Stronger than expected; ICTSI: Raise, raise again; AI Survey; TLKM; Downside protection, limited upside. Mon Aug 03 2026

研报英文原文证据摘录

*J.P. Morgan Asia FTM 4 Aug 26: The many gaps in China; China CXO preview: Constructive; WuXi Apptec: Stronger than expected; ICTSI: Raise, raise again; AI Survey; TLKM; Downside protection, limited upside. Mon Aug 03 2026

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Asia First to Market 04 August 2026

Top Stories

The many gaps in China, China (Jahangir Aziz/Tingting Ge/Feng Zhu)

China’s post-pandemic GDP remains ~1.5% below trend, despite 4.5%–5.5% headline growth

China’s post-pandemic recovery has underwhelmed, weighed down by an ongoing, policy-driven, shift away

from excessive dependence on real estate toward advanced manufacturing (the “new economy”) and by

broad, at times disruptive, regulatory tightening across property, internet platforms, and private education,

which has dented private-sector confidence. Even so, fiscal support has helped to keep headline GDP

growth in the 4.5–5.5% range. Despite this resilience, the GDP gap versus the pre-COVID trend is around -

1.5% even five years after the pandemic.

China CXO, China, Hong Kong (Yang Huang)

1H26/2Q26 preview – Constructive: Demand resilient, pricing inflecting, new growth engines

The China CXO sub-sector saw a strong run from mid-June to early July and has maintained a relatively

stable price since early July. To better understand how it will perform next, the 1H6/2Q26 earnings results

would be important in determining the 3Q sentiment towards the sub-sector. We present here a preview of

the China CXO 1H/2Q results.