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研报英文原文证据摘录

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North America Equity Research AC Global Equity Research

(1-212) 270-6000 04 August 2026 J P M O R G A N

morganwise@jpmorgan.com

tact fundamentals and continued robust long-haul demand which can lead to FCF generation significantly ahead of peers.

However, IAG is up 7% YTD despite the continued Middle East-related volatility, and has outperformed the sector (ex-easyJet),

but with our 2026 EBIT estimate currently c15% lower than what we forecasted at the beginning of the year. We therefore

remove it from the Analyst Focus List. Our Dec-27 price target decreases by -4% to €5.75 (previously €6) due to lower

estimates, with c15% upside potential to the last close. IAG is trading on 6.8x 2027E P/E on our estimates.

The many gaps in China (Jahangir Aziz), China

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

Weak consumption is the oft-cited culprit

China CXO (Yang Huang), China, Hong Kong

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. We see risk skewed to the

upside, with the strong fundamentals of the sub-sector continuing, alongside an upbeat read-across from 2Q26 results of global

peers, such as Lonza and Samsung Biologics, reinforcing our constructive stance. The underlying global and China demand

for CXO services appears to have held up well through 1H26 and we expect this demand trend to continue with stable or

slightly improved pricing.