J P M O R G A N Asia Pacific Equity Research 15 October 2025 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 may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Utilities, Renewables & Power Grid Expert insights: 15-FYP preview; a catalyst-rich environment We hosted an expert call on the 15-FYP outlook ...