J P M O R G A N Global Markets Strategy 06 June 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 Equity Strategy The SMid View: Onshore micro-caps outperformed YTD YTD, A-share SMid indices, particularly the micro-cap CSI2000, have outperformed CSI ...