J P M O R G A N Asia Pacific Equity Research 16 July 2026 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 Basic Materials June 26 NBS data: Resilient demand to support high metal prices and strengthen miners' earnings Against a still-cautious domestic ...