Asia Pacific Equity Research 30 April 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. Weichai Power - H/A Raising PT as power transformation moves from narrative to measurable milestones; 1Q26 review We are raising our PT for Weichai Power A/H to HK$52 ...