Global Markets Strategy 4 August 2025 Wendy Liu AC (852) 2800 1087 wendy.m.liu@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/J.P. Morgan Broking (Hong Kong) Limited Erin Zhang (86-21) 6106 6328 erin.zhang@jpmorgan.com SAC Registration Number: S1730521090002 J.P. Morgan Securities (China) Company Limited 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 ...