Asia Pacific Equity Research 22 August 2025 Correction (See disclosures for details) 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 Financials Assessing sustainability of the liquidity rally and implications to brokers and banks We hold a positive out ...