JP Morgan China equity strategist Zhang Xiaoning says AI hardware supply
constraints will persist at least through 2028 and that major tech firms’ bonds
remain investment-grade, calling investor debt concerns an overreaction.
bank stays overweight China equities, setting end-2026 baseline targets of 100
for the MSCI China index and 5,200 for the CSI 300; a downside scenario is 80
and 4,000. Zhang expects AI to remain the core market theme in H2; JP Morgan
views the recent pullback as healthy rotation rather than the end of the AI
cycle. Foreign investors remain focused on the strength of macro policy support
and the pace of implementation of six-network investment.
