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<Research>JPM: Top Picks Among CN Basic Materials Stocks CHALCO/ CHINAHONGQIAO/ ZIJIN MINING
Recommend 10 Positive 26 Negative 11 |
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China's economic activity data for 2M26 was largely in line with JPMorgan's expectations, with a moderate recovery in fixed asset investment tempered by the persistently weak real estate sector, JPMorgan released a research report saying. The broker expected coal stocks to continue outperforming the market in the short term, not due to significant upside in domestic coal prices, but because of their defensive nature, with a dividend yield of about 5%, and favorable positioning due to low position levels. JPMorgan also remained optimistic about aluminum stocks. Based on demand rationality tests, despite a slowdown in demand at high prices, the fundamental consumer resilience remained stronger than market concerns, with CHALCO (02600.HK) and CHINAHONGQIAO (01378.HK) being its top picks. In the medium term, JPMorgan maintained a constructive view on gold and copper miners, contingent on the eventual easing of geopolitical tensions and demand recovery. During market corrections, ZIJIN MINING (02899.HK) is the broker's top pick. AASTOCKS Financial News Website: www.aastocks.com |
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