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<Research>JPM Upgrades GAC/ ZHONGSHENG to Overweight w/ Higher TPs
The Chinese government has recently introduced a series of "anti-involution" policies to curb irrational competition, according to JPMorgan's research report. These p...
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<Research>JPM Upgrades GAC/ ZHONGSHENG to Overweight w/ Higher TPs
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The Chinese government has recently introduced a series of "anti-involution" policies to curb irrational competition, according to JPMorgan's research report. These policies target sectors such as new energy vehicles, which are facing overcapacity and intensified price competition.

In the broker's opinion, the government's "anti-involution" measures, along with structural reforms at the corporate level, will drive the industry to a turning point in 2026, with related stocks expected to reflect this anticipation from 2H25.

JPMorgan upgraded GAC GROUP (02238.HK)  -0.040 (-1.258%)    Short selling $3.88M; Ratio 7.755%   (601238.SH)  -0.010 (-0.132%)   from Underweight to Overweight and raised its target price from HKD1.8 to HKD5. ZHONGSHENG HLDG (00881.HK)  -0.180 (-1.360%)    Short selling $145.05M; Ratio 49.293%   was also upgraded to Overweight, with the target price increased from HKD12 to HKD20.

Both companies have the potential for self-improvement: GAC GROUP is expected to benefit from a favorable product cycle and structural adjustments in 2026, while ZHONGSHENG HLDG will benefit from the optimization of its dealership network.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.) (A Shares quote is delayed for at least 15 mins.)

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