Supported by consumption stimulus from the trade-in policy, China's 2025 GDP managed to meet the target with a YoY increase of 5%, according to JPMorgan's research report.JPMorgan anticipates that the trade-in subsidy policy will persist into 2026. While the incentives will be more targeted and efficiency-focused than in 2025, they will still provide substantial support for overall commodity demand.Related News Huatai Securities Raises CMOC (03993.HK) TP to HKD28.3, Maintains Buy RatingThe broker's sector preference for China basic materials in 2026 is gold/ copper > aluminum > lithium > coal > steel. It also expects the materials sector to continue outpacing the MSCI China Index.JPMorgan recommended investors buy ZIJIN MINING (02899.HK) -0.780 (-2.139%) Short selling $414.75M; Ratio 20.646% (601899.SH) -0.840 (-2.460%) and accumulate CHALCO (02600.HK) -0.520 (-4.377%) Short selling $108.48M; Ratio 19.473% (601600.SH) -0.260 (-2.183%) and CHINAHONGQIAO (01378.HK) -1.600 (-4.667%) Short selling $856.29M; Ratio 36.252% on dips. Meanwhile, CMOC (03993.HK) -0.670 (-3.667%) Short selling $132.76M; Ratio 17.883% may take a pause due to the issuance of convertible bonds.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 16:25.) (A Shares quote is delayed for at least 15 mins.)
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