The 13th J.P. Morgan Asset Management China Investment Summit was recently held successfully in Beijing. Centered on the theme "Active Pursuit, Superior Returns," the summit brought together dozens of global investment research experts from J.P. Morgan Asset Management and guests from China's technology industry. They engaged in in-depth discussions on topics including the 2026 global macroeconomic outlook, investment opportunities in Chinese and overseas markets, technological innovation, and ETF trends. The event attracted over 600 institutional investors, financial advisors, and partners from across the country.

In her opening remarks, Wang Qionghui, General Manager of J.P. Morgan Asset Management (China), stated that in the three years since the company's full rebranding, it has consistently pursued the mission of becoming the most respected asset management firm. While integrating into J.P. Morgan's global platform, the company has continuously strengthened its local investment research capabilities. She emphasized that three core principles—active management, risk management, and a global perspective—form the foundation of the company's investment philosophy. Over the past five years, J.P. Morgan Asset Management has been one of the few institutions in the global asset management industry to achieve sustained net inflows into its active products, with notable performances in active equity, active fixed income, and active ETFs. In terms of risk management, the company inherits J.P. Morgan's prudent approach, utilizing a three-lines-of-defense model and technology enablement to help fund managers better manage risks and achieve risk-adjusted returns. From a global perspective, the firm leverages a worldwide research platform of over 1,300 professionals and a China-dedicated team of more than 100 to position Chinese assets within a global context, aiming to precisely capture investment opportunities.

Looking ahead to investment opportunities in Chinese assets for 2026, Du Meng, Deputy General Manager and Chief Investment Officer of J.P. Morgan Asset Management (China), expressed that high-quality A-share companies are poised for a potential "Davis Double Play," benefiting from both earnings growth and valuation expansion. As the certainty and resilience of Chinese assets become more apparent, a fundamental re-rating of A-shares is expected to deepen. Key investment focuses include the technology sector, represented by artificial intelligence, encompassing opportunities in hardware and software such as robotics and autonomous driving, as well as globally competitive Chinese manufacturing firms. These enterprises are likely to unlock growth momentum through international expansion and new demand drivers. Regarding fixed income, Zhang Yige, Assistant General Manager and Head of Fixed Income Investment, highlighted that the "Renminbi exchange rate" and the "transition between old and new economic drivers" are two critical macroeconomic variables. Fixed income investment should return to the essence of coupon income, with a moderate increase in risk tolerance to pursue yield flexibility, and an active allocation to low-volatility, steady "fixed income-plus" strategies.

Hou Jie, Director of Mixed Assets at J.P. Morgan Asset Management (China), described the outlook for 2026 as the "dawn of a new era." He believes that as China's economic growth model shifts from production-led to consumption-driven, and consumption patterns evolve from material goods to experiential and spiritual fulfillment, the correlation between investment and macroeconomic trends will significantly increase. This could lead to substantial expectation gaps in the consumer sector, while the profit prospects of companies expanding overseas also warrant attention. Jiang Hua'an, Director of Asset Allocation, noted that Chinese investors in 2026 will face the challenge of an "asset shortage," where traditional investment models may prove insufficient. A shift towards "multi-asset strategies seeking higher Sharpe ratios" could become the new norm. The technological revolution in AI and the restructuring of the global order are reshaping the investment landscape, necessitating a greater focus on real assets, dynamic adjustments, and Alpha diversity in asset allocation.

Examining global markets, Lee Spelman, Vice Chairman of Global Equity Investments at J.P. Morgan Asset Management, stated that amidst the wave of AI development, equity markets are increasingly focusing on fundamental corporate outcomes like revenue and profits. The rapidly changing environment places higher demands on active management capabilities. Regarding the U.S. stock market, Susan Bao, a Portfolio Manager on the U.S. Equity Team, pointed out that while valuations for large-cap technology companies are currently high, the Price-to-Earnings ratios for the rest of the S&P 500 constituents remain relatively stable, with solid earnings growth expectations for the next two years. Despite potential market volatility, maintaining a moderate allocation is advised. Ruben Lienhard, Portfolio Manager for Emerging Markets and Asia-Pacific Equities, expressed optimism for Asian equity markets, citing multiple advantages including strong revenue growth from tech companies, relatively low overall valuations, increasing dividend distribution willingness among listed companies, and sustained capital inflows.

Against the backdrop of rapid global ETF development, Sima Fei, Head of ETFs for Asia Pacific at J.P. Morgan Asset Management, indicated that active ETFs are becoming a core driver of global growth. According to data from ETF.COM and Morningstar, as of the end of December 2025, J.P. Morgan Asset Management, a leader in global active ETF assets, ranked first globally in net inflows for active ETFs for two consecutive years. Bi Xue, Director of Index and ETF Business in China, shared that, based on Wind data, the domestic ETF market size surpassed 6 trillion yuan by the end of December 2025. J.P. Morgan Asset Management adheres to a "strict selection" strategy in China, offering high-quality ETF tools backed by global expertise. The market outlook is broad, with continuous enrichment expected in innovative products like multi-asset, fixed income, and active management ETFs.

A live survey conducted during the summit revealed that regarding asset class preferences for the next 6 to 12 months, equity assets were the most favored, with 67% of respondents ranking them as their top choice. "Fixed income-plus" and pure fixed income assets followed with 23% and 5%, respectively. When asked about the most promising global market for 2026, China led significantly with 86% of the attention. The United States, Asia-Pacific (ex-China), other emerging markets, and Europe followed with 44%, 20%, 9%, and 3%, respectively.