J.P. Morgan's Liu Mingdi: Fighting the internal cycle will give rise to an upward market, and liquidity following sustainable performance.

Liu Mingdi, head of stock strategy research for J.P. Morgan in mainland China and Hong Kong, said that if substantial results are achieved in reversing the trend of overwork, the A-share market in 2026 is expected to usher in a "slow bull" market, with a fundamental shift potentially occurring in investor confidence. The core driving force behind this would be the continuous improvement of corporate profitability, which would in turn support sustainable asset returns and valuations.