[Morgan Asset Management (China): The market may have factored in more pessimistic expectations and the investment value is beginning to appear] On November 3, JPMorgan Asset Management (China) held the "Global Market Overview of the Fourth Quarter of 2026 and Active ETF Seminar". Zhu Chaoping, senior global market strategist of JPMorgan Asset Management, pointed out at the meeting that the current Chinese economy continues to be structurally differentiated, exports remain resilient, consumption is recovering moderately, and real estate investment is still weak. The market adjustment since September may have factored in more pessimistic expectations. As market valuations fall, the investment value of some sectors begins to emerge. As policy support increases and the overseas AI technology sector is expected to stabilize, the trend of the A-share market may improve.