英文比亚迪、中国峰会行业要点、欧盟国防解读

Specialist SalesAPAC Specialist Sales27 May 2025JPMORGANBYD, China Summit Industrial Takeaways, EU Defense Readacross Joann Kim+852 2800 8016joann.kim@jpmorgan.comUnanticipated further price cut move from BYD over the weekend and other brands joining price war (Leapmotor, Geely) triggered investors’ concern over China domestic pricing war intensifying. Investors initial feedback was negative and closely monitoring sales response post price cut, intensity of pricing war (who else joins and duration of pricing campaign). JPM flow was better to sell, seeing selling from both LO & HF. Key Highlights Today:•BYD (1211 HK): Unanticipated price move - Nick Lai (Link)•Global China Summit Industrial Sector Takeaways: Humanoid Robot- Embodied AI in action (Link), Weichai Power - Growth stock positioned as an affordable cyclical (Link), Shenzen Inovance - Cycle Inflection and m/s gains remain intact (Link)•European Defense (RHM +3.3%): Share PX surge could continue following this weekends’ news -