Zhang Xiaoning, a Chinese stock strategist at J.P. Morgan Chase, pointed out that domestic liquidity of A-shares is still sluggish, and turnover rates, and ETF capital flows are low; under the current market style, they continue to be optimistic about barbell strategies, the defensive side allocates high dividend targets, and the growth side allocates AI, CXO, and innovative drugs. The bank maintained the target point of 5,200 points under the benchmark scenario of the Shanghai and Shenzhen 300 Index at the end of 2026. As of noon trading on October 15, the Shanghai and Shenzhen 300 fell 2.00% on the same day to 4133.46 points. There is still room for growth of about 25.80% from this target point.

Zhang Xiaoning, a Chinese stock strategist at J.P. Morgan Chase, pointed out that domestic liquidity of A-shares is still sluggish, and turnover rates, and ETF capital flows are low; under the current market style, they continue to be optimistic about barbell strategies, the defensive side allocates high dividend targets, and the growth side allocates AI, CXO, and innovative drugs. The bank maintained the target point of 5,200 points under the benchmark scenario of the Shanghai and Shenzhen 300 Index at the end of 2026. As of noon trading on October 15, the Shanghai and Shenzhen 300 fell 2.00% on the same day to 4133.46 points. There is still room for growth of about 25.80% from this target point.