JPMorgan Asset Management: A-share market trend may improve, investment value emerging in some sectors

The significance here is less the A-share call than the framing: a major asset manager is positioning the Fed's rate path as the dominant variable for global asset pricing, which implicitly subordinates China-specific factors to US monetary conditions. The AI caveat is the more distinctive note — flagging uneven commercialization and demanding evidence of real investment and profit delivery pushes back against broad thematic enthusiasm. For readers tracking RWA and tokenization narratives, the same discipline applies: whether AI-adjacent and China-exposure stories can show delivered earnings rather than sentiment is the open question worth watching.