Asia Pacific Equity Derivatives Strategy: Taiwan upside into the Apple cycle; CATL-H (3750 HK): Leveraging rich skew for recovery; Zijin Gold (2259 HK): Get paid to buy the dip on elevated volatility

This report presents J.P. Morgan's Asia Pacific equity derivatives strategy with three sets of trade recommendations. First, we buy Taiwan upside into the Apple cycle: roughly 55% of TWSE market cap has positive Apple exposure, and major Apple cycles have historically lifted Taiwan supply-chain forward EPS by about 5% on average (2014-2025) and about 9% in major upgrade years. With positioning cleaner after the July reset and foreign sponsorship still light, and with TSMC's 3Q26 results a near-term catalyst, we recommend Dec26 TWSE 110% calls, or more cost-effective Mar27 calls contingent on USD/TWD higher and TWSE-up/USDTWD-up dual digitals. Second, CATL-H (3750 HK), down ~36% from its early-June peak with skew near post-listing highs, remains fundamentally supported (2026/2027 net profit forecasts of Rmb95bn/Rmb116bn);