Citigroup published a report stating that JD.com had a good start this year, driving the national trade-in program through partnerships with major provinces such as Hubei, Jiangsu, and Hunan, and continues to lead. Citigroup believes that JD.com is providing the broadest national coverage, positioning the company as a preferred partner for many provincial and local governments. It is thought that the strength of the JD.com platform and its ability to capture the sustainability of the trade-in program may be underestimated by investors. It is believed that JD.com's early entry into the trade-in program should support GMV and revenue growth exceeding expectations in the first half of this year, with an upward adjustment risk to market predictions. The firm reiterated its 'Buy' rating with a Target Price of $51 and initiated a 90-day positive catalyst observation.