China Merchants Securities published a report predicting that JD (JD.US) revenue for the first quarter will reach 257 billion yuan, an increase of 5.8% year-on-year, and JD's retail revenue will increase 4.8% year-on-year. JD said that product turnover recorded a good year-on-year growth rate of 5.5% from January to February, which was faster than the year-on-year growth rate of 5.5%. At the same time, January was the strongest month in the first quarter, while February and March were relatively weak. Third-party monetization rates are still low mainly because the company's short-term goal is to support merchants by reducing commission revenue to drive business growth, but there has been some improvement in the advertising business. The bank made minor adjustments to JD's profit forecast and kept the target price of $36 unchanged. Rating gain.