On September 25, Goldman Sachs released a report, considering jd.com (9618.HK) has a leading retail scale, a unique 1P online direct sales + market model, supplemented by industry-leading internal warehousing and logistics capabilities, the firm rated it as a "buy", with a target price of 157 Hong Kong dollars based on SOTP valuation. The report indicates that JD.com Group is expected to improve its gross margin in the second half of this year compared to the same period last year, and the efficiency of JD.com Retail and JD Logistics (02618.HK) can be sustainably improved in the long term. At the same time, it points out that the competitive pressure on JD.com's core categories has eased and believes that JD.com's competitive advantage lies in its supply chain capabilities, service quality, and long-term relationships with brands.