October 15th, Guolonghui | Morgan Stanley's report pointed out that jd.com has effectively seized the opportunity of the recovery in demand for home appliances and electronic products in the gradually implemented trade-in policy, making its revenue growth in the second half of the year more resilient compared to its peers. The bank expects jd.com's third quarter revenue to increase by 5% year-on-year to 260 billion yuan, with adjusted net income reaching 11.5 billion yuan, consistent with the upper limit of market expectations. The bank reiterated jd.com as the preferred stock in the e-commerce industry, raising its profit forecast for the next two years by 2% and 6% to reflect sustainable profit expansion. It is also expected that the company's third-quarter adjusted operating profit will reach 12 billion yuan, 8% higher than market expectations, mainly due to the company's cautious investment strategy, while other departments like jd.com logistics will further promote the group's profit growth. The bank raised jd.com's target price by 3% to HK$232, reiterating an "outperform" rating.