Lyon released a report stating that jd.com (JD.US) will be the main beneficiary of the old-for-new policy, with third-quarter revenue expected to increase by 4.8% to 260 billion RMB annually, and adjusted pre-tax profit to increase by 18% annually to 13.1 billion RMB. Lyon raised the profit forecast for jd.com for the next two years by 4% and 2% respectively, raising the target price from $40 to $46, and maintaining an 'outperform' rating.

Lyon stated that with the implementation of the old-for-new policy in September, jd.com's electronic product sales have significantly increased, and as the entire quarter can benefit from this policy, it is expected that the fourth-quarter revenue growth will accelerate to 6% annually.