Gelonghui November 19th | Citigroup's report states that jd.com's third-quarter profit was strong, exceeding expectations, with net income rising 24% year-on-year to 13.2 billion yuan. The bank believes that benefiting from past experience, smooth responses, and strong supply chain capabilities, the company can benefit from the demand growth brought by the trade-in of old appliances for new ones. After seeing an increase in demand in September, even stronger demand was recorded on the singles' day sales, believing that the positive impact will surpass the demand for home appliances themselves, helping to create jobs and support consumer confidence. The bank also pointed out that the management's outlook for next year is cautiously optimistic, believing that solid new user growth and user experience improvements will support strong demand next year. The bank maintains a "buy" rating on jd.com, with an ADR target price of $51, considering the recent weakness in stock prices due to profit-taking as a buying opportunity, based on reasonable valuation and stable execution by management.