Citibank: JD-SW(09618) continues to lead in the national trade-in program this year, starting a 90-day positive catalyst observation.

Citigroup released a research report stating that JD-SW (09618) has started the year off well, driven by partnerships with major provinces such as Hubei, Jiangsu, and Hunan to promote a nationwide trade-in program. The report also mentioned that JD-SW continues to lead in this area, with its platform covering over 200 eligible sub-categories and attracting consumers from over 90% of counties and rural areas, thanks to its advantage in first-party supply chain and omni-channel strategy. Citigroup believes that JD-SW is providing the most extensive nationwide coverage, positioning the company as the preferred partner for many provincial and local governments. The report also suggests that investors may be underestimating the strength of JD-SW's platform and its ability to capture the sustainability of the trade-in program. It is believed that JD-SW's early entry into the trade-in program position should support GMV and revenue growth exceeding expectations in the first half of the year, with potential for upward adjustment in market forecasts and the initiation of a 90-day observation period for positive catalysts.