CICC: Reaffirms long-term positive outlook on BYD's stock, expected to gradually bottom out after third-quarter performance announcement.

JP Morgan Chase issued a report stating that BYD displayed its clear global market ambitions at the 2025 Tokyo Motor Show. JPMorgan reiterated its long-term positive view on BYD, believing that the stock should gradually bottom out after the release of third-quarter results. Based on the launch of new models by BYD in 2026, successful global expansion, and gradual improvement in profitability in the fourth quarter of this year and in 2026, the bank believes the group has a good risk-return ratio in the next 12 months. In addition to BYD, the bank considers Toyota's future design language and mobility strategy, as well as Mercedes-Benz's new pure electric vehicle models, to be the most notable highlights among global brands, echoing its long-term optimistic view on Guangzhou Automobile Group and Zhongsheng Holdings.