JPMorgan downgraded Li Auto (02015.HK) to "Underweight" and named Geely (00175.HK) and Sinotruk (03808.HK) as its top picks.

JPMorgan issued a research report stating that this year's performance of China's automobile market will exhibit a mixed trend resembling both 2018 and 2025: 1) As the overall passenger vehicle market growth rate has fallen into negative territory (similar to 2018), the industry’s performance for the entire year may remain relatively weak; 2) However, driven by new model launches, seasonal trend fluctuations, and changes in earnings expectations (resembling 2025), market volatility throughout the year is expected to intensify. Whether absolute or relative gains can be achieved will depend on whether corporate earnings can exceed expectations, which will be more challenging amid rising costs. Taking these factors into account, JPMorgan's top pick is Geely.

AASTOCKS16:37

Citi: Rising commodity prices expected to benefit basic materials sector, while automakers and second-tier battery manufacturers face pressure.

The bank has assigned a 'Buy' rating to Aluminum Corporation of China (02600), China Hongqiao Group (01378), and Zijin Mining (02899), and also expressed optimism about pure copper enterprises.

Zhitong Finance11:38

Citi has raised its target price for Li Auto (02015.HK) while maintaining a "Neutral" rating.

Citi issued a research report stating that Li Auto (02015.HK) (LI.US) is actively expanding into the robotics field, repositioning its strategic focus on "embodied intelligence," and plans to develop humanoid robots and specialized AI-driven hardware. To appropriately reflect the valuation of the robotics business, the bank has shifted its estimation model from a pure price-to-sales ratio to a sum-of-the-parts (SOTP) approach, raising its U.S. stock target price from $18.50 to $18.90 and its Hong Kong stock target price from HK$71.1 to HK$72.7. Additionally, the bank's sensitivity analysis on the recent rise in raw material costs indicates that by 2026.

AASTOCKS11:30

Dow Jones Top Company Headlines at 9 PM ET: Kroger Plans to Name an Ex-Walmart Executive as Its Next CEO | A ...

Dow Jones10:00

Cui Dongshu of the China Passenger Car Association: Last month, the average price reduction for new cars was RMB 37,000, with new energy vehicles seeing a decrease of 14.8%.

Cui Dongshu, Secretary General of the China Passenger Car Market Information Joint Conference, provided the latest data showing that in January 2026, the average price of new car models with price cuts in the overall passenger car market was RMB 248,000 (hereinafter the same), with an arithmetic average discount of RMB 37,000. A breakdown shows that the average price of discounted new energy vehicle models was RMB 253,000, with an average price reduction of RMB 38,000, representing a decrease of 14.8%; the average price of discounted conventional fuel vehicle models was RMB 238,000, with an average price reduction of RMB 36,000, resulting in a decrease of 15%. The overall discount rate for new car models with price cuts in Mainland China’s passenger car market that month reached as high as 14.9%, rising month-on-month.

AASTOCKS08:49

J.P. Morgan Maintains XPeng(XPEV.US) With Buy Rating, Cuts Target Price to $34

Futu News05:32 · Ratings