Bocom International reaffirmed its Buy rating on JD.com (9618 HK), citing the e-commerce giant's robust second-quarter performance. JD.com recorded a 15% year-over-year revenue increase to RMB335 billion for Q2 2025, with retail operations remaining stable. Both electronics and daily necessities categories achieved double-digit growth, while operating profits remained flat annually. Despite approximately RMB10 billion in losses from new ventures, JD's food delivery unit economics showed continuous improvement with reduced per-order losses, though increased order volume expanded overall losses. The company anticipates narrowing these losses by Q4. JD.com demonstrated strong user engagement with monthly active users surging 30-40% year-over-year and enhanced cross-selling efficiency, highlighting long-term value potential. Bocom adjusted its 2025 profit forecast downward to RMB26 billion and revised the target price to US$40/HK$164, representing an attractive valuation at 10 times 2025 retail PE near historical lows.

First Shanghai sustained its Buy rating on Tesla (TSLA.O) as the automaker accelerates its autonomous driving initiatives. Tesla is expanding its Robotaxi service with planned certification in California and Arizona to commercialize self-driving technology. Recent software updates integrated Grok AI to elevate intelligent features, while the Semi truck completed winter testing, demonstrating logistics application potential. July marks Tesla's official entry into India, extending its global footprint. China deliveries rose 16% month-over-month in June, with Model Y remaining the sales leader. Despite a year-over-year delivery decline in early July, Tesla's technological advancement and market expansion continue to underpin its investment appeal.