On Monday, shares of Li Auto (LI.US) fell more than 3% in premarket trading, reaching $18.32. The decline followed a report issued by JPMorgan on February 9, in which the firm downgraded its rating on Li Auto's Hong Kong-listed shares to "underweight" and lowered its target price from HK$73 to HK$56. JPMorgan anticipates that the Chinese automotive market in 2026 will resemble a mix of conditions seen in 2018 and 2025. The bank expects growth in the mainstream passenger vehicle segment to potentially turn negative, with overall performance remaining weak but volatility increasing. This environment is likely to make it more difficult for companies to deliver earnings that exceed expectations.