JPMorgan has released a research report indicating that BYD COMPANY's H-shares have risen 8% year-to-date, outperforming the MSCI China Index and industry peers. This is partly due to market expectations that if oil prices remain at or above $80 per barrel this year, demand for new energy vehicles domestically and globally will be stronger than anticipated. The analysis also shows that during past periods of oil price volatility, BYD not only outperformed MSCI China auto stocks but also the broader market, especially when oil prices exceeded $80 per barrel. On the fundamental side, the firm has raised its sales forecasts for BYD's domestic and export markets. It increased the target price for BYD's H-shares from HK$110 to HK$120 and for its A-shares from 95 yuan to 120 yuan, maintaining an "Overweight" rating. JPMorgan highlighted factors driving positive momentum for BYD, including its recent ultra-fast charging strategy in the domestic market and the planned commencement of production at global factories starting from the second quarter of 2026, such as those in Hungary, Indonesia, Malaysia, and Brazil.