Shelley Wang, CFAShelley Wang, CFAShelley Wang, CFAShelley Wang, CFA
2026 Outlook-A Year of2026 Outlook-A Year of2026 Outlook-A Year of2026 Outlook-A Year of
campenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcest het could affes the ctijeclivity of Mnrgan Slanlcycampenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcest het could affes the ctijeclivity of Mnrgan Slanlcycampenies noered in Mcrgan Stanlcy
(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and
growing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'second
act'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of thisact'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of thisact'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of this
in 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. For
