Ge Long Hui·2026-02-11 03:31Core Viewpoint - BYD's stock price has rebounded over 4% during trading, achieving a five-day consecutive increase and returning to the HKD 100 mark, with a total market capitalization of HKD 903.5 billion [1] Group 1: Inventory and Sales Analysis - Citigroup's report estimates that BYD's absolute inventory in the domestic market will decrease by 1.2% month-on-month to 387,000 units by the end of January 2026 [1] - The report anticipates that retail sales for January may not meet expectations, with an estimated month-on-month decline of 65%, leading to an increase in relative inventory days from 1.2 months at the end of December 2025 to 3.4 months [1] - Key future variables for BYD will be the new products and pricing strategies to be launched in late February and early March [1] Group 2: Market Performance - On February 4, data from the German Federal Motor Transport Authority indicated that BYD sold 2,629 new vehicles in Germany in January, a significant increase from 235 units in the same month last year, representing a year-on-year growth of 1018.7% [1] - This sales figure is more than double that of Tesla, which registered 1,301 vehicles in the same period [1] Group 3: Analyst Rating - Citigroup has assigned a "Buy" rating for BYD, with a target price set at HKD 174 [1]