摩根士丹利：维持对比亚迪的增持评级

Core Viewpoint - Morgan Stanley analyst Tim Hsiao maintains an "Overweight" rating on BYD with a target price of HKD 126, anticipating improved operating cash flow by 2026 as a new vehicle cycle begins [1] Group 1 - The stock performance will depend on the terminal sales of new models equipped with the second-generation blade battery [1] - The overseas expansion progress will also be a critical factor for stock performance [1] - An increase in per-vehicle profit is expected to contribute positively to the company's financial outlook [1]