摩根大通：比亚迪

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Asia Pacific Equity Research 07 February 2025 BYD- H&A Placing on Positive Catalyst Watch: The advancement in AD solution and adoption Riding on two mega trends in 2025: 1) rising adoption of AD solution and 2) exploiting overseas opportunity: BYD-H is up 18% YTD vs. HSCEI 6%. We believe two investment themes will dominate the China auto market this year and are very relevant to the company: Penetration of L2+ advanced autonomous driving (AD) feature will rise sharply, driven by ...