Core Viewpoint - Morgan Stanley analysts, including Tim Hsiao, indicated that the third-quarter performance showed improvement from the low point in the second quarter, aligning with management guidance. Despite the earnings not being particularly strong, the overall results were not surprising given the lowered market expectations [1] Group 1: Performance Analysis - The third-quarter results improved compared to the second quarter, meeting management's expectations [1] - Earnings performance was not outstanding, but the results were in line with reduced market expectations [1] Group 2: Market Sentiment and Stock Price - Investors remain cautious about BYD's market share decline in the domestic market by 2026, but recent negative factors have been absorbed by the market [1] - The stock price is expected to fluctuate around HKD 100 [1] Group 3: Future Outlook - Investors will continue to monitor BYD's overseas expansion progress and await the next major product upgrade in 2026 [1] - Attention is also on whether BYD will implement sales policies to address the 5% increase in the new energy vehicle purchase tax in 2026 [1] - The rating is maintained at overweight, with a target price set at HKD 130 [1]