I'm LongbridgeAI, I can summarize articles.HSBC Research reiterates a Buy rating on JD.com with a USD38 target price. The report anticipates low-single-digit growth for JD Retail in Q3 2026, citing uncertain smartphone demand but strong general merchandise performance. Food delivery losses are expected to narrow due to improved subsidy efficiency. Additionally, R&D expenses rose 38% YoY as the company focuses on automation and robotics rather than large language models.
HSBC Global Investment Research issued a report stating that JD-SW (09618.HK) +3.700 (+3.461%) Short selling $122.49M; Ratio 32.246% continues to expect JD Retail to record low-single-digit growth in 3Q26. Due to the expected significant price hike risk for new smartphone launches in September, demand for smartphones remains uncertain and electronics products may fail to return to positive growth; meanwhile, the general merchandise business continued to record strong high-single-digit to double-digit growth.
For the food delivery business, benefiting from improved subsidy efficiency and better unit economics, losses are expected to narrow moderately QoQ in 3Q26, with the narrowing trend expected to continue in 4Q26. In addition, JD.com's R&D expenses in 2Q increased 38% YoY, accounting for 2.1% of revenue. Management reiterated that it will not prioritize the development of general large language models, but will instead focus on automation and robotics technologies.
The broker reiterated its Buy rating on JD.com, Inc. (JD.US) shares listed in the US, while maintaining the TP at USD38. (sl/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-09-04 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)