Takeaways positive as growth outlook remains constructive; tariff and payout upside highlighted 收市点评精选 Downgrade to Neutral on weak profitability and rising leverage Downsizing asset scale in the medium term; reducing staff Electrifying the world’s largest new car market; reinstate at Buy 从事消费产品的出口贸易业务，包括成衣、饰物、玩具、运动用品及家具等。 将大市看通看清牛熊 In line with expectations: Dragged by volume/RMB, 2H outlook better 瑞银认股证牛熊证焦点 A leading player, but valuation is getting richer