JD.com rises nearly 6%, Goldman Sachs believes its differentiated advantage is being underestimated by the market.

JD.com rose 5.6% to $26.9 on March 6th, according to a research report released by Goldman Sachs. Despite a slight decline in retail revenue in the fourth quarter due to the high base effect of government subsidies for trading in old for new products, strong growth in advertising revenue and narrowing losses in food delivery services have exceeded market expectations. Goldman Sachs believes that JD.com is an undervalued differentiated enterprise with a leading retail scale, a unique "self-operated online direct sales + platform" model, and industry-leading in-house warehousing and supply chain capabilities. The company's positive guidance for 2026 includes single-digit growth in retail, over 20% growth in logistics revenue, faster profit growth, and the acceleration of AI implementation and investment in new businesses, providing clear support and safety margins for valuation.