Nomura stated that a series of stimulus policies launched by China at the end of September focus on stabilizing the real estate market and revitalizing consumer demand. If consumer sentiment can improve, it is expected that the Chinese e-commerce sector has the potential to outperform the market in the short term. The top stock picks for the short term are JD.com (JD.US), Pinduoduo (PDD.US), and Alibaba (BABA.US), all rated as "buy". Specifically, Nomura has raised the target price for JD.com's US stock (JD.US) from $38 to $53, a 39.5% increase, mainly due to China's latest stimulus plan potentially improving the overall retail environment, expectations of JD.com surpassing third-quarter profit expectations, and an upward revision of JD.com's full-year profit forecast. Nomura expects JD.com's third-quarter revenue to meet expectations, with a 5% year-on-year growth, and profits exceeding expectations with adjusted earnings per share growing by 14%, 3% higher than the market's expectations. Nomura predicts that JD.com's retail revenue in the third quarter will increase by 5% year-on-year, with an adjusted operating profit margin of around 5.2%. The electronics category may see a 3% growth, reversing the 5% decline in the second quarter, mainly due to various provinces in China implementing subsidies for trade-ins of various electronic products, mainly targeting home appliances. JD.com, as one of the largest sales channels for electronic products, can continue to benefit from this trend. Nomura has raised JD.com's net profit for the current fiscal year by 2%, primarily due to higher revenue expectations from JD.com's logistics operations and estimates a 4.7% increase in JD.com's retail revenue for the full year, with the operating profit margin expanding to 3.9%.