BYD Company's stock surged 5.52% in intraday trading, outperforming the broader market as investors reacted positively to an analyst upgrade. The significant move came amid a mixed session for Hong Kong stocks, with the Hang Seng Index slightly down but the Hang Seng Tech Index marginally higher.

The rally was primarily driven by Daiwa Securities' bullish outlook on BYD. Analyst Kelvin Lau raised the company's 2025-2026 sales volume forecast by 5%, projecting between 5.5 million and 6.3 million units. This adjustment factors in management's guidance of 5.5 million units for the current year. Consequently, Daiwa increased its net profit forecast for BYD by 10% over 2025 to 2026 and raised its target price to HK$484.00 from HK$431.00, maintaining a buy rating on the stock.

BYD's strong performance reflects growing investor confidence in the company's expansion strategy and market position. Daiwa's report highlighted BYD's potential to roll out its fast-charging capability to mass market models and further expand overseas. As one of China's leading electric vehicle manufacturers, BYD continues to benefit from the global shift towards sustainable transportation and its competitive edge in battery technology. The positive outlook from Daiwa suggests that BYD is well-positioned to capitalize on these trends and maintain its growth trajectory in the coming years.