Benchmark analyst Fawne Jiang downgraded Autohome to Hold from Buy without a price target. Continued weakness in auto sales, as evidenced by recent Q2 data, is likely to result in reduced auto manufacturer advertising spending across all channels, including Autohome, Jiang tells investors in a research note. Auto dealers in China continue to struggle with deteriorating profitability from a challenging macro environment, and increasing uncertainties on dealer growth is likely to continue in the near to intermediate term, adds the analyst. Jiang expects Autohome's margins to compress against this backdrop.