CITIC Securities: Continue to recommend leading domestic battery companies with continuously increasing global market share, leading profitability, and significant valuation advantage.

CITIC Securities pointed out that looking ahead, with the delay of the European carbon emission verification period and the impact of U.S. tariffs, the uncertainty and risks of future demand for Japanese and South Korean battery companies have significantly increased. It is still necessary to open up new growth space by developing lithium iron phosphate batteries, developing the energy storage market, while strictly controlling capital expenditure efficiency, and striving to reduce costs and increase efficiency to improve profitability levels. It continues to recommend domestic leading battery companies with globally increasing market share, leading profitability, and significant valuation advantages.