DA Morgan: Reiterate "Buy" rating on NINGDE TIMES A shares with a target price of 425 yuan.

Morgan Stanley released a research report stating that there are reports in the media that Contemporary Amperex Technology (CATL) may launch NCM811 battery products next year, increasing the capacity of electric vehicle batteries to 80kWh from the current 30-50kWh per unit. CATL has not confirmed this news yet. Morgan Stanley believes that after CATL introduced the Freevoy battery product to the EREV market this year, new products next year could further increase the company's range to over 600km. The new technology can be combined with the most advanced NP3.0 technology to enhance safety and longevity, increasing cycle life. Morgan Stanley sees this as another example of CATL demonstrating its capability in power system solutions, and points out that the company is constantly iterating to provide better performance for power systems. Morgan Stanley reiterated its "overweight" rating on CATL's A shares with a target price of 425 yuan, and also reiterated its "overweight" rating on the company's H shares.