中信证券：看好中国电池核心资产的配置价值，资产估值中枢有望得到进一步抬升

Core Viewpoint - The company is optimistic about the investment value of core battery assets in China, driven by improving supply and demand dynamics and favorable market conditions [1] Short-term Outlook - In Q2 2025, battery prices are stabilizing due to continuous improvement in supply and demand, with upstream raw material costs decreasing and operational rates increasing, leading to additional profit elasticity [1] - The performance of the battery sector is expected to exceed expectations [1] Long-term Outlook - The trend of supply and demand improvement remains clear, with electric commercial vehicles, AI data centers, and overseas markets likely to provide excess growth for leading companies [1] Valuation Perspective - Chinese battery core assets have a significant advantage over Japanese and Korean companies in terms of valuation [1] - With more battery companies expected to list on the H-share market, the global pricing system may further elevate the valuation center of Chinese battery assets [1]