中信证券：当前时点，旗帜鲜明看好中国电池核心资产的配置价值

Core Viewpoint - The report from CITIC Securities expresses a strong positive outlook on the investment value of core battery assets in China, highlighting both short-term and long-term growth potential [1] Short-term Outlook - By the second quarter of 2025, battery prices are expected to stabilize due to ongoing improvements in supply and demand, alongside a decrease in upstream raw material costs and increased operating rates, leading to additional profit elasticity [1] - The performance of the battery sector is anticipated to exceed expectations in the near term [1] Long-term Outlook - The trend of supply and demand improvement remains clear, with commercial vehicle electrification, AI data centers, and overseas markets expected to drive significant growth for leading companies [1] - The core battery assets in China are seen to have a significant valuation advantage over Japanese and Korean companies [1] Valuation Perspective - As more battery companies list on the H-share market, the global pricing system is likely to elevate the valuation center of Chinese battery assets further [1]