CATL(SZ:300750) Ge Long Hui·2025-12-05 03:13Core Viewpoint - Citi believes that the current rise in the battery supply chain driven by strong energy storage systems (ESS) has largely been reflected in the market, suggesting investors maintain a cautiously optimistic attitude before the Lunar New Year [1] Group 1: Investment Recommendations - The bank recommends selecting defensive stocks like CATL (Contemporary Amperex Technology Co., Limited) for the first quarter of next year [1] - Short-term preferred stock is CATL, with a target price of HKD 621 for H-shares and CNY 571 for A-shares [1] Group 2: Market Outlook - The growth prospects for batteries, especially energy storage systems, are expected to remain unchanged over the next 12 months [1] - There is optimism for battery-related companies with high elasticity entering the traditional peak season (March and April), including lithium, separators, electrolytes, cathode materials, and second-tier battery manufacturers with a high proportion of energy storage business [1] - Anticipation of seasonal supply-demand mismatches in the battery value chain is noted [1]