大行评级｜花旗：对电池产业链维持防御性看法 行业首选宁德时代

Group 1 - The core viewpoint of the article indicates that the planned production capacity of the five major battery manufacturers in mainland China may decline by 7% month-on-month in January 2026, according to estimates from Citigroup's research report [1] - The weak battery production plans for January are attributed to negotiations between leading battery companies and upstream suppliers, rather than a genuine decline in demand [1] - Some major cathode material manufacturers have announced plans for maintenance shutdowns in January due to rising raw material prices and slim processing fee revenues, which are believed to be related to the sharp increase in lithium carbonate futures prices [1] Group 2 - The industry maintains a defensive outlook on the battery supply chain due to seasonal factors and weak electric vehicle demand, leading to uncertainty in planned production prospects [1] - The industry’s top pick is CATL, with target prices set at HKD 621 for H-shares and CNY 571 for A-shares [1]