摩根大通：中国电池_最糟糕的情况已过去_行业开工率改善，价格回升

Asia Pacific Equity Research 26 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery The worst is behind: industry UTR improves, prices recover; initiate CATL-H at OW; u/g EVE & CALB to N Chinese EV Battery supply chain stocks have recover ...