中国电池行业_季节性供需紧张推升电池涨价预期；我们保持谨慎-China Battery Sector_ Seasonal S_D tightness leading to battery price hike expectations; we stay cautious

Near-term tightness vs. sustainable price hikes. Despite near-term tightness in the battery market, we remain cautious about expectations for sustained price increases. Investor discussions indicate anticipation of price hikes amidst rising month-over-month shipments and supply constraints. While seasonal strengths into Q4 2025 might lead to marginal or temporary price rebounds (or the perception thereof), potentially driving stock prices in the near term, we believe a sustainable price hike is unlikely. Th ...