Lithium Battery Demand Continues to Grow Strongly, Valuation at Historical Bottom, Firmly Bullish!

English summary

# Lithium battery holdings at historical lows, leading companies still guide high growth, firmly bullish: 1) CATL maintains its judgment of 20-30% annualized growth in demand over the next five years, and believes next year's growth will be more optimistic, far better than market pessimistic expectations! Additionally, second-tier battery companies mostly expect 40-50% shipment growth in 2027. 2) Based on undervalued stock prices and confidence in the future, CATL plans to repurchase shares worth RMB 20-40 billion for cancellation. Meanwhile, several companies in the industry, including EVE, Putailai, Huayou, Tiannai, Kedali, Dazhong, etc., have all repurchased shares or seen executives increase holdings, demonstrating confidence in company development! 3) Q2 lithium battery holdings fell 2 pct to 10%, reaching a near 5-year low. Pessimistic expectations have been fully priced in, corresponding to a valuation of 10-15x next year, clearly undervalued. Reiteration: # August production ramp-up season, 27 years can maintain 25% growth. Industry chain feedback shows July leading company production at 105GWh+, up over 5% MoM, and Dazhong Think Tank feedback indicates August industry production +7%, exceeding previous expectations. Q3 peak season production inflection point has emerged. ...