China Battery & Materials: August production set to accelerate sequentially

研报英文原文证据摘录

China Battery & Materials: August production set to accelerate sequentially

J P M O R G A N Asia Pacific Equity Research

29 July 2026

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China Battery & Materials

August production set to accelerate sequentially

CATL-A/H and China’s battery supply-chain stocks have recovered slightly by Asia Autos & EV Battery

AC~2–5% (versus a broadly flat CSI300) from their mid-July troughs. ZE Rebecca Wen

Consulting’s latest forecast points to continued sequential strong momentum: the (852) 2800-8505

top six battery makers are planning 8% m/m and 65% y/y production growth in rebecca.y.wen@jpmorgan.com

August, in line with the typical August seasonal pattern. Average production in J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

July–August is also expected to be 13% above the 2Q26 monthly average, AC Avery Chan

comparable to or stronger than the sequential increase in prior years. In our view, (852) 2800-8659

the latest production schedules suggest underlying battery demand remains avery.chan@jpmorgan.com

healthy as the industry enters the seasonally stronger August–September J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

production period. CATL continues to stand out, with output up approximately

80% y/y in 2Q26 and expected to grow by more than 70% y/y in both July and Cathy Liu

(852) 2800-8629

August, ahead of most peers at approximately 40–60%. CATL remains our top cathy.xiao.liu@jpmorgan.com