[Citi: The market’s concerns about battery demand are overdone, optimistic about CATL’s A-shares and China New Airlines] On September 21, Citigroup said that concerns about battery demand in 2027 have caused CATL and lithium carbonate-related stocks to be sold recently. I believe the market has priced in weak expectations and has overdone them. We are optimistic about CATL A shares based on attractive valuations, as well as second-tier players that are gaining market share, such as China Aviation and Everview Lithium Energy. Analysts Jack Shang and others pointed out in the report that CATL’s recent sell-off was mainly due to concerns about oversupply of batteries and deteriorating competitive landscape. Industry surveys show that battery demand remains solid and is expected to grow by 20%-30% in 2027, although the growth rate has slowed down from 2026.