[JPMorgan Chase: Maintaining a positive view on energy storage demand before 2030, optimistic about CATL, etc.] On September 21, JPMorgan Chase issued a research report saying that China's energy storage value chain stocks in the A-share market have adjusted significantly since June this year, with CATL, HyperXtron, Deye Technology, Sungrow, etc. falling far beyond the performance of the market, reflecting investors' concerns about the weak outlook for China's energy storage demand next year and rising geopolitical uncertainty. The bank believes that the market is overly pessimistic and maintains a positive view on energy storage demand before 2030. It predicts that China's energy storage installed capacity will have an average annual compound growth rate of approximately 22% until 2030. Battery shipments are expected to increase by approximately 20% year-on-year in 2027, which is almost zero growth compared to market expectations. Among all stocks, the bank continues to list CATL, Sungrow and Deye as its top choices, and views CATL as the best choice to capture the growth of global energy storage because of its leading market share, strong overseas exposure and attractive recently adjusted valuation, with a target price of HK$725.