[Xiaomi: Maintain the "overweight" rating of CATL with a target price of HK$725] On September 11, JPMorgan Chase issued a research report stating that it maintained the "overweight" rating of CATL with a target price of HK$725. The bank pointed out that market concerns have expanded from slowing demand growth in 2027 to overcapacity, declining utilization and a new round of price competition. Recently, Xiaomi Group-W's supplier diversification strategy and the news of Li Auto-W's self-developed batteries have also heightened pessimism in the industry. However, the bank believes that the overcapacity cycle from 2023 to 2024 will not repeat itself in 2027. It pointed out that CATL’s market share of electric vehicle batteries in China has further increased from 44% last year to 48% in the first half of this year. It believes that its market position has not been damaged and maintains its net profit forecast for this year and next at 95 billion and 116 billion yuan.