On September 28, CATL fell 3.02% in regular trading, trading at 475.4 HKD/share, with turnover of 2.46 billion HKD. The stock extended its weak trajectory throughout September, with cumulative monthly losses exceeding 17%, significantly underperforming the Hang Seng Index.

The decline is driven by the continued fermentation of the so-called \"de-CATL\" movement across the auto industry. Citi highlighted in a recent report that OEMs are actively diversifying battery suppliers to strengthen cost discipline, interpreting CATL Chairman Zeng Yuqun's remarks about accelerating vehicle development cycles as a negative signal reflecting weakening ties with automakers. Notably, Li Auto recently invested 2.65 billion yuan to become the second-largest shareholder in Sunwoda Power, while Xiaomi's latest models adopted batteries co-supplied by CALB and Sunwoda, underscoring the supply chain diversification trend.

However, multiple institutions argue CATL is being oversold. JPMorgan maintained its \"Overweight\" rating with a 725 HKD target, noting CATL's global EV battery market share reached 45% in the first seven months. CLSA maintained a \"High Conviction Outperform\" rating with a 770 HKD target, projecting Q3 margin improvement. CATL has also been actively repurchasing shares, deploying approximately 11 billion yuan in a single day on September 21.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)