A recent research report by CITIC Securities underscores an unequivocal optimism regarding the allocation value of China's battery core assets at this juncture. In the near term, the report anticipates battery prices to stabilize in the second quarter of 2025, bolstered by the ongoing improvement in supply and demand dynamics. This stabilization, coupled with the decline in upstream raw material costs and the uptick in operating rates, is poised to bolster profit margins within the battery sector, potentially surpassing market expectations. Looking ahead to the medium to long term, the trajectory of enhanced supply and demand is unmistakable, with the electrification of commercial vehicles, the expansion of AI data centers, and overseas market penetration set to inject additional growth impetus into industry leaders. From a valuation standpoint, China's battery core assets exhibit marked advantages vis-à-vis their Japanese and Korean counterparts. Furthermore, as more battery companies list their H shares within the global capital pricing framework, the valuation center of China's battery assets is anticipated to ascend even further.