On October 21, JPMorgan released a report stating that battery stocks have underperformed in recent months, with the reasons shifting from initial concerns over demand prospects to profitability issues. Currently, the bank has assigned a 'neutral' or 'underweight' rating to all second-tier battery manufacturers, battery material, and equipment stocks, and has comprehensively downgraded its profit forecasts for the battery industry chain. Although JPMorgan expects global demand for electric vehicle and energy storage system batteries to grow by 20-25% by 2027, surpassing market expectations, the bank expresses concerns over the pace of deterioration in industry profitability and notes a broader profit redistribution occurring within the electric vehicle industry chain. Additionally, JPMorgan has lowered the target prices for Contemporary Amperex Technology (03750.HK), CALB (03931.HK), and Lead Intelligent Equipment (00470.HK), and revised their ratings from 'overweight' to 'neutral'.