中国动力电池：2026年6月月度监测

China Battery - Monthly Monitor: June2026 Research Associate (xEV)batteries and energy storage system (EsS)batteries,includingupstreammaterials. +852-2203-7057 Bin WangResearch Analyst+852-220-35496 Appendix 1 informatissourcedfromDeutscheBank,subjectconnies, and other sources. For disctofthisntriskandconflictdisclare strongly encouraged to reviewthis informationbefore investing Autos&AutoTechnologyBattery The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Wei Huang, Bin Wang. Autos&AutoTechnologyBattery EquityRatingandDispersionKey TheEquityRatingDispersionChartdepictsthefollowing Theproportionof recommendationsthat are rated"buy","sell"and"hold"overtheprevious12months.This is shownforsecurities issued in the stated region e.g."Europe Universe".See rating definitions below.This is represented by the"CompaniesCovered"bars inthechart.ThepercentagevaluedisplayedabovethebaristheproportionasapercentageE.g.50%abovethe"buy"/"CompaniesCovered"barmeansthat50%ofDB'sequityresearchcoveredcompaniesoverthepast 12 months have a"buy"rating. Next to each of the three respective bars showing the proportion of"buy","sell" and"hold"recommendations we providetwoadditionalbarstoshow: -The proportion of"buy","sell"or"hold recommendations where Deutsche Bank and or/Affiliates provided MiFIDInvestmentorAncillaryServicesinthepast12months.Thisisrepresentedinthe"MiFiDInvestmentandAncillaryServices"bar.ThepercentagevaluedisplayedabovethebarshowstheproportionofCompaniesCoveredwiththegivenratingwhereDBhasalsoprovidedMiFIDInvestment andAncillaryServices inthepast12months.E.g.50%abovethe"Cos.w/MiFID Investment and Ancillary Services"bar means 50% of the Companies Covered with the rating stated havealsoreceivedMiFIDInvestmentandAncillaryServicesfromDB. Theproportionof"buy"(or"sell"or"hold)recommendationswhereDeutscheBankand or/Affiliates has providedInvestmentBankingservicesinthepast12monthsforwhichithasreceivedcompensation.Thepercentagevaluedisplayed above the bar shows the proportion of Companies Covered withthe stated rating whereDBhas also providedmeans50%of theCompanies Covered withtheratingstated alsohavean InvestmentBanking RelationshipwithDB. Buy:Based on a current 12-month view of TSR, we recommend that investors buy the stock. Sell:Basedona current12-monthviewofTSR,we recommendthat investors sell the stock. Hold:Wetake a neutral view on the stock 12-months out and,based onthistimehorizon,donot recommend either aBuy or Sell. TSR=Total Shareholder Return.Percentage change in share price from current price to projected target price plusprojected dividend yield Newly issued research recommendations andtarget prices supersede previouslypublished research Autos&Auto TechnologyBattery Theinformationand opinions in this reportwere prepared byDeutsche Bank AGorone of its affiliates (collectivelyDeutsche Bank').Thoughthe information herein is believed tobereliableand has been obtained frompublic sources believedtobereliable,DeutscheBankmakesnorepresentationastoitsaccuracyorcompleteness.Hyperlinkstothird-partywebsitesinthisreport are provided for reader convenience only.Deutsche Bank neither endorses the content nor is responsible for theaccuracyorsecuritycontrolsofthosewebsites. isincludedordiscussedinanothercommunication(oralorwritten)fromaDeutscheBankanalyst,Deutsche Bankmayactas including strategists,sales staff and other analysts,maytake views that are inconsistent withthosetaken inthis researchreport.Deutsche Bank issues avariety_of researchproducts,including fundamental analysis,equity-linked analysis,quantitative analysis and trade ideas.Recommendationscontained in one type of communication may differfromrecommendations contained in others,whether as a result of differing time horizons,methodologies,perspectives orarepaid in part based on the profitabilityof Deutsche BankAG and its affiliates,whichincludes investmentbanking,tradingandprincipaltradingrevenues. Opinions,estimates andprojections constitute the current judgment of theauthoras ofthedate ofthis report.Theydo notforbuyers and sellersof securities issuedbythe companies it covers.Deutsche Bank researchanalysts sometimeshaveshorter-term trade ideas thatmay be inconsistent with Deutsche Bank's existing longer-termratings.Some trade ideas forequitiesarelistedasCatalystCalisontheResearchWebsite(https://research.db.com/Research/),andcanbefoundonthethata stockwilloutperformorunderperformthemarketand/ora specifiedsectoroveratimeframeofnolessthantwoweeksand nomore than threemonths.In addition to Catalyst Calls,analystsmay occasionally discuss with our clients,and withcountertotheanalysts'current12-monthviewoftotalreturnorinvestmentreturnasdescribedherein.DeutscheBankhasnoobligationtoupdate,mod