Hong Kong Stock Movement: CATL (03750) Once Surges Over 5%; Company's Technology, Supply Chain Control Capabilities and Scale Advantages Forge Its Moat

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CATL (03750) once rose more than 5%, and the company is scheduled to announce its third-quarter 2026 results on October 20. As of press time, it was up 4.03% at HK$496, with turnover of HK$889 million.

On the news front, last month, CATL's share price suffered a heavy blow from the "de-CATLization" trade, with the stock falling more than 19% cumulatively. But a JPMorgan research report argues that the market has seriously misjudged this narrative. The report points out that investors have focused excessively on the narrowing technology gap while underestimating the strategic value of scale, execution, quality, consumer trust and financial resilience, which are precisely the core of CATL's structural leadership.

AJ Securities notes that CATL's supply chain control capabilities are significantly ahead, boosting the company's profits; amid automakers' demand for supply chain diversification, CATL's momentum for share gains will be weakened, but its technological advantages will still support the solidity of its industry position. In addition, the company drives up ROE with a leading net profit margin attributable to the parent as the core, demonstrating the company's sustainable, high-quality profitability; current market concerns about weakening demand and overcapacity are exaggerated, and the company currently offers good value for money.

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