On September 24, CATL (03750.HK) fell 3.15% in regular trading to HK$495.2, with turnover of HK$631 million, as the escalating de-CATL-ization trend among major automakers continued to pressure the stock.

Multiple leading EV makers are shifting from single-source reliance on CATL toward diversified battery supply chains, fueling concerns over potential order share erosion. Li Auto invested RMB 2.65 billion in EVE Energy subsidiary Sunwoda Power to become its second-largest shareholder, with its upcoming models set to adopt non-CATL cells. Xpeng confirmed it is transitioning to self-led battery development, while Xiaomi has turned to CALB and Sunwoda for its latest models. CATL's A+H market cap has shrunk from over RMB 2 trillion to below RMB 1.5 trillion, with shares retreating roughly 30% from May highs.

Despite the headwinds, Morgan Stanley maintained CATL as a top pick, arguing earnings downgrade concerns are overstated, while CLSA kept an outperform rating with an HK$770 target. However, Citi flagged that September production may decline 3% month-on-month, reinforcing subdued near-term sentiment. CATL repurchased approximately RMB 200 million in shares on September 23 as part of its ongoing buyback program.

(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.)