JPMorgan has released a research report indicating that BYD Company launched its second-generation flash-charging battery on March 5, setting new benchmarks for full-capacity charging speed and low-temperature performance. As both BYD and CATL accelerate the adoption of ultra-fast charging technology, investor focus remains high on competition between the two companies. JPMorgan maintains an "Overweight" rating on CATL's A-shares and BYD. The target price for CATL's H-shares has been raised to HK$650 from HK$640, though its rating was downgraded to "Neutral" based purely on valuation considerations, as H-shares currently trade at a more than 40% premium to A-shares. CATL's A-shares remain JPMorgan's top pick in China's battery sector. Overall, the firm believes BYD's launch of its second-generation battery will have limited negative impact on CATL and notes potential upside spillover effects as the market transitions toward ultra-fast charging. BYD is expected to gain market share in overseas auto sales from a relatively low base, though moderate market share loss in the domestic market is anticipated.