On July 23, CATL rose 3.04% in regular trading, trading at HK$627.5/share, with turnover of HK$497 million.

On the news front, two positive catalysts converged to drive the stock higher. The environmental impact assessment for CATL's Yajiang Snowway lithium mine — acquired through restructuring at a consideration exceeding RMB 6.4 billion — was officially accepted by the Ganzi Prefecture Ecological Environment Bureau, marking a critical milestone toward production commencement for this closely watched asset.

Simultaneously, Morgan Stanley reaffirmed its Overweight rating on CATL with a target price of HK$815 for H-shares, projecting that the company's Q2 results, due on July 24, will exceed both management guidance and the bank's own estimates. The bank highlighted diesel vehicle electrification, a storage supercycle, and the sodium-ion battery product cycle as multiple growth drivers. Morgan Stanley forecasts CATL earnings per share of RMB 20.53, 27.78, and 34.15 for 2026-2028 respectively, with revenue reaching RMB 584 billion, 750.4 billion, and 899.2 billion.

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