HK Stock Market Move | Lithium battery concept stocks extend losses; export tax rebate cut weakens expectations for complete vehicle export demand, potentially transmitting further upstream to lithium batteries.

Lithium battery concept stocks extend losses. As of press time, Contemporary Amperex Technology (03750) fell 4.93% to HK$444; CALB (03931) fell 4.13% to HK$15.07; Ganfeng Lithium Group (01772) fell 3.08% to HK$25.78; Jiangsu Lopal Tech. Group (02465) fell 3.07% to HK$7.43. On the news front, the Ministry of Finance and the State Taxation Administration jointly issued an announcement: starting from April 1, 2027, the VAT export tax rebate rate for new energy vehicles will be lowered from 13% to 9%. Huatai stated that, based on a static calculation using export amounts, the per-vehicle cost of passenger cars will increase by about 5,000 yuan. Analysts pointed out that the tax rebate cut weakens expectations for complete vehicle export demand and may further transmit upstream to the lithium mining and battery materials segments. Donghai Futures released a research report on its October investment strategy for lithium carbonate, noting that lithium battery output has increased month-on-month for several months, but growth may slow after entering the peak season. Regarding October lithium battery production schedules, TD (Great Eastern Times Think Tank) estimates a month-on-month increase of 3.9% to 345GWh, while SMM estimates a month-on-month increase of 6% to 320.4GWh. Downstream production scheduling growth is slowing, and ternary production schedules and actual realized output are declining, reflecting that power demand is not strong during the peak season.