HK Stock Market Move | Lithium battery concept stocks extend their decline; Contemporary Amperex Technology (03750) falls nearly 7%; institutions say multiple negative factors have already been priced in.

Lithium battery concept stocks extend their recent decline. As of press time, Contemporary Amperex Technology (03750) fell 6.90% to HK$410.4; CALB (03931) fell 5.06% to HK$14.64; Ganfeng Lithium Group (01772) fell 2.92% to HK$23.26; Tianqi Lithium Corporation (09696) fell 0.84% to HK$23.7. 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 said that based on a static calculation of export amounts, the cost per passenger vehicle will increase by about 5,000 yuan. Analysts pointed out that the rebate cut weakens expectations for complete vehicle export demand and may further transmit to the upstream lithium mining and battery materials segments. Soochow pointed out that the market continues to react to concerns over slower demand growth in 2027 and weaker November-December production scheduling, and that negatives such as the reduction in EV export tax rebates and Europe's trade policy on Chinese hybrid vehicles have already landed. The valuation of current core sector leaders has adjusted to 10-12x, with declines of more than 50% from highs, while core materials leaders' third-quarter results show clear quarter-on-quarter growth and high year-on-year growth, and we expect demand in 2027 to still grow by 20%+, with prices in some segments still in an upward channel.