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JPMorgan cut its rating on CATL H-shares (03750.HK) to Neutral, kept an Overweight on A-shares and lowered its earnings estimates. The bank said it is increasingly concerned industry profitability is deteriorating faster than expected as profits shift across the EV supply chain. Policy changes — a battery consumption tax, lower export rebate rates — and rising trade barriers are pressuring automaker margins. JPMorgan warned CATL may be hit first but could ultimately emerge a net beneficiary if cost pass-through or absorption increases customer stickiness.

According to Iranian state media, President Pezeshkian said Iran has no fundamental differences with regional countries and is prepared to resolve existing issues through dialogue.