According to Jin10, Goldman Sachs named CATL and Zenergy as key picks in China's battery sector and said market share will continue to concentrate among companies with scale, technology, and cost advantages as demand for electric vehicles and energy storage keeps growing. Goldman Sachs kept CATL as its top sector pick, said its power battery business has a solid profit base, and added that future incremental growth will come more from energy storage and integrated energy solutions; as the business expands from selling cells to system integration and services, single-project value and margins are expected to rise. The bank gave CATL a 12-month target price of HK$947 for its H shares and RMB565 for its A shares. For Zenergy, Goldman Sachs said it expects the company to keep gaining market share through customer expansion, higher capacity utilization, and growth in its energy storage business, and it forecast that its future EBITDA growth could rank among the fastest among the battery companies it covers. Goldman Sachs kept its buy rating and HK$9 target price on Zenergy.