[Slowdown in the Decline of Artificial Graphite Anode Prices] Driven by the combined effects of weakening cost support and supply-demand imbalance, prices of some artificial graphite anode materials declined this week. Cost side, raw material prices in the upstream have been on a downward trend for two consecutive months, providing a cost basis for the decline in product prices. Demand side, affected by high inventory levels of finished vehicles, the production pace of NEVs has slowed down, causing demand for power battery cells to be under pressure. However, the demand in the small-scale ESS market has recovered, offsetting the decline in end-user demand for battery cells to a certain extent. This change in demand structure has been transmitted upwards, maintaining stable demand for anode materials at the battery cell end. Meanwhile, the supply side remains abundant. Therefore, prices of artificial graphite anode materials continued to decline this week. Looking ahead, although overcapacity is unlikely to improve in the short term, supported by the potential stop falling and rebound in costs due to geopolitical issues, anode material prices are expected to stabilize.