A：The main index of A- shares recorded good gains in 2025, with a historic breakthrough in total market capitalization. The core driving logic can be summarized as confidence repair, which is reflected in the good fundamentals of China's economy throughout the year, positive policy care, such as the positive impact of fiscal and monetary policy, and support policies for the export industry.

A：Agree with Gao Zong's point of view, and added that the capital, sentiment, industrial fundamentals of the boom will remain stable in 2026, listed companies corporate earnings repair momentum will continue, so the market performance is still worth looking forward.

A：From the perspective of capital and emotion, liquidity has played an important role, making the market as a whole show a rising trend. In the loose monetary policy environment, despite the fluctuations in the domestic and foreign macro environment, investors' risk appetite continues to increase, which has laid the foundation for the good performance of the-share market and the RMB asset equity market.

A：These positive factors are expected to continue to have a positive impact in 2026. The tone set by the Central Economic work Conference shows that fiscal and monetary policies will not change significantly compared with 2025, and will continue to take care of the economy and capital markets. At the same time, export resilience continues, domestic demand indicators have improved, and prices are expected to improve.

A：The outstanding performance of artificial intelligence in 2025 is because the industry has ushered in a big era, and the performance of related listed companies has increased significantly. In 2026, the growth rate of the internal track of hard technology may be divided, but the overall situation is still optimistic, and the varieties with stronger performance certainty and higher growth rate need to be selected.

A：The return of Hong Kong stocks was driven by an improved liquidity environment in the overseas dollar and relatively stable fundamentals and policies in China. Hong Kong stocks are expected to have a better outlook for capital repatriation and valuation repair in 2026, especially in emerging industries and consumer sectors where earnings are expected to be slowly repaired.

A：In terms of consumption, it is expected to grow steadily, with the support of upgrading policies and the introduction of more service consumption policies; in terms of investment, it is expected to stop falling and stabilize, manufacturing and infrastructure investment is expected to pick up, and the downward trend of real estate investment will continue but narrow; in terms of exports, under the premise of a stable global environment, the competitiveness of China's industrial chain will maintain export resilience, the export share of emerging markets is expected to expand, and the overall moderate recovery.

A：Export directions such as construction machinery, innovative drugs and other business climate recovery sectors will continue to grow; pro-cyclical sectors such as non-ferrous, chemical, etc. will benefit from the improvement of domestic demand varieties in the context of rising global pricing commodity prices and domestic PPI recovery; technology growth sector is also one of the investment themes worthy of attention.

A：In the field of science and technology in 2026, AI is an important main line that cannot be bypassed. The entire AI industry chain, including upstream, midstream and downstream, has continued investment opportunities in the big boom. This is reflected in the continued release of infrastructure AI computing power, such as 1.6T optical module mass production, AI server shipments surge, as well as optical communications, PCB and other related links of profit elasticity release and strong momentum. In addition, semiconductors are also a very hot field, memory chip price increases bring opportunities for the entire semiconductor industry cycle, and the trend of semiconductor localization accelerated, equipment, materials and advanced packaging and other links continue to be competitive new links breakthrough. At the same time, the field of robotics is also worthy of attention. With the expansion of technology iteration and application scenarios, more opportunities will emerge in the industry chain.

A：In the new energy industry, whether overseas or domestic, energy storage and new energy vehicles on the lithium-ion midstream and upstream demand pull is obvious. Since the second half of 2025, the lithium battery industry chain has seen a significant price increase, which is behind the momentum of a larger demand explosion. It is expected that by 2026, there will be significant investment opportunities in some of the tight lithium midstream and upstream links.

A：In the consumer sector, sub-sectors such as service consumption, optional consumption and necessities will emerge from the path of earnings improvement as China's economic recovery progresses. For example, travel demand, emerging optional consumer goods and new consumer segmentation trends can still find investment opportunities for some outstanding companies in 2026 under the boom in different regions and user groups.

A：The Fed is expected to continue the direction of rate cuts in 2026, but the pace is uncertain. In the absence of serious inflation in the U.S. economy, the direction of interest rate cuts will continue, and the frequency may fluctuate. For China's capital market, the external environment is both an opportunity and a challenge, but the overall positive attitude towards the capital market. A weaker U.S. dollar and a narrowing of the U. S.-China interest rate differential will help stabilize the RMB exchange rate and attract more international capital back to the Chinese market, while improved liquidity will also help benefit technology growth equity assets and the Hong Kong stock market.

A：The core logic of the precious metals market lies in the real interest rate framework, the safe-haven demand of geopolitical attributes, and the demand for substitution due to the weakening of the dollar system. Over the past few years, the opening of the Fed's interest rate cut channel has pushed up the relative allocation value of gold, the normalization of geopolitical conflicts has amplified the safe-haven properties of gold, and more and more central banks have increased the proportion of gold allocation, reflecting the demand for dollar substitution. Precious metals prices are expected to continue to strengthen in 2026, subject to the impact of inflationary volatility and interest rate cut expectations.

A：We expect to increase incremental demand by 15 to 200000 tonnes per year in AI, corresponding to a global average annual growth rate of 1%. This mainly comes from the demand of the computing server itself, the data center and the demand for the transformation and new construction of overseas power grids. Although a head computing enterprise recently modified the chip copper consumption algorithm, but taking into account the three dimensions, the new 15 to 200000 tons of incremental demand is more reliable, AI is expected to become the next major source of new energy boom increment.

A：Coal prices have long been affected by the trend of carbon peaks and carbon neutrality, but in the short term, coal prices and demand remain supported due to the rapid growth of electricity demand and the short board of new energy power stability. For the coal chemical industry, with the global economic resonance and inflation upward, petrochemical chemical products business climate will improve, conducive to the improvement of the coal chemical industry. At the same time, coal chemical industry is undergoing a new stage of transformation from total expansion to high-end and low-carbon.

A：The anti-roll policy has benefited industries with high global market share and relatively flat cost curves through the adjustment of global supply and demand imbalances. Industries such as PTA and Changsu have already achieved price recovery and earnings improvement through joint production cuts. In addition, most petrochemical and chemical products have experienced price recovery and improved corporate earnings. The non-ferrous industry (e. g. electrolytic aluminum) has successfully realized the return of industrial profits to the country through anti-internal rolling, and the petrochemical and chemical industry has also achieved a gradual improvement and steady development of industry profits through similar means, such as the OPEC production reduction alliance and the environmental constraints of the refrigerant industry.

A：Yes, the normalization of environmental protection inspectors has indeed led some small and medium-sized enterprises to withdraw from the market. The end result of increased compliance costs and improved industry standards for companies is an increase in industry concentration and an improvement in ESG conditions, helping to achieve better results in anti-roll.

A：In the process of anti-internal rolling, both policy and market-oriented means need to be considered. At this stage, the importance of policy may be greater, because although market-oriented competition is obvious, changes in industry concentration and corporate profitability show the role of policy orientation. However, policy support is essential for the orderly development of the asset-heavy industry, and it is also conducive to promoting outstanding domestic companies to expand overseas markets.

A：For companies that invest in industries such as electrolytic aluminum, although they may be limited in the domestic market, overseas investment can use clean energy or other stable energy supplies to maintain competitiveness. While domestic enterprises enjoy the advantages of infrastructure and energy, Chinese enterprises going out to sea still have strong competitiveness in overseas markets by virtue of their advantages in cost control and production efficiency. However, overseas investment needs to consider a variety of factors, such as cost, policy subsidies, market demand, etc., with profit as the priority.

A：There are three main reasons for the decline in sentiment in the second half of 2025: U. S.-China relations, liquidity issues, and the seasonal nature of BD trading. Despite the mood swings, there are still a large number of market gaps around the world caused by the expiration of patents on innovative drugs, and overseas pharmaceutical companies are still eager to seek cooperation to renew patents, so the logic of going out to sea has not changed.

A：The ability of China's innovative pharmaceutical companies to do well mainly relies on the dividends of senior engineers, especially after PD-1 enters the mainstream market, research and development in the macromolecular field requires a lot of labor-intensive labor, and China has a global leader in the number and quality of engineers in this field, making China Innovative drugs have significant advantages in terms of quality, quantity and overall consideration.

A：In addition to innovative drugs, attention can also be paid to CRO industry. Due to the substantial increase in BD amount and the influx of hot money into this field, the performance will continue to grow. The medical device sector is also worthy of attention. With its cost performance and technological breakthroughs, it has deep potential in emerging markets and European and American markets. In addition, AI and medical fields, such as case-related and AI-related, are expected to improve diagnosis and treatment efficiency and pharmaceutical success rate, it is also a direction worthy of attention.

A：AI medicine is an important direction of AI technology application, especially in the field of medical information asymmetry is more obvious plate. Through AI, information asymmetry can be significantly reduced. In addition to AI pharmaceuticals, patients are now paying more attention to their own health data, and AI can also help them better understand and manage their own medical status.

A：From the perspective of the pattern of machinery going to sea, construction machinery tools, mining machinery and other sub-sectors have successfully gone to sea. Among them, the penetration rate of construction machinery going to sea is the earliest, especially in Asian, African and Latin American countries. At the same time, the European and American markets also have a certain penetration rate. Mining machinery has benefited from rising commodity prices, and demand continues to rise, with the fastest growth rate. Tools, hand tools and power tools to the European and American markets exports affected by the real estate cycle, with the expected landing of interest rate cuts, the order boom marginal heat. On the overall trend, electrification is an important development direction of the construction machinery and tool industry, and the end customer demand structure is gradually penetrating into the high-end market in Europe and America. After entering the supply chain in Europe and the United States, many Chinese enterprises have gradually gained recognition from downstream customers in Europe and the United States by virtue of product quality and service, enhancing their stickiness and increasing their revenue volume. The rapid rise of engineer dividends and the brand influence of Chinese products in the past two or three years has enabled related machinery export companies to perform well in overseas markets.

A：Compared with traditional equipment, high-end medical equipment needs to face more closed in-hospital channels and approval links, as well as improve the recognition of doctors and academia. However, in recent years, sub-categories such as surgical robots, IVD and high-end testing equipment have successfully established brands in overseas and emerging markets, and are expected to increase market share and sell more products to overseas markets in the next few years.

A：For the construction machinery sector, 2026 is optimistic. Domestic excavator sales have begun to turn positive, indicating that the industry is moving from real estate infrastructure-driven to stock update iteration process, profitability continues to repair. In the global dimension, with the decline in US debt interest rates, the increase in investment in infrastructure and manufacturing in relevant countries, the growth rate of export data of construction machinery exceeding market expectations, the high prosperity of mining machinery, electric catalysis, etc., the entire construction machinery sector is at the bottom of the cycle, domestic bottoming is stable, overseas incremental repair and growth logic support, even in the face of trade conflicts and exchange rate fluctuations, the impact on the sailing of construction machinery is relatively limited.

A：New energy and intelligence are the core factors for Chinese enterprises to break through barriers overseas, the outbreak of overseas demand will promote the increase of product volume and price, compliance and overseas certification ability is the standard and basis for enterprises to go to sea for a long time. Chinese companies can gain higher market share and better profitability when they go global. These benefits can feed back R & D and new product research, and improve the overall industrial level.

A：Pharmaceutical machinery companies are mainly faced with clinical data specifications, intellectual property rights and patent issues. Chinese innovative drugs have strong competitiveness in the world, especially in the clinical trial stage, showing efficacy, safety and price advantages. The future direction of development lies in the next generation of technology exploration and diversification of geopolitical risks, such as strengthening the localization of the layout and deep cultivation of large domestic indications. For investors, the current trend of interest rate cuts and re-industrialization is conducive to equipment exports, opening up new growth space and valuation revaluation opportunities.

A：There are multiple risk points for investment in innovative drugs, including the possibility of BD (co-development) failure, the risk of data not meeting expectations during clinical development, and pressure from competitors to advance faster on first-line and second-line therapies. In addition, individual stock investment may also face high market threshold, professional team support needs and other issues.

A：For mechanical products exported directly to the United States, such as high-altitude vehicles, hand tools and forklifts, due to the obvious impact of tariffs, the relevant companies need to increase equipment capacity in the United States and the region around the United States, and adapt to the process of adapting to international rules. At the same time, when traditional Chinese equipment companies expand into the markets of Asian, African and Latin America countries, in addition to tariff issues, they also need to pay attention to the local service technology system, policy understanding and the transformation of product cost performance to brand service.

A：Although China's equipment accounts for a relatively low proportion of global output value, there is huge overseas space, especially in the fields of construction machinery and industrial control, which are 3 to 4 times the domestic volume. If we can seize the asset investment opportunities with reasonable valuation, despite the existence of overseas risks, the overall investment value is good at present, and the maturity of domestic listed companies is gradually increasing in the process of growth.

A：The risks facing the field of innovative drugs include the challenges of breakthroughs and iterations of new therapies to traditional therapies, as well as the need for long-term early investment and high-market brand building.

A：The AI sector is shifting from infrastructure construction to the output period with commercial value cashing as the core, and the computing power continues to explode and drive related links such as chips, PCBs, servers and other value increases. In terms of model upgrades, model governance is sufficient to solve many problems, with the subsequent focus on how the model interacts with the environment and has continuous learning and memory reflection capabilities, as well as multimodal perception and feedback capabilities.

A：The investment direction mainly includes the extreme landing of large models in subdivision fields, especially AI coding can replace some low-end manual code writing capabilities; Companies with data barriers are expected to benefit from the landing of subdivision scenarios; And pay more attention to the application research and development, engineering landing and consumer interaction capabilities of Chinese enterprises in the AI wave.

A：The memory chip industry used to follow certain supply and demand cycles, but there has been overcapacity in the last two cycles. From the supply side, the past off-season expansion of the peak season to benefit from the model in the current environment, the need to pay attention to the memory chip company's capacity adjustment strategy and its impact on the future supply and demand situation.

A：At the bottom of the cycle in 2023 and 2024, manufacturers increased HBM's high-end storage capacity according to market demand, but did not invest much in low-end capacity such as ordinary DRAM and nand. In this cycle, the HBM sector has invested heavily and grown rapidly, while also driving the growth of the entire storage industry, especially the upgrading of memory demand for servers and high-end electronics, resulting in a mismatch between supply and demand.

A：The biggest growth on the demand side of this round came from AI. In the past, cold data was mainly stored in hard disks, but now the demand for some hard disks has shifted to the demand for SSDs, especially in the server market, where the demand for SSDs has doubled. In addition, the development of AI has led to a significant increase in the proportion of hard disk demand turning to SSD.

A：At present, the storage market is in a tight state of supply and demand, even if overseas large factories and domestic memory chip companies have plans to expand production, but due to the long cycle of semiconductor expansion, the storage market is expected to remain tight by the end of 2023 or even longer, which is regarded as a super cycle.

A：Common factors include: first, the demand on the supply side has been relatively general in the past few years, and the pace of enterprise expansion has been slow, resulting in little growth in the overall supply; Second, driven by the AI on the demand side, additional demand at different levels has been generated for various fine molecular industries. Third, the price of upstream raw materials has risen, including the rising cost of bulk commodities and precious metals, and enterprises have transmitted price increase demands.

A：Among the storage requirements brought about by AI, user activity is high. As AI become a daily necessary tool, the concurrency will increase significantly, which constitutes a strong support for cloud vendors and vendors that provide response speed and inference performance optimization.

A：First of all, AI portal reconstruction and commercialization are the biggest opportunities, such as OpenAI's attempt to realize e-commerce and advertising. Secondly, AI productivity scenarios on the to B side (such as coating) will accelerate, and it is expected that the production of creative content such as AI slow dramas and AI advertisements will also accelerate significantly after sufficient computing power. In addition, there is also the possibility of accelerated marginal realization in verticals such as AI healthcare, AI corporate services, and AI taxation.

A：The current growth of the AI industry chain is based more on hardware innovation and real performance than on model changes, and there have been hundreds of billions of dollars in revenue and tens of billions of dollars in profits of enterprises, supporting the supply chain is also showing positive growth signals. Although there is uncertainty, when answering this question during the investment period, the current upward trend of the AI industry is more obvious, but the possibility of failure cannot be completely ruled out.

A：The current market for AI risk discussion is very lively, we are paying close attention to the AI risk points. But the interesting thing is that when everyone is paying attention to this risk, the risk may not be as big as imagined. On the contrary, when people generally ignore the risk and are keen to participate in it and rush to dig for gold, it is the most risky moment.

A：For the investment AI industry, there are two core concerns: first, the progress of the basic model will determine the pace of development of the entire AI industry.

A：The similarity is that, whether it was during the dot-com bubble of 2000 or the AI era, the number of companies that eventually made it out was relatively small and the market concentration was low. The differences are mainly reflected in: 1) the AI era is data-driven, not process-driven in the past, and whoever can take the lead in completing the transformation from process-driven to data-driven is likely to grow into a giant in the future; 2) The application form of the AI era focuses more on the combination of hardware and software, which is different from the light asset model in the period of PC Internet and mobile Internet.

A：AI will reshape consumer electronics hardware, such as glasses as an important direction of smart hardware, its technical foundation even more than mobile phones. After the AI and the glasses are combined, various convenient functions such as making a phone call, shooting, and payment can be provided to improve the user experience. Although the increase in storage prices will put some pressure on consumer electronics sales, in the long run, the combination of AI and hardware will bring huge market opportunities. For example, new products such as smart glasses are expected to usher in a flash point in 2026.

A：This year for AI education hardware, will gradually enter a development cycle. At present, AI have shown the ability to surpass human beings and greater patience in accompanying knowledge quizzes and entertainment and education scenes, which can better meet the needs of young children. At the same time, the combination of AI and visual interaction and emotional perception is expected to make breakthroughs in the next few years, which will open up a larger personalized learning market. Therefore, the AI plus education hardware market is worth focusing on in the next few years.

A：There is no clear definition of new consumption, and its essence is to meet new consumption needs through differentiation. The new consumption wave can be divided into three stages: the first round is the channel innovation to match the needs of how fast and how good the province, such as the rise of e-commerce with goods; The second round is product innovation matching brand and cultural identity, such as the rise of domestic brands. The third round is scene innovation matching personalized experience needs, such as AI smart home solutions. New consumption is not a new phenomenon. Each generation has its own new consumer products, such as music albums, which are constantly upgraded with the needs of the crowd. The core characteristics of new consumption are demand-side iteration and supply-side innovation. In the light industry, the new consumption is manifested in the rise of tide play, cultural and creative products and national tide products. These products have the combination of cultural and social attributes, which not only help Chinese enterprises to go to sea with culture and products, but also drive the boom of upstream packaging, supporting industries, downstream milk tea shops, baking industry and other industries in the industrial chain. With each new generation of consumer products, related consumer goods companies have the opportunity to become explosive, gain capital and achieve rapid store expansion, reflecting a huge investment opportunity.

A：Consumption stratification has always existed, as has new consumption. High-income people have their specific emotional consumption scenarios, and most middle-income people are ushering in the expansion of emotional consumption products, such as the development of the trendy market, bringing the image of art consumer goods into daily life. The integration of online and offline channels is also an important driving force for the development of new consumption. Enterprises can enhance consumption experience and promote sales through the combination of online design diversion and offline experience enhancement. Excellent enterprises can accurately identify consumers and balance the online and offline experience to achieve efficient transformation.

A：The fundamental driver of the heat rise in the new consumer sector is the resonance of demand iteration and supply innovation. With the expansion of the middle-income group and the Z generation as the main consumer group, new consumption scenarios such as fitness, secondary element, bone culture and so on gradually come into view. At the same time, the domestic perfect supply chain and digital economy advantages enable enterprises to quickly capture the market demand. For example, it may only take 3 to 6 months for online red snacks to go public from research and development. In addition, the pursuit of self-expression and emotional resonance in the consumption concept of the Z era has spawned a large number of new consumer categories and demands, bringing many investment opportunities to the capital market.

A：For the consumer group in the Z era, they are an important consumer group in the next few decades, and their consumer demand will be upgraded iteratively with the change of stage. Consumer demand that starts with toy products will generate new consumer demand as they grow into adulthood, homes and ages. Therefore, it is recommended that consumer companies seize this group of people and continuously develop products and scenarios around their needs, which will bring huge industrial investment opportunities. The demand for new consumption itself is no problem, and new consumer goods will continue to emerge in the process of product iteration and demand mining, and some customers are willing to pay for it. But need to be rational about short-term demand outbreak, should do long-term business. Companies that can really operate products for a long time and cultivate brands have more investment value.

A：Technology such as AI and other all-round enabling consumer industries, including product design and development, marketing recommendations, inventory management and other aspects of the application. In addition, paying attention to the trend of consumer goods going to sea, from OEM to independent design brands, Chinese consumer goods brands are ushering in the golden age of going to sea. At the same time, intergenerational changes and technological development have spawned more consumer demand and promoted the diversification of new consumer scenarios. There is huge room for development in the combination of AI and technology and consumer goods, such as AI toys and smart home systems.

A：The continued development of new consumer brands is driven by intergenerational changes, and the past three years have been a continuous evolution of the new consumer circuit from mediocre to hot. The consumption concept of the Z era has been formed and is difficult to reverse, and this demand will continue to be released. Emerging industries usually undergo cyclical adjustments, and the current stage is to screen companies that truly understand consumers and have the ability to continue to innovate. Some emerging consumer brands with high cost performance and in line with cultural trends still have broad development space and investment opportunities. Investing needs to focus on buying good and buying time, and should not linearly extrapolate phase growth to the entire industry and all time. The current market is cooling down, and many companies are back in a reasonable or even undervalued position, which is the best time to identify companies that really grow well. The selection company should focus on the ability to provide continuous insight into consumer needs or provide the most competitive and lowest cost products.

A：In the past few years, the tide play industry has experienced a process of continuous supply and demand creation, which has led to the influx of many enterprises and achieved good results. But now the rapid increase in supply, leading to a reduction in scarcity, while the tide of consumer population growth bottlenecks appear, operating pressure increases, the industry is experiencing the adjustment of the normal industrial cycle, the head of the enterprise is expected to stand out for a long time.

A：New consumption does not mean replacing traditional consumption, but symbiosis with traditional consumption. Consumption upgrade is an iterative upgrade based on traditional consumption to meet different types of consumption needs. Both together to build a consumer market, new consumption will eventually become old consumption, and from an investment point of view, old consumption and new consumption can be combined to build an offensive and defensive balanced portfolio.

A：The core underlying driver of this round of new energy market is the resonance between supply and demand. On the supply side, the policy orientation has shifted from capacity to efficiency technology, accelerating capacity clearance; on the demand side, in the context of the rise of AI and pan-technology, the demand for clean power and energy storage in data centers has exploded, and domestic and foreign policies have encouraged the growth of new energy demand. In addition, the domestic wind power photovoltaic base project, green power substitution and overseas carbon tariff policy and other factors work together to promote the development of new energy industry.

A：As an important link in the new energy sector, new energy vehicles have maintained steady growth under the promotion of policy support and consumer demand renewal. The penetration of new energy vehicles has continued to increase, with a growth rate of nearly 30%, and the overall demand has performed well. At the same time, China's new energy vehicles are rapidly going to sea, and the business model innovation brought by intelligent driving and AI technology also brings new investment lines for new energy vehicles.

A：The downstream demand of the lithium battery industry chain is diversified. In addition to the traditional passenger cars and consumer electronics, the demand for commercial vehicles, energy storage, data centers and other fields is gradually increasing, which makes the demand for lithium batteries more stable and widens the ceiling of long-term demand. On the supply side, despite the pressure on profitability due to overcapacity in 2021 and 2022, the supply-demand imbalance will improve as demand continues to grow in the future, and it is expected that from the second half of 2025, the lithium-ion materials segment will gradually usher in profit repair and corporate earnings improvement.

A：The problems faced by the energy storage industry in the past include low investment enthusiasm, long return period and imperfect electricity price compensation mechanism. However, with the introduction of the capacity electricity price guarantee mechanism, especially in some areas to implement the full Internet access and margin compensation mechanism, the owner's investment enthusiasm increased, the economy and return of energy storage projects increased, so the business climate of the energy storage industry is expected to continue to improve.

A：System costs in the energy storage industry are falling, and over the past few years, due to capacity release and technological advances, the cost of PV and energy storage systems has been significantly reduced, and the cost of PV investment has been reduced by about 40 to 50 percent compared to three years ago. At the same time, the ability improvement of system integration enterprises and the progress of multiple technologies also ensure the rapid growth of energy storage demand. Electric vehicles may become an energy storage unit in the future, and further promote the development of energy storage applications through two-way interaction with the power grid through V2G technology.

A：The intensification of geopolitical risks has led to the weakening of the stability of some countries and regions relying on external energy supply, prompting them to seek energy transformation and autonomous and controllable measures. In this context, new energy power generation plus energy storage has become an important and mainstream energy independent and controllable form. Because of its clean, convenient, fast and flexible deployment, it can better respond to market demand, so it has received explosive growth. demand.

A：The growth rate of the energy storage industry is likely to be higher, and it is currently the fastest growing area in the new energy circuit. Whether in domestic or overseas markets, energy storage demand has a rapid growth trend. The business model of the energy storage industry is becoming clear, bringing confidence in medium-term growth, and as the system value enters the repair cycle, corporate earnings will also enter the upward cycle.

A：The rapid development of new energy vehicles, the continuous improvement of technical level, the market and brand influence significantly enhanced, forming a strong brand moat. This not only promotes the competitiveness of core component industries such as batteries, motors, and electronic controls on a global scale, but also promotes the development of intelligence, which is important for upstream links such as intelligent driving, cameras, and lidar chips, as well as on-board PCBs, high-end displays, etc. Demand has a pulling effect. In addition, the application of new materials such as aluminum alloy integrated die-casting, magnesium alloy and carbon fiber has also been promoted, and the entire industry chain has achieved rapid and sustained growth.

A：In the next stage, the improvement of cruising range is still an important technical direction for the exploration of the car end, and it is also one of the pain points for consumers. In addition, high-pressure fast charging and low-temperature fast charging technology may become a hot topic in 2020. The application of new technologies such as solid-state batteries and related new materials will have an incremental pull on the battery sector. In terms of intelligent driving, the development of L3 level and above will also drive various industry pull opportunities such as sensor chips and chassis electronics.

A：Automotive technology helps the energy storage industry at both ends of supply and demand. On the supply side, core battery technologies such as solid-state batteries and high-voltage technologies can migrate from vehicles to energy storage, driving energy storage supply-side product upgrades. On the demand side, energy storage, as a new form of energy, has been reflected in on-board scenarios, such as the continuous expansion of beam charging scenarios, which brings incremental demand for energy storage.

A：At present, the domestic new energy vehicle industry chain has formed a huge scale, including the number of electric vehicles, annual production and sales have reached a high level, the industry penetration rate of more than 50%. Local car companies, materials and auto parts companies have risen in the industry and expanded into new areas such as robotics and data center liquid cooling to achieve horizontal extension of the manufacturing industry.

A：Although my country is the largest producer and consumer of electric vehicles, the lithium mining and production links in the upstream of the industrial chain mainly rely on South America, Australia and Africa. If there is a shortage or bottleneck in the supply of overseas resources, the pressure of resource protection will become what we need Pay attention.

A：Solid-state batteries have higher energy density and greater safety, and have been tested in some car companies. Although the current penetration rate is low, the investment in research and development of enterprises has been strengthened and the market scale has gradually expanded. Solid-state batteries are expected to be the first to achieve large-scale landing in high-end passenger cars and low-altitude economy, and with technological breakthroughs and cost reductions, market demand and penetration are expected to further enhance, reshaping the competitive landscape of the new energy industry chain.

A：In 2026, the competition in the new energy vehicle market will be more intense, and the industry penetration rate will continue to rise. Low-temperature fast charging, large battery extension and hybrid technology will be more explored, the overall charge, mileage and safety will be further improved. At the same time, the penetration rate of new energy in the commercial vehicle sector will rise rapidly, overseas markets, especially the European market, will accelerate the transformation under the influence of the carbon emission assessment cycle, and the global expansion of Chinese electric vehicles will also accelerate. In addition, intelligent driving technology such as L3 level license landing will promote the change of business model, new energy vehicles will trigger an industrial revolution in the change of travel mode, to the robot, low altitude and other fields. In terms of infrastructure construction, the forms of energy replenishment such as fast-charging piles, two-way charging (V2G) charging piles and power stations will continue to develop and improve.