Cui Dongshu of the Passenger Transport Association published an article stating that since the performance of the automobile market at the end of the “14th Five-Year Plan” was basically in line with expectations, the growth rate from January to September this year was strong, so the characteristics of deceleration in the fourth quarter were obvious. Demand for new energy lithium batteries was severely weak in the fourth quarter, and the original production plan was significantly reduced, which will inevitably lead to an increase in upstream production cuts in early 2026. However, upstream materials from new energy sources are extremely profitable. From January to November this year, the profit margin of the non-ferrous mining industry reached 30%, seven times that of the automobile industry. Stable prices and a reasonable pace of supply and demand balance are important to industrial development. The profit imbalance in the industrial chain is also detrimental to the development of the industry. I expect the industrial chain to be smoother and more stable.

Cui Dongshu of the Passenger Transport Association published an article stating that since the performance of the automobile market at the end of the “14th Five-Year Plan” was basically in line with expectations, the growth rate from January to September this year was strong, so the characteristics of deceleration in the fourth quarter were obvious. Demand for new energy lithium batteries was severely weak in the fourth quarter, and the original production plan was significantly reduced, which will inevitably lead to an increase in upstream production cuts in early 2026. However, upstream materials from new energy sources are extremely profitable. From January to November this year, the profit margin of the non-ferrous mining industry reached 30%, seven times that of the automobile industry. Stable prices and a reasonable pace of supply and demand balance are important to industrial development. The profit imbalance in the industrial chain is also detrimental to the development of the industry. I expect the industrial chain to be smoother and more stable.