According to the CITIC Securities Research Report, judging from the operating results of the battery and energy management industry chain in the first half of 2026 and the second quarter of 2026, downstream demand remained high, revenue from most links in the industrial chain grew, and profit recovery spread further to the middle and upper reaches. On the profit side, the profit resilience of battery leaders is strong, and profits in areas such as lithium carbonate, cathode, electrolyte, hexafluoride, copper foil & aluminum foil have clearly recovered. On the supply side, the year-on-year growth rate of the industry's “fixed assets+projects under construction” continued to pick up after bottoming out in the first quarter of 2025 and rose to 16.9% in the second quarter of 2026. At the same time, capital expenditure showed clear differentiation. Batteries, cathodes, and structural components increased year on year, while some links still declined year on year, and the industrial chain gradually shifted from overall contraction to structural investment. Considering the remarkable global competitive advantage of China's lithium battery industry chain, the gradual improvement of overseas layout, and the continuous iteration of new technologies such as solid state and fast charging, CITIC Securities believes that leading companies are expected to further expand their share and profit advantages through technology, cost, and global advantages, and continue to be optimistic about high-quality leading companies in all aspects of the industrial chain.

According to the CITIC Securities Research Report, judging from the operating results of the battery and energy management industry chain in the first half of 2026 and the second quarter of 2026, downstream demand remained high, revenue from most links in the industrial chain grew, and profit recovery spread further to the middle and upper reaches. On the profit side, the profit resilience of battery leaders is strong, and profits in areas such as lithium carbonate, cathode, electrolyte, hexafluoride, copper foil & aluminum foil have clearly recovered. On the supply side, the year-on-year growth rate of the industry's “fixed assets+projects under construction” continued to pick up after bottoming out in the first quarter of 2025 and rose to 16.9% in the second quarter of 2026. At the same time, capital expenditure showed clear differentiation. Batteries, cathodes, and structural components increased year on year, while some links still declined year on year, and the industrial chain gradually shifted from overall contraction to structural investment. Considering the remarkable global competitive advantage of China's lithium battery industry chain, the gradual improvement of overseas layout, and the continuous iteration of new technologies such as solid state and fast charging, CITIC Securities believes that leading companies are expected to further expand their share and profit advantages through technology, cost, and global advantages, and continue to be optimistic about high-quality leading companies in all aspects of the industrial chain.