Brokerage Morning Meeting Highlights | Bullish on Siasun Robot & Automation Returning to the Main Technology Growth Configuration Line

The three major indices turned green at the end of the day yesterday, with the ChiNext Index rising and then falling after earlier gaining over 1%. The Shanghai Composite Index broke through the 4000-point mark during trading, hitting a new high in ten years. The turnover in the Shanghai and Shenzhen stock markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day. In terms of sectors, Fujian, defense industry, and port and shipping sectors led the gains, while nonferrous metals, wind power equipment, and oil and gas sectors led the declines. At the close of yesterday, the Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index fell by 0.44%, and the ChiNext Index fell by 0.15%. At today's securities morning meeting, Huatai pointed out that the loose supply and demand situation is difficult to change, and oil prices have started a downward trend; China Securities Co., Ltd. stated that it is optimistic about Siasun Robot & Automation returning to the technology growth configuration theme; Central China noted that the prices in the electrolyte industry have risen and they are focusing on leading companies in the sector. Huatai: Loose Supply and Demand Difficult to Change, Oil Prices Start Downward Trend Huatai stated that considering the steady progress of global new energy substitution, coupled with OPEC gradually dismantling the second layer of voluntary production cuts, and the release of low-cost incremental supply concentrated in regions such as South America and Africa, Huatai maintains a forecast for the average Brent crude oil price in 2025-2026 to be $68 and $62 per barrel, respectively. At the same time, combining the analysis of traditional peak and off-season factors in the northern hemisphere, the predicted average Brent prices for the fourth quarter of 2025 to the second quarter of 2026 are $63, $61, and $60 per barrel, respectively. In the long term, Huatai believes that the demand for "quality over quantity" in oil-producing countries remains unchanged, and after sacrificing prices in the short term to gain market share, the rebalancing pressure is expected to drive a new round of cooperative agreements. Coupled with the impact of North American shale oil costs, the pivot point for Brent oil prices at $60 per barrel is expected to be strongly supported by the dominant energy oligopoly with the ability to increase production, reduce costs, and increase dividends in the natural gas business before the South American supply force significantly strengthens, and before the global energy transition accelerates, providing long-term support. China Securities Co., Ltd.: Bullish on Siasun Robot & Automation Returning to Technology Growth Configuration Theme China Securities Co., Ltd. stated that the anthropomorphic Siasun Robot & Automation index rose, and the sector rebounded from earlier market risk aversion and rumors of delayed factory inspections. As negative sentiments are digested, the sector index has resumed its upward trajectory. The third-quarter Tesla earnings conference call announced that the start time for the Optimus V3 production line has been delayed until the end of 2026, but mass production guidance is positive with a target to start a million-unit capacity by the end of 2026, with the ultimate goal of Optimus 5.0 achieving an annual production of 50 million to 100 million units. In the near future, the T chain may open up visits to domestic suppliers, and with overall market liquidity remaining abundant, it is bullish on Siasun Robot & Automation returning to the technology growth configuration theme. Tesla's chain is still the preferred allocation direction, followed by Yushu, Zhiyuan, and other main factory supply chains with volume capabilities; it recommends incremental stages with technology upgrades, substantial product customer sample progress, and expected differences in standards. Central China: Electrolyte Industry Prices Rise, Focus on Leading Companies in the industry Central China stated that since October, prices for electrolytes and lithium hexafluorophosphate have rapidly increased. As of October 27th: the price of electrolytes is 25,500 yuan per ton, an increase of 25.62% from early October; the price of lithium hexafluorophosphate is 98,000 yuan per ton, an increase of 63.33% from early October. The main reason for the price increase is the short-term imbalance in supply and demand. In early 2025, the overall prices in the lithium battery industry chain were still under significant pressure. Looking at the electrolyte sector in detail: in early 2025, the price of electrolytes was 19,400 yuan per ton, and the lowest price since 2025 was 17,500 yuan per ton; the price of lithium hexafluorophosphate was 62,500 yuan per ton, while the lowest price was 49,000 yuan per ton, with both occurring around mid-July.