Brokerage morning meeting highlights | Continued optimism on the price increase of lithium batteries in multiple links.

Market fluctuated yesterday, with the ChiNext Index falling by more than 1%, and the total trading volume of the Shanghai and Shenzhen stock markets reaching 1.71 trillion, a decrease of 17.7 billion from the previous trading day. In terms of sectors, Hainan and banking sectors led the gains, while beauty and personal care, photovoltaic equipment, and food processing sectors led the declines. At the close of yesterday, the Shanghai Composite Index fell by 0.4%, the Shenzhen Component Index fell by 0.76%, and the ChiNext Index fell by 1.12%. During today's morning meeting of securities companies, Galaxy Securities pointed out that the focus of the agricultural industry in 2026 is on waiting for and capturing the industry turning point; Huaxi stated that it continues to be optimistic about the multi-segment price increase in the lithium battery industry; China Securities Co., Ltd. proposed that the securities industry is expected to usher in a new round of upward cycle. Galaxy Securities: The focus of the agricultural industry in 2026 is on waiting for and capturing the industry turning point Galaxy Securities pointed out that the focus of the agricultural industry in 2026 is on waiting for and capturing the industry turning point, tracking core indicators related to the fundamentals, and identifying entry points in a relatively reasonable valuation range. Specifically, the breeding sector continues to emphasize both offense and defense, but unlike the focus on defense in 2025, 2026 emphasizes grasping the potential flexibility for the future; the pet sector has experienced a valuation return, waiting for the recovery of performance growth, and investment opportunities will come again. Huaxi: Continues to be optimistic about the multi-segment price increase in lithium batteries Huaxi stated that domestic and foreign energy storage is developing rapidly, with demand for mobile energy storage resonating, driving the continuous expansion of the lithium battery industry chain shipments. Some segments are facing tight supply, with prices of products such as lithium hexafluorophosphate and VC showing significant increases, confirming the industry's high prosperity. It is expected that the trend of price increases will spread to other segments. The profitability of some suppliers in the previous stages is at a low point or even negative. With the implementation of price increases, a stage of increasing benefits and volumes is expected to come, continuing to be optimistic about energy storage cells, lithium hexafluorophosphate/VC & electrolyte, copper foil, positive and negative electrode materials, diaphragms, and other segments. China Securities Co.,Ltd.: The securities industry is expected to usher in a new round of upward cycle China Securities Co.,Ltd. released the non-banking industry investment outlook for 2026: With the core orientation of anchoring the improvement of the inclusiveness and adaptability of the capital market system during the "14th Five-Year Plan", the securities industry is expected to usher in a new round of upward cycle, supporting the construction of a strong financial country. The core drivers come from three major policy opportunities: First, policy guidance to the capital market serving new productivity. The deepening reform of the Sci-Tech Innovation Board and the ChiNext Board promotes the upgrading of investment banking value creation, matches the financing needs of high-tech entities throughout their life cycle, and opens up long-term growth space for investment banking business; Second, the policy improves the long-term investment ecosystem. Channels for long-term funds such as social security and insurance remain unimpeded, expanding the scope of equity products activates incremental brokerage asset management and institutional business, and promotes the industry's transition to a drive for configuration; Third, policy drives the cultivation of first-class investment banks and internationalization, complementing each other. Chinese securities firms can accelerate their international business breakthroughs by leveraging the Hong Kong market and the mutual market access policy, and mergers and acquisitions will help concentrate industry resources on top-tier firms, enhancing the capital strength and international competitiveness of leading securities firms. This article is reprinted from "Cailian Press", GMTEight editor: Li Fo.