Highlights of the Securities Morning Meeting | The electrification of ships is driving the lithium battery market into a new scenario. Optimistic about the lithium battery equipment's performance in the new year.

Yesterday, the three major indexes showed mixed trends, with the Shanghai Composite Index and the Shenzhen Component Index oscillating and falling, while the Growth Enterprise Market Index rose slightly. The trading volume of the Shanghai and Shenzhen stock markets was 1.9 trillion yuan, a decrease of 132.7 billion yuan from the previous trading day. In terms of sectors, computing power hardware, retail, and Fujian sectors led the gains, while the Hainan, nonferrous metals, and coal sectors led the declines. As of the close of yesterday, the Shanghai Composite Index fell by 0.37%, the Shenzhen Component Index fell by 0.39%, and the Growth Enterprise Market Index rose by 0.61%. At today's broker morning meeting, CICC pointed out to focus on investment opportunities in the aviation off-season; China Securities Co.,Ltd. stated that the electrification of ships is driving lithium battery applications into new scenarios and is optimistic about the lithium battery equipment year-end market; Open Source Securities believes that the main theme of dual-drive technology and cycle will continue. CICC: Focus on investment opportunities in the aviation off-season CICC stated that 2026 will be the year of true reversal of aviation supply and demand, and the industry is gradually entering a situation of supply shortage. The Chinese civil aviation industry has experienced years of low supply growth, and the gradual growth of aviation demand is gradually absorbing excess capacity. By 2026, the tight supply and demand will lead to a peak in industry passenger load factor (estimated load factor of 87% in 2026); industry ticket prices may rise moderately to cope with the shortage of supply, and the civil aviation industry will truly enter an upward cycle. Focus on investment opportunities in the aviation off-season. In the past, aviation investment focused on the peak season, but supply disturbances may lead to a more tense supply and demand in the aviation industry in 2026, with greater price increases in the off-season, so the improvement in off-season performance of listed companies may also be greater. China Securities Co.,Ltd.: The electrification of ships is driving lithium battery applications into new scenarios, optimistic about the lithium battery equipment year-end market China Securities Co.,Ltd. stated that the electrification of ships is driving lithium battery applications into new scenarios and is optimistic about the lithium battery equipment year-end market. In recent years, the application of lithium batteries has gradually expanded from cars driving on land to eVTOL aircraft flying in the air, and then to ships sailing on water. This cross-scenario penetration is not accidental, but rather the inevitable result of its core advantages such as high energy density, long cycle life, and fast charge and discharge capabilities precisely matching the development needs of various fields, quietly rewriting the development pattern of transportation, energy, and even industrial fields. As the penetration rate of electrification in new scenarios such as air travel, water travel, and new energy storage increases, there is a sustained optimism for further growth in demand for lithium batteries. In addition, breakthroughs in new technologies such as solid-state batteries and sodium-ion batteries will further accelerate the increase in electrification rates in various scenarios. With the mid-term acceptance of solid-state batteries expected to be completed by the end of the year, the technological solutions will further converge, certainty will gradually increase, and leading battery and vehicle manufacturers are expected to start a new round of bid solicitations by the end of the year, optimistic about the year-end market for lithium battery equipment. Open Source Securities: The main theme of dual-drive technology and cycle will continue Open Source Securities pointed out that in the current valuation bull market and the spring frenzy period, they believe that the main theme of dual-drive technology and cycle will continue. Under the resonance of the global technology cycle, the relative profitability and prosperity advantages of technology are expected to continue. With the main policy background of reversing internal competition in the cyclical industry and the PPI marginally recovering alongside re-inflation trading expectations, there is also great potential. Both are expected to converge on different paths. This article is reprinted from "Cailianshe". GMTEight editor: Liu Jiayin.