Under Style Rebalancing, Strongly Recommend the 'Four Lows' Lithium Battery Full Track!

English summary

# Style rebalancing, lithium battery and other high-growth tracks regain capital attention. Recently, volatility in the global AI hardware track has increased significantly, and A-share TMT-related positions are crowded. As a track with over 20% CAGR in global demand over five years, lithium batteries will clearly benefit from growth fund rebalancing opportunities. # Uncertainty over next year's demand has made lithium batteries a 'Four Lows' track. Domestic energy storage installations were weak in H1 due to factors such as the '531 base effect' and 'project delays due to high lithium carbonate prices.' Combined with market concerns over 'narrowing spot price spreads' and 'declining capacity subsidies,' uncertainty regarding domestic energy storage installation growth this year and next has greatly increased. The downward revision in domestic energy storage demand growth expectations has made the sector a 'low stock price, low valuation, low allocation, low expectations' 'Four Lows' track. However, we believe domestic energy storage demand still has high growth potential: ① The 15th Five-Year Plan lists new-type energy storage as one of the six emerging pillar industries, and local governments will fully develop it; ...