According to the CITIC Securities Research Report, according to the Associated Press and other media forecasts, in the November 3 US midterm elections, the Democratic Party is expected to take back both houses of Congress and win at least 26 seats in 36 gubernatorial elections. If the US media's predictions are accurate, CITIC Securities anticipates that short-term aggressive US legislation will be difficult to implement, but the path of further restrictions on the new energy policy no longer exists. As far as the new energy sector is concerned, wind power has been damaged the most in the past, and CITIC Securities expects the greatest flexibility in subsequent repairs; the PV overseas policy base resonates with the domestic supply and demand bottom, and 2027 may usher in a fundamental inflection point; the energy storage policy is most certain, but the core narrative of AIDC allocation and storage has been weakened by the Democratic Party itself and needs to be viewed rationally. Overall, CITIC Securities believes that the bottom line of the NEV sector has arrived. 2026-2027 is a window period for valuation repair, and it is recommended to lay out investment opportunities in the NEV sector at the bottom.

According to the CITIC Securities Research Report, according to the Associated Press and other media forecasts, in the November 3 US midterm elections, the Democratic Party is expected to take back both houses of Congress and win at least 26 seats in 36 gubernatorial elections. If the US media's predictions are accurate, CITIC Securities anticipates that short-term aggressive US legislation will be difficult to implement, but the path of further restrictions on the new energy policy no longer exists. As far as the new energy sector is concerned, wind power has been damaged the most in the past, and CITIC Securities expects the greatest flexibility in subsequent repairs; the PV overseas policy base resonates with the domestic supply and demand bottom, and 2027 may usher in a fundamental inflection point; the energy storage policy is most certain, but the core narrative of AIDC allocation and storage has been weakened by the Democratic Party itself and needs to be viewed rationally. Overall, CITIC Securities believes that the bottom line of the NEV sector has arrived. 2026-2027 is a window period for valuation repair, and it is recommended to lay out investment opportunities in the NEV sector at the bottom.