[Citic Securities: composite Collector is currently in the Best allocation period] June 7, CITIC Securities Research News pointed out that from the perspective of Gartner model, the composite collector was in a "technology budding period" before 2019, represented by Jinmei new materials, and carried out research and development for many years. Since 2021, the industry began to enter the "expected expansion period", especially in 2022, with many new entrants, and the market expectation reached a peak. In the first quarter of 2023, there was a "bubble burst trough", and technological progress and industry development slowed down, but GAC recently released clip batteries, which will use composite current collectors, and Jinmei New Energy has also planned a large-scale production plan. we believe that from the second half of 2023 to the first half of 2024, with the improvement of mass production capacity and the gradual landing of orders, the industry will usher in a "stable growth period". This stage is expected to become the best configuration period for the industry.