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TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211DigititanTF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211

Risk warning: the prosperity of the real estate market has declined; Risk of exchange rate fluctuation; Risk of raw material price fluctuation; Sales of new products fell short of expectations.TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211

Target recommendation: 1) Home appliances: such as [Gree Electric]/[Midea Group]/[Haier Zhijia]/[Hisense Household Appliances]; 2) Small household appliances: such as [Cobos]/[Jimi Technology]/[Xiaoxiong Electric Appliances]; 3) Kitchen appliances: such as [Vantage Shares]/[Boss Electric Appliances]; 4) Black electricity: such as [TCL Electronics]/[Hisense Video]The competition pattern of zinc-manganese battery is mature and stable,Zhou Du research focus: research on zinc-manganese battery industry