CITIC Securities: After each major impact of crude oil supply in history, the world will seek energy supply diversification.

CICC research report states that after every major shock to global oil supply, the world will seek energy supply diversification, including new energy sources. China has absolute advantages in the fields of photovoltaics, lithium batteries, and other areas, and can undertake the overseas demand for new energy development. As long as oil prices do not fall into extreme shocks, Chinese manufacturing will use its triple advantages to maintain export growth of over 5% throughout the year, and possibly even exceed 10%.