Zhi Tong Cai Jing·2025-12-31 03:25Group 1 - The core viewpoint of the article is that the introduction of the new national subsidy policy in mainland China for 2026 will alleviate market concerns regarding the sustainability of subsidies for electric passenger vehicles, ensuring continued growth in the electric vehicle battery industry [1] - The new subsidy policy links the subsidy amount to vehicle prices, differing from the fixed subsidy of 2025, but maintains similar subsidy caps and eligible vehicle models [1] - The continuation of subsidies is expected to secure high single-digit growth for the electric vehicle battery industry in 2026, with strong performance in electric trucks and energy storage systems further enhancing industry profitability [1] Group 2 - If strong demand leads to sustained increases in battery material prices, the company believes that CATL (宁德时代) will be able to pass on cost pressures through pricing strategies [1] - The target price for CATL's A-shares is set at 490 RMB, with an "overweight" rating, positioning it as a top choice in the industry [1]