智通财经网·2026-01-19 03:20Core Viewpoint - The report from GF Securities predicts a 15.0% year-on-year increase in the battery capacity of new energy passenger vehicles in 2026, driven by changes in policy, supply, and demand [1]. Group 1: Key Drivers for Battery Capacity Increase - The first driver for the increase in PHEV battery capacity is the new energy vehicle purchase tax adjustment requirements and the launch of long-range PHEVs priced below 200,000 yuan, which will enhance user experience by reducing charging frequency [2]. - The second driver for PHEV battery capacity increase is the concentration of supply for large battery PHEVs priced above 200,000 yuan, as consumers in this segment are less price-sensitive and prefer better daily usage experiences [2]. - For EVs, the first driver is the decrease in the proportion of low-end pure electric vehicles due to the subsidy policy, while the second driver is the competitive strategy of leading manufacturers to "enhance features and raise prices" in response to rising raw material costs [2]. Group 2: Investment Recommendations - The report suggests focusing on right-side targets in the passenger vehicle chain, including Geely, BYD, Chery, Seres, Li Auto, Xpeng, and Leap Motor, while left-side targets include Great Wall Motors and Changan Automobile [3]. - For upstream and downstream chains, right-side targets include Minth Group, Yinlun, Bertli, Top Group, Aikodi, Fuyao Glass, and others, while left-side targets include Yongda Automobile and New Coordinates [3]. - Companies at an inflection point include SAIC Motor, with potential opportunities identified in various segments of the industry [3].