GF SECURITIES·2026-03-09 10:49Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - BYD has launched its second-generation blade battery and fast-charging technology, achieving a new record for the fastest charging speed in mass production, charging from 10% to 70% in just 5 minutes and from 10% to 97% in 9 minutes [5][8] - BYD's "Fast Charge China" strategy includes the construction of 20,000 fast-charging stations by the end of 2026, with 4,239 already completed as of March 5, 2026 [5][8] - The new car launch pace for models equipped with fast-charging technology may be relatively moderate due to the need for price stability and external constraints, with two potential strategies: slowing down the launch pace to ease pressure on dealers and performance, or accelerating new launches to enhance consumer awareness of the fast-charging ecosystem [5][12] - The competitive landscape under the influence of the "fast charge" ecosystem is analyzed with two scenarios based on consumer awareness: strong awareness leading to increased market share for BYD, and weak awareness resulting in lower-than-expected sales [5][13] - Investment recommendations suggest a combination of "BYD Auto + Geely Auto" to address regional consumer demand differences and varying perceptions of the fast-charging ecosystem [5][14] Summary by Sections Section 1: BYD's Fast-Charging Technology - BYD has introduced its second-generation blade battery and fast-charging technology, achieving record charging speeds [5][8] Section 2: New Car Launch Strategy - The launch pace for new models with fast-charging technology may be moderated to manage inventory and dealer pressure [5][12] Section 3: Competitive Landscape Analysis - Two scenarios are proposed regarding consumer awareness of the fast-charging ecosystem and its impact on BYD's market share [5][13] Section 4: Investment Recommendations - A strategic investment approach combining BYD and Geely is recommended to navigate consumer demand and perceptions [5][14]