2026 Auto Policy Officially Unveiled! CALB's "Upward Trajectory"

Recently, the National Development and Reform Commission and the Ministry of Finance jointly issued a notice regarding the implementation of a large-scale equipment renewal and consumer goods trade-in policy in 2026, explicitly designating automobile scrapping/renewal and replacement as key supported areas. Market commentators note that this policy is not merely a macroeconomic measure to boost consumption and promote a green transition; it also acts as a prism, refracting the differentiated strategic layouts across various segments of China's automotive industry chain. Analysis highlights that CALB's supporting structure data provides a sample for observing the "asymmetric impact" of the new policy, suggesting that the staying power and strategic positioning of lithium battery enterprises may diverge under the new policy's framework. CALB's high-end strategic layout is quietly taking shape. Data shows that the models equipped with CALB batteries exhibit distinct structural characteristics when segmented by price: models priced below 100,000 RMB account for only 12.7% of the total supported volume, while the 100,000-200,000 RMB segment holds an absolute dominant position at 64.7%. The 200,000-300,000 RMB and 300,000-400,000 RMB (and above) segments account for 16.9% and 5.6%, respectively. This distribution curve for CALB stands in stark contrast to the volume-driven model reliant on low-priced vehicles adopted by many power battery companies. Another set of market share data warrants particular attention—within the 100,000-200,000 RMB segment, the largest and most fiercely competitive "golden price range" in the Chinese auto market, CALB has achieved a market share of 9.5%. These figures are testament to the recognition of CALB's product strength by mainstream automakers. Furthermore, CALB's proportion in the 200,000-300,000 RMB range also exceeds that in the sub-100,000 RMB category, indicating that the company has successfully completed a structural leap into high-value-added, high-technology requirement market segments. The new policy exhibits clear characteristics of "targeted irrigation." A notable feature of the 2026 subsidy policy is its differentiated design. Firstly, it shows a clear inclination towards new energy vehicles (NEVs). In the scrapping renewal scheme, the subsidy ratio for NEVs (12%) is higher than for fuel vehicles (10%); similarly, in the replacement renewal scheme, the NEV subsidy (8%) surpasses that for fuel vehicles (6%). Secondly, the price orientation is unambiguous. The subsidy cap for NEVs reaches 20,000 RMB, compared to 15,000 RMB for fuel vehicles, signaling a policy preference for encouraging mid-to-high-end NEV consumption. Thirdly, it serves a dual guiding function: it encourages the phasing out of old vehicles (higher subsidies for scrapping renewal) while also promoting a tiered circulation of vehicles (relatively lower thresholds for replacement renewal). This design of the 2026 policy is not simply about "stimulating sales volume"; it is a conscious effort to steer the automotive consumption structure towards an upgrade path focusing on new energy adoption and higher quality. How can the high-end supporting structure "leverage" the new policy? For CALB, this mid-to-high-end-centric supporting structure is not only unlikely to be negatively impacted by the new policy but may actually gain stronger momentum. Firstly, subsidy efficiency is higher. Under the proportional subsidy model, a higher vehicle price translates to a larger absolute subsidy amount (within the cap). The primary 100,000-200,000 RMB segment that CALB supports is precisely the range where consumers are most sensitive to subsidies and where the utility of the subsidy is greatest—unlike sub-100,000 RMB models where the absolute subsidy value is limited. Secondly, it aligns with the technological upgrade direction. The new policy explicitly requires new vehicles to be included in the NEV model catalogue and offers higher subsidies for NEVs. CALB's high market share in the mainstream price segment signifies that its technology roadmap and product planning are highly congruent with the policy's encouragement direction. Thirdly, brand premium capability is enhanced. While low-end models may rely on subsidies to maintain competitiveness, the mid-to-high-end models supported by CALB depend more on their intrinsic product strength. The new policy essentially provides these models with an additional "accelerator," while the company's own brand and technological accumulation form the foundation for riding this wave. A "moment of differentiation" for the battery industry. The 2026 subsidy policy could become a watershed moment for China's power battery industry. In terms of technology roadmap, the policy's bias towards NEVs will accelerate battery technology iteration; CALB's positioning in the mid-to-high-end market will place it closer to the forefront of technological innovation demand. Regarding customer structure, supporting mid-to-high-end models implies the establishment of more stable cooperative relationships with mainstream automakers, who are better positioned under the new policy to launch replacement models that qualify for subsidies. Concerning position in the value chain, as battery companies transition from being "cost centers" to "value creation centers," CALB's bargaining power and influence within the industrial chain will correspondingly strengthen. In terms of brand effect, achievements in the mid-to-high-end market are conducive to rapid development in the broader international market. Conclusion The greatest significance of the 2026 auto consumption subsidy policy may lie not in the amount of fiscal funding provided, but in its clear demarcation of the direction for the transformation and upgrading of China's automotive industry. For a company like CALB, the new policy acts as a magnifying glass, amplifying the strategic value of its forward-looking布局: as subsidies shift from universal policies to structural tools, enterprises that have already prepared in terms of product quality, technological accumulation, and market positioning will reap strategic dividends far exceeding the subsidy amount itself, unleashing growth momentum that exceeds expectations in the new industrial cycle!