|  | 行业研究·行业快评 | |  电力设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | | 证券分析师： | 徐文辉 | 021-60375426 | xuwenhui@guosen.com.cn | 执证编码：S0980524030001 | | 证券分析师： | 李全 | 021-60375434 | liquan2@guosen.com.cn | 执证编码：S0980524070002 | 国信电新观点：1）英国重启新能源车补贴，并支持充电基础设施建设；2）GGII 储能行业数据发布：2025 年上半年中国储能系统、储能电池出货量继续实现同比高增，新兴市场或成为储能行业重要出口方向。 投资建议：1）电池环节：宁 ...

然而，殊途同归的是，所有企业都已将重心从 "材料科学"的探索转向了"生产工程"的攻坚，共同 聚焦于解决界面不稳定、干法工艺放大、超薄电解质膜制备等一系列具体的工程化难题。 其次，是 "材料体系"与"界面工程"的双线作战 。固-固界面问题被与会专家普遍视为头号挑战。 为此，产业正在展开一场双线战役：一方面，持续迭代正极、负极、电解质等主体材料的体相性 能； 另一方面，则动用一切精密的"界面工程"手段——从表面包覆技术，到功能添加剂，再到微观结 构设计——力求用技术"缝合"不同材料间脆弱的物理与化学壁垒。 一边是行业对其 "终极电池"技术潜力的巨大期望，另一边则是横亘在眼前的"产业化与成本"的严 酷现实。在7月9日高工新能源新材料产业大会的固态电池专场上，整场讨论的核心，正是围绕如 何跨越这道 鸿沟 展开。 这场关于未来电池技术的思想交锋与共识凝聚，主要体现在三大核心层面： 首先，是 "路线之争"与"工程攻坚"的并行 。从氧化物、硫化物到聚合物，再到异军突起的MOFs 等新材料，演讲嘉宾们清晰地表明，固态电池仍处于"百家争鸣"的技术验证阶段，无任何一条路 径已取得绝对优势。 最后，是 "性能跃升"与"成本瓶颈"的 ...

近日，深圳市高工产业研究有限公司(以下简称"GGII")发布相关数据显示，2025年全球电力储能、乘用 车、eVTOL(电动垂直起降飞行器)、机器人等细分场景锂电池出货量预计超1.8TWh(万亿瓦时)，到2035 年，全球电池需求将突破8TWh。 日前，宁波容百新能源科技股份有限公司(以下简称"容百科技")中央研究院冯道言博士表示："全固态电 池作为下一代电池技术，凭借高安全性、高能量密度、长循环寿命与宽温域应用等显著优势，在电动飞 机、eVTOL及动力电池等领域拥有广泛应用空间，市场前景广阔，有望成为推动相关产业发展的关键 力量。" 据悉，目前容百科技已经开发出适配于硫化物全固态电池的8系正极和9系正极，成本与现有材料体系相 当，性能表现优异，均达到行业领先水平。同时，8系单晶固态正极材料S83L在2024年实现吨级出货。 主机厂在固态电池领域也动作频频。不少业内人士认为，无论动力还是储能，未来绝大多数头部主机厂 都将设立固态电池专项团队，在验证期内抢占先机。这也意味着传统隔膜企业、液态电池体系材料商若 不能顺利切换技术路径，极可能在下轮技术周期中被边缘化。 在此背景下，不少产业链龙头公司正加速提升自身电池 ...

证券研究报告·行业研究·电力设备与新能源行业 稳健增长低估值，聚焦锂电龙头和固态新技术 --电动车2025年中期策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年7月13日 1 摘要： 2 ◆ 国内电动化率稳步向上，欧洲销量强势恢复，25年全球销量预计21%增长，26年有望维持15%+增长。25年国内汽车消 费政策持续+购置税退坡前抢装+汽车价格战，同时出口强势高增，前5月国内销561万辆，同比增44%，全年预期25%增 长。欧洲补贴退坡消化完毕，25年前5月销量强势恢复至142万辆，同比增25%，2H新车型陆续上市，预计全年27%增长。 美国不确定性增加，9月补贴完全退出，25-26年销量预期停滞。其他地区1-5月销量44万辆，同比增31%，全年预计维持 35%增长。因此25年我们预计全球销量可达2070万辆，增21%，26年仍维持16%增长。 ◆ 储能政策不确定下需求依旧强劲，25年锂电需求上修至30%+增长，26年近20%增长。25年全球储能预计42%增长至 452gwh，国内强制配储 ...

Group 1 - Ningbo Ronbay New Energy Technology Co., Ltd. announced advancements in all-solid-state battery technology at the 2025 High-tech New Energy Materials Industry Conference [1] - The company has developed 8-series and 9-series cathode materials suitable for sulfide all-solid-state batteries, achieving industry-leading performance [1] - The 8-series single crystal solid-state cathode material S83L is expected to achieve ton-level shipments in 2024, while the 9-series single crystal solid-state cathode material S93LS is projected to achieve near ton-level shipments in the same year [1] Group 2 - The conference gathered over 300 representatives from the battery, materials, equipment, and vehicle industries to discuss the industrialization path of new battery materials [2] - Ronbay Technology was awarded the "2025 New Energy New Materials Innovative Enterprise" award during the conference [2]

钠电行业要形成独立的行业，要在钠电自身的性能及成本优势上找到适合的场景，而不是去抢锂电 的蛋糕。 2025钠电产业化燃点已至。不同于过去两年不温不火的蛰伏状态，钠电产业在今年不仅得到头部电池企业的加码布局，在应用市场更是凭借自身差异 化优势开辟了新的赛道。 而钠电应用的纵深破局，更是给予不同技术路线钠电"冒头"的机会。其中，聚阴离子技术路线是今年钠电行业的焦点，其热度及讨论度已赶超层氧，得 到众多钠电、锂电企业的认可。 作为全球正极材料龙头的容百科技，自2022年即启动钠电研发，依托锂电正极领域的深厚技术积淀，迅速开启从实验室到产业化的跨越。 7月4日，容百科技6000吨聚阴离子正极材料建设项目在湖北仙桃正式开工。 从今年3月签约到7月正式开工，用时仅百余天，充分展现新一体化战略下 的"容百速度"。 高工钠电获悉，容百科技在NFPP和 NFS等路线上都有布局， 而此次容百仙桃规划的6000吨聚阴离子产能主要为NFPP。 未来建成投产后，依托集约 化设计和智能化生产，将实现"小规模用地、高产值回报"，加速聚阴离子材料规模化量产。 据高工钠电了解，聚阴离子正极材料降本速度相较其他技术路线更快。 具体来看，NFPP ...

Core Viewpoint - The metal cobalt sector has shown a positive performance, with a 2.45% increase, ranking seventh among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - The metal cobalt concept saw a 2.45% increase, with 32 stocks rising, including notable gains from Zhongse Co. and Huahong Technology, which hit the daily limit [1][2]. - The top gainers in the sector included Huaxin Environmental (up 8.51%), Dadi Bear (up 8.36%), and Xingye Yinxin (up 5.23%) [1][2]. - Conversely, the stocks with the largest declines included Daoshi Technology (down 0.81%), Rongbai Technology (down 0.68%), and Ganfeng Lithium (down 0.46%) [1][2]. Group 2: Capital Flow - The metal cobalt sector experienced a net inflow of 334 million yuan, with 24 stocks receiving net inflows, and six stocks exceeding 50 million yuan in net inflow [2][3]. - Zhongse Co. led the net inflow with 211 million yuan, followed by Huahong Technology (109 million yuan), and Green Beauty (99.32 million yuan) [2][3]. - The top three stocks by net inflow ratio were Zhongse Co. (26.70%), Huahong Technology (21.33%), and Guocheng Mining (12.90%) [3][4]. Group 3: Stock Performance - Zhongse Co. recorded a daily increase of 10.06% with a turnover rate of 7.30% and a net capital flow of 211.41 million yuan [3][4]. - Huahong Technology also saw a significant increase of 10.00% with a turnover rate of 9.99% and a net capital flow of 108.91 million yuan [3][4]. - Other notable performers included Green Beauty (up 2.22%), Xiamen Tungsten (up 4.43%), and Huayou Cobalt (up 0.58%) [3][4].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： #鑫椤锂电 行业热点 I C C S I N O 据湖南省自然资源厅7月9日发布的消息， 湖南省郴州市临武县鸡脚山矿区已探获超大型蚀变花岗岩型锂矿 床，共提交锂矿石量4.9亿吨，氧化锂资源量131万吨。 锂电材料端市场情况 三元龙头抢筹磷酸铁锂 将建欧洲首条万吨级磷酸铁锂产线 7月4日，容百科技董事长白厚善在仙桃基地宣布， 容百正式进军磷酸铁锂行业，将依托欧洲基地落地首条 万吨级高端产线；同时巩固三元材料龙头地位，拓展低空经济、固态电池等新兴应用。 容百科技已经在仙 桃基地筹建硫化物固态电解质中试线，并陆续落地磷酸锰铁锂等其他高端材料产线。 LG新能源：预计第二季度营业利润同比增长152% 据财联社报道，LG新能源7月7日对外披露，受电池销售强劲的推动，预计公司第二季度将实现正的营业利 润，且无需依赖美国此前颁布的税收优惠。 LG新能源预计，今年4-6月，公司营业利润可能达到4922亿韩 元，较去年同期1953亿韩元增长152%。 力神电池发布六款全极耳圆柱电芯 7月8日， 力神电池（苏州）有限公司正式推出 ...

Battery - XINWANDA plans to launch its first-generation all-solid-state battery product in 2026 and the second generation in 2027 [2] - LISHEN Battery inaugurated its new cylindrical lithium-ion battery R&D and production base with a total investment of 2.8 billion yuan, planning to build 5 intelligent production lines [4] Materials - RONGBAI Technology announced its entry into the lithium iron phosphate industry, establishing the first 10,000-ton high-end production line in Europe while consolidating its position in ternary materials and expanding into emerging applications like low-altitude economy and solid-state batteries [4] - RONGBAI is also setting up a pilot line for sulfide solid electrolytes at its Xiantao base and launching production lines for other high-end materials like lithium manganese iron phosphate [4] Company Actions - SHANGTAI Technology reported that Changjiang Chen Dao reduced its holdings by 5.196 million shares, accounting for 1.992% of the total share capital, leaving it with 19.4645 million shares or 7.4623% of the total [6] - ENJIE Co. expects a net loss of 83 to 107 million yuan for the first half of 2025, with a decline in gross margin for its main product, lithium battery separator, and some business segments currently in a loss state [7] - DANGSHENG Technology completed a private placement raising a total of 1 billion yuan, fully subscribed by its controlling shareholder [9] Overseas Developments - LG Energy Solution expects a significant increase in Q2 performance, projecting an operating profit of 492.2 billion won, a 152% increase from the previous year, driven by strong battery sales [10] - The European Commission announced funding of 852 million euros for six electric vehicle battery projects, including LG Energy Solution's 46-series cylindrical battery project in Poland [11]

Core Viewpoint - The article highlights the strategic advancements of Rongbai Group in the sodium battery sector, emphasizing the launch of a new production line for sodium battery cathode materials and the company's expansion into lithium iron phosphate production [1][2]. Group 1: Project Launch and Investment - Rongbai Group's 6000 tons sodium battery cathode material project in Xiantao, Hubei, commenced with a total investment of 60 million yuan, showcasing the company's rapid execution from signing to groundbreaking in just over 100 days [1]. - The project utilizes an innovative technology system for sodium battery materials, achieving international leading levels in energy density and cycle life [1]. Group 2: Production Efficiency and Economic Impact - The project introduces a unique "raw material processing - finished product sintering" integrated process, which is expected to enhance production efficiency by over 20% [1]. - Upon reaching full production, the annual output value is projected to exceed 200 million yuan, indicating a high return on investment with compact land use [1]. Group 3: Market Position and Future Plans - Rongbai Group has established close partnerships with major domestic and international clients, leading in the sodium battery market with significant annual shipment volumes [2]. - The company has secured orders for 3000 tons of layered oxide cathode materials and hundreds of tons of polycations cathode materials, demonstrating strong competitiveness in the sodium battery sector [2]. - Rongbai is also entering the lithium iron phosphate industry with plans for a high-end production line in Europe, while reinforcing its leadership in ternary materials and exploring new applications in low-altitude economy and solid-state batteries [1].