Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].

（责任编辑：田云绯） 德龙激光于2022年4月29日在上交所科创板上市，发行价格为30.18元/股，发行股票数量为2584.00 万股，保荐机构（主承销商）为中信建投证券股份有限公司，保荐代表人是周云帆、仇浩瀚。 德龙激光首次公开发行股票募集资金总额为7.80亿元，募集资金净额为7.14亿元。德龙激光最终募 集资金净额比原计划多2.64亿元。德龙激光于2022年4月26日披露的招股说明书显示，该公司拟募集资 金4.50亿元，分别用于精密激光加工设备产能扩充建设项目、纳秒紫外激光器及超快激光器产能扩充建 设项目、研发中心建设项目、客户服务网络建设项目、补充流动资金。 德龙激光首次公开发行股票的发行费用总额为6603.15万元，其中，保荐承销费用4867.79万元。 德龙激光的控股股东、实际控制人赵裕兴为澳大利亚国籍。 中国经济网北京10月20日讯 德龙激光(688170.SH)日前发布2025年半年度报告。今年上半年，公司 实现营业收入2.85亿元，同比增长2.49%；归属于上市公司股东的净利润-1548.44万元，上年同期 为-986.79万元；归属于上市公司股东的扣除非经常性损益的净利润-2434.14万元 ...

Core Viewpoint - The article discusses the upcoming 2025 Heterogeneous Integration Annual Conference organized by TrendBank and the Yongjiang Laboratory, focusing on the strategic opportunities in the new generation of chip development and the importance of heterogeneous integration technology in the semiconductor industry [7][8]. Event Details - The conference will take place from November 17-19, 2025, at the Nanyuan Wanghai Hotel in Zhenhai District, Ningbo [8]. - The event aims to gather industry and research experts to discuss advanced packaging technologies and promote collaboration between the semiconductor industry and research institutions [9]. Conference Agenda - The agenda includes various sessions on topics such as CIS heterogeneous integration processes, 2.5D/3D chip integration, and the impact of artificial intelligence on chip interconnects [3][4]. - Keynote speeches will be delivered by government leaders and representatives from the organizing bodies [3]. Focus Areas - The conference will emphasize multi-material heterogeneous integration, optoelectronic integration, and advanced packaging technologies, including TGV (Through Glass Via) and FOPLP (Fan-Out Panel Level Packaging) [9]. - Discussions will also cover challenges and innovations in semiconductor materials and equipment [9]. Registration and Fees - The registration fee is RMB 2500 per person, with early bird discounts available for those who register before October 31 [10]. - Special pricing is offered for students at RMB 1500 [10].

华安碳中和混合A（015989）基金经理为蒋璆。 从基金十大重仓股角度 数据显示，华安基金旗下1只基金重仓德龙激光。华安碳中和混合A（015989）二季度持有股数41.8万 股，与上期相比持股数量不变，占基金净值比例为5%，位居第三大重仓股。根据测算，今日浮亏损失 约73.16万元。 华安碳中和混合A（015989）成立日期2023年2月7日，最新规模1.73亿。今年以来收益49.93%，同类排 名855/8161；近一年收益61.54%，同类排名608/8021；成立以来收益14.55%。 10月16日，德龙激光跌5.03%，截至发稿，报33.06元/股，成交1.46亿元，换手率4.15%，总市值34.17亿 元。 资料显示，苏州德龙激光股份有限公司位于中国(江苏)自由贸易试验区苏州片区苏州工业园区杏林街98 号，成立日期2005年4月4日，上市日期2022年4月29日，公司主营业务涉及精密激光加工设备及激光器 的研发、生产与销售,并为客户提供激光加工服务。主营业务收入构成为：精密激光加工设备72.10%， 零部件销售及维修10.22%，激光器8.18%，激光加工服务7.28%，激光设备租赁服务1.59%， ...

证券之星消息，10月15日，德龙激光（688170）融资买入716.58万元，融资偿还584.35万元，融资净买 入132.23万元，融资余额8306.61万元，近3个交易日已连续净买入累计329.39万元。 | 交易日 | 融资净买入 (元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-10-15 | 132.23万 | 8306.61万 | 2.31% | | 2025-10-14 | 146.78万 | 8174.38万 | 2.27% | | 2025-10-13 | 50.38万 | 8027.59万 | 2.12% | | 2025-10-10 | 469.23万 | 7977.21万 | 2.08% | | 2025-10-09 | -2750.72万 | 7508.76万 | 1.84% | | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-10-15 | 8306.61万 | 132.23万 | 1.62% | | 2025-10-14 | 8 ...

资料显示，苏州德龙激光股份有限公司位于中国(江苏)自由贸易试验区苏州片区苏州工业园区杏林街98 号，成立日期2005年4月4日，上市日期2022年4月29日，公司主营业务涉及精密激光加工设备及激光器 的研发、生产与销售,并为客户提供激光加工服务。主营业务收入构成为：精密激光加工设备72.10%， 零部件销售及维修10.22%，激光器8.18%，激光加工服务7.28%，激光设备租赁服务1.59%，其他(补 充)0.34%，其他主营0.29%。 截至6月30日，德龙激光股东户数6337.00，较上期增加11.55%；人均流通股16310股，较上期增加 16.39%。2025年1月-6月，德龙激光实现营业收入2.85亿元，同比增长2.49%；归母净利润-1548.44万 元，同比减少56.92%。 分红方面，德龙激光A股上市后累计派现1.24亿元。近三年，累计派现7224.70万元。 责任编辑：小浪快报 10月13日，德龙激光跌1.02%，成交额9814.69万元。两融数据显示，当日德龙激光获融资买入额739.68 万元，融资偿还689.30万元，融资净买入50.38万元。截至10月13日，德龙激光融资融券余额合计 ...

Group 1: Core Developments in Solid-State Battery Technology - A research team led by Huang Xuejie has made significant advancements in solid-state battery technology, publishing findings in Nature Sustainability that address the challenge of electrolyte and lithium electrode contact in all-solid-state lithium batteries [1] - The innovative anion regulation technology developed by the team is expected to facilitate the practical application of solid-state lithium batteries, marking a critical step towards commercialization [1] Group 2: Market Performance and Investment Trends - The solid-state battery index has seen a remarkable increase of 54.2% year-to-date as of October 10, significantly outperforming other major A-share indices [2] - Six solid-state battery concept stocks have doubled in value this year, with 16 stocks projected to achieve over 20% net profit growth in the next two years according to consensus forecasts from more than five institutions [3] Group 3: Company Activities and Developments - Leading companies in the solid-state battery supply chain, such as Xiangdai Intelligent and Tianci Materials, have reported substantial stock price increases of 174.34% and over 91% respectively in the past months [3] - Companies like Xinwangda and Putailai are actively disclosing their progress in solid-state battery research and commercialization, with Xinwangda confirming smooth R&D and Putailai announcing successful deliveries of solid-state battery equipment [3] - Delong Laser has noted a gradual increase in orders for solid-state battery equipment, indicating growing demand from both existing and new customers [4] Group 4: Future Industry Outlook - Dongwu Securities anticipates that the solid-state battery industry will enter a critical phase for pilot line establishment between the second half of 2025 and the first half of 2026, with expectations for small-scale production to begin in 2027 and industry shipments potentially exceeding 1 GWh by then [4]

Investment Rating - The report maintains a "Buy" rating for the electric equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a seasonal demand increase, with lithium carbonate and lithium hydroxide prices rising by 20% in September [1][6] - In August, domestic wholesale sales of new energy passenger vehicles reached 1.18 million units, reflecting a year-on-year increase of 22% and a month-on-month increase of 10% [1][4] - The report highlights the importance of solid-state battery technology and its potential breakthroughs in addressing interface issues, which are critical for commercialization [3][18] Summary by Sections Monthly Research Insights - The report discusses solutions to solid-solid interface issues in solid-state battery manufacturing, emphasizing the need for breakthroughs in physical, chemical, and mechanical dimensions [3][13] Industry Sentiment Tracking and Review - New energy vehicle sales in August showed strong growth, with China, Europe, and the US leading the market [4][22] - Domestic energy storage installations in August reached 12.6 GWh, a year-on-year increase of 58% [5][28] - The report forecasts a significant increase in lithium battery production in October, with year-on-year growth expected to be between 21% and 50% [5][34] Price and Volume Analysis - Lithium battery material prices are on the rise, with lithium carbonate and lithium hydroxide prices increasing by 20% in September [6][35] - The report notes that the lithium battery supply chain is entering a replenishment phase, with inventory levels rising [39] New Technology Developments - Solid-state batteries and composite current collectors are entering a critical engineering and industrialization phase, with significant orders expected for 2025 [6][44] - The report identifies key investment opportunities in solid-state battery technology, particularly in dry processing and isostatic pressing equipment [18][21] Investment Recommendations - The report recommends focusing on leading companies in the lithium battery sector and those involved in solid-state technology breakthroughs, such as CATL and EVE Energy [7][21]

Market Overview - The automation equipment sector experienced a decline of 4.24% on September 26, with Delong Laser leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Zhixin Precision with a closing price of 49.49, up 4.01% [1] - Kelaimechatronics at 21.33, up 3.34% [1] - Jiangsu Beiren at 26.69, up 1.52% [1] - Significant decliners included: - Delong Laser at 38.87, down 9.29% [2] - Kaidi Co. at 97.88, down 7.92% [2] - Robotec at 269.75, down 7.87% [2] Capital Flow - The automation equipment sector saw a net outflow of 4.347 billion yuan from institutional investors, while retail investors had a net inflow of 2.674 billion yuan [2][3] - The capital flow for specific stocks showed mixed results, with some stocks experiencing net inflows from retail investors despite overall sector outflows [3]

编辑 王进雨 新京报贝壳财经讯 9月25日，德龙激光在互动平台表示，公司固态电池设备订单呈逐步增长趋势，部分 客户追加订单，也有部分新客户下单，但目前该领域订单金额较小，请注意投资风险。新设备如干法电 极激光预热和超快激光极片制片设备仍处于工艺验证阶段，尚未形成订单。 ...