证券研究报告 | 行业深度报告 2025 年 12 月 16 日 储能爆发+固态加速，看好锂电设备开启新一轮景气周期 锂电设备 2026 年度策略报告 中游制造/机械 2025 年，传统锂电扩产&招标恢复，同时储能爆发带来需求持续性，锂电设备 公司基本面触底回升。展望 2026 年，随着设备和材料逐步突破，固态电池即将 迎来商业化奇点，中试线招标、装车调试、量产线招标等后续催化不断，看好 设备端投资机遇。 q 2025 年回顾：传统锂电扩产&招标恢复，锂电设备板块景气复苏。 q 投资建议：固态产业化拐点渐行渐近，看好新技术打开设备百亿市场空间， 建议关注"卖铲人"逻辑。从竞争力延续角度，建议关注布局整线设备的锂 电设备龙头【先导智能】【赢合科技】【利元亨】【杭可科技】等；布局前 道干法电极设备【纳科诺尔】【宏工科技】【曼恩斯特】【先惠技术】【华 亚智能】；卡位核心环节等静压设备【利通科技】【科新机电】【荣旗股份】， ALD 设备【微导纳米】等；平台型激光设备、超声设备公司【海目星】【联 赢激光】【德龙激光】【骄成超声】等。 q 风险提示：下游电池厂扩产不及预期、固态电池等新技术产业进展不及预期、 竞争格局恶化 ...

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].

Group 1: Core Viewpoints - The article aims to introduce isostatic pressing equipment, a key device in the production of solid-state batteries, highlighting its importance in addressing production challenges and enhancing material density [2][3][6]. Group 2: Isostatic Pressing Equipment Overview - Isostatic pressing equipment operates based on Pascal's law, allowing uniform pressure application in all directions, which significantly improves material densification compared to traditional unidirectional pressing methods [2]. - The process involves five steps: filling the powder material into a mold, placing it in a high-pressure container filled with a pressure medium, applying pressure, maintaining pressure for a period, and finally releasing pressure to obtain the formed component [2]. - The technology has a history of several decades and is traditionally used in powder metallurgy, ceramics, plastics, and permanent magnets, with new applications emerging in lithium battery production due to the rise of solid-state batteries [2]. Group 3: Relationship with Solid-State Battery Production - The core pain point in solid-state battery mass production is the solid-solid interface contact issue, which can lead to increased internal resistance and safety hazards [2]. - Isostatic pressing equipment plays a crucial role in eliminating gaps and voids at the solid-solid interface, ensuring a stable battery matrix for subsequent packaging and formation processes [2][6]. - The equipment is estimated to account for approximately 13% of the total value of solid-state battery equipment, making it a critical component in the industry [3][6]. Group 4: Key Manufacturers - Notable overseas manufacturers include Quintus Technologies from Sweden, which offers a full range of isostatic pressing equipment, and Hanna from South Korea, which specializes in equipment for sulfide solid-state battery production [6]. - Domestic companies include Liyuanheng, which has partnered with Quintus for joint development, Naconor, and Xiandai Intelligent, all of which are actively involved in the development of isostatic pressing technology [6].

内容概况：与全球市场相似，中国电动汽车产业的快速发展，提升了锂电池的下游需求，进而带动了锂 电池智能装备发展。数据显示，中国锂电池智能装备市场规模从2020年的275亿元增长至2022年的722亿 元。2023-2024年下游市场需求放缓，电动汽车电池及储能电池企业新项目建设减速，抑制了对锂电池 智能装备的短期需求，导致2024年市场规模下降至202亿元。2025年以来，受益于国际头部电池企业开 工率显著提升、扩产节奏逐渐恢复，中国锂电池智能装备行业迎来复苏契机，预计2025年中国锂电池智 能装备市场规模将达260亿元。 相关上市企业：先导智能（300450）、赢合科技（300457）、华自科技（300490）、杭可科技 （688006）、利元亨（688499）、科恒股份（300340）、璞泰来（603659）、星云股份（300648）、联 赢激光（688518）、海目星（688559）等。 相关企业：深圳市浩能科技有限公司、广东奥鸿智能装备有限公司等。 关键词：锂电池智能装备行业相关政策、锂电池智能装备行业产业链、动力锂电池出货量、消费锂电池 出货量、储能锂电池出货量、全球锂电池智能装备行业市场规模、中国锂 ...

摘要 公司与中原特钢、昆泰士合作，推广固态电池产线，提供整线解决方案， 包括市场推广、工艺优化和售后服务，旨在提升固态电池装备的整体竞 争力。 公司定位为固态电池装备整线解决方案提供商，涵盖硬件和软件，积极 应对全固态电池行业的技术快速发展，目标是提供快速响应的整线解决 方案，助力客户技术迭代。 公司未放弃硫化物、卤化物、氧化物和聚合物四条固态电池技术路线， 而是研发共通技术平台，并与电子企业、高校合作开发专用设备，提供 整线解决方案。 2025 年新签订单额已超 40 亿元，同比增长近一倍，主要来自消费领域 的 A 公司和动力领域的比亚迪、国轩、新能德等头部客户，其中 A 公司 订单占比约 50%~60%。 公司预计 2026 年新增订单规模将接近百亿，主要来自消费理念扩展、 动力电池头部客户合作以及固态电池产线落地，同时积极拓展南亚、日 本、印度、韩国及欧洲市场。 Q&A 公司近期与全球高压技术领域龙头公司 Printers 签署了战略合作协议，能否 介绍一下此次合作的背景和主要内容？ 此次合作是我们在去年（2024 年）为头部车企提供全固态电池整线设备时就 开始讨论的。由于当时缺乏某些关键设备和安全资质 ...

另据统计，近半年该股累计上榜龙虎榜5次，上榜次日股价平均涨3.87%，上榜后5日平均跌1.70%。 （数据宝） 利元亨12月8日龙虎榜 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5.09亿元， 其中，买入成交额为2.85亿 元，卖出成交额为2.24亿元，合计净买入6077.28万元。具体来看，今日上榜的前五大买入营业部中，有 1家机构专用席位现身，即买五，买入金额分别为3837.19万元，营业部合计买入2.47亿元。卖出营业部 中，卖出金额居首的是民生证券股份有限公司广州分公司，卖出金额为11114.05万元。买卖金额相抵， 机构专用席位今日净买入该股3837.19万元。 资金流向方面，该股今日全天主力资金净流入7508.96万元。 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 国泰海通证券股份有限公司总部 | 9238.24 | | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 5903.86 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 4874.14 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 4650.05 ...

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300450 | 先导智 能 | 4.03 | 4.61 | 29639.31 | 8.23 | | | 捷佳伟 | | | 14198.32 | 5.30 | | 300724 | 创 | 9.40 | 10.29 | | | | 601208 | 东材科 | 5.22 | 7.42 | 12523.33 | 8.05 | | | 技 | | | | | | 301217 | 铜冠铜 | 6.65 | 6.06 | 9468.57 | 5.76 | | | 箔 | | | | | | 688499 | 利元亨 | 17.81 | 13.99 | 7508.96 | 5.05 | | 688388 | 嘉元科 | 5.40 | 4.70 | 4868.13 | 6.32 | | | 技 | | | | | | 600869 | 远东股 | 1.92 | 2.49 | 361 ...

等静压连签两项重磅合作，重资本投入该喜该忧？ 在固态电池静待产业化突破的关键时间点，利元亨连出两步棋：先与中原特钢签约共研等静压设 备，再与瑞典高压技术公司 Quintus达成战略合作。 12月8日，利元亨股价盘中一度上涨逾19%，被市场直接归因于"携手全球高压龙头推动固态电池 等静压技术"。 表面上看，这是典型的 "利好消息＋概念催化"。但如果把这两则合作放到全球固态电池工艺分歧 的坐标系里，值得探讨的是一个更核心的问题： 固态电池当前已经发展到"非等静压不可"的阶段了吗？在这一节点上大规模押注等静压，是在提 升产业化信心，还是在管理关于未来成本和节拍上限的预期？ 利元亨连续 "加码"等静压：国内压力容器＋海外工艺标准同时绑定 10月底，利元亨宣布与河南中原特钢签署战略合作协议，双方将在固态电池等静压设备领域共建 联合实验室，共同推动等静压设备发展，提升固态电池整线及设备交付效率。 中原特钢具备近30年的超高压容器生产积淀，是国内规模最大的大型高品质特殊钢自由锻件制造 企业。 不到一个月后的12月7日，利元亨又对外披露与瑞典 Quintus达成战略合作，计划围绕固态电池 等静压装备展开联合开发与深度创新，试 ...

交易所数据显示，固态电池概念今日盘中震荡走强，利元亨涨超15%，纳科诺尔、先惠技术、德福科 技、铜冠铜箔、万顺新材等个股跟涨。 市场炒作的点在于固态电池产业化进程加速的预期升温。等静压技术作为固态电池规模化生产的核心工 艺之一，其设备技术突破直接关系到固态电池量产可行性，利元亨与国际高压技术巨头的合作，让市场 看到关键设备技术壁垒有望被攻克，固态电池从实验室走向量产的步伐加快，吸引资金布局相关概念 股。 消息面上，近日利元亨与全球高压技术领域的奠基者与领导者瑞典Quintus正式签署战略合作协议。双 方将聚焦固态电池等静压装备的联合开发与深度创新，携手攻克行业技术壁垒，共同推动全球固态电池 产业化进程迈入新阶段。等静压技术对固态电池的能量密度、一致性及安全性起着决定性作用， Quintus拥有超过七十年的高压技术积淀和世界顶尖的等静压解决方案，已向全球45个国家交付1900余 套设备；利元亨则凭借在锂电智能制造领域深厚的工艺理解、研发能力及产线集成经验，为合作注入动 能，此次携手有望加速固态电池量产关键设备的成熟。 受影响板块分析： 固态电池装备制造板块：等静压设备是固态电池规模化生产的核心工艺设备，随着利元 ...