1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - The lithium battery anode materials are undergoing a significant transformation from traditional graphite to a diverse high energy density system, with lithium metal anodes being a key driver for solid-state battery energy density breakthroughs [2][5]. Industry Overview - The theoretical specific capacity of lithium metal anodes reaches 3860 mAh/g, significantly higher than graphite (372 mAh/g) and silicon-carbon anodes (3590 mAh/g), and they exhibit low voltage platform characteristics [2][5]. - Solid-state electrolytes, due to their high mechanical strength, suppress dendrite formation and are optimally compatible with lithium metal anodes [2][3]. Technical Challenges and Solutions - Key bottlenecks for lithium metal anodes include volume expansion, lithium dendrite issues, complex interfacial reactions, and high preparation process difficulties [3]. - Recent improvement strategies focus on limiting lithium volume expansion, reducing ion flow and surface current density, and constructing stable and fast ion transport surface SEI through various methods [3]. Manufacturing Processes - The preparation process of lithium metal anodes is crucial for their industrial application, with the industry currently exhibiting a multi-route parallel and high-low end scenario differentiation [4]. - Mainstream processes are categorized into mature mass production-oriented (calendering), high-end technology breakthrough (sputtering), and cutting-edge research exploration (liquid phase method, no anode solution) [4]. - The sputtering method is expected to continuously optimize costs and become the mainstream process for solid-state batteries [4]. Market Potential - The lithium metal anode market is primarily composed of lithium companies, anode manufacturers, and foil material suppliers, with lithium companies having cost and quality advantages in raw material preparation [5]. - According to the "China Solid-State Battery Industry Development White Paper (2025)", global solid-state battery shipments are projected to reach 614.1 GWh by 2030, with nearly 30% being all-solid-state [5]. - Assuming a 20% penetration rate for lithium metal anodes, the estimated market potential by 2030 is nearly 10 billion yuan [5]. Investment Targets - Companies to watch in the lithium metal anode sector include Yinglian Co., Ltd. (002846.SZ), Tiantie Technology (300587.SZ), as well as Ganfeng Lithium (002460.SZ), Putailai (603659.SH), Yiwei Lithium Energy (300014.SZ), Guoxuan High-Tech (002074.SZ), Defu Technology (301511.SZ), and Daoshi Technology (300409.SZ) [6].

Group 1: Solid-State Battery Developments - A research team led by Professor Zhang Qiang from Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, developing a new fluorinated polyether electrolyte that enhances physical contact and ionic conductivity at solid-state interfaces, potentially aiding the development of mature solid-state battery products [2] - The Ministry of Industry and Information Technology and eight other departments have issued an action plan emphasizing solid-state batteries as a key focus area, aiming to support the transition of lithium and sodium batteries to solid-state technology and to establish 3 to 5 global leading enterprises by 2027 [4] - As of September 25, 21 solid-state battery concept stocks have seen net purchases exceeding 100 million yuan since September, with companies like CATL, Xian Dao Intelligent, Guoxuan High-Tech, and Ganfeng Lithium leading in net purchase amounts [4] Group 2: Market Reactions and Trends - The solid-state battery sector has experienced a surge in stock prices, with several companies reaching their daily limit up due to positive market sentiment [3] - Brokerages have seen a rise in stock prices, with Guosheng Financial hitting the daily limit, and other firms like Xinda Securities, GF Securities, Huatai Securities, and CITIC Securities also experiencing gains [4] - The central bank has emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply, which may positively impact the financial sector [7] Group 3: AI Infrastructure Investments - Alibaba has announced a three-year investment plan of 380 billion yuan for AI infrastructure, indicating a strong commitment to enhancing computational capabilities [11] - The demand for computational power is rapidly increasing due to the AI technology revolution, with estimates suggesting that the training requirements for large models double every 3 to 4 months [12] - Investment in computational infrastructure is expected to drive economic growth, with projections indicating that every yuan invested in the computational industry could generate 3 to 4 yuan in GDP growth [12]

Group 1: Company Achievements - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, the main roller shaft, showcasing its leading manufacturing capabilities in heavy equipment [1] - The main roller shaft, weighing over 160 tons, was produced from a 313-ton steel ingot through rigorous quality control processes, highlighting the company's strong industrial chain collaboration [1] - In the first half of the year, Tongyu Heavy Industry achieved a net profit of 61 million yuan, representing a year-on-year increase of 49.7% [1] Group 2: Solid-State Battery Developments - Research led by Tsinghua University has made significant progress in polymer electrolytes for solid-state batteries, providing new strategies for developing high safety and high energy density solid-state lithium batteries [4] - The new fluorinated polyether electrolyte developed by the research team enhances physical contact and ionic conductivity at solid-state interfaces, significantly improving battery performance [4] - A polymer soft-pack battery constructed with this electrolyte achieved an energy density of 604 Wh/kg under 1 MPa external pressure, surpassing current commercial batteries [4] Group 3: Market Trends and Projections - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1 GWh by 2030, corresponding to a market size in the billion yuan range [5] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in various applications, including electric vehicles and energy storage, while also opening new markets in drones, robotics, and data centers [5] - Several A-share listed companies are making advancements in the solid-state battery sector, with notable developments from companies like MGL and MannsTech [5][6] Group 4: Financing and Stock Performance - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with seven stocks doubling in value [7] - As of September 25, 21 solid-state battery concept stocks recorded net purchases exceeding 100 million yuan, with CATL, XianDao Intelligent, and Guoxuan High-Tech leading in net buying amounts [10] - CATL received the most "positive" ratings from institutions, indicating strong confidence in its innovative product offerings and global market integration [10][11]

Core Viewpoint - The Chinese lithium battery industry is accelerating towards high-quality development, with significant investments and project expansions in various segments, particularly in lithium batteries and solid-state batteries, indicating a strategic shift towards advanced production capabilities and market positioning [4][7][10]. Investment and Project Expansion - From January to August 2025, the Chinese lithium battery industry chain signed and initiated 183 new projects with a total planned investment of 400 billion yuan, showcasing a trend of "accelerated high-end expansion and clearance of low-end capacity" [4][7]. - The expansion projects include 54 for lithium batteries and 23 for solid-state batteries, representing 30% and 13% of the total planned expansion projects, respectively [4]. - Major investments are led by top companies like CATL, BYD, and Enjie, focusing on traditional segments, while emerging sectors like solid-state and sodium batteries attract new capital and startups [7][10]. Regional Distribution - The expansion projects are primarily concentrated in East and Central China, with significant activities in the Yangtze River Delta and Hubei-Hunan regions, leveraging local resources and manufacturing capabilities [10]. - Internationally, projects in Malaysia, Indonesia, and Hungary are gaining traction, driven by favorable geopolitical conditions and local demand for electric vehicle components [10][11]. Specific Investment Highlights - The planned investment in the lithium battery segment exceeds 40% of the total, with solid-state batteries emerging as a new growth area with a planned investment of 35 billion yuan [7][8]. - Notable projects include a 331 billion yuan investment in Guizhou for phosphate iron and lithium production, and a 243 billion yuan investment by Qingshan Group in another Guizhou project [8][10]. - The negative electrode materials sector is also seeing significant investment, with 28.6 billion yuan planned, focusing on technology upgrades and overseas expansion [8]. Emerging Technologies and Trends - Solid-state batteries are becoming the most popular investment track, driven by technological advancements and accelerated mass production [7][8]. - The industry is witnessing a shift towards more sophisticated materials and production techniques, with companies like Dongchi New Energy planning a 5.2 billion yuan sodium battery project [7][10].

Core Viewpoint - Recent breakthroughs in solid-state lithium batteries by Chinese researchers, particularly from Tsinghua University and Wuhan University, are expected to significantly advance the development of safe and high-energy-density solid-state batteries, addressing key challenges in the industry [1][3][5]. Group 1: Research Breakthroughs - Tsinghua University's team, led by Professor Zhang Qiang, developed a new fluorinated polyether electrolyte that enhances physical contact and ionic conductivity at solid-solid interfaces, improving high-voltage performance and interface stability [3][4]. - The new electrolyte achieved an energy density of 604 Wh/kg in a polymer battery under 1 MPa pressure, surpassing current commercial batteries, and demonstrated excellent safety in thermal and puncture tests [4]. - Wuhan University's research group created a novel cation-anionic polymer electrolyte that enhances lithium ion mobility and conductivity, successfully powering a drone, indicating a new path for solid-state battery development [5][6]. Group 2: Industry Implications - Solid-state batteries are seen as a revolutionary technology that eliminates risks associated with traditional lithium batteries, such as leakage and fire, significantly enhancing safety [8]. - The solid-state battery industry is entering a critical commercialization phase, with projections indicating global shipments could reach 614.1 GWh by 2030, corresponding to a market size exceeding 100 billion yuan [8][9]. - Major automotive companies, including BYD and FAW Group, have announced plans for mass production of solid-state batteries by 2027, marking a pivotal year for the industry [9][10]. - The market for solid-state batteries is expected to grow significantly, with demand projected to reach 270.8 GWh by 2030, translating to a market space of 2,180 billion yuan, including 113.8 billion yuan specifically for all-solid-state batteries [10].

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market in the next six months [4]. Core Insights - In H1 2025, the lithium battery supply chain showed resilience with significant growth in demand for electric vehicles, leading to a notable increase in revenue and profit. The total revenue for the lithium battery supply chain reached 400.76 billion yuan, a year-on-year increase of 13.74%, while net profit attributable to shareholders was 37.278 billion yuan, up 30.38% year-on-year [1][14]. - In Q2 2025, the overall performance of the lithium battery supply chain continued to improve, with revenue of 213.65 billion yuan, a year-on-year increase of 12.81% and a quarter-on-quarter increase of 14.19%. The gross profit margin was 19.46%, showing a slight year-on-year decline but a quarter-on-quarter increase [1][14]. Summary by Sections Battery Segment - In H1 2025, the battery segment achieved a revenue of 263.24 billion yuan, a year-on-year increase of 9.34%, with a net profit of 33.077 billion yuan, up 27.37% year-on-year. In Q2 2025, revenue was 139.99 billion yuan, a year-on-year increase of 9.14% and a quarter-on-quarter increase of 13.58% [2][22]. Positive Electrode Materials - In H1 2025, the positive electrode segment saw revenue of 56.445 billion yuan, a year-on-year increase of 19.91%, with a net loss of 186 million yuan, narrowing by 76.50% compared to the previous year. In Q2 2025, revenue was 30.473 billion yuan, a year-on-year increase of 18.82%, achieving breakeven in net profit [2][28]. Negative Electrode Materials - The negative electrode segment reported revenue of 31.785 billion yuan in H1 2025, a year-on-year increase of 19.73%, with a net profit of 2.493 billion yuan, up 38.94%. In Q2 2025, revenue was 17.148 billion yuan, a year-on-year increase of 19.88% and a quarter-on-quarter increase of 17.16% [3][34]. Other Segments - The electrolyte segment had a revenue of 12.252 billion yuan in H1 2025, a year-on-year increase of 21.49%, with a net profit of 834 million yuan, up 9.49%. In Q2 2025, revenue was 6.295 billion yuan, a year-on-year increase of 13.43%, but net profit decreased by 2.58% [10][39]. - The separator segment faced pressure with a revenue of 7.661 billion yuan in H1 2025, a year-on-year increase of 19.02%, but a significant drop in net profit by 98.63%. In Q2 2025, revenue was 4.043 billion yuan, with a net loss of 650 million yuan [10][43]. - The auxiliary materials segment showed improvement, with structural components achieving revenue of 6.290 billion yuan in Q2 2025, a year-on-year increase of 25.92%, and net profit of 530 million yuan, up 22.05% [10][46]. Investment Recommendations - The report suggests actively monitoring midstream material companies for investment opportunities as their performance is expected to continue improving. Additionally, emerging technologies such as solid-state batteries and high-voltage lithium iron phosphate are rapidly developing, presenting further investment opportunities [9].

Core Insights - The battery theme index has shown a slight decline of 0.06% as of September 26, 2025, with mixed performance among constituent stocks, highlighting the volatility in the sector [1] - The battery ETF managed by Harvest has seen a significant increase in net inflows and trading volume, indicating strong investor interest and confidence in the battery industry [3] - Solid-state batteries are emerging as the next generation of battery technology, driven by advancements in energy density and safety, which are expected to accelerate industrialization and capital expenditure across the supply chain [4] Group 1: Market Performance - The battery ETF Harvest has recorded a 5.70% increase over the past week as of September 25, 2025, reflecting positive market sentiment [1] - The ETF's trading volume reached 37.96 million yuan with a turnover rate of 2.96%, indicating active trading [3] - The ETF's net asset value has increased by 99.90% over the past year, ranking it 417th out of 3031 index equity funds, placing it in the top 13.76% [3] Group 2: Investment Trends - The latest scale of the battery ETF Harvest has reached 1.269 billion yuan, marking a new high since its inception [3] - Over the past 19 trading days, there have been 12 days of net inflows totaling 660 million yuan, showcasing strong investor confidence [3] - Wood Mackenzie forecasts that global energy storage capacity will grow more than sevenfold over the next decade, requiring an investment of 1.2 trillion USD in battery systems by 2034 [3] Group 3: Industry Developments - The top ten weighted stocks in the battery theme index account for 53.03% of the index, with significant players including Sungrow Power, CATL, and EVE Energy [4][6] - Solid-state battery technology is expected to lead to new product releases and capacity expansions, enhancing performance validation in the market [4] - The entire supply chain, including equipment, materials, and batteries, is anticipated to undergo iterative upgrades, increasing capital expenditure [4]

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 1.94% as of September 25, 2025, with notable gains from companies such as Dongsheng Technology (300073) up 9.05%, Yiwei Lithium Energy (300014) up 7.35%, and China Baowu Steel Group (000009) up 6.98% [1] - The New Energy Vehicle ETF (515700) has risen by 1.81%, marking its fourth consecutive increase, with the latest price reported at 2.41 yuan [1] - Over the past week, the New Energy Vehicle ETF has accumulated a rise of 2.77%, ranking it in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 54.55% of the index [2] - The weight and performance of the top stocks are as follows: CATL (4.60%, 9.80%), Huichuan Technology (-0.02%, 9.63%), BYD (1.49%, 9.10%), and others [3] Group 3 - The New Energy Vehicle ETF has several off-market connections, including Ping An China Securities New Energy Vehicle ETF Initiated Connection A (012698), C (012699), and E (024504) [5]

Current Operations and Capacity Situation - The company currently has an effective capacity close to 130 GWh, with October production reaching 12 GWh, surpassing the monthly capacity limit [1] - The shipment structure consists of approximately two-thirds for power batteries and one-third for energy storage batteries, maintaining a stable structure [1] Collaboration with Volkswagen - Volkswagen is set to begin mass production of models using the company's batteries in 2026 [2] - The order scale involves platforms such as MEB+ (mainly for export) and CMP (domestic), with an estimated order size of about 15 GWh for next year [2] Gross Margin and Costs - The gross margin for Q3 is expected to improve slightly compared to Q2, primarily due to the optimization of export business structure and the reduction of previous tariff impacts [3] - Prices for energy storage cells are stabilizing and slightly increasing in Q3, with a rise of 1-2 cents per Wh in August [3] - The price of lithium hexafluorophosphate has increased, while other raw materials are experiencing normal fluctuations [3] Technological Development: Solid-State Battery Progress - Semi-solid batteries are viewed as the main technology route for the mid-to-high-end power market in the next 3-5 years, utilizing a high nickel positive electrode, silicon-based negative electrode, and composite electrolyte system [4] - Mass production is expected to enter the Ministry of Industry and Information Technology directory by the end of 2025, with batch production and delivery anticipated in 2026 [4] Full Solid-State Battery - Significant technical challenges remain, particularly regarding cycle life (currently several hundred cycles), rate performance, and high costs (currently about ten times that of liquid batteries) [5] - The goal is to finalize the full solid-state battery solution by the end of 2025, followed by equipment procurement, with a core task in 2026 focused on cost reduction and establishing a 2 GWh production line [5]