Core Viewpoint - The lithium battery industry is entering a new cycle characterized by both opportunities and challenges, with significant growth potential in the energy storage market and increasing penetration of electric vehicles, while facing challenges such as rising raw material prices and supply chain management [3]. Group 1: Industry Overview - The scale of China's lithium battery industry has grown from less than 100 billion to over 1 trillion in value over the past decade, with the number of related listed companies increasing from dozens to hundreds [3]. - The domestic penetration rate of new energy passenger vehicles has exceeded 50%, with substantial growth potential in commercial vehicles and overseas markets [3]. - The energy storage market is expected to grow at a rate of 70%-80% this year, with continuous expansion across multiple scenarios [3]. Group 2: Technological Innovations - The cylindrical battery market is experiencing a shift towards small power and small storage applications, particularly in emerging markets such as low-altitude economies and intelligent robotics [7]. - The introduction of new standards is expected to create opportunities for responsible companies in the industry, particularly in the context of safety challenges [7]. - The development of all-tab cylindrical batteries is projected to see a shipment volume of 100 GWh globally by 2025, with a significant annual growth rate exceeding 400% for lithium iron phosphate cylindrical batteries [11]. Group 3: Market Trends - The market for small power batteries is vast, with the demand for electric two-wheelers in China reaching approximately 260 GWh annually [16]. - The industry is witnessing a trend towards larger capacity cells, with specifications evolving from early small capacities to larger ones like 314Ah and 587Ah [59][62]. - The introduction of mandatory national standards for energy storage lithium batteries is set to enhance safety regulations and market entry requirements [63][64]. Group 4: Company Strategies - Companies are focusing on technological innovation and differentiation to navigate the competitive landscape, with an emphasis on sustainable development and global expansion [28][29]. - The integration of AI in Battery Management Systems (BMS) is being prioritized to enhance safety and efficiency across the supply chain [39][40]. - Firms are exploring new materials and processes to improve battery safety and performance, with a focus on solid-state and high-voltage systems [48][50].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [47]. Core Insights - The lithium battery market is experiencing high demand due to the year-end surge in sales and favorable tax policies, with November sales reaching new highs. The overall demand for lithium batteries remains strong, supported by robust energy storage needs. The industry is expected to see a slight increase in production in December, maintaining a positive outlook for the sector [42][40]. - The report highlights the ongoing development of solid-state batteries, which is anticipated to drive demand for materials and equipment upgrades within the industry. Key areas of focus include advancements in solid-state electrolytes and new materials for anode and cathode components [43][42]. Summary by Sections Market Review - As of December 18, 2025, the lithium battery index has decreased by 2.86% over the past two weeks, underperforming the CSI 300 index by 3.00 percentage points. Year-to-date, the lithium battery index has increased by 46.16%, outperforming the CSI 300 index by 30.46 percentage points [12][4]. Price Changes in the Lithium Battery Supply Chain - As of December 18, 2025, the average price of battery-grade lithium carbonate is 98,800 CNY/ton, reflecting a 4.99% increase over the past two weeks. The price of lithium hydroxide remains stable at 72,200 CNY/ton. Other materials such as lithium iron phosphate and various NCM materials have also seen price increases ranging from 0.60% to 1.37% [25][28][23]. Industry News - The report notes that the domestic electric vehicle market is entering a phase of high sales but low growth, with expectations for 2026 to see a slight increase in new car sales. The demand for new energy vehicles is projected to continue growing rapidly, with sales potentially reaching 20 million units [40]. - In November, the domestic power battery installation volume reached 93.5 GWh, marking a 39.2% year-on-year increase. The report emphasizes the strong performance of lithium iron phosphate batteries, which accounted for 80.5% of total installations [40]. Company Announcements - The report includes several significant company announcements, such as the acquisition plans by Enjie Co. and Rongbai Technology, which aim to enhance their production capabilities in the lithium battery supply chain [41]. Recommendations - The report suggests focusing on companies that are likely to benefit from the ongoing improvements in the supply-demand dynamics of the lithium battery industry, particularly those involved in solid-state battery technology and innovative material development [44].

Core Insights - The report highlights a recovery in the lithium battery equipment sector driven by traditional lithium battery expansion and the surge in energy storage demand, with expectations for a new cycle of prosperity in 2026 as solid-state battery technology approaches commercialization [1][2]. Group 1: 2025 Review - The lithium battery equipment sector saw a significant stock price increase of 98.60% from January 1, 2025, to December 15, 2025, outperforming the CSI 300 and ChiNext indices [11]. - The recovery in the lithium battery sector is attributed to a surge in energy storage demand, driven by supportive policies, overseas market growth, and new application scenarios [14][19]. - The sector's performance is expected to continue improving as downstream battery manufacturers resume operations and expand production [19][23]. Group 2: 2026 Outlook - The solid-state battery industry is nearing a critical commercialization point, with equipment and material breakthroughs anticipated to create new demand for production equipment [3][28]. - The solid-state battery equipment market is projected to reach 59.216 billion yuan by 2030, with a compound annual growth rate (CAGR) of 103% from 2024 to 2030 [46][49]. - Key players in the lithium battery equipment sector include leading companies such as XianDiao Intelligent, Winbond Technology, and others, focusing on various segments of the production process [3][48]. Group 3: Investment Recommendations - The report suggests focusing on companies that are well-positioned in the equipment supply chain, particularly those involved in solid-state battery production and related technologies [3][48]. - The investment strategy emphasizes the "shovel seller" logic, where companies providing essential equipment for the solid-state battery industry are expected to benefit significantly as the market expands [3][48].

证券时报·数据宝统计，截至上午收盘，上证综指3820.85点，涨跌幅为-1.22%，A股总成交额为11396.19 亿元。到目前为止，今日有140只A股的5日均线主动下穿10日均线，其中品茗科技、国脉科技、安邦护 卫等个股的5日均线较10日均线距离最大，分别达-4.27%、-1.87%、-1.77%。（数据宝） 部分5日、10日均线死叉个股 | 300450 | 先导 | -4.34 | 1.71 | 47.93 | 48.33 | -0.83 | 45.44 | -5.98 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 智能 | | | | | | | | | 603108 | 润达 | -0.54 | 0.75 | 14.91 | 15.03 | -0.83 | 14.64 | -2.59 | | | 医疗 | | | | | | | | | 605189 | 富春 染织 | -4.09 | 1.48 | 15.64 | 15.77 | -0.82 | 15.01 | -4.83 | | 603280 | 南方 路机 | -5. ...

| | 购物 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300614 | 百川 | -0.61 | 0.68 | 13.20 | 13.30 | -0.79 | 12.93 | -2.79 | | | 畅银 | | | | | | | | | 603108 | 润达 | 0.00 | 0.56 | 14.92 | 15.04 | -0.77 | 14.72 | -2.1 1 | | | 医疗 | | | | | | | | | 300044 | ST 赛 为 | -0.97 | 1.04 | 4.25 | 4.28 | -0.77 | 4.07 | -4.93 | | 688170 | 德龙 激光 | -2.99 | 0.72 | 31.03 | 31.27 | -0.76 | 29.80 | -4.70 | | 301128 | 强瑞 | | | | 83.90 | -0.76 | 79.85 | -4.83 | | | 技术 | -3.09 | 1.36 | 83.27 | | | | | | 603 ...

Core Viewpoint - The solid-state battery industry is experiencing significant investment and market enthusiasm, but there are growing concerns about its safety and the potential for traditional lithium batteries to remain relevant [2][3][20]. Investment and Market Trends - Over 40 investment events related to solid-state batteries have occurred this year, attracting various national and international investors, including major financial institutions and venture capital firms [2][19]. - The solid-state battery index has seen substantial growth, with individual stocks like Shanghai Xiba (SH: 603200) increasing over 241% this year, and a notable trading volume of 16.1 billion on September 5 for Pioneer Intelligent (SZ: 300450) [2][19]. Safety Concerns - Experts are cautioning against the absolute safety claims of solid-state batteries, highlighting that they also have safety risks, particularly in the context of thermal runaway [3][21][22]. - The potential for solid-state batteries to cause more severe incidents if they fail is compared to traditional lithium batteries, which are seen as less dangerous in failure scenarios [21][22]. Technological Developments - The solid-state battery is often touted as the "ultimate form" of lithium batteries, but the industry is witnessing advancements in traditional lithium battery safety through material innovations and structural optimizations [26][27]. - Research is ongoing into flame-retardant additives and surface coating technologies for traditional lithium batteries, which are showing promise in enhancing safety [27][29]. Route Controversy - The solid-state battery technology landscape includes various routes: sulfide, oxide, and polymer, with sulfide being previously viewed as the leading option [31][32]. - Recent developments indicate that other routes, particularly polymer and oxide technologies, are making significant progress and may challenge the dominance of sulfide technology [34].

格隆汇12月15日丨先导智能(300450.SZ)在互动平台表示，公司生产的固态电池制造设备可以用于相关 产品的电池生产。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司生产的固态电池制造设备可以用于笔记本电 脑、智能手机等消息电子产品的电池生产吗？ 先导智能（300450.SZ）12月15日在投资者互动平台表示，公司生产的固态电池制造设备可以用于相关 产品的电池生产。 （记者 王晓波） ...

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].

在固态电池的生产中引入等静压工艺，可以精准控制电极密度、厚度以及孔隙率等关键参数，并使得固 态电池的电极和电解质材料紧密的结合在一起，优化界面接触，同时降低内部电阻，提高固态电池的离 子电导率和机械强度等，同时也可减少固态电池生产工序，降低生产成本。 等静压设备的核心壁垒在于钢丝预应力缠绕结构的搭建、高压密封与超高压容器的匹配以及安全认证与 资质的考量，而应用于固态电池量产中目前仍存在难点，包括1)一次升压、保压、卸压循环可能长达数 十分钟，当前阶段难以非连续性，2)能否通过提升腔体大小或者改变产线等静压设备节拍降低核心设备 门槛等方式降低成本。 智通财经APP获悉，方正证券发布研报称，等静压成型技术核心原理为帕斯卡原理，高压容器中的粉体 在各个方向上受到的压力是均匀的和大小一致的。在固态电池应用中，较难使用辊压设备或后道加压化 成设备替代等静压设备。海外等静压机企业经验较丰富，国内企业紧随其后积极布局，目前已有成功研 发的厂商，建议重点关注先导智能(300450.SZ)、荣旗股份、纳科诺尔(920522.BJ)等厂商情况 方正证券主要观点如下： 等静压设备分为热等静压、温等静压和冷等静压 固态电池在室温下的 ...