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 ...

Summary of Key Points from the Conference Call Industry Overview - The focus of discussions was on the lithium battery supply chain, renewable energy (solar, wind, and power grid), and Internet Data Center (IDC) development in China, indicating a growing interest in Energy Storage Systems (ESS) batteries and grid equipment [1][2] Core Insights - **ESS Demand Outlook**: Investors are optimistic about the demand for ESS, particularly for 2026, but express concerns regarding the sustainability of this growth in the mid- to long-term, especially in China where provincial subsidies play a significant role [2] - **CATL's Market Position**: Contemporary Amperex Technology Co., Ltd. (CATL) is viewed as a key beneficiary in the battery supply chain due to its dominant market share in ESS battery cell shipments. Investors are interested in CATL's competition with Korean manufacturers in the US market and the implications of the One Big Beautiful Bill Act (OBBBA) [3] - **Lithium Price Concerns**: There is a rising concern among investors regarding the outlook for lithium prices, especially following recent price increases for lithium carbonate and other battery materials. This has raised worries about potential margin pressures for battery cell manufacturers if they cannot pass on higher costs [3] Company-Specific Insights - **Wuxi Lead Intelligent**: There is heightened interest in battery equipment manufacturers like Wuxi Lead Intelligent, with investors inquiring about capital expenditure plans and trends in unit capex [4] - **Power Grid Equipment**: The power grid equipment sector in China is preferred over renewable energy, driven by strong domestic grid investment growth and overseas expansion opportunities. Investors are cautious about current valuations and are particularly interested in companies with significant overseas exposure [5] - **China IDC Market**: While there is long-term interest in the China IDC market, investors recognize that chip access is a near-term bottleneck for AI spending by Chinese Cloud Service Providers (CSPs). The demand for faster data center delivery has resulted in lower order visibility for third-party IDC operators [6] Additional Considerations - **Investor Queries**: Investors are curious about the order book, customer mix, and future equity financing timelines for DayOne, an unlisted entity in which GDS Holdings holds a 35.6% stake [8] - **Valuation Methodologies**: Target prices for various companies are based on different methodologies, including P/E ratios and market cap assessments, reflecting the analysts' expectations for future earnings growth [14][20][23][27] Risks Highlighted - **General Risks**: Potential risks affecting target prices include oversupply in the EV battery market, intensified competition, and regulatory changes impacting the e-cigarette market in China [15][20][23] - **Specific Risks for GDS Holdings**: Risks include lower-than-expected data center demand related to AI, slower overseas expansion, and supply chain disruptions due to geopolitical tensions [27] This summary encapsulates the key points discussed in the conference call, highlighting the current landscape and future outlook for the battery and energy sectors, as well as specific company insights and associated risks.

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].

Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [1][4] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new materials, processes, technologies, and the evolving industry landscape [1][4] Event Structure - The event includes a main conference and a user-side energy storage and battery technology forum, featuring various specialized sessions [1][4][6] - Key topics include advancements in cylindrical battery technology, battery innovation, new materials, and applications in energy storage [4][6][8] Key Participants - The event will host numerous industry leaders and experts, including representatives from major companies such as CATL, BYD, and BASF, among others [3][10] - Sponsorship and speaking opportunities are provided by various companies, indicating strong industry support and engagement [1][3] Awards and Recognition - The Lithium Battery Golden Ding Award aims to recognize outstanding brands and contributions to the new energy battery industry, promoting innovation and sustainable development [17] - The award ceremony will take place on December 19, 2025, during the evening banquet [18] Registration and Participation - Registration for the event is priced at 2888 RMB per person, which includes access to the conference, meals, and industry white papers [18]

Core Insights - The article discusses the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, highlighting the event's theme of "New Cycle, New Technology, New Ecology" and its scheduled dates of December 18-19, 2025, in Shenzhen [2]. Group 1: Event Details - The event will be hosted by Qidian Lithium Battery, Qidian Energy Storage, and Qidian Research Institute SPIR, with various sponsors and speakers from leading companies in the lithium battery and energy storage sectors [2]. - The conference aims to address advancements in lithium battery technology and user-side energy storage solutions, reflecting the industry's evolving landscape [2]. Group 2: Industry Statistics - According to SPIR, from January to September 2025, the shipment of carbon nanotube conductive slurry in China exceeded 170,000 tons, marking a 26% year-on-year increase. This growth is attributed to the rising penetration of electric vehicles and the increasing performance requirements of new battery materials [2]. - The top 10 companies in terms of shipment volume for the same period include Tian Nai Technology, San Shun Nano, Qujing Feimo, and others, indicating a competitive landscape in the carbon nanotube conductive agent market [3]. Group 3: Research Institute Overview - Qidian Research Institute SPIR specializes in the new energy and new materials industry chain, with over 15 years of research experience. It provides various services, including databases, industry white papers, and customized market research reports [5]. - The institute has served prominent global companies such as Samsung, LG, and CATL, showcasing its credibility and expertise in the field [5].

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]

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].

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will focus on the themes of "New Cycle, New Technology, New Ecology," aiming to summarize the past decade of the lithium battery industry and explore future development opportunities [1][4]. Event Background and Introduction - The Qidian Lithium Battery Industry Annual Conference is a significant event that has been held annually for nine consecutive years, gathering participants from the entire lithium battery supply chain, including materials, equipment, cells, and downstream applications [1]. - The 2025 event marks the 10th anniversary of both Qidian Lithium Battery and Qidian Research, providing a platform for in-depth discussions on new materials, processes, technologies, and industry ecology [1][4]. Event Details - **Event Name**: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony - **Theme**: New Cycle, New Technology, New Ecology - **Date**: December 18-19, 2025 - **Location**: Venus Royal Hotel, Shenzhen [1][4]. Agenda Highlights - The conference will feature various sessions, including: - Keynote speeches on global lithium battery industry trends and new standards for cylindrical batteries [4][5]. - Discussions on innovations in battery technology and new materials [5][6]. - Roundtable dialogues addressing future market trends and technological advancements in energy storage [6][7]. Special Guests and Sponsors - Notable sponsors and speakers include companies such as CATL, BASF, and various other industry leaders, indicating strong industry support and participation [3][20]. - The event will also feature a special dinner to celebrate the 10th anniversary of Qidian Research, highlighting the importance of collaboration within the industry [7][14]. Award Ceremony - The Lithium Battery Golden Ding Award aims to recognize outstanding contributions to the lithium battery industry, promoting innovation and sustainable development [13][19].