Market Overview - On September 29, the Shanghai Composite Index rose by 0.90%, the Shenzhen Component Index increased by 2.05%, the ChiNext Index climbed by 2.74%, and the CSI 300 Index gained 1.54% [1] - Among the tradable A-shares, 3,576 stocks rose, accounting for 65.98%, while 1,658 stocks declined [1] Capital Flow - The net inflow of main funds was 9.527 billion yuan for the day [1] - The ChiNext saw a net inflow of 2.030 billion yuan, while the STAR Market experienced a net outflow of 4.624 billion yuan [1] - The CSI 300 constituent stocks had a net inflow of 15.091 billion yuan [1] Industry Performance - Out of the 26 first-level industries under Shenwan, the top-performing sectors were Non-Bank Financials and Nonferrous Metals, with increases of 3.84% and 3.78%, respectively [1] - The sectors with the largest declines were Coal and Banking, with decreases of 0.84% and 0.46% [1] Industry Capital Inflows - Non-Bank Financials led the net inflow of main funds, with a total of 12.348 billion yuan and a daily increase of 3.84% [1] - Nonferrous Metals followed with a net inflow of 2.986 billion yuan and a daily increase of 3.78% [1] - The Electronics sector had the largest net outflow, with 2.811 billion yuan despite a daily increase of 1.58% [1] Individual Stock Performance - A total of 2,087 stocks saw net inflows, with 767 stocks having inflows exceeding 10 million yuan [2] - The stock with the highest net inflow was Lingyi iTech, which rose by 9.99% with a net inflow of 3.588 billion yuan [2] - Other notable stocks with significant inflows included Dongfang Wealth and CITIC Securities, with net inflows of 2.960 billion yuan and 1.743 billion yuan, respectively [2] - Conversely, 90 stocks experienced net outflows exceeding 10 million yuan, with the largest outflows from XianDao Intelligent, Haiguang Information, and沃尔核材, totaling 1.479 billion yuan, 1.077 billion yuan, and 884 million yuan, respectively [2]

Core Insights - As of September 29, a total of 566 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest duration of net outflow is Suda Co., Ltd., which has seen outflows for 30 consecutive days, followed by Kaifa Electric with 21 days [1] - The largest total net outflow amount is from Liao Co., Ltd., with a cumulative outflow of 3.514 billion yuan over nine days [1] Summary by Category Stocks with Longest Net Outflow Duration - Suda Co., Ltd. has the longest net outflow duration at 30 days [1] - Kaifa Electric follows with 21 days of net outflow [1] Stocks with Largest Net Outflow Amount - Liao Co., Ltd. has the highest net outflow amount of 3.514 billion yuan over nine days [1] - Xian Dao Intelligent follows with a net outflow of 3.250 billion yuan over five days [1] Stocks with Highest Net Outflow Proportion - ST Yigou has the highest proportion of net outflow relative to trading volume, with a recent decline of 9.90% over the past seven days [1] Additional Notable Stocks - Other notable stocks with significant net outflows include O-film Technology with 3.152 billion yuan over six days and Tuo Wei Information with 2.103 billion yuan over seven days [1]

Core Viewpoint - The sodium-ion battery concept has seen a significant increase in stock prices, with a 3.08% rise, ranking fifth among concept sectors, indicating growing investor interest and potential in this technology [1][2]. Group 1: Market Performance - As of September 29, the sodium-ion battery sector had 116 stocks rising, with notable performers including Wanrun New Energy, which hit a 20% limit up, and Tianqi Materials, Fengshan Group, and Xiangtan Electric, all reaching their daily limit up [1]. - The top gainers in the sector included Tianqi Technology (up 14.36%), Haike New Source (up 12.96%), and Huasheng Lithium (up 12.41%) [1][9]. - Conversely, leading decliners included Xian Dao Intelligent (down 3.59%), Zongshen Power (down 2.00%), and Yunnan Energy Investment (down 1.43%) [1]. Group 2: Capital Inflow - The sodium-ion battery sector attracted a net inflow of 1.289 billion yuan, with 64 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow [2]. - Tianqi Materials led the net inflow with 983.3 million yuan, followed by Duofluor and Ningde Times with net inflows of 497 million yuan and 464 million yuan, respectively [2][3]. - The highest net inflow ratios were observed in Fengshan Group (52.26%), Duofluor (46.70%), and Tianji Shares (42.84%) [3]. Group 3: Stock Performance Metrics - Key stocks in the sodium-ion battery sector showed significant daily performance, with Tianqi Materials rising by 10.01% and Duofluor by 9.98% [3]. - The turnover rates for these stocks varied, with Tianqi Materials at 15.72% and Duofluor at 5.11%, indicating active trading [3]. - Other notable performers included Yiwai Lithium Energy (up 8.30%) and Guoxuan High-Tech (up 4.04%) [3].

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]

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The solid-state battery sector is gradually transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [25] - The global solid-state battery shipment volume is projected to reach 10 GWh in 2025 and 614.1 GWh by 2030, although challenges such as high costs and incomplete supply chains remain [24][28] - Recent advancements include the development of a new high-energy-density polymer electrolyte by Tsinghua University, which enhances solid-state interface contact and ion conduction capabilities [27] Summary by Sections Industry Trends - The solid-state battery index increased by 1.3% from September 22 to September 26, 2025, with a cumulative increase of 50.4% since December 31, 2024 [11] - The average performance of solid-state battery-related stocks was -0.4% during the same period, with notable gains in battery and aluminum-plastic film sectors [4][11] Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) is recommended as a key beneficiary in the solid-state battery sector [25] - Dongfeng Motor's solid-state battery plans include a demonstration vehicle set for 2026, with significant progress reported by companies like Dangsheng Technology, which has achieved 10-ton batch shipments of solid-state lithium battery cathode materials [23][29] Market Performance - The top-performing stocks in the solid-state battery sector included Penghui Energy (+18.6%), Xianlead Intelligent (+17.8%), and Dangsheng Technology (+11.2%) [17][26] - Conversely, stocks such as Zhongyi Technology (-10.2%) and Tiantian Technology (-9.7%) experienced significant declines [17][26]

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 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]

固态电池设备：产业化逐渐清晰，固态电池设备受益 20250925 摘要 固态电池在能量密度和安全性上具有显著提升。根据工信部发布的 GB38,031- 2025 标准，新要求包括不起火、不爆炸，而过去仅要求 5 分钟内发出报警信 号。这意味着液态锂电池难以完全满足新标准，而固态电池具备不可燃、耐高 温等特性，可以满足新的国标要求。 实验结果显示，在传统液态材料中，热失 控起始温度约为 150 摄氏度左右，而固态材料如硫化物则可达到 200 至 600 摄氏度。这表明在高温环境下，固态电池安全性显著提高。 液态锂电池与固态锂电池在生产工艺上的主要区别是什么？ 液态锂电池生产过程包括搅拌、涂布、滚压、分切、制片、电芯制作及后续化 成分容等步骤。而固态锂电池除去注液相关部分，更像是制作三明治结构，即 将正极极片、负极极片、电解质膜叠加起来。因此，在干法情况下，需要生产 正负极极片及干法/湿法成膜，并进行堆叠封装。 具体来说，包括德国连轧机或 激光机成型，以及等离子体喷涂技术等，这些都是显著变化所在。此外，在后 道环节如航可科技正在重点开发充放电脉冲一体机，以及华自科技开发充放电 脉冲一体机，这些都表明了技术革新带来 ...

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery production will reshape the supply chain, with a focus on lithium battery equipment investment cycles being brought forward, making it a key area of interest [1][2][11]. Key Points and Arguments - **Increased Demand for Equipment**: The demand for upstream dry electrode and solid-state transformer equipment is rising, while downstream formation and capacity equipment require more parallel devices due to increased pressure and temperature, leading to higher unit value and longer formation times [1][2]. - **Investment Opportunities**: Solid-state batteries are emerging as a significant investment direction within the new energy sector, with early-stage orders and feedback from leading companies indicating a shift in the equipment sector [2][10]. - **Performance Improvements**: Solid-state batteries exhibit significant enhancements in energy density and safety, meeting the new standards set by the Ministry of Industry and Information Technology (GB38,031-2025), which require batteries to be non-flammable and non-explosive [1][4]. - **Production Process Complexity**: The production process of solid-state batteries resembles a "sandwich" structure, eliminating the liquid injection step and requiring dry production of electrodes and membrane formation, which involves advanced technologies such as German continuous rolling machines and plasma spraying [1][5][6]. Notable Companies and Their Strategies - **Leading Companies**: Companies like XianDao Intelligent, Galaxy Technology, Green Source Heng, and HaiMuXing are capable of covering all processes in solid-state battery production, while others like NaKuoNuo and Manster focus on specific steps [1][7][10]. - **Supplier Categories**: Two types of suppliers are highlighted: those providing complete line solutions (e.g., XianDao Intelligent) and those specializing in specific segments (e.g., HongGong and DeLong Laser), with the former offering higher certainty and the latter more flexibility [3][10]. Critical Production Steps - **Key Processes**: The front-end processes (mixing, coating, rolling) account for approximately 40% of the value chain, with similar importance attributed to the mid-process [8]. The mixing stage requires nano-level dispersion and temperature control, while the coating stage is evolving towards double-sided coating for efficiency [8]. - **Mid-Process Equipment Trends**: The focus on equivalent equipment in the mid-process is increasing, with pressure requirements in the high-pressure formation process rising significantly from 3-5 tons to 30-50 tons or more, necessitating improved pressure control consistency [9]. Additional Insights - **Market Dynamics**: The solid-state battery sector is characterized by a complex manufacturing process that demands higher material and equipment standards, with solid-state equipment development expected to outpace material advancements [11]. - **Safety and Longevity**: Solid-state batteries outperform liquid batteries in safety, energy density, and longevity, making them a priority for investment and development in the current market landscape [11].