新能源车需求催化，产业化进程加速 中金主要观点如下： 新能源车企加速布局全固态电池路线，多数头部车企预计全固态电池将在2026年实现装车，2027年进入 小批量生产。宁德时代（300750）、比亚迪（002594）、清陶能源、LGES等均已启动中试线建设，逐 步向百兆瓦-吉瓦级量产导入。 核心设备更迭，前+中段价值量抬升 固态电池取消注液封装工序，引入干法电极、胶框印刷、等静压、高压化成等关键新工艺。我们判断电 池整线价值量由传统锂电的1-2亿元提升至2-3亿元，其中前、中、后段价值量分别占比约 35%/40%/25%。 技术壁垒提升，龙头设备厂具备先发优势 中金发布研报称，随着全固态电池向产业化导入阶段稳步迈进，设备端作为最先兑现的产业链环节处 于"从验证到放量"的关键窗口期。车企或于2027年小批量全固态电池装车，测算2027年全固态电池设备 增量市场空间或达到25亿元，并有望以122%的CAGR增长至2030年达到273亿元。另外，前中段设备价 值量占比升至75%-80%，干法电极、等静压等新工艺所需设备是核心增量，具备明确替代与重估逻辑。 前道干法负极和后道高压化成分容逐步放量，干法正极由于高镍等正极 ...

Market Performance - The Shanghai Composite Index rose by 0.04% to close at 3861.87 points, with a daily high of 3876.69 points [1] - The Shenzhen Component Index increased by 0.45% to close at 13063.97 points, reaching a high of 13071.22 points [1] - The ChiNext Index saw a rise of 0.68%, closing at 3087.04 points, with a peak of 3089.78 points [1] Margin Trading Data - The total margin trading balance in the Shanghai and Shenzhen markets was 23848.08 billion yuan, with a financing balance of 23679.68 billion yuan and a securities lending balance of 168.4 billion yuan [1] - The margin trading balance increased by 226.82 billion yuan compared to the previous trading day [1] - The Shanghai market's margin trading balance was 12174.44 billion yuan, up by 122.78 billion yuan, while the Shenzhen market's balance was 11673.64 billion yuan, increasing by 104.04 billion yuan [1] Top Stocks by Margin Buying - A total of 3449 stocks had margin buying, with the top three being: - Shenghong Technology (47.06 billion yuan) - Zhongke Shuguang (40.13 billion yuan) - Hanwujing (37.64 billion yuan) [2] New Fund Issuances - Five new funds were launched, including: - Xingyin Yifu Conservative Pension Target One-Year Holding Mixed Fund (FOF) - Southern CSI Hong Kong Stock Connect Technology ETF Initiating Link A - Southern CSI Hong Kong Stock Connect Technology ETF Initiating Link C - Wanji Cycle Vision Stock Initiating Fund C - Wanji Cycle Vision Stock Initiating Fund A [3] Top Net Purchases by Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list were: - Huasheng Tiancai (66337.98 million yuan) - Hanwei Technology (37405.82 million yuan) - Sanhua Intelligent Control (33447.08 million yuan) - Xinghui Entertainment (27845.08 million yuan) - Gongxiao Daji (26218.34 million yuan) - Shanzigao Technology (26125.3 million yuan) - Kuaijingtong (25741.69 million yuan) - Kesen Technology (17282.26 million yuan) - Tianji Shares (12011.21 million yuan) - Puzhou Shares (9725.6 million yuan) [4]

Core Insights - The total margin balance in the market has reached 2392.652 billion yuan, marking an increase for eight consecutive trading days, with a total increase of 113.108 billion yuan during this period [1] Margin Balance Overview - The margin balance consists of 2375.811 billion yuan in financing balance, which increased by 22.511 billion yuan from the previous day [1] - The Shanghai Stock Exchange's margin balance is 1217.444 billion yuan, up by 12.278 billion yuan, while the Shenzhen Stock Exchange's margin balance is 1167.364 billion yuan, up by 10.404 billion yuan [1] - The North Exchange's margin balance decreased by 28.952 million yuan to 7.844 billion yuan [1] Industry Analysis - Among the 31 industries categorized by Shenwan, 23 industries saw an increase in financing balance, with the electronics industry leading with an increase of 30.528 billion yuan [1] - The power equipment industry had the highest percentage increase in financing balance at 14.00%, followed by electronics at 10.09% and non-ferrous metals at 7.54% [1][2] Individual Stock Performance - During the period of increasing margin balances, 55.27% of the stocks saw an increase in financing balance, with 64 stocks experiencing significant increases of over 50% [3] - Dayu Biological had the highest increase in financing balance, rising by 677.38% to 6.459 million yuan, followed by Kaida Catalyst with a 246.37% increase to 11.8042 million yuan [3][5] - Stocks with financing balance increases over 50% were predominantly from the power equipment sector, with 17 stocks, followed by electronics and basic chemicals with 10 and 6 stocks respectively [3] Notable Stocks with High Financing Increases - The top three stocks with the highest financing balance increases are: - Cambrian-U: increased by 5.335 billion yuan (55.09%) [7] - Sunshine Power: increased by 4.042 billion yuan (54.64%) [7] - Xian Dao Intelligent: increased by 3.624 billion yuan (198.90%) [7] - The average stock price of those with significant financing increases rose by 16.21% during the same period, outperforming the market [3]

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]

Group 1 - The main capital flow today shows a net inflow into the consumer sector, while materials, financials, healthcare, information technology, and industrials experienced net outflows [1] - The companies with the highest net inflow of capital include Gongxiao Daji (11.77 billion), Sanhua Intelligent Control (10.91 billion), Lioo Co., Ltd. (8.98 billion), Cross-Border Communication (8.87 billion), and ZTE Corporation (6.49 billion) [1] - The companies with the highest net outflow of capital include Xinyi Semiconductor (14.90 billion), Xian Dao Intelligent (11.16 billion), Zhongji Xuchuang (10.88 billion), Luxshare Precision (10.48 billion), and Shanzi Gaoke (8.78 billion) [1]

Group 1 - The core viewpoint highlights the mixed performance of the ChiNext New Energy Index, with notable gains from companies like Zhenyu Technology and Feirongda, while Jinli Permanent Magnet led the declines [1] - The ChiNext New Energy ETF has shown a slight increase of 0.14%, with the latest price at 1.45 yuan, indicating a stable market interest in new energy stocks [1] - The recent milestone of the Mercedes EQS solid-state test vehicle achieving a range of 1205 kilometers signifies significant advancements in the global new energy vehicle industry, with China's Ministry of Industry and Information Technology approaching a project review deadline [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the ChiNext New Energy Index account for 64.15% of the index, with companies like CATL and Sungrow leading the list [2] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector on the Shenzhen Stock Exchange [2]

Core Insights - The total margin balance in the market has reached 23,699.99 billion yuan, marking an increase for seven consecutive trading days, with a total increase of 904.55 billion yuan during this period [1] Margin Balance by Market - The margin balance in the Shanghai market is 12,051.66 billion yuan, increasing by 97.33 billion yuan, while the Shenzhen market's balance is 11,569.60 billion yuan, increasing by 86.89 billion yuan [1] - The North Exchange's margin balance is 78.73 billion yuan, with a slight increase of 655.01 million yuan [1] Industry Margin Balance Changes - Among the 31 industries, 21 have seen an increase in margin balance, with the electronics industry leading with an increase of 260.01 billion yuan [1] - The power equipment industry has the highest growth rate at 13.98%, followed by electronics and non-ferrous metals at 8.60% and 7.45% respectively [1][2] Individual Stock Performance - 52.77% of the stocks have seen an increase in margin balance, with 54 stocks experiencing a growth of over 50% [3] - The stock with the highest increase is Dayu Biological, with a margin balance increase of 558.17% [3] - The power equipment sector has the most stocks with significant margin balance increases, totaling 14 [3] Top Margin Increases by Stock - The top three stocks with the highest margin balance increases are: - Dayu Biological: 546.85 million yuan, 558.17% increase [5] - Kaida Catalyst: 1,407.85 million yuan, 313.11% increase [5] - Hongxi Technology: 827.69 million yuan, 217.39% increase [5] Significant Margin Inflows - A total of 890.89 billion yuan has been added to the margin balance, with 12 stocks seeing increases of over 10 billion yuan [6] - The stock with the largest increase is Cambrian-U, with a margin balance increase of 4.836 billion yuan, a 49.93% rise [7]

Summary of the Conference Call Industry Overview - The lithium battery equipment sector has reached a bottom and is rebounding, driven by overseas demand, energy storage needs, and cyclical factors, with expected growth continuing into the future [2][10] - The global lithium battery equipment market is projected to have a compound annual growth rate (CAGR) of approximately 23% from 2024 to 2026, maintaining a high growth rate due to increased electric vehicle penetration, manufacturer expansions, vehicle manufacturer transformations, and the entry of new battery players [2][10] Key Points on Solid-State Battery Technology - Solid-state battery technology is seen as the future trend in the industry, offering advantages in safety, energy density, and cost-effectiveness, currently on the verge of large-scale commercialization [2][6] - The sulfide technology route is the mainstream, with expectations for industrialization around 2027, crucial for low-altitude economy and humanoid robots [2][6][11] - Solid-state batteries represent the most valuable segment in the lithium battery equipment sector, with small-scale production expected by 2027 and pilot lines being established between late 2025 and 2026 [2][11] Company Performance: XianDao Intelligent - XianDao Intelligent is the largest lithium battery equipment manufacturer in China, with a significant market share and a substantial increase in traditional lithium battery equipment orders [2][4] - The company is expected to see new order growth of approximately 40-50% in 2025 and around 30% in 2026, with revenue projections of 14 billion yuan in 2025, 17.2 billion yuan in 2026, and close to 20 billion yuan in 2027 [4][18] - XianDao's market share is expected to be higher in the solid-state era compared to the liquid-state era, with the company being the only one capable of providing a complete production line with 100% proprietary technology [4][13] Financial Projections and Valuation - The company's stock price has returned to 2020 levels and is challenging 2021 highs, with potential for historical market capitalization if traditional and solid-state battery orders continue to grow [7][19] - Current market valuation is considered high, but the company's platform strategy and solid-state battery industry advantages suggest that the stock has room for growth [19] - Comparatively, XianDao's market capitalization is about 800 billion yuan, significantly lower than CATL's 1.6 trillion yuan, indicating potential for valuation increases as solid-state battery business develops [7][19] Recommendations for Investors - Investors are encouraged to focus on leading companies with strong production capabilities, particularly XianDao Intelligent, which is expected to have a higher market share in the solid-state era due to its technological advantages [14][20] - The solid-state battery market is projected to grow significantly, with estimates suggesting a market size of 33 billion yuan by 2030, indicating high growth potential [14] Additional Insights - XianDao has diversified into other sectors, including photovoltaic equipment, smart logistics, and 3C smart devices, with significant contributions from the first three sectors [16][17] - The company maintains a strong focus on R&D, with R&D expenses as a percentage of revenue being among the highest in the industry, despite some short-term profitability challenges due to large impairment provisions [15]

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 [6]. Core Insights - In August 2025, the production and sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.391 million and 1.395 million units, respectively, representing year-on-year growth of 27.4% and 26.8% [4]. - The penetration rate of NEVs reached 48.8% in August, up 0.1 percentage points from the previous month, while the cumulative penetration rate for January to August was 45.5% [4]. - Battery sales also showed significant growth, with total battery sales of 134.5 GWh in August, a year-on-year increase of 45.6% [4]. - The demand for power batteries is expected to rise further due to the traditional peak season for NEVs, and the development of renewable energy and new data centers is driving high growth in the energy storage sector [4]. Summary by Sections New Energy Vehicle Market - In August 2025, NEV production and sales were 1.391 million and 1.395 million units, with year-on-year growth of 27.4% and 26.8% respectively [4]. - Cumulative NEV production and sales from January to August were 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [4]. - Exports of NEVs reached 224,000 units in August, doubling year-on-year, while cumulative exports from January to August were 1.532 million units, up 87.3% [4]. Battery Market - Total battery production in August was 139.6 GWh, with a year-on-year increase of 37.3% [4]. - Power battery sales accounted for 73.5% of total sales, with a volume of 98.9 GWh, reflecting a year-on-year growth of 44.4% [4]. - The export volume of batteries in August was 22.6 GWh, a year-on-year increase of 23.9% [4]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain that are improving their fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively involved in the solid-state battery core process and equipment [4].