中信建投：整个固态电池产业链上游设备环节必将最先受益

Group 1 - The solid-state battery industry is accelerating its industrialization pace, with battery manufacturers and vehicle companies gradually optimizing their pilot lines, leading to continuous cost reduction across the industry chain, which is expected to drive explosive growth in downstream market demand [1] - The upstream equipment segment of the solid-state battery industry chain is anticipated to benefit first from this trend, as the production process of all-solid-state batteries differs significantly from traditional liquid lithium battery production [1] - The key differences in production processes include the addition of dry mixing and dry coating processes in the front-end, which significantly increases the value proportion, and the adoption of a "stacking + electrode frame printing + isostatic pressing" technology route in the mid-stage, which slightly enhances the value proportion [1] Group 2 - The back-end of the production process sees a notable increase in single machine value due to the high-pressure transformation of the formation stage and the elevated requirements for equipment in terms of process environment [1]