创金合信基金谢天卉：固态电池产业拐点已至，或复制2019-2022年锂电行情｜基金佳问第112期

Core Viewpoint - The solid-state battery sector has gained significant market attention since September, driven by positive changes in the industry fundamentals rather than short-term speculation [2][4]. Industry Trends - The solid-state battery market is expected to replicate the lithium battery boom from 2019 to 2022, with many catalysts anticipated in the next six months [4][12]. - Companies have started receiving solid-state battery orders, with a notable increase in orders from a major equipment manufacturer, which reported a significant rise in expected orders for 2024 and 2025 [6][12]. Investment Opportunities - The solid-state battery industry is still in its early stages, with many technological routes not yet fully determined, suggesting potential volatility in stock prices [4][15]. - The investment focus is on equipment and materials within the solid-state battery supply chain, particularly on companies that can scale production of lithium sulfide, a key precursor for solid-state batteries [8][12]. Application Scenarios - Consumer electronics, eVTOL (electric Vertical Take-Off and Landing), and robotics are expected to be the first areas to see significant adoption of solid-state batteries, while power batteries will follow later due to higher price sensitivity [9][15]. Market Dynamics - The solid-state battery market is characterized by a transition phase involving semi-solid batteries, which may last 3-5 years before full commercialization of solid-state batteries occurs [11][15]. - The equipment segment, particularly static pressure equipment, is identified as having the highest barriers to entry and the greatest value addition in the production of solid-state batteries [10][12]. Future Outlook - The solid-state battery sector is viewed as a promising investment opportunity, with expectations of substantial market growth and the potential for high returns as the industry matures [12][13]. - The company managing the fund has shifted its strategy from defensive to offensive, focusing on solid-state batteries as a key area for investment due to emerging opportunities in the sector [12][13].