天风证券：固态电池11月有望进入核心催化期 建议关注固态新材料

Group 1 - The core viewpoint of the report highlights the strong performance of photovoltaic equipment and glass fiber due to factors such as the anti-involution trend, upgraded expectations from the NVGTC conference, and the upcoming catalyst period for solid-state batteries in November [1] - The report suggests focusing on two main investment themes: solid-state batteries, which are expected to enter a core catalytic period in November, and electronic fabrics [1] Group 2 - The investment in new materials is seen as a bet on emerging industries and the transformation of industrial structures, as new materials are often in development or introduction phases with superior performance compared to traditional materials [2] - Understanding the lifecycle of new materials is crucial for investment decisions, as it influences whether the investment is thematic or industrial, and what indicators to track for exit strategies [2] Group 3 - Emotional factors play a significant role in thematic investments, particularly for new materials in the development phase, where short-term sentiment can dominate and complicate sell timing [3] - For new materials in the introduction phase, exit timing relies on assessing the terminal value, which is influenced by penetration rates, market share, unit price, and net profit margins [3]