固态电池深度系列二：硫化物未来潜力最大，开启电池发展新纪元

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, particularly focusing on sulfide-based technologies as having the greatest potential for future development [5][6]. Core Insights - The solid-state battery technology is expected to significantly enhance safety and energy density, potentially replacing liquid batteries in the future. The transition from liquid to solid-state batteries involves replacing the electrolyte and separator with solid-state electrolytes, which improves safety but introduces challenges such as lower ionic conductivity and interface stability [10][12]. - The report highlights that the domestic market is accelerating its support for solid-state battery development, with government initiatives expected to boost research and commercialization efforts [19][24]. - Sulfide-based solid electrolytes are identified as the most promising route for future battery technology, with major manufacturers focusing their efforts on this area. The key to reducing costs lies in the precursor lithium sulfide, which is currently expensive but may see price reductions with technological advancements [5][42]. Summary by Sections Part 1: Safety and Replacement Potential - Solid-state batteries are projected to greatly enhance safety and could replace liquid batteries once technical challenges are overcome [7][10]. Part 2: Global Competitive Landscape - Internationally, countries like Japan, South Korea, and the US are leading in solid-state battery research and development, with substantial government funding and support aimed at achieving commercialization by 2030 [18][22]. Part 3: Sulfide Route Potential - The sulfide route is highlighted as having the highest potential among solid-state battery technologies, with leading manufacturers prioritizing this approach due to its superior ionic conductivity and processability [5][42]. Part 4: Challenges in the Sulfide Route - Despite its potential, the sulfide route faces challenges including high costs, stability issues, and the need for advanced manufacturing techniques to ensure consistent battery performance [5][12]. Part 5: Changes in Battery Composition - The transition to solid-state batteries involves the elimination of separators and liquid electrolytes, introducing solid electrolytes and lithium metal, which presents both opportunities and challenges [10][12]. Part 6: Company Updates - Major companies such as CATL and BYD are actively involved in solid-state battery development, with government support expected to enhance their research capabilities [21][24]. Part 7: Investment Recommendations - The report recommends focusing on key players in the battery supply chain, including manufacturers of solid electrolytes and battery components, as well as companies involved in the development of advanced manufacturing equipment [5][6].