电力设备行业深度报告：固态电池产业化加速，未来市场空间广阔

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [5]. Core Insights - Solid-state batteries are a new battery technology that replaces traditional liquid electrolytes with solid electrolytes, offering significant advantages in safety and energy density. The industry is entering a rapid development phase, with a broad market potential ahead [2][3]. Summary by Sections 1. Solid-State Battery Advantages - High safety: Solid-state batteries operate over a wider temperature range (-50°C to 120°C) and are less prone to thermal runaway compared to liquid lithium batteries [49][50]. - High energy density: Solid-state batteries can achieve energy densities exceeding 500Wh/kg, surpassing the limits of traditional liquid batteries [51][56]. 2. Material System Iteration - Transition from semi-solid to all-solid state: The development of solid-state batteries is progressing through stages, with semi-solid batteries serving as a transitional phase [73]. - Electrolyte advancements: Oxide electrolytes are progressing rapidly, while sulfide electrolytes have higher potential but face commercialization challenges [76][79]. - Anode materials: Silicon-based anodes are a short to medium-term solution, while metallic lithium is the long-term goal [25][26]. - Cathode materials: High voltage and high capacity cathode materials are the focus for future development [26]. 3. Policy Support and Market Potential - Continuous policy support: Countries like Japan, the US, South Korea, and the EU have been promoting solid-state battery technology as a strategic goal since 2020, with China also issuing supportive policies [5][28]. - Market growth forecast: The solid-state battery market is expected to enter mass production around 2026, with projected shipments reaching 614.1GWh by 2030, representing a market size exceeding 250 billion yuan [10][11]. 4. Investment Recommendations - Focus on companies with strong positions in both oxide and sulfide electrolyte routes, as well as those leading in high-capacity anode and cathode materials [11].