Investment Rating - The report suggests focusing on investment opportunities in the silicon anode sector, particularly in the context of the increasing adoption of silicon anodes and the new processes that bring additional investment opportunities in the supply chain [2][6]. Core Viewpoints - The emergence of CVD silicon-carbon technology significantly accelerates the industrialization of silicon anodes, with expectations for increased penetration in mobile devices by 2025 and potential breakthroughs in power applications [2]. - The CVD method is becoming the mainstream process, replacing traditional ball milling methods, and reshaping the competitive landscape in the silicon anode market [2][24]. - The report highlights the cost reduction potential in the silicon anode production process, with expectations for prices to converge towards those of graphite anodes in the medium term [3][34]. Summary by Sections 1. Silicon Anodes: Current Applications and Future Potential - CVD silicon-carbon technology is accelerating the industrialization of silicon anodes, with significant improvements in performance metrics such as capacity and cycle life [2][24]. - The transition from ball milling to CVD allows for precise control of silicon particle size and uniform coating, enhancing the overall performance of silicon anodes [24][26]. - The report anticipates a market demand for silicon anodes to reach 45,000 tons globally by 2028, with significant contributions from mobile devices, electric vehicles, and solid-state batteries [4][38]. 2. Industry Chain: Development and Expansion - The report identifies a dual-path development for porous carbon materials, with both resin and biomass routes expected to play significant roles in the market [5]. - The silicon gas market is projected to expand significantly, with demand expected to reach 19,000 tons by 2028, driven by the growth of silicon-based anodes [5]. - New applications for binders and conductive agents, such as PAA and CNT, are opening up additional market opportunities [5]. 3. Investment Recommendations - The report recommends focusing on companies leading in the silicon anode space, including those involved in upstream materials like porous carbon and silicon gas [6]. - Key players highlighted include Purtai, Better Ray, Yuanli Co., and Shengquan Group, each with distinct advantages in their respective segments [6][30].