电力设备行业深度报告：固态电池：锂电发展新阶段，产业化加速中

Investment Rating - The report maintains a "Recommended" investment rating for the solid-state battery industry [1]. Core Insights - The development of solid-state batteries is essential for industrialization and a necessary step in global competition, with advantages over traditional liquid batteries such as intrinsic safety, high energy density, and wide temperature range [8][18]. - The demand for solid-state batteries is driven by multiple sectors including electric vehicles, low-altitude economy, and robotics, with expectations for mass production starting in 2026 [18][26]. - The global patent application rankings for solid-state batteries as of April 2024 show Japan leading, followed by China, the USA, South Korea, and Europe, indicating a competitive landscape [25]. Summary by Sections 1. Development of Solid-State Batteries - Solid-state batteries are recognized as a disruptive technology to replace existing lithium-ion batteries, addressing safety and energy density issues [17][18]. - The transition from liquid to solid-state batteries involves replacing liquid electrolytes with solid electrolytes, enhancing safety and performance [12][14]. 2. Industry Chain and Key Material Trends - The solid-state battery industry is still in its early stages, with various technological routes being explored, including polymer, oxide, sulfide, and halide electrolytes [40][44]. - Sulfide electrolytes currently have the highest ionic conductivity and are seen as a potential mainstream route, while halide electrolytes are gaining attention for their comprehensive performance [40][44]. - The production process for solid-state batteries differs significantly from traditional liquid batteries, requiring new equipment and techniques such as dry electrode manufacturing and isostatic pressing [63]. 3. Investment Recommendations and Key Companies - The report suggests focusing on companies involved in solid-state electrolyte materials, negative electrode technologies, conductive agents, and equipment manufacturing [9]. - Specific companies highlighted include: - For solid-state electrolytes: Sanxiang New Materials, Shanghai Xiba, and Yuyuan New Materials [9]. - For negative electrode technologies: Shanghai Xiba and Yuanli Technology [9]. - For conductive agents: Tianai Technology and Daoshi Technology [9]. - For equipment: Nakanor and Manst [9]. - For battery production: CATL, Guoxuan High-Tech, and Penghui Energy [9].