Changjiang Securities·2025-05-29 09:28Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Lithium metal anode technology is emerging as a key path in the development of high energy density and large capacity batteries, showcasing significant speed and potential [1][3] - The lithium metal anode is considered the "Holy Grail" of anode materials due to its theoretical specific capacity of 3.86 Ah/g, which is over ten times that of graphite anodes [3][15] - The commercialization consensus is shifting from graphite anodes to silicon-carbon anodes and now to lithium metal anodes, with advancements like CATL's self-generating anode technology marking a revolutionary breakthrough [3][13] Summary by Sections Current Status of Lithium Metal Anodes - Lithium metal anodes are gaining traction in high energy density applications, with significant advancements in solid-state battery technology and CATL's self-generating anode technology [1][3][13] Challenges in Application - The application of lithium metal anodes faces challenges such as lithium dendrite formation and scalability issues, which complicate commercialization [4][21] - The production methods for lithium metal anodes include physical methods, electrochemical methods, and self-generating anode technologies, with the latter showing promise for overcoming current limitations [4][21] Innovations in Materials and Structures - Innovations in electrolyte systems, 3D structural designs, and interface modifications are being explored to enhance the stability and performance of lithium metal anodes [5][24][33] - Optimizing the electrolyte system can reduce the formation of solid electrolyte interphase (SEI) and improve lithium deposition efficiency [25][24] Industry Progress and Potential - The lithium metal battery industry is rapidly advancing, with applications in demanding fields such as eVTOL and drones, and many companies moving from sample development to product delivery [6][35] - Companies like TAIL and SES AI are achieving significant milestones in energy density, with products exceeding 500 Wh/kg and demonstrating fast charging capabilities [36][37]