行业点评报告：固态电池产业化进展加速，高性能材料产业化先行

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The solid-state battery industry is experiencing continuous catalytic events and accelerated industrialization progress, supported by ongoing government policies and improved industry standards [5][14][15] - The demand for solid-state batteries is steadily increasing, with high-performance materials leading the way in industrialization [6][23] Summary by Sections Section 1: Industry Catalysts and Progress - Since 2025, the solid-state battery industry has seen significant policy support, with the release of mandatory national standards and advancements in product development by related companies [14][15] - Key events include the announcement of the first fully solid-state battery experimental line by Guoxuan High-Tech, achieving 100% localization of core equipment and a design capacity of 0.2 GWh [16][20] Section 2: Demand and Material Development - The main challenge for solid-state batteries is high production costs, making cost reduction of high-performance materials a priority [6][23] - Companies like Guanghua Technology and Changyang Technology are making significant progress in material development, with Guanghua's lithium sulfide production capacity expected to expand from 300 tons to 3000 tons [23][24] - Dao's Technology has successfully developed a solid-state electrolyte with a conductivity of 1 mS/cm, reaching kilogram-level production [24][27] Section 3: Beneficiary Companies - Several companies are positioned to benefit from the solid-state battery industry's growth, including: - Guanghua Technology: Focused on lithium sulfide production with a current capacity of 300 tons [28] - Changyang Technology: Specializes in high-performance separators for solid-state batteries [28] - Dao's Technology: Engaged in multiple material solutions for solid-state batteries [28] - Shanghai Xiba: Involved in solid-state electrolyte and silicon-based anode materials [28] - Black Cat: Produces conductive carbon black with a capacity of 30,000 tons [28]