KAIYUAN SECURITIES·2025-09-28 03:26Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The solid-state battery sector is gradually transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [25] - The global solid-state battery shipment volume is projected to reach 10 GWh in 2025 and 614.1 GWh by 2030, although challenges such as high costs and incomplete supply chains remain [24][28] - Recent advancements include the development of a new high-energy-density polymer electrolyte by Tsinghua University, which enhances solid-state interface contact and ion conduction capabilities [27] Summary by Sections Industry Trends - The solid-state battery index increased by 1.3% from September 22 to September 26, 2025, with a cumulative increase of 50.4% since December 31, 2024 [11] - The average performance of solid-state battery-related stocks was -0.4% during the same period, with notable gains in battery and aluminum-plastic film sectors [4][11] Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) is recommended as a key beneficiary in the solid-state battery sector [25] - Dongfeng Motor's solid-state battery plans include a demonstration vehicle set for 2026, with significant progress reported by companies like Dangsheng Technology, which has achieved 10-ton batch shipments of solid-state lithium battery cathode materials [23][29] Market Performance - The top-performing stocks in the solid-state battery sector included Penghui Energy (+18.6%), Xianlead Intelligent (+17.8%), and Dangsheng Technology (+11.2%) [17][26] - Conversely, stocks such as Zhongyi Technology (-10.2%) and Tiantian Technology (-9.7%) experienced significant declines [17][26]