KAIYUAN SECURITIES·2025-11-09 10:11Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle trials by the end of 2025 and widespread trials in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to expand the market for solid-state batteries, accelerating industrialization [24][28][30] Summary by Sections Industry Overview - The solid-state battery index increased by 3.1% during the week from November 3 to November 7, 2025, with a cumulative increase of 67.8% since December 31, 2024. In comparison, the CSI 300 index rose by 18.9% during the same period [4][10][11] Recent Developments - On November 6, 2025, Haimeixing announced it successfully established a complete production process for lithium metal solid-state batteries, securing the industry's first commercial order for high-energy lithium metal solid-state battery equipment, valued at 400 million yuan for a scale of 2GWh. The company is also advancing its full-chain layout for sulfide solid-state battery equipment [28][29] - A strategic cooperation agreement was signed between Huitian New Materials and Tailan New Energy on November 3, 2025, focusing on joint research and development of solid-state battery adhesives, addressing technical challenges such as ionic conductivity and solid-solid interface bonding [30][31] Individual Stock Performance - The top five performing stocks during the week included Huasheng Lithium Battery (+61.2%), Sanxiang New Materials (+20.6%), and Tianji Shares (+17.4%). Conversely, the stocks with the largest declines were Naconoer (-9.9%), Honggong Technology (-9.7%), and Haicheng Pharmaceutical (-9.4%) [16][20][22] Industry Dynamics - A joint venture agreement was signed on November 6, 2025, between Lichun Group's subsidiary and Kunlun New Materials to accelerate the commercialization of sulfide and oxide electrolytes through research, trial production, and equity investment [26] - The fifth xEV Battery Technology Forum and the third Solid-State Battery Technology Industry Conference were held in Shanghai on November 3-4, 2025, where industry players disclosed significant technological breakthroughs [27]