受益传统电池扩产和固态电池技术迭代，锂电设备公司业绩有望复苏

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The domestic battery shipment is expected to exceed 2.3 TWh, with capacity expansion directly driving equipment investment. The total shipment of lithium batteries in China is projected to grow by over 25% year-on-year to more than 2.3 TWh in 2026, with energy storage lithium batteries expected to exceed 850 GWh, growing at over 35% [7] - The performance of lithium battery equipment companies is anticipated to recover due to the expansion of traditional battery production and the iteration of solid-state battery technology [5][7] - Major companies in the lithium battery sector, including CATL, BYD, and others, are expected to contribute significantly to the new effective production capacity of over 700 GWh in 2026 [7] Summary by Sections Industry Performance - The relative return over the past 12 months is 31.63%, while the absolute return is 54.32% [3] Investment Highlights - Solid-state battery technology is expected to see significant advancements in 2026, with a focus on equipment updates across various stages of production [7] - The equipment market for lithium batteries is projected to grow by over 65 billion yuan due to capacity expansion [7] - Specific companies are recommended for investment based on their roles in the solid-state battery equipment supply chain, including leading firms in different segments [7]