锂电行业点评：低空经济和半固态电池有望促进高能量密度电池发展

Investment Rating - The report assigns an investment rating of "Positive" for the electrical equipment sector [2]. Core Viewpoints - The commercialization of low-altitude economy is accelerating, with cargo drones and manned eVTOLs expected to be the first to realize this potential. The government is actively promoting the low-altitude economy as a strategic emerging industry, which is anticipated to gradually commercialize due to policy support and advancements in battery technology [2][3]. - High energy density batteries are crucial for the development of low-altitude economy applications, with battery manufacturers actively investing in related products. For instance, CATL has launched a condensed state battery with a maximum single-cell energy density of 500 Wh/kg [2][4]. - The industrialization of semi-solid state batteries is expected to promote the iteration and upgrade of the ternary battery system. The semi-solid state battery, which includes solid electrolytes, is seen as a complement to the current liquid battery system, enhancing safety and matching high energy density systems [2][3]. Summary by Sections Event Description - The Ministry of Industry and Information Technology, along with other governmental bodies, has issued a plan for the innovative application of general aviation equipment from 2024 to 2030, aiming for the commercial application of new types of aviation lithium batteries with energy densities of 400 Wh/kg by 2027 and validation of 500 Wh/kg batteries [1]. - The launch of the first-generation ultra-fast charging solid-state battery by Zhiji Auto, featuring a nano-scale solid electrolyte, marks a significant advancement in battery technology [1]. Industry Insights - The low-altitude economy is characterized by its efficiency and convenience, with ongoing developments in battery technology expected to facilitate its commercialization. Recent achievements include the issuance of the first production license for eVTOLs and the initiation of trial operations for drone delivery routes [2]. - Battery companies are focusing on high energy density and safety features, with notable products like the 320 Wh/kg power battery aimed at the eVTOL market being introduced [2]. Technological Developments - The introduction of semi-solid state batteries, which incorporate solid electrolytes, is anticipated to enhance the safety and performance of high nickel batteries, indicating a promising market for these technologies as they evolve [2].