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Market Overview - The A-share market experienced fluctuations on September 3, with the Shanghai Composite Index briefly falling below 3,800 points, while the ChiNext Index turned positive due to the support of certain large-cap technology stocks [1] - Overall market sentiment is cautious, but structural opportunities still exist [2] Market Adjustment Reasons - Recent adjustments in the market are attributed to the rapid rise driven by large-cap technology leaders, leading to a high volatility phase and accelerated sector rotation [3] - The significant gains over the past months have led to profit-taking by investors, resulting in a regression to the mean [3] Key Issues Facing A-share Market - The three core issues currently facing the A-share market include the transfer of deposits, regulatory attitudes, and investor expectations regarding policies [4] - There is a theoretical excess of 6 trillion to 7 trillion RMB in term deposits available for reallocation, but large-scale inflows into the stock market depend on sustained market momentum and improvements in fundamentals [4] - Regulatory bodies are committed to the long-term healthy development of the capital market, focusing on new rounds of reform and opening up, which will provide appropriate incentives for long-term investment [4] - Investors are looking for potential policy catalysts and sustainable measures to boost domestic demand [4] Solid-State Battery Industry - The solid-state battery sector is identified as one of the most promising and explosive growth areas in the market, with several stocks experiencing limit-up gains [5] - The industrialization process of solid-state batteries is accelerating, with clear trends emerging [6] - Key milestones include the establishment of pilot lines in 2025, mass production breakthroughs in 2026, and the start of demonstrative operations in 2027 [7] Investment Opportunities in Solid-State Batteries - Companies that strategically position themselves in solid-state batteries and key materials and equipment are expected to have significant growth potential [8] - Different technological routes for solid-state batteries are primarily distinguished by the type of solid electrolyte used, including polymer, oxide, and sulfide electrolytes [9][10] Company Developments in Solid-State Battery Technology - Major companies like CATL, BYD, and others are focusing on sulfide technology routes for solid-state batteries, aiming for mass production by 2027 [11][12] - Sulfide electrolytes are recognized for their high ionic conductivity and compatibility with electrodes, leading industry leaders to shift focus from oxide/polymer routes to sulfide [13] Material Demand in Solid-State Battery Production - The demand for solid-state battery materials is expected to increase significantly, with the largest changes anticipated in solid electrolytes, anodes, and cathodes [17] - Companies are ramping up production capabilities for key materials such as lithium sulfide and other components essential for solid-state batteries [18]