CATL(SZ:300750) 高工锂电·2026-01-12 12:23Core Viewpoint - The article highlights a shift in the battery supply chain, where leading battery companies are increasingly driving the expansion of new battery materials through production lines, equity investments, and long-term supply commitments, rather than relying solely on material companies [2][3]. Group 1: Expansion of Battery Materials - Guoxuan High-Tech has commenced a project in Anhui, which includes an annual production capacity of 100,000 tons of positive electrode materials and a 10,000-ton capacity for silicon-carbon negative materials, indicating a move towards large-scale production of silicon-carbon [2]. - Tianhua New Energy's subsidiary, Yili Technology, has started the construction of a production line for high-nickel ternary positive electrode materials for solid-state batteries, with a planned annual output of 5,200 tons [2]. - The close relationship between Tianhua New Energy and CATL is emphasized, as CATL has acquired a 12.95% stake in Tianhua New Energy, becoming the second-largest shareholder [2]. Group 2: Strategic Investments and Partnerships - The investment by CATL in the Fujian Shidai Zeyuan equity investment fund, which has become a shareholder in Tianmu Xian Dao Battery Material Technology Co., Ltd., reflects a strategic move to secure material supply [4]. - Tianmu Xian Dao's business includes high-end nano-silicon-based negative electrodes, solid-state electrolytes, and sodium-ion battery hard carbon negative electrodes, showcasing a diverse material focus [5]. - CATL's partnership with Rongbai Technology includes a commitment to source at least 60% of its sodium battery positive electrode powder from Rongbai, effective until December 31, 2029, which solidifies supply chain stability [6][7]. Group 3: Market Trends and Global Examples - The article notes a global trend where leading battery companies are driving material expansion, as seen in Panasonic's agreement with silicon-based negative material company Sila to procure next-generation silicon negative materials [9][10]. - Sila plans to complete its factory in Moses Lake, Washington, by Q1 2025, with deliveries of qualified materials expected to start in Q4 2025, indicating a focus on local supply chains in North America [10][11]. - Samsung SDI's collaboration with BMW and SolidPower for a solid-state battery validation project emphasizes the importance of establishing a stable supply chain and quality standards across materials, cells, and vehicles [13]. Group 4: Conclusion on Material Expansion Logic - Since the second half of 2025, a consistent logic has emerged in new material expansion, with silicon-carbon, sodium-ion, and solid-state technologies advancing simultaneously [14]. - Leading battery companies are addressing uncertainties in material expansion through three main strategies: integrating key materials into their production plans, acquiring potential key material companies through equity, and securing long-term supply commitments to transform material expansion into a manageable engineering issue [14].