Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

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Core Insights - Solid-state batteries are experiencing significant breakthroughs, particularly with a new fluorinated polyether electrolyte developed by Tsinghua University, which enhances physical contact and ionic conductivity at the solid-state interface [1][4] - The capital market has reacted positively, with notable stock price increases for companies involved in solid-state battery technology, reflecting growing investor enthusiasm [1][2] - The solid-state battery index has risen by 50.4% this year, outperforming other major A-share indices [2] Industry Developments - Solid-state batteries offer improved safety by replacing flammable organic electrolytes with solid electrolytes, eliminating risks of leakage, combustion, and explosion [3] - The theoretical energy density of solid-state batteries can exceed 500 Wh/kg, significantly higher than the 250 Wh/kg of current liquid lithium batteries [3] - Despite these advantages, current solid-state battery technology has not yet achieved complete stability and safety, particularly concerning the risk of lithium dendrite formation during charge and discharge cycles [3][5] Technological Advancements - The new fluorinated polyether electrolyte has shown excellent electrochemical performance, achieving an energy density of 604 Wh/kg under 1 MPa pressure, surpassing existing commercial batteries [4] - The battery constructed with this electrolyte passed safety tests without combustion or explosion, indicating its potential for future solid-state battery product development [4] Market Trends - The solid-state battery industry is entering a critical phase of commercialization, supported by government policies aimed at fostering the development of solid-state technologies [5] - The Ministry of Industry and Information Technology has identified solid-state batteries as a key area for development, with plans to establish 3 to 5 global leading companies by 2027 [5] - Several listed companies are actively investing in the solid-state battery supply chain, covering various segments such as equipment, materials, and electrolytes, with significant stock price increases observed [5][6] Future Outlook - The solid-state battery industry is expected to enter a critical testing phase between the second half of 2025 and the first half of 2026, with small-scale production anticipated by 2027 [7] - Industry forecasts suggest that production could exceed 1 GWh by 2027 and potentially reach over 100 GWh by 2030 [7]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, with a focus on AI equipment and oil service equipment [1]. Core Insights - The rapid development of AI chips is expected to drive demand for advanced testing and packaging equipment, particularly in the semiconductor sector [2][20]. - The PCB equipment market is set to benefit from significant investments in AI infrastructure, with major players expanding their production capacities [3][44]. - The oil service equipment sector is poised for growth due to Saudi Aramco's plans to initiate 85 major projects over the next three years, which will create substantial demand for related products and services [9]. Summary by Sections Semiconductor Equipment - The demand for high-performance testing machines is increasing due to the complexity of AI chips and advanced storage chips, which require enhanced testing capabilities [2][21]. - The advanced packaging technology CoWoS is crucial for GPU and HBM interconnects, leading to a surge in demand for advanced packaging equipment [2][22]. - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, with significant contributions from SoC and storage testing machines [21]. PCB Equipment - The AI infrastructure investment by Alibaba is expected to significantly boost the PCB market, with leading companies expanding their high-end HDI production capacities [3][4]. - The report highlights the increasing complexity and investment inflation in PCB production processes, particularly in drilling and exposure stages [4][44]. - Major PCB manufacturers are actively expanding their capacities to meet the rising demand for high-performance PCBs driven by AI servers [44][46]. Oil Service Equipment - Saudi Aramco's upcoming projects will require extensive procurement of materials and equipment, benefiting companies with technological advantages in the oil service sector [9]. - Companies like Neway and Jereh are well-positioned to capitalize on the growing demand for oil service equipment due to their established relationships and capabilities [9]. Carbon Silicon - The report emphasizes the potential of single crystal silicon carbide (SiC) in enhancing the performance of CoWoS structures, which is critical for high-power GPU applications [5]. - The successful launch of a 12-inch SiC substrate processing line by Jing Sheng marks a significant advancement in domestic SiC technology [5]. Investment Recommendations - The report suggests focusing on companies such as Huafeng Measurement and Changchuan Technology for testing equipment, and Jing Sheng for packaging equipment, as they are expected to benefit from the growth in AI chip production [2][22]. - In the PCB sector, companies like Dazhu CNC and East China Electric are recommended for their strong market positions and growth potential [43][46].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The solid-state battery sector is gradually transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [25] - The global solid-state battery shipment volume is projected to reach 10 GWh in 2025 and 614.1 GWh by 2030, although challenges such as high costs and incomplete supply chains remain [24][28] - Recent advancements include the development of a new high-energy-density polymer electrolyte by Tsinghua University, which enhances solid-state interface contact and ion conduction capabilities [27] Summary by Sections Industry Trends - The solid-state battery index increased by 1.3% from September 22 to September 26, 2025, with a cumulative increase of 50.4% since December 31, 2024 [11] - The average performance of solid-state battery-related stocks was -0.4% during the same period, with notable gains in battery and aluminum-plastic film sectors [4][11] Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) is recommended as a key beneficiary in the solid-state battery sector [25] - Dongfeng Motor's solid-state battery plans include a demonstration vehicle set for 2026, with significant progress reported by companies like Dangsheng Technology, which has achieved 10-ton batch shipments of solid-state lithium battery cathode materials [23][29] Market Performance - The top-performing stocks in the solid-state battery sector included Penghui Energy (+18.6%), Xianlead Intelligent (+17.8%), and Dangsheng Technology (+11.2%) [17][26] - Conversely, stocks such as Zhongyi Technology (-10.2%) and Tiantian Technology (-9.7%) experienced significant declines [17][26]

Group 1: Company Achievements - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, the main roller shaft, showcasing its leading manufacturing capabilities in heavy equipment [1] - The main roller shaft, weighing over 160 tons, was produced from a 313-ton steel ingot through rigorous quality control processes, highlighting the company's strong industrial chain collaboration [1] - In the first half of the year, Tongyu Heavy Industry achieved a net profit of 61 million yuan, representing a year-on-year increase of 49.7% [1] Group 2: Solid-State Battery Developments - Research led by Tsinghua University has made significant progress in polymer electrolytes for solid-state batteries, providing new strategies for developing high safety and high energy density solid-state lithium batteries [4] - The new fluorinated polyether electrolyte developed by the research team enhances physical contact and ionic conductivity at solid-state interfaces, significantly improving battery performance [4] - A polymer soft-pack battery constructed with this electrolyte achieved an energy density of 604 Wh/kg under 1 MPa external pressure, surpassing current commercial batteries [4] Group 3: Market Trends and Projections - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1 GWh by 2030, corresponding to a market size in the billion yuan range [5] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in various applications, including electric vehicles and energy storage, while also opening new markets in drones, robotics, and data centers [5] - Several A-share listed companies are making advancements in the solid-state battery sector, with notable developments from companies like MGL and MannsTech [5][6] Group 4: Financing and Stock Performance - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with seven stocks doubling in value [7] - As of September 25, 21 solid-state battery concept stocks recorded net purchases exceeding 100 million yuan, with CATL, XianDao Intelligent, and Guoxuan High-Tech leading in net buying amounts [10] - CATL received the most "positive" ratings from institutions, indicating strong confidence in its innovative product offerings and global market integration [10][11]

Group 1: Solid-State Battery Developments - Solid-state batteries are recognized as a significant development direction for next-generation lithium batteries, particularly with lithium-rich manganese layered oxide as cathode material, showing potential energy density breakthroughs of over 600Wh/kg [3] - A research team led by Professor Zhang Qiang from Tsinghua University has made important advancements in polymer electrolytes for lithium batteries, proposing a new strategy called "rich anion solvation structure," which enhances physical contact and ionic conductivity at solid-state interfaces [3] - The newly developed fluorinated polyether electrolyte has achieved an energy density of 604Wh/kg under 1MPa external pressure, surpassing current commercial batteries, and has demonstrated excellent safety performance in various tests [3] Group 2: Industry Trends and Market Outlook - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1GWh by 2030, corresponding to a market scale exceeding 100 billion yuan [4] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in electric vehicles and energy storage, while also expanding into emerging markets such as drones, robotics, and data centers [4] - Several A-share listed companies are making progress in the solid-state battery sector, including MGL, which has developed lithium-rich manganese-based cathode materials and is advancing pilot testing [4][5] Group 3: Company Performance and Stock Market Activity - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, showcasing its leading manufacturing capabilities in heavy equipment [2] - The company reported a net profit of 61 million yuan in the first half of the year, a year-on-year increase of 49.7%, and its stock has risen by 22.18% year-to-date, with a market capitalization of 12.237 billion yuan [2] - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with 21 stocks experiencing significant net buying from financing clients, including Ningde Times and Xian Dao Intelligent [7]

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot sectors. The model is based on momentum and trend-following strategies, which have been proven effective in previous studies. The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{\text{Closet}}{\text{ts\_max(Close, 250)}} $ where Closet represents the latest closing price, and ts_max(Close, 250) is the maximum closing price over the past 250 trading days. If the latest closing price hits a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of pullback[11][19][23] - The model evaluates the relative proximity of major indices to their 250-day highs. As of September 26, 2025, the distances for indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index are 1.43%, 1.76%, 0.95%, 1.37%, 2.08%, 3.67%, 2.60%, and 1.60%, respectively[12][13][32] - The report also tracks the proximity of industry indices to their 250-day highs. Industries such as power equipment & new energy, non-ferrous metals, electronics, media, and machinery are closer to their 250-day highs, with distances of 1.69%, 0.82%, 2.65%, 2.74%, and 2.09%, respectively[13][15][32] - A separate analysis focuses on concept indices, including power generation equipment, gold, wind power, solar power, and energy storage, which are relatively close to their 250-day highs[15][17][32] - The report identifies 1233 stocks that reached 250-day highs in the past 20 trading days. The sectors with the highest number of such stocks are electronics (182 stocks), machinery (178 stocks), and basic chemicals (137 stocks). The sectors with the highest proportion of stocks reaching new highs are non-ferrous metals (54.84%), electronics (37.45%), and power equipment & new energy (31.09%)[19][20][33] - The report introduces a screening method for "stable new high stocks" based on factors such as analyst attention, relative stock strength, price path smoothness, and trend sustainability. Stocks are selected based on metrics like the absolute value of 120-day price changes, cumulative absolute daily price changes over 120 days, and the average 250-day new high distance over the past 120 days[23][26][33] - Using the above screening criteria, 50 stable new high stocks were identified, including companies like New Yisheng, Giant Network, and Lead Intelligent. The technology sector contributed 20 stocks, with electronics being the most represented industry. The manufacturing sector contributed 13 stocks, with machinery being the most represented industry[27][33][31]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of September 26, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.43%, Shenzhen Component Index 1.76%, CSI 300 0.95%, CSI 500 1.37%, CSI 1000 2.08%, CSI 2000 3.67%, ChiNext Index 2.60%, and STAR 50 Index 1.60% [6][24] - The sectors closest to their 250-day new highs include power equipment and new energy, non-ferrous metals, electronics, media, and machinery, while food and beverage, banking, coal, transportation, and comprehensive finance are further away [24] Group 2 - A total of 1,233 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the electronics, machinery, and basic chemicals sectors [13][24] - The highest proportion of new high stocks is found in non-ferrous metals (54.84%), electronics (37.45%), and power equipment and new energy (31.09%) [13][24] - The technology and manufacturing sectors had the most new high stocks this week, with 386 and 358 stocks respectively [15][24] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [25] - The technology sector had the most stable new high stocks, particularly in the electronics industry, while the manufacturing sector had the most in the machinery industry [20][25]

全市场超2500只个股下跌。 从板块来看，风电概念股集体走强，吉鑫科技晋级两连板，威力传动20cm涨停； 半导体产业链局部回暖，赛微微电触及20cm涨停续创历史新高，紫光国微触及涨停； 汽车板块表现活跃，曙光股份涨停，赛力斯触及涨停。 下跌方面，游戏股集体退潮，吉比特跌停。 沪深两市半日成交额1.37万亿元，较上个交易日缩量1733亿。 市场早间震荡调整，创业板指盘中跌超1%。南财金融终端显示，截至早盘收盘，沪指跌0.18%，深成 指跌0.79%，创业板指跌1.17%。 | 沪深A股 | 上证A股 | 深证A股 | 创业板 | 科创板 风险警示 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1435 | | 名称 | | 原價 | 最新给 | 源跌 | 淑逸 | 盘比 | 换手率 | 張陽 | 成交额 ▼ | | 1 002475 | | 立讯精密 | | -4.15% | 65.89 | 2.85 | +0.12% | 0.41 | 2.62% | 4.64% | 127 ...