Core Viewpoint - The report from Huatai Securities highlights the disruptive advantages of all-solid-state batteries over traditional liquid electrolyte batteries, particularly in safety and energy density [1] Industry Focus - The focus of industrialization has shifted from "material science" to "production engineering," with equipment becoming crucial for realizing competitive advantages [1] - Compared to materials, equipment can accommodate different technological routes and offers higher visibility [1] Market Outlook - Domestic and international industrialization goals are converging, with semi-solid-state battery equipment expected to see significant production volume by 2026, while all-solid-state battery equipment is projected to ramp up between 2027 and 2030 [1] - The all-solid-state battery process involves new steps (isostatic pressing, glue frame printing, interface compounding) and significant enhancements in existing steps (dry electrode, stacking, high-pressure formation) [1] Investment Opportunities - The period from 2027 to 2030 is identified as a critical window for industrialization, where related equipment manufacturers are expected to benefit first, leading the industry into a high-growth phase [1]

Core Viewpoint - The transition from liquid electrolytes to solid electrolytes in all-solid-state batteries presents disruptive advantages in safety and energy density, with a shift in industrial focus from "materials science" to "production engineering" [1] Industry Summary - The key to realizing the advantages of all-solid-state batteries lies in equipment compatibility with various technological routes, which offers higher visibility compared to materials [1] - The domestic and international industrialization goals are increasingly focused, with semi-solid-state battery equipment expected to see significant production volume by 2026, while all-solid-state battery equipment is projected to achieve this between 2027 and 2030 [1] - The all-solid-state battery process involves new steps (isostatic pressing, glue frame printing, interface compounding) and significant enhancements in existing steps (dry electrode, stacking, high-pressure formation) [1] - The period from 2027 to 2030 is identified as a critical window for industrialization, where related equipment manufacturers are expected to benefit first, leading the industry into a phase of high growth [1]

Core Insights - GAC Group has officially launched a pilot production line for all-solid-state batteries in Panyu, Guangzhou, marking a significant step towards achieving its goal of equipping vehicles with these batteries by 2026 [1][3] Group 1: Production and Technology - The pilot production line is crucial for validating production processes, optimizing parameters, and enhancing product quality and stability before mass production [3] - The line has achieved the capability for mass production of automotive-grade all-solid-state batteries with a capacity of over 60Ah, overcoming several technical bottlenecks [3][4] - GAC's all-solid-state battery has an energy density exceeding 400Wh/kg and has passed rigorous safety tests, addressing concerns related to range and safety [3][4] Group 2: Technical Advancements - The ionic conductivity of GAC's solid electrolyte material has surpassed 10mS/cm, positioning it at the forefront of the industry [4] - The company has developed a high-toughness, wide-width sulfide solid electrolyte film, ensuring optimal performance of the all-solid-state batteries [4] - GAC's dry electrode technology has achieved a continuous production of high-capacity positive electrodes, laying the foundation for high-energy all-solid-state battery manufacturing [4][5] Group 3: Diversification and Future Prospects - GAC Group is pursuing multiple technological routes in the new energy sector, including the recent launch of a high-performance hydrogen fuel cell stack [5] - The fuel cell stack has achieved significant advancements in power density and reliability, with a projected lifespan of up to 30,000 hours [5] - The company is also developing various battery technologies, including cartridge battery technology and high-safety lithium iron phosphate batteries, to enhance battery safety and range [5]

Core Viewpoint - The establishment of the first large-capacity all-solid-state battery production line in China marks a significant technological breakthrough, enabling the mass production of automotive-grade all-solid-state batteries with a capacity of over 60 ampere-hours [1] Group 1 - The production line is currently undergoing small-scale testing [1] - The next step involves industrialization and implementation of the technology [1] - The production line is developed by GAC Group, positioning it as a leader in the industry [1]

Core Insights - The report indicates a significant increase in the electric equipment and new energy sectors, with an overall rise of 4.98% this week, driven by strong performances in the photovoltaic and nuclear power sectors [1][3]. Industry Summary - **New Energy Vehicles**: The fourth quarter is expected to be a peak sales season, with a projected 30% year-on-year increase in wholesale sales for the first ten months of 2023, totaling 12.054 million units [2][4]. - **Power Battery**: The price of lithium hexafluorophosphate continues to rise, potentially exceeding 150,000 yuan, which may lead to improved profitability for related companies [2][4]. - **Photovoltaics**: The investment strategy focuses on avoiding excessive competition, with future component prices dependent on installation demand and return rates of photovoltaic power stations [2][4]. - **Wind Power**: Continuous growth in wind power demand is anticipated, with recommendations to focus on wind turbines and offshore wind projects [2][4]. - **Energy Storage**: The energy storage sector remains in a high-demand phase, with significant year-on-year increases in system bidding scale [4]. - **Hydrogen Energy**: The integration of electric energy substitution is expected to enhance green hydrogen demand, with a focus on the development of green fuels [2][4]. - **Nuclear Fusion**: The report highlights nuclear fusion as a long-term energy development direction, with recommendations to monitor core suppliers in this field [2]. Company Highlights - **Tianqi Materials**: Signed procurement contracts with Guoxuan High-Tech and Zhongxin Innovation for a total of 159,500 tons of electrolyte supply from 2026 to 2028 [5]. - **Shangtai Technology**: Received approval for a convertible bond issuance from the Shenzhen Stock Exchange [5]. - **Trina Solar**: The controlling shareholder has completed a reduction of 0.57% of the company's total share capital [5].

Core Viewpoint - The commercialization of all-solid-state batteries is accelerating, with significant breakthroughs addressing key challenges in interface contact and ionic conductivity, paving the way for practical applications [3][4][9]. Group 1: Technological Breakthroughs - The research teams have made advancements in solving the interface contact issue between the electrolyte and lithium electrode, which is crucial for the performance of all-solid-state batteries [3][9]. - Innovations in high-conductivity halide electrolytes have been developed, enabling stable operation of all-solid-state batteries in low-temperature environments [3][4]. Group 2: Industry Trends and Projections - Toyota plans to launch its first vehicle equipped with mass-produced all-solid-state battery technology as early as 2027, indicating a shift towards practical applications [3][4]. - The shipment volume of semi-solid-state batteries is expected to reach the gigawatt-hour level in 2024, with applications starting in high-end consumer and autonomous vehicle sectors [6]. Group 3: Challenges and Solutions - The industry faces approximately 172 technical challenges in the commercialization of all-solid-state batteries, with six critical issues identified, including solid-solid interface contact and material stability [8][9]. - The introduction of iodine ions in the electrolyte has shown promise in maintaining a tight interface contact, which is essential for battery performance [9]. Group 4: Future Directions - The initial cost of mass-produced solid-state batteries is projected to be more than double that of current battery technologies, with expectations of cost reduction through ongoing technological iterations [11]. - The next steps involve optimizing technical specifications and expanding application scenarios, aiming for a balanced performance across safety, energy density, cost, fast charging, low-temperature performance, and manufacturability [12].

Core Viewpoint - The solid-state battery industry is experiencing significant breakthroughs in commercialization, driven by advancements across the entire supply chain, from downstream applications to upstream materials [5][12]. Downstream Applications - Chery Automobile showcased its "Rhino S" solid-state battery module with an energy density of 600Wh/kg, which is over twice that of mainstream liquid lithium batteries. This battery is expected to enable electric vehicles to achieve a range of 1200-1300 kilometers, with potential to exceed 1500 kilometers, addressing consumer range anxiety. Chery plans to conduct trial operations in 2026 and aims for full-scale production by 2027 [6][7][8]. Midstream Manufacturing - Zhengli New Energy announced plans to raise approximately HKD 500 million through the issuance of new H-shares, with 10% allocated for the construction of a solid-state battery pilot production line. This move indicates a strategic shift towards next-generation battery technologies, focusing on sulfide solid electrolytes and all-solid-state batteries [10][11]. Upstream Materials - Honeycomb Energy and Jiangsu Huasheng Lithium Battery Materials Co., Ltd. have formed a strategic partnership to address the challenges in the mass production of sulfide solid electrolytes. The collaboration aims to leverage Huasheng's expertise in high-purity lithium sulfide production to enhance the performance of solid-state batteries [12][13][14][15].

Group 1: Battery ETF Performance - The Battery ETF managed by Jiashi has a turnover rate of 5.76% and a transaction volume of 98.82 million yuan, reaching a new high in scale at 1.742 billion yuan [3] - The latest share count for the Battery ETF is 2.119 billion shares, also a new high since its inception [3] - Over the past week, the Battery ETF has seen continuous net inflows, with a peak single-day net inflow of 281 million yuan, totaling 542 million yuan [3] - As of October 10, the net value of the Battery ETF has increased by 5.48% over the past three years, with the highest monthly return since inception being 39.76% [3] Group 2: Solid-State Battery Research and Market Outlook - A recent study published by a team from the Chinese Academy of Sciences has developed an anion regulation technology that addresses the challenge of electrolyte and lithium electrode contact in solid-state lithium batteries, providing key technical support for practical applications [3] - According to a report by CICC, solid-state batteries are steadily moving towards industrialization, with the equipment sector being in a critical window from validation to mass production [4] - CICC estimates that automakers may begin small-scale installations of solid-state batteries by 2027, with a projected market space of 2.5 billion yuan for solid-state battery equipment, expected to grow at a compound annual growth rate of 122% to reach 27.3 billion yuan by 2030 [4] Group 3: Top Weight Stocks in Battery Sector - As of September 30, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include: - Sunshine Power (10.28%) - CATL (9.64%) - EVE Energy (6.02%) - Sanhua Intelligent Control (6.31%) - Leading Intelligent (2.91%) - Tianqi Materials (2.60%) - Guoxuan High-Tech (3.76%) - XWANDA (3.17%) - Greeenme (3.48%) - Kodali (2.28%) - The top ten stocks account for a total of 55.79% of the index [4][6]

Exhibition Overview - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition will be held from November 6 to 8, 2025, at the Guangzhou Nansha International Convention Center [3] - The event is organized by Qidian Solid-State Battery, Qidian Sodium Battery, Qidian Lithium Battery, Qidian Research, and the SSBA Solid-State Battery Alliance [2] Scale and Participation - The exhibition will feature over 200 exhibitors and is expected to attract 20,000 professional visitors [3] - The setup will take place on November 4-5, 2025, with daily exhibition hours from 9:00 AM to 5:00 PM [3] Concurrent Events - The event will include the 2025 Qidian Solid-State Battery Industry Annual Conference and the Solid-State Battery Golden Ding Award Ceremony, as well as the 2025 Qidian Sodium Battery Industry Annual Conference and the Sodium Battery Golden Ding Award Ceremony [3] Forum Agenda - The first Sulfide All-Solid-State Battery International Summit will take place on November 8, 2025, featuring discussions on the global sulfide solid-state battery technology roadmap and the establishment of an all-solid-state industry alliance [4] - Specialized sessions will cover topics such as the industrialization process of solid-state batteries, manufacturing challenges, and advancements in sulfide electrolytes [5] Awards and Recognition - The Golden Ding Awards will recognize various achievements in the solid-state battery industry, including awards for industrialization pioneers, material technology innovation, and investment value [5] Exhibition Layout and Costs - Different booth types are available, with prices ranging from 15,000 RMB for a 9 square meter standard booth to 48,000 RMB for a 36 square meter raw space [7] Contact Information - For inquiries regarding participation and sponsorship, contact representatives such as Mr. Qiu and Mr. Xiong [9][10]

Core Viewpoint - The article discusses the advancements in solid-state battery technology, particularly focusing on the collaboration between Jinyu New Energy and Yifei Laser in developing the "Wuji" solid-state lithium metal cylindrical battery, which has successfully been delivered to international clients, marking a significant step in the industrialization of solid-state batteries [2][3]. Group 1: Product Development and Features - The "Wuji" series includes multiple capacity models ranging from 8Ah to 52Ah, with cumulative delivery exceeding 10 million yuan by mid-September 2025 [3]. - The battery utilizes an oxide and polymer solid electrolyte combined with lithium metal, featuring a cylindrical structure with full-tab design, which enhances energy density, safety, temperature adaptability, and high-pressure resistance [3][4]. - This battery design is particularly beneficial for high-end industrial applications such as drones and electric aircraft, significantly expanding operational windows and reducing overall costs [3][5]. Group 2: Manufacturing Challenges and Innovations - The solid-state battery industry is entering a critical phase of overcoming challenges related to large-scale manufacturing, shifting focus from material competition to a comprehensive evaluation of manufacturing processes, cost control, and ultimate performance [5][6]. - The collaboration has introduced a cylindrical and winding process for solid-state lithium metal batteries, presenting a potential alternative to the mainstream soft-pack/square and stacking technology [5][6]. - The cylindrical design and high-speed winding process could offer significant advantages in production efficiency, yield control, and equipment costs, potentially leading to lower manufacturing costs for solid-state batteries [6][7]. Group 3: Technical Breakthroughs - Key breakthroughs include the development of a continuous production process for solid-state electrolytes, achieving high strength and reliability in manufacturing [12][13]. - Gradient composite interface technology has been implemented to address solid-solid interface contact issues, significantly reducing interface resistance and enhancing ionic transport efficiency [14]. - The introduction of self-limiting pressure control technology allows for stable contact between solid-state electrolytes and electrodes without external high pressure, contributing to the reliability and lightweight integration of the battery [16]. Group 4: Future Outlook - The successful delivery of the "Wuji" battery validates the feasibility of the cylindrical solid-state route, indicating that the challenges in this area are surmountable [8][9]. - The industry may see multiple technological paths developing concurrently, fostering competition and collaboration across different application scenarios, which could accelerate the arrival of the solid-state battery era [23][24].