证券研究报告 | 2025年11月23日 锂电产业链双周评（11月第2期） 锂电行业持续反内卷，固态电池产业化稳步推进 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为9.23万元/吨，较两周前上涨1.19万元/吨。相较两周前，三元正极、磷酸铁锂正极、负极、六氟磷酸锂、电解液、湿法隔膜报价均上 涨。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用280Ah电芯报价为0. ...

Core Insights - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [1] - The all-solid-state battery technology is seen as a significant breakthrough in addressing "range anxiety" and "safety concerns" in the electric vehicle industry [1][3] - The energy density of the newly developed all-solid-state battery is nearly double that of existing batteries, enabling vehicles with over 500 kilometers of range to achieve more than 1000 kilometers [1] Industry Developments - The all-solid-state battery is referred to as the "holy grail of next-generation battery technology" due to its higher energy density and inherent safety compared to traditional liquid lithium batteries [3] - The technology has been included in national strategic initiatives, highlighting its importance for high-quality development in the new energy storage manufacturing sector [3] - No company globally has yet commercialized all-solid-state batteries, but several companies, including CATL and Changan Automobile, have set timelines for production and testing between 2025 and 2027 [3][4] Company Progress - GAC Group has established the first large-capacity all-solid-state battery production line, with plans for small-scale vehicle testing by 2026 and mass production between 2027 and 2030 [1] - SAIC Group's all-solid-state battery production line in Shanghai is set to achieve sample production by the end of this year, with vehicle testing planned for next year and mass production by 2027 [6] - Penghui Energy has completed its all-solid-state battery pilot line, while Baichuan Co. is monitoring the technology's development without current plans for mass production [6]

Group 1 - Google states that the company's computing power must double every six months, with institutions indicating that model upgrades will drive demand for computing power. The company has acquired firms with complete capabilities in manufacturing optical active and passive devices, as well as optical device packaging [1] - The first large-capacity all-solid-state battery production line in China has been completed, with institutions suggesting that the industrialization of solid-state batteries is expected to accelerate. The company's battery system components can be applied to battery pack solutions equipped with solid-state batteries [1] - The company's 1.6T optical module products have been sent to multiple clients for testing and validation [1]

Core Insights - The solid-state battery technology is making significant progress, with GAC Group establishing the first large-capacity solid-state battery production line in China, capable of mass production of automotive-grade solid-state batteries with over 60Ah capacity [1] - The energy density of the newly developed solid-state batteries is nearly double that of existing batteries, enabling vehicles with over 500 km range to achieve over 1000 km after usage [1] - The industry anticipates small-scale vehicle testing by 2026 and gradual mass production from 2027 to 2030 [1] Industry Developments - Solid-state batteries are referred to as the "holy grail of next-generation battery technology," offering higher energy density, inherent safety, longer lifespan, and wider temperature range compared to traditional liquid lithium batteries [2] - No company has yet commercialized solid-state batteries globally, but several companies, including CATL and Changan Automobile, plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% over liquid batteries [2] - The industry expects a peak in pilot production lines in 2026, with small-scale commercialization starting in 2027 and a potential market scale of 100 GWh by 2030 [3] Company Updates - SAIC Group announced that its solid-state battery production line in Shanghai has been fully operational, with sample production expected by the end of this year and vehicle testing in 2024, aiming for mass production in 2027 [4] - Penghui Energy confirmed that its solid-state battery pilot line is operational, with results pending further evaluation [4] - Baichuan Co. has conducted research on solid-state battery technology but has not yet achieved mass production, indicating ongoing monitoring of industry developments [4]

Core Insights - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [1] - The all-solid-state battery technology is seen as a significant breakthrough in addressing "range anxiety" and "safety concerns" in the electric vehicle industry [1] - The energy density of the newly developed all-solid-state battery is nearly double that of existing batteries, enabling vehicles with over 500 kilometers of range to achieve more than 1000 kilometers [1] Industry Developments - Currently, no company globally has commercialized all-solid-state batteries, but several companies have set timelines for production and testing [2] - Companies like CATL and Changan Auto plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% compared to liquid batteries [2] - The industry is expected to see a peak in pilot production lines in 2026, with small-scale commercialization anticipated by 2027 and a potential market scale of 100 GWh by 2030 [2] Technological Advancements - The transition from laboratory to pilot production for all-solid-state batteries is accelerating, with multiple companies initiating pilot line construction [3] - Key challenges include material systems, manufacturing processes, and cost reduction, with ongoing engineering validation of core processes [3] - The demand for equipment is expected to rise as pilot lines transition to GWh-level production, benefiting equipment manufacturers [3] Company Updates - SAIC Group has achieved full connectivity of its all-solid-state battery production line in Shanghai and plans to conduct vehicle testing in 2023 [4] - Penghui Energy has established its pilot line for solid-state batteries, with results pending further evaluation [4] - Baichuan Co. is monitoring the development of solid-state battery technology but has not yet initiated mass production [4] - The Chinese Association for Science and Technology emphasizes the need to overcome technical bottlenecks in manufacturing costs and lifecycle for solid-state batteries [4]

国内已建成首条大容量全固态电池产线，目前正在小批量测试生产。 在新能源汽车产业迈向"续航焦虑"与"安全痛点"双重突破的关键节点，全固态电池技术迎来里程碑式进展。据 央视新闻报道，在广汽集团，国内首条大容量全固态电池产线建成，这在行业内率先具备了60安时以上车规级 全固态电池的批量量产条件。 广汽集团平台技术研究院新能源动力研发负责人祁宏钟表示，现在开发的全固态电池的能量密度比现有的电池 能量密度高了接近一倍。500公里以上续航的车使用之后达到1000公里以上的续航。计划是2026年可以进行小 批量的装车实验，2027年到2030年期间，可以逐步地进行批量生产。 固态电池产业化加速 固态电池，被业内称为"下一代电池技术的圣杯"。相比传统液态锂电池，它用固态电解质取代了易燃的液态电 解液，不仅能量密度更高，还具备本质安全、长寿命、宽温域等优势。正因如此，它被写入《新型储能制造业 高质量发展行动方案》，成为国家战略级技术攻关方向。 不过，当前全球范围内尚未有一家公司的全固态电池进入商业验证阶段。从量产时间表上看，宁德时代、中创 新航计划2027年实现全固态电池装车；长安汽车计划2025年底首发样车，2027年量产， ...

证券研究报告 中长期配置价值明确，攻守之道双轨并行 ——2026年北交所年度投资策略 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年十一月二十三日 请务必阅读正文之后的免责声明部分 1 核心要点 ➢ 中长期配置价值明确，机构参与度逐步提升： 1）北交所市场稳步扩容，流动性改善明显，估值仍有上行空间：①截至2025年11月14日，北交所共282家上市公司，较25年初新增19家，平均市值31.94亿元，北交所市场持续扩容。②在"深 改19条"政策+30%涨跌幅限制+相关基金产品推出引入较多增量资金影响下，北交所流动性显著改善，截至25年11月14日，25年北证A股个股日均成交额达1.08亿元，较24年0.5亿元翻倍增长， 北证50日均换手率5.66%，远高于其他板块。③截至2025年11月14日，北证50的PETTM为47倍，处于2022年以来的历史最高水平，但仍远低于科创50的76倍水平，北交所估值仍有上行空间。 2）新股发行节奏稳步提升，待上市企业储备充足，盈利能力持续向好：①新股发行节奏提升，北交所优质标的持续稳定增长。截至20 ...

Group 1 - The core viewpoint of the article highlights the accelerated development of the solid-state battery industry, with projections indicating that global solid-state battery shipments will exceed 700 GWh by 2030, including over 200 GWh of all-solid-state batteries [1] - According to CITIC Securities, China has achieved mass production of semi-solid-state batteries, surpassing Japan, the US, and Europe, with a goal to achieve commercial production of all-solid-state batteries by 2030 [1] - The article discusses the performance of the Huaxia New Energy ETF (159368), which tracks the New Energy Index of the ChiNext market, noting its significant market presence with a scale of 829 million yuan as of October 31, 2025, and a daily average trading volume of 90.05 million yuan over the past month [1] Group 2 - The Huaxia New Energy ETF has the highest elasticity in the market, with a potential increase of up to 20%, and the lowest fee structure, with a total management and custody fee of only 0.2% [1] - The ETF's composition includes 59% in energy storage and 32% in solid-state batteries, aligning with current market trends [1]

Core Viewpoint - The solid-state battery industry is poised for significant growth, with a projected capacity of 600 GWh by 2035, but faces challenges in cost reduction and market acceptance [3][4][7]. Group 1: Market Potential and Challenges - The solid-state battery market is expected to reach a capacity of 600 GWh by 2035, with a penetration rate of 5%-10% [7]. - The transition from semi-solid to all-solid batteries is seen as a pragmatic approach to address economic viability [6][7]. - The cost of sulfide electrolytes must decrease for solid-state batteries to compete effectively in the market [5][6]. Group 2: Technological Developments - Key technological advancements include the revival of soft-pack structures, dry electrode technology, and isostatic pressing upgrades, which are now essential for production lines [6][19]. - The solid-state battery production process is undergoing a complete overhaul, with new equipment accounting for 20% of the investment and upgrades to existing lines making up 30% [19][24]. - The industry is moving towards a more collaborative approach, with increased communication among various stakeholders to tackle engineering challenges [9][25]. Group 3: Material Innovations - Three critical material directions for solid-state batteries are identified: lithium-rich manganese-based, high-nickel ternary, and high-performance carbon nanotube conductive agents [8]. - The use of lithium metal as an anode is considered a key to achieving energy densities above 500 Wh/kg [33][35]. - The development of MOF materials is gaining traction, with potential applications in enhancing battery performance [37][38]. Group 4: Industry Trends and Future Outlook - The solid-state battery industry is expected to see significant policy support and investment, with a focus on safety and energy density [42][44]. - Companies are adopting a phased approach to market entry, starting with non-automotive applications before moving to automotive sectors [27][42]. - The solid-state battery's high safety and energy density make it suitable for various applications, including eVTOL and commercial vehicles [41][43].

Core Insights - The 2025 (15th) High-Performance Lithium Battery Annual Conference highlighted the importance of new battery technology commercialization as a key factor in determining the industry's upward expectations [2] - Industry leaders emphasized the need to bridge the gap between laboratory innovations and mass production capabilities, focusing on practical breakthroughs in battery structure, process compatibility, environmental constraints, cost control, and safety compliance [2] Group 1: New Battery Technologies - Sulfide all-solid-state batteries have shown potential in military and aviation applications, but face challenges in market demand and application scenarios [3] - Zhongke Gonen has developed a new boron-catalyzed synthesis method for sulfide electrolytes, achieving high ionic conductivity and improved air stability [5] - The company has also designed a novel sulfide electrolyte structure with excellent water and oxygen stability, significantly reducing harmful gas emissions [5] Group 2: Manufacturing Innovations - Bolewei has established a comprehensive equipment system for dry electrode production, emphasizing the importance of consistent density and thickness in large-scale manufacturing [9][10] - The company has developed multiple roller pressing technologies to enhance the efficiency and quality of solid-state electrolyte film production [8][10] Group 3: Environmental Control in Battery Production - The energy consumption of environmental control in battery manufacturing is significant, accounting for 43% of total energy use, prompting the need for energy-efficient solutions [11] - Industrial high-temperature heat pump technology is being explored as a viable path to achieve zero-carbon heating in industrial processes [11][12] Group 4: Safety and Compliance - The production of sulfide solid-state batteries requires stringent environmental controls to manage H₂S emissions, with new solutions being developed to ensure compliance with safety standards [16][17] - The industry is moving towards verifiable processes and monitoring systems to replace traditional management practices in dust and gas safety [17] Group 5: Material Innovations - Keleiming has improved the shear strength and thermal stability of its HSI insulation materials, meeting new national standards and enhancing battery safety [20] - The company has successfully implemented a printing technology that significantly improves the performance and production efficiency of battery components [21]