Group 1: Market Performance - A-share market experienced wide fluctuations in early September, with solid-state battery sector leading the rise in the new energy sector, resulting in over 20 battery and new energy-related ETFs rising more than 10% [1] - Solid-state battery stocks such as Xian Dao Intelligent, Sunshine Power, and others saw significant gains, with the Fortune China Battery Theme ETF rising over 15% [1][2] - Gold stocks and innovative pharmaceuticals also performed well, with West Mining rising nearly 50% and several gold stock ETFs increasing over 9% [2] Group 2: Sector Analysis - The solid-state battery industry is gaining attention due to its high energy density and safety, supported by policy, technological advancements, and growing downstream demand [2] - The military industry, represented by aerospace, experienced a pullback, with several stocks declining over 10% and related ETFs dropping more than 12% [2] - The dual innovation sector (创业板 and 科创板) showed significant volatility, with the ChiNext Index and the STAR 50 Index experiencing declines followed by rebounds [2][3] Group 3: Fund Flows - There was a notable outflow of funds from dual innovation theme ETFs, with over 60 billion yuan net outflow from ETFs tracking the ChiNext and STAR 50 indices [3] - Conversely, sectors like securities, chemicals, batteries, and gold stocks saw inflows, with over 80 billion yuan net inflow into ETFs tracking securities companies [3] - Hong Kong technology and internet ETFs also attracted significant capital, with net inflows exceeding 30 billion yuan [3] Group 4: Investment Strategy - The market is expected to shift towards a fundamental-driven logic, with technology sectors likely to continue performing well due to upcoming industrial catalysts [4] - The storage industry is showing strong demand, and AI computing power is identified as a core investment theme, with potential for rebound after recent adjustments [4] - The relative value of technology growth sectors is improving, with solid-state batteries and power equipment gaining attention as new investment directions [4]

Summary of Key Points from Conference Call Records Industry Overview - The lithium battery industry is experiencing a significant increase in demand, driven by high capacity utilization rates among leading companies like CATL, which approached full production in Q2, leading to a supply-demand imbalance [1][3] - Chinese companies are rapidly increasing their market share in Europe, particularly in the commercial vehicle sector, which is positively impacting shipment volumes and overall expectations for the industry [1][3] Core Insights and Arguments - The growth of power batteries is primarily supported by the passenger and commercial vehicle markets, with the development of pure electric models and increased energy capacity driving battery growth rates beyond that of vehicle sales [1][5] - The independent energy storage installation and bidding volumes in China have significantly increased, with overseas large project orders also providing support [1][6] - The battery industry is expected to grow faster than the vehicle industry, with strong real demand and proactive production cycles leading to positive medium- to long-term expectations [1][7] - Supply-side constraints are prompting leading battery manufacturers to accelerate their expansion plans, which is expected to support capital expenditures in both Hong Kong and A-shares [1][8] Market Performance - The lithium battery sector has shown rapid growth in stock performance, with a notable valuation shift among leading companies due to high industry expectations [2][11] - In Q3, the sector is expected to benefit from traditional peak seasons in consumer electronics, new energy vehicles, and energy storage, with leading companies operating at full capacity [9][11] Supply Chain and Pricing Strategies - The industry is focusing on capacity control and pricing strategies, with some sectors establishing guiding prices to ensure profitability [4][10] - Despite full production, some companies are still facing losses, but policies aimed at reducing internal competition may provide opportunities for price recovery in the materials sector [10] Future Trends - The solid-state battery market is progressing steadily, with significant growth in equipment orders and production capacity expected in the coming quarters [12][19] - The European new energy vehicle market is recovering, with new model releases from companies like BMW expected to support demand in 2026 [17] - The current interest rate reduction cycle is expected to benefit the energy storage industry by lowering financing costs, which will promote market growth [16] Emerging Technologies - In the consumer electronics sector, new technology trends are emerging, particularly with the introduction of steel-shell batteries and higher energy density requirements from clients like Meta [18] - Solid-state battery applications are expanding beyond automotive to include robotics and drones, indicating a growing demand in new fields [14][19] Conclusion - The lithium battery industry is on a positive trajectory, supported by strong demand from various sectors, proactive expansion plans from leading manufacturers, and favorable market conditions in Europe and the consumer electronics space. The focus on solid-state technology and energy storage solutions further enhances the industry's growth potential.

Group 1 - Solid-state batteries are considered a key technology direction for the next generation of lithium batteries due to their high safety and energy density [1] - Several A-share listed companies, including Better Energy Materials Group, Xian Dao Intelligent Equipment, and Guoxuan High-Tech, have disclosed their progress in the solid-state battery field during investor interactions since September [1] - Xian Dao Intelligent has established equipment cooperation with multiple leading domestic and international companies, successfully delivering core equipment for solid-state batteries and mass production line solutions [1] Group 2 - Guoxuan High-Tech has completed its first solid-state battery pilot line, achieving a yield rate of 90% for its "Jinshi" solid-state battery, and has initiated the design of a 2GWh production line [2] - The rapid progress in solid-state battery industrialization is closely related to the emphasis on technological innovation by upstream and downstream companies, which will establish a solid foundation for future competition [2] - Major companies in the new energy sector have significantly increased their R&D investments, with BYD, SAIC Motor, and CATL spending 30.88 billion, 10.17 billion, and 10.09 billion respectively in the first half of the year [2] Group 3 - Guoxuan High-Tech's R&D investment in the first half of 2025 reached 1.382 billion, a 13.34% increase year-on-year, with new products launched including the GY solid-state battery and "Jinshi" solid-state battery [3] - Better Energy's R&D expenditure was 401 million, a 27.30% increase year-on-year, with the release of material solutions for solid-state batteries [3] - The global solid-state battery industry is entering a phase of accelerated industrialization, with Chinese companies expected to establish a leading advantage in the global competition [3]

固态电池行业周报（第十三期）：先导智能已打通全 固态电池量产工艺环节，亿纬锂能"龙泉二号"全固 态电池下线 ——行业周报 电力设备 行 业 研 究 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 先导智能已打通全固态电池量产工艺环节，亿纬锂能"龙泉二号"全固态电 池下线 （1）材料：9 月 1 日，天齐锂业在 2025 年半年度业绩说明会上宣布，年产 50 吨硫化锂中试项目在四川眉山实质动工。该项目采用自主开发的循环提纯技术， 硫化锂纯度达 99.9%，杂质含量降低 90%，生产成本降至行业平均水平的 60%。 （2）电池：9 月 2 日，亿纬锂能固态电池研究院成都量产基地正式揭牌，"龙 泉二号"全固态电池成功下线。该基地总面积约 1.1 万平方米，全面投产后年产 能近 50 万颗电芯，分两期建设：一期 2025 年 12 月建成，具备 60Ah 电池制造 能力；二期 2026 年 12 月实现 100MWh 年产能交付。"龙泉二号"为 10Ah 全固 态电池，能量密度 300Wh/kg、体积能量密度 700Wh/L，采用三元正极、硅碳负 极和硫化物固态电解质 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The battery sector is witnessing significant advancements in solid-state battery technology, with a penetration rate of 55.3% for new energy vehicles in August [2][10] - The photovoltaic sector is set for high-quality development following new government policies aimed at curbing low-price competition [3][17] - The energy storage sector has reached a record high in bidding scale, with 25.8GW/69.4GWh in August, indicating strong market demand [4][35] Summary by Sections New Energy Vehicles and Lithium Battery Sector - Battery companies are making substantial progress in solid-state battery development, with industry-wide commercialization on the horizon [9] - The penetration rate of new energy vehicles reached 55.3% in August, with expectations for market growth in September due to seasonal demand and subsidy implementation [10][11] Photovoltaic Sector - New government initiatives aim to eliminate low-price competition in the photovoltaic industry, promoting high-quality growth [3][17] - The plan includes measures for better industry planning, quality management, and international cooperation [18] Wind Power Sector - The successful delivery of the Fan Stone II project's submarine cable and new orders from Europe highlight ongoing growth in the wind power sector [27][28] - The wind power supply chain is experiencing stable pricing for key materials, with some fluctuations noted [29] Energy Storage Sector - August saw a historic high in energy storage bidding, with a total scale of 25.8GW/69.4GWh, driven by large-scale project completions [35] - The average price for 2-hour energy storage systems has dropped below 0.5 yuan/Wh, indicating a trend towards cost reduction [36][37] Electric Power Equipment Sector - The South Grid's first batch of metering products achieved a total bid of 3.462 billion yuan, with significant contributions from leading companies [49][50] - The Jinshang-Hubei ±800 kV UHVDC project has commenced operation, enhancing power transmission capabilities [51] Industrial Control and Robotics Sector - The PMI index showed improvement in August, indicating a recovery in manufacturing demand, which is expected to boost orders for industrial control components [58] - The establishment of the Wenzhou Artificial Intelligence Bureau aims to promote AI development, with significant contracts awarded in the humanoid robot sector [60] Hydrogen Energy Sector - The Yalong River Basin's hydrogen energy development plan is underway, with significant projects being awarded, indicating growth in the hydrogen sector [66][67]

Core Viewpoint - The solid-state battery sector in China is experiencing significant growth, with leading companies like XianDao Intelligent and Yiwei Lithium Energy seeing substantial stock price increases, indicating strong market interest and potential for future production [1][3][4]. Company Developments - Yiwei Lithium Energy's solid-state battery production line in Chengdu has begun testing, with plans for mass production targeting 2027 [3][4]. - The Chengdu facility aims for an annual production capacity of nearly 500,000 cells, with the first phase expected to be completed by December 2025 [4]. - The "Longquan No. 2" solid-state battery produced has a high energy density of 300Wh/kg and is intended for advanced applications such as humanoid robots and AI [4][8]. Industry Context - The global solid-state battery industry faces challenges, particularly in the U.S. and Japan, where companies are struggling with production timelines and technical hurdles [9][11]. - Chinese companies are accelerating their efforts, with Yiwei Lithium Energy and other firms like CATL targeting small-scale production by 2027 [17][18]. - The Chinese government is actively supporting the development of solid-state batteries, aiming to establish several leading companies in the sector by 2027 [18]. Technical Challenges - The solid-state battery technology is recognized as complex, with issues such as the "solid-solid interface" and the production of lithium sulfide posing significant challenges [12][15]. - Despite advancements, the commercial viability of solid-state batteries remains uncertain, with ongoing research needed to address material and production challenges [12][15][16].

Market Overview - On September 5, the market rebounded strongly, with multiple ETFs rising over 10%, benefiting investors who entered the market on dips [1][2] - On September 4, over 7 billion yuan flowed into equity ETFs despite market fluctuations, indicating a strong interest in this investment vehicle [1][7] - Since August, more than 70 billion yuan has been invested in equity ETFs, although the flow of funds has shown significant divergence [1][7] ETF Performance - On September 5, 32 ETFs saw net value increases exceeding 8%, with several new energy-themed ETFs, such as Guotai and Huaxia, rising by over 10.8% [2][3] - Specific ETFs like the Guotai New Energy ETF and Huaxia New Energy ETF recorded increases of 10.98% and 10.90%, respectively [3] Fund Issuance Trends - The issuance of equity funds has been recovering, with 30 new funds launched in just five days, raising a total of 23.08 billion yuan [10] - The招商均衡优选混合基金 achieved remarkable success, raising over 8.8 billion yuan on its first day of issuance, leading to a subscription cap being set at 5 billion yuan [10][11] Investment Sentiment - Investment sentiment is optimistic, with expectations of a potential interest rate cut by the Federal Reserve, leading to a shift towards equity assets [12] - The gradual increase of medium to long-term funds is expected to influence the A-share and Hong Kong markets positively, particularly benefiting high-quality companies with long-term growth potential [12] Lithium Battery Sector Insights - The lithium battery sector is experiencing positive signals from both demand and supply sides, with optimistic performance guidance from lithium companies enhancing market confidence [4] - The industry is moving towards a "de-involution" consensus, which may lead to the elimination of outdated capacities and orderly expansion of high-end capacities [4] - Solid-state batteries are projected to achieve significant breakthroughs by 2025, with expectations for commercialization by 2030, driven by policy, demand, and technological advancements [5][6]

Core Viewpoint - The stock indices collectively adjusted this week, with significant inflows into certain ETFs, particularly in the securities, chemical, and battery sectors, while chip-related ETFs faced substantial outflows [1][4][10]. Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached approximately 12.84 trillion yuan, with the Shanghai index closing at 3812.51 points, down 1.18%, and the Shenzhen index at 12590.56 points, down 0.83% [2]. - Major ETFs such as the Sci-Tech 50 ETF and the Sci-Tech Board 50 ETF saw declines exceeding 6% this week, contributing to a total outflow of 111.08 billion yuan from the top 10 index ETFs [4]. ETF Inflows and Outflows - The total net inflow for stock and cross-border ETFs in the Shanghai and Shenzhen markets was about 128 billion yuan this week [1][4]. - In terms of sector-specific ETFs, the securities, chemical, and battery ETFs saw significant inflows, with net inflows of 38.14 billion yuan, 31.27 billion yuan, and 22.04 billion yuan respectively [6][10]. - Conversely, the semiconductor ETFs experienced substantial outflows, with the semiconductor ETF and the Sci-Tech chip ETF seeing reductions of 15 billion units and 9.84 billion units, respectively, resulting in net outflows of 20.58 billion yuan and 19.76 billion yuan [9]. Key ETF Performances - The top-performing ETFs in terms of net inflow included the Securities ETF (512880) with a net inflow of 38.14 billion yuan and the Chemical ETF with 31.27 billion yuan [7][10]. - The ETFs that faced the most significant outflows included the Semiconductor ETF and the Sci-Tech Chip ETF, which saw declines of 7.46% and 8.52%, respectively [9][18]. Future Outlook - Analysts maintain an optimistic view on the mid-term market trends, emphasizing the importance of monitoring macroeconomic data, overseas market conditions, and institutional reallocation post-earnings reports [4][11][18].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery industry has achieved significant year-on-year and quarter-on-quarter net profit growth over the past two quarters, indicating a performance turning point. The upcoming traditional peak season for the downstream new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to enter a peak season, with a month-on-month increase in September's lithium battery pre-production [3][45]. - The report highlights the continuous improvement in the fundamentals of leading companies across the industry chain, particularly those with technological and cost advantages. The ongoing industrialization of solid-state batteries is expected to bring incremental demand for materials and equipment in the industry chain [45]. - Key companies to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tianqi Technology (688116), and Xianlead Intelligent (300450) [45]. Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. The index has increased by 18.79% this month and 24.27% year-to-date, surpassing the CSI 300 index by 11.68 and 13.34 percentage points, respectively [4][13]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [6][27]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen price declines of 2.51%, 2.81%, and 2.02%, respectively [30]. - The price of electrolyte lithium hexafluorophosphate has increased by 1.25% to 56,500 CNY/ton, while the prices of phosphoric acid lithium electrolyte and ternary electrolyte have risen by 0.60% and 0.47%, respectively [33]. Industry News - Major global battery manufacturers are expected to produce a total of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%, with nearly 84% of this production coming from Chinese companies [44]. - EVE Energy's solid-state battery research institute in Chengdu has officially opened, with the "Longquan No. 2" solid-state battery successfully rolling off the production line. The facility is expected to have an annual production capacity of nearly 500,000 cells [44]. - Gotion High-Tech reported a 48% year-on-year increase in shipments in the first half of the year, with strong product demand and high capacity utilization [44].

Group 1 - The A-share market in China experienced a significant rally on September 5, with all three major indices closing higher, particularly the battery sector which surged over 9% [1][2] - The battery sector, specifically the lithium battery chain, has shown continuous improvement in performance over the last two quarters, indicating a confirmed turning point in earnings [1] - The upcoming traditional peak season for the new energy vehicle market is expected to boost demand for power batteries, alongside sustained high growth in energy storage driven by renewable energy development and new data center construction [1] Group 2 - Notable individual stocks in the battery sector saw substantial gains, with Tianhong Lithium Battery recording an approximate 30% increase in stock price on the same day [1] - The recent advancements in solid-state battery industrialization are expected to bring certain incremental demand for the industry chain, benefiting the sector [1] - The China Automotive Engineering Society is set to review and initiate several standards related to solid-state batteries, indicating ongoing developments in this technology [1]