Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the power equipment and new energy sector [5]. Core Insights - The lithium battery industry is showing upward momentum after bottoming out, driven by strong demand from the new energy vehicle market and the rising profitability of energy storage [1][10]. - The photovoltaic industry is experiencing a cyclical recovery, with policies aiding in supply-demand balance and price stabilization [2]. - The wind power sector is expected to maintain high growth, with significant installation demand projected for the upcoming years [3]. Summary by Sections Lithium Battery Industry - The lithium battery sector is witnessing a recovery with strong sales in new energy vehicles, leading to a price increase in lithium materials. For instance, lithium carbonate prices have risen to 80,000 yuan/ton and hexafluorophosphate lithium to 110,000 yuan/ton as of November 2025 [1]. - The global demand for new energy vehicles continues to grow, with domestic sales of new energy passenger vehicles reaching 11.228 million units in the first nine months of 2025, a year-on-year increase of 34.9% [16]. - Solid-state batteries are emerging as a revolutionary technology with advantages in energy density and safety, expected to be commercialized between 2027 and 2030 [1][10]. Photovoltaic Industry - The photovoltaic market is stabilizing after years of rapid growth, with an expected annual installation of over 200 GW until 2030. However, the industry still faces overcapacity issues that need to be addressed through market and policy measures [2]. - The report highlights the importance of policy support in restoring supply-demand balance and price recovery in the photovoltaic sector, with significant investment opportunities arising from new technologies [2][11]. Wind Power Industry - The wind power sector has exceeded its installation targets during the 14th Five-Year Plan, with expectations of an average annual installation of 120 GW during the 15th Five-Year Plan, a 66% increase from the previous period [3]. - Both onshore and offshore wind projects are expected to see robust demand, with offshore wind power development being a key focus area for future growth [3][12].

兴业证券指出，整车厂方面，国内外均预期2025-2026年密集路试，2027年逐渐量产。政策端，国内外 产业政策持续加码，国内国资委、工信部、发改委先后出台重大项目支持固态电池发展，明确25年底关 键节点。 据东风汽车研发总院消息，11月12日-15日，2025世界动力电池大会在四川宜宾国际会展中心举行。 东风汽车携新一代高比能固态电池和马赫超千伏纯电平台展品，以及多款自主品牌新能源车型亮相。东 风汽车表示，目前已建成0.2GWh固态电池中试线并投入使用，预计350Wh/kg固态电池将于2026年9月 正式量产上车，届时整车可实现1000公里续航。 *免责声明：文章内容仅供参考，不构成投资建议 东北证券表示，全固态电池生产设备单GWh产能对应的投资金额约是液态电池的2-3倍，价值量在4-6亿 元，部分环节设备价值量显著提升100%-200%。全固态电池的工艺可分为干法和湿法，干法较湿法在成 本、效率上均有提升。干法制膜在前段工序的干混、涂布、辊压和切片/制片设备变化较大，中段工序 中叠片和静压设备是技术核心。 *风险提示：股市有风险，入市需谨慎 相关公司中，欣旺达：子公司欣旺达动力科技股份有限公司与东风汽车集 ...

Group 1: Market Overview - The market experienced a significant rally, with the Shanghai Composite Index reaching a ten-year high, closing up 0.73% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion yuan, an increase of 969 billion yuan compared to the previous trading day [2] Group 2: Lithium Battery Sector - The lithium battery industry saw explosive growth, with major stocks like Ningde Times rising over 7%, and nearly 30 stocks hitting the daily limit [5][4] - Lithium carbonate futures prices increased by 20% from October 14 to November 10, indicating strong market demand [9] - The production capacity in the lithium iron phosphate sector is at full or even over capacity, reflecting high production enthusiasm among leading material manufacturers [9] Group 3: Storage Chip Sector - The storage chip sector strengthened, with stocks like Baiwei Storage rising over 13% [11][12] - Major players in the NAND flash memory market, including Samsung and SK Hynix, are planning to raise prices by 20% to 30% due to supply adjustments [15] - The demand for DRAM in AI servers is significantly higher than in regular servers, driving up overall memory prices [15] Group 4: Gold Market - Gold prices have surged, reaching over $4,200 per ounce, with a year-to-date increase of nearly 60% [16][19] - The rise in gold prices is attributed to increased geopolitical risks and the weakening of the dollar's credit, enhancing gold's appeal as a hedge against inflation [19][20] - Central banks globally have been increasing their gold reserves, with China's central bank having room for further accumulation [20]

Group 1: Current Status and Core Advantages of Solid-State Batteries - The article discusses the differentiation in technology routes for solid-state batteries, highlighting the core advantages such as improved safety and energy density [2] - Solid-state batteries utilize solid electrolytes to replace liquid electrolytes, significantly reducing risks of thermal runaway and short circuits [3] Group 2: Industrialization Progress and Market Potential - The timeline for solid-state battery development includes milestones such as mass production of semi-solid batteries by 2025 and commercial deployment of all-solid batteries by 2027, with energy densities expected to reach 400-500 Wh/kg [3] - By 2030, global solid-state battery shipments are projected to reach 700 GWh, with semi-solid batteries accounting for 500 GWh and all-solid batteries for 200 GWh [3] Group 3: Key Technologies and Material Innovations - The article outlines the material systems for semi-solid and all-solid batteries, including the use of oxide/polymer for semi-solid and sulfide/halide for all-solid batteries to address interface stability issues [3] - Innovations in electrode materials, such as silicon-carbon anodes and high-voltage cathodes, are emphasized as critical for enhancing battery performance [3] Group 4: Application Scenarios and Cost Sensitivity - Different application scenarios are identified, with semi-solid batteries being suitable for consumer electronics and economic electric vehicles, while all-solid batteries target high-end electric vehicles and long-range robots [3] - The cost sensitivity of various applications is discussed, indicating that solid-state batteries will gradually replace liquid batteries in mid to high-cost scenarios as production scales up [3] Group 5: Domestic and International Competitive Landscape - The competitive landscape highlights early movers like Japan's Toyota focusing on all-solid battery development, while Chinese companies are advancing semi-solid battery production [3] - The article notes that by 2027, the gap in all-solid battery technology between China and international leaders is expected to narrow significantly [3]

Group 1 - The chemical sector continues to show strength, with the chemical ETF (516020) experiencing a price increase of up to 4.19%, currently up 3.58% [1] - Key stocks in the sector, particularly in lithium batteries and photovoltaics, have surged, with companies like Tianqi Lithium and Enjie rising to their daily limit, and New Era Materials increasing over 16% [1] - The chemical ETF (516020) has seen a net subscription of 158 million yuan over the past four trading days, indicating strong investor interest [3] Group 2 - The price of lithium hexafluorophosphate has rebounded, improving the profitability of the industry chain, driven by increased demand from the electric vehicle and energy storage sectors [3] - The lithium battery industry is poised for unprecedented growth due to technological advancements and surging market demand, particularly in the global energy storage market [3] - The chemical ETF (516020) tracks a diversified index covering popular themes such as robotics, new energy, and AI computing, with nearly 50% of its holdings in large-cap leading stocks [6] Group 3 - The valuation of the chemical ETF (516020) is currently at a price-to-book ratio of 2.4, which is relatively low compared to the past decade, suggesting attractive long-term investment potential [4] - The chemical sector has been building a base for a long time, and with the recent increase in PPI, there is potential for industrial prices to rise, enhancing the investment value of the sector [5]

宁德时代董事长曾毓群在会上表示，第五代磷酸铁锂电池产品在近期开始量产，在能量密度和循环寿命 上实现新的突破。在全固态电池方面，宁德时代的研究和产业化进度处于全球前列。"巧克力换电联 盟"目前已覆盖全国45座城市，到2025年底将建成1000座换电站。 消息面上，自10月14日至11月10日，碳酸锂期货价格持续上涨，累计涨幅达20%。据了解，近期磷酸铁 锂行业生产积极性高涨，头部材料厂多处于满产甚至超产状态。 锂电池产业链点燃市场热情，华盛锂电收获20%幅度涨停，股价创新高，康鹏科技、泰和科技、永兴材 料、天赐材料等20余只个股涨停。 宁德时代AH股早盘联袂走高，截至午间收盘，宁德时代A股报417.98元/股，涨8.18%，总市值1.91万亿 元，成交额149亿元，位居A股第一。宁德时代H股盘中涨近6%，股价最高报582港元/股。11月12日 晚，海博思创披露，公司当天与宁德时代在福建省宁德市以书面方式签署了《战略合作协议》。 11月12日，2025世界动力电池大会签约仪式在四川宜宾举行，共签约项目180个，总金额达861.3亿元， 涵盖动力电池、新型储能、光伏、智能网联新能源汽车等绿色新能源关键领域，展现出强 ...

早盘，锂电池产业链点燃市场热情，华盛锂电收获20%幅度涨停，股价创新高，康鹏科技、泰和科技、永兴材料、天赐材料等20余只个股涨停。 11月13日上午，A股三大指数震荡走强，权重股宁德时代大涨8%，带动创业板指拉升超2%。截至午间收盘，上证指数报4017.94点，涨0.44%；深证成指 报13478.83点，涨1.80%；创业板指报3205.76点，涨2.68%。沪深北三市半日成交12733亿元。 盘面上，热点轮番活跃，全市场超3800只个股上涨。锂电池板块掀涨停潮，孚日股份6连板，华盛锂电6天3板，天赐材料等20余只个股涨停；福建板块持 续走高，厦工股份涨停；贵金属板块表现活跃，华锡有色涨停。 宁德时代涨超8%逼近历史新高 国金证券研报表示，在当前能源结构转型的关键节点，锂电产业链正迎来前所未有的发展机遇，其核心驱动力来源于技术革命与市场需求的共振。技术维 度上，固态电池技术的实质性突破正在重构产业天花板。市场维度上，全球储能市场的爆发性增长为锂电产业提供了超出预期的容量空间。技术突破与需 求爆发形成正向循环，储能系统对循环寿命和成本的高度敏感，恰恰是固态电池技术规模化后所能解决的下一阶段目标；而储能市场提供 ...

Market Overview - The three major A-share indices collectively rose, with the ChiNext Index increasing by 2.68% and the Shanghai Composite Index surpassing 4000 points, closing at 4017.94 points, up 0.44% [1][2] Sector Performance - The market saw a strong performance in the new energy sector, particularly in battery and energy metal stocks, while the banking sector experienced a decline [2][4] - A total of 3835 stocks rose, with 84 hitting the daily limit, while 1416 stocks fell [2] New Energy Sector - The new energy sector witnessed a significant surge, with lithium battery electrolyte stocks rising over 11%, and various lithium battery-related stocks also showing strong performance [5][6] - Notable stocks included Tianhong Lithium Battery, which surged by 26.37%, and Huasheng Lithium Battery, which rose by 20% [6] Energy Metals - The energy metals sector also saw robust gains, with companies like Tianhua New Energy rising by 18.33% and several others hitting the daily limit [8][9] - The overall performance of the non-ferrous metals sector was strong, with a focus on energy metals, precious metals, and industrial metals [11] Company Highlights - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock rise by 8.18%, with a market capitalization of 1.9234 trillion yuan and a year-to-date increase of over 60% [6][7] - CATL's chairman highlighted advancements in solid-state battery technology and the company's plans to expand its battery swap station network by 2025 [7] Banking Sector - The banking sector faced a downturn, with major banks like Agricultural Bank of China and Industrial and Commercial Bank of China all reporting declines of over 1% [16][18] - Agricultural Bank of China closed at 8.44 yuan per share, down 1.75%, with a market capitalization of 28.704 billion yuan [18]

Core Insights - Solid-state battery technology is experiencing significant advancements, with multiple automotive companies planning to adopt this technology around 2027, indicating a clear acceleration in the industry's commercialization process [1] - The 2025 World Power Battery Conference in Yibin is showcasing key materials and technological achievements in solid-state batteries, along with major project signings in the power battery supply chain [1] Industry Summary - The solid-state battery sector is witnessing continuous breakthroughs, with a positive outlook for related equipment manufacturers as the industry cycle and technological progress align [1] - The market is seeing a resurgence in lithium battery production capacity, further enhancing the fundamentals of solid-state battery-related companies [1] Company Summary - The Huaxia New Energy ETF (159368) has risen by 3.52%, with significant gains in its holdings, including a 16% increase in Xinzhou Bang and over 10% in Tianhua New Energy [1] - The Huaxia New Energy ETF is the largest ETF tracking the ChiNext New Energy Index, with a scale of 829 million yuan as of October 31, 2025, and a daily average trading volume of 90.05 million yuan [1] - The ETF has a storage capacity of 58% and a solid-state battery content of 31%, aligning well with current market trends [1]

Core Viewpoint - The 2025 World Power Battery Conference in Yibin highlights the city's strategic focus on solid-state battery technology, marking a significant step in the evolution of the power battery industry [1][3]. Industry Development - Yibin produces 10% of the world's power batteries, establishing itself as a new trillion-yuan industry cluster following its traditional liquor industry [3]. - The city aims to leverage solid-state batteries as a "second growth curve" for its economy, with significant investments and projects already underway [3][4]. Project Highlights - Sichuan Saike Power Technology Co., Ltd. launched its next-generation high-safety battery and solid-state battery project in just nine months, marking a key milestone in Yibin's solid-state battery strategy [4]. - The project is expected to generate over 3 billion yuan in annual output and create 700 new jobs, showcasing Yibin's proactive approach to solid-state battery technology [8]. Technological Advancements - Solid-state batteries are gaining global attention due to their safety advantages over traditional lithium batteries, including reduced fire risks and improved energy density [6][12]. - Yibin's solid-state battery innovation park is set to achieve a production capacity of 10 GWh by 2027, with comprehensive coverage of upstream and downstream sectors by 2029 [11]. Research and Development - Yibin has established a robust research ecosystem, attracting top-tier research teams and institutions to focus on solid-state battery technologies [12][19]. - The city has initiated the "Jiangyuan Action" program to fund innovative research projects, with over 1 billion yuan allocated annually for technology innovation [16][18]. Competitive Advantages - Yibin benefits from a high proportion of hydropower in its energy mix, leading to significantly lower electricity costs for battery production compared to other regions [14]. - The city's strategic location and infrastructure support efficient logistics and supply chain management, enhancing the competitiveness of its solid-state battery industry [19][22]. Future Outlook - Yibin aims to achieve an annual production capacity of 400 GWh and a total industry output value of 300 billion yuan by 2030, positioning itself as a leader in the global power battery market [25].