Core Viewpoint - The battery industry is experiencing positive developments, with the solid-state battery technology advancing and a consensus on price discipline emerging among certain segments, which is expected to improve the competitive landscape [3]. Group 1: Market Performance - As of August 28, 2025, the China Securities Battery Theme Index rose by 0.23%, with notable increases in component stocks such as Putailai (6.19%), Goodwe (4.29%), Keda (3.65%), and Sungrow (3.35%) [1]. - The Battery ETF by Harvest (562880) showed a trading turnover of 5.18% and a transaction volume of 17.0666 million yuan, with an average daily transaction of 13.8565 million yuan over the past week [3]. Group 2: Industry Developments - The solid-state battery industrialization process is accelerating, with multiple companies initiating pilot production lines and planning to achieve mass production by 2026 [3]. - Since 2025, breakthroughs in solid-state battery technology have been reported, with several automakers planning to adopt all-solid-state batteries around 2027, indicating a faster industrialization process [3]. Group 3: Key Stocks and Weightings - As of July 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index accounted for 51.66% of the index, including Sungrow, CATL, and Sanhua Intelligent Controls [3]. - The performance of key stocks includes Sungrow (3.35% increase, 10.28% weight), CATL (-0.97%, 9.64%), and Sanhua Intelligent Controls (1.54%, 6.31%) [5].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The humanoid robot sector is experiencing significant advancements, with companies like Unitree and Zhiwei Robotics making strides in product development and partnerships, indicating a robust growth trajectory for the industry [4][5][6] - The liquid cooling technology is becoming increasingly essential due to the rising power consumption of data center servers, with a projected increase in adoption as standards are established and high-power chips become more common [7][8] - The engineering machinery sector is expected to benefit from increased infrastructure investment, particularly with major projects like the Yarlung Zangbo River hydropower project, which will drive demand for machinery [13][14] Summary by Relevant Sections Humanoid Robots - Unitree Technology announced a new humanoid robot with enhanced flexibility, featuring 31 joints, a 19% increase from its previous model [4] - The humanoid robot industry is poised for a breakthrough in 2025, with mass production expected to address data scarcity issues and enhance practical applications [6] Liquid Cooling - The establishment of national standards for immersion liquid cooling power supplies is underway, which will guide the design and application of liquid cooling systems in data centers [7] - The shift towards liquid cooling is driven by the limitations of traditional air cooling systems in managing the heat generated by high-power chips [8] Engineering Machinery - The engineering machinery sector is witnessing a recovery in domestic sales, with excavator sales in July 2025 showing a year-on-year increase of 25.2% [14] - Major infrastructure projects, such as the Yarlung Zangbo River hydropower project, are expected to significantly boost demand for engineering machinery [13] Forklifts - Forklift sales have shown strong growth, with a total of 118,605 units sold in July 2025, reflecting a 14.4% year-on-year increase [15] - The rise of autonomous forklifts is anticipated to further enhance market growth, with a projected 39.3% increase in sales by 2025 [15] Rail Transit Equipment - The rail transit equipment sector is benefiting from increased investment in railway infrastructure, with significant growth in orders for high-speed train maintenance [16] Semiconductor Equipment - The push for domestic semiconductor equipment manufacturing is accelerating due to geopolitical tensions and trade restrictions, with a focus on critical equipment like photolithography machines [17][18] New Energy Equipment - The solid-state battery sector is expected to see rapid growth, with new equipment needs arising from the transition to solid-state production lines [21] - The market for photovoltaic equipment is also anticipated to recover as competition stabilizes and prices begin to rise [21]

Group 1 - The core viewpoint is that the solid-state battery industry is advancing, with several A-share listed companies entering the pilot production stage, indicating a shift from laboratory to pilot production for solid-state batteries [1][2] - Companies like Funeng Technology are expected to complete a pilot production line for sulfide solid-state batteries with a designed capacity of 0.2 GWh by the end of this year, aiming to deliver 60Ah sulfide solid-state batteries to strategic partners [1] - The solid-state battery technology is characterized by the use of solid electrolytes instead of liquid electrolytes, which significantly impacts key performance indicators such as power density, energy density, and cycle life [2] Group 2 - The solid-state electrolyte industry is currently focusing on sulfide and oxide routes, with sulfide electrolytes showing the highest ionic conductivity and the greatest potential for future development [2] - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board New Energy Index account for 47.21% of the index, indicating a concentration of investment in leading companies within the new energy sector [3] - The Science and Technology Innovation Board New Energy Index tracks 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors, with battery stocks making up 38.5% of the index [2][3]

中银证券近日发布电力设备与新能源行业8月第4周周报：本周电力设备和新能源板块上 涨2.28%，其中工控自动化上涨3.84%，新能源汽车指数上涨3.69%，光伏板块上涨3.39%， 发电设备上涨2.79%，核电板块上涨2.69%，锂电池指数上涨2.45%，风电板块上涨0.50%。 本周行业重点信息：新能源车：乘联分会：新一批补贴资金到位后，各地以旧换新补贴 陆续重启，预计8月新能源零售可达110万左右，渗透率有望再创新高至56.7%。东风汽车启 动重大资产重组，推动旗下岚图汽车以介绍方式登陆香港联交所，同时对东风汽车集团股份 有限公司私有化。全新MG4将于8月29日正式上市，半固态电池版也将同步发布价格。动力 电池：先导智能在互动平台表示已成功输出量产级固态电池整线方案。楚能新能源与东风柳 汽签署动力电池开发合作协议，将在未来五年内向东风柳汽提供超过30GWh的多款乘用 车、商用重卡电池产品。光伏风电：工业和信息化部等部门联合召开光伏产业座谈会，部署 进一步规范光伏产业竞争秩序工作。中国光伏行业协会发布关于进一步加强行业自律，共同 维护公平竞争、优胜劣汰的光伏市场秩序的倡议。国家能源局：2025年7月，全国新增 ...

Summary of Conference Call on Sulfide Solid-State Batteries Industry Overview - The focus is on the sulfide solid-state battery industry, particularly the development and commercialization of sulfide electrolytes, which are considered ideal due to their high room temperature conductivity and excellent mechanical properties [1][2]. Key Points and Arguments 1. **Sulfide Electrolyte Advantages**: - High room temperature conductivity, excellent mechanical properties, and ductility make sulfide electrolytes ideal for solid-state batteries. However, challenges include poor air stability, narrow electrochemical windows, and interface performance issues [1][4]. 2. **Production Methods**: - Various production methods for lithium sulfide include lithium sulfide synthesis, thermal reduction, hydrazine reduction, liquid-phase decomposition, and lithium hydroxide with hydrogen sulfide methods. Each has its pros and cons but shows potential for large-scale application [1][5][20]. 3. **Market Projections**: - By 2030, the expected shipment of solid-state batteries is projected to reach 600 GWh, with sulfide systems accounting for 65%, translating to a demand for approximately 50,000 tons of lithium sulfide [1][10]. 4. **Development Timeline**: - The solid-state battery development timeline includes small-scale production for vehicles by 2027 and large-scale production by 2030, targeting energy densities above 400 Wh/kg and cycle life exceeding 1,000 cycles [2][10]. 5. **Cost Considerations**: - Current cost estimates for sulfide solid-state batteries range from 3.7 to 6.2 yuan per watt-hour, which is significantly higher than oxide and polymer routes. However, there is potential for cost reduction in the coming years [9]. 6. **Competitive Landscape**: - Key players in the sulfide solid-state battery field include companies like Shanghai Xiba and Xiangxin Energy, with various production methods being explored by leading firms such as Enjie, Xinzhou Bang, Tianqi Lithium, and Huayou Cobalt [6][18]. 7. **Risks in the Industry**: - The industry faces risks related to production not meeting expectations, cost reduction not being realized, and competition from other established routes such as oxides and polymers. Continuous monitoring of cost reduction strategies and production capabilities is essential [3][24]. Additional Important Content - **Material and Process Challenges**: - The solid-state battery industry is challenged by material and process difficulties that hinder large-scale production. There is a need for ongoing observation of cost reduction pathways and the impact of integrated versus non-integrated layouts on supply chain dynamics [3][23][24]. - **Research Focus**: - Research is ongoing to improve the air stability and electrochemical performance of sulfide electrolytes through methods such as doping and coating [4][11]. - **Investment Recommendations**: - Investors are advised to focus on companies with unique processes and strong product performance, as well as those with significant potential for mass production and cost reduction [21][23].

Group 1 - The ChiNext New Energy Index (399266) has shown a strong increase of 2.46%, with significant gains in constituent stocks such as Robotech (300757) up 19.85%, Jieli Permanent Magnet (300748) up 19.74%, and Yunda Co. (300772) up 12.91% [1] - Solid-state battery industry is experiencing rapid advancements, with several A-share listed companies entering the pilot test phase, which is a crucial step before mass production [1] - The pilot test phase is expected to significantly shorten the trial and error cycle and accelerate the industrialization process by forming a closed-loop verification of 'materials - equipment - processes' [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the ChiNext New Energy Index include CATL (300750), Huichuan Technology (300124), and Sungrow Power (300274), collectively accounting for 62.13% of the index [2] - The solid-state battery market in China is anticipated to see explosive demand in emerging fields such as eVTOL and humanoid robots, driven by both policy and market factors [1] - The current solid-state battery industry is characterized by simultaneous technological breakthroughs and commercialization progress, with semi-solid batteries already achieving large-scale application [1]

Group 1 - The solid-state battery industry is accelerating its commercialization, with Greenme and Weilan Lithium signing a cooperation agreement to achieve breakthroughs in ultra-high energy density battery technology within one year and to promote the industrialization of solid-state batteries with over 400Wh/kg within three years [1] - Nandu Power signed a 2.8GWh independent energy storage project order using 314Ah semi-solid-state batteries, while Talan New Energy's solid-state battery project was selected for the national key research and development plan [1] - Rongjie Energy announced a 450Wh/kg solid-state battery and plans to establish a 0.2GWh pilot line by 2026 [1] - A new group standard for "Specifications and Dimensions of Solid-State Battery Cells for Electric Vehicles" has been officially initiated, which regulates key indicators such as packaging methods, specifications, and tolerances for solid-state battery cells [1] - The new energy vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, with nearly half of its component stocks being battery companies, leading to a more than 2.0% increase during trading [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index (930997) include CATL, Huichuan Technology, BYD, Changan Automobile, Huayou Cobalt, Sanhua Intelligent Control, EVE Energy, Ganfeng Lithium, Tianqi Lithium, and Greenme, collectively accounting for 55.33% of the index [2] - The new energy vehicle ETF (515700) has several off-market connections, including Ping An CSI New Energy Vehicle ETF Initiated Connection A, C, and E [2]

Group 1 - The core viewpoint is the formal establishment of the group standard for solid-state battery cell specifications, which is expected to lay a crucial foundation for the large-scale implementation of the industry [1][2] - The standard was proposed by the Electric Vehicle Industry Technology Innovation Strategic Alliance and led by China First Automobile Group Co., Ltd. [2] - The solid-state battery cell packaging method is specified as soft-pack [2] Group 2 - A new project for 1,000 tons of silicon-carbon anode materials has been announced with a total investment of 203 million yuan, which will enhance the supply chain for solid-state batteries [2] - Nandu Power Source has a pilot production line for solid-state batteries, capable of small batch deliveries, but it will not significantly impact the company's performance in 2025 [2][3] - Tai Lan New Energy signed a contract for a solid-state battery production base in Hubei, with a projected annual output value exceeding 10 billion yuan from a 12 GWh capacity expected to be operational by the end of the year [3] Group 3 - The solid-state battery index increased by 2.2% from August 18 to August 22, with a cumulative increase of 32.9% for 2025, outperforming the CSI 300 index which rose by 11.3% during the same period [4] - The average increase for solid-state battery-related stocks was 2.5%, with all segments showing growth, particularly the conductive agent segment which saw a rise of 15.8% [4][5] - The top five gainers included Daosh Technology (+19.2%), Jiayuan Technology (+16.0%), and Zhuhai Guanyu (+12.5%), while the top five losers included Haichen Pharmaceutical (-13.0%) and Delong Laser (-8.9%) [5]

凌晨的实验室，天赐材料（002709）界面研究工程师陈工紧盯着监测屏上跳动的曲线——这是他连续第三晚值守，只为捕捉硫化物电解质与空气"隐秘的 反应"。 在天赐材料的研发中心，这样与时间赛跑的场景是常态。以天赐材料为代表的中国锂电企业正是在一次次反复实验中，找到了固态电池核心技术的突破 口。从液态到固态，从实验室到产线，中国锂电企业的突围之路，正是中国产业创新升级的一个缩影。 突破"不可能三角" "连续三年，固态电解质研发都享有独立预算池，这在公司历史上从未有过。"天赐材料相关人士告诉证券时报记者，公司投入的大量研发资金中，固态电 解质被列为最高优先级(S级)。 固态电池被视作下一代动力电池的解决方案，但它的核心部件固态电解质，却长期面临着"高离子电导率、界面兼容性、电化学稳定性"的不可能三角困 境。天赐材料研发团队在起步阶段，就遇到了这个世界级难题。 "当硫化物电解质与高镍正极接触时，界面阻抗会像一堵墙突然立起来。"天赐材料研发负责人告诉证券时报记者，"固态电解质材料本身要达到理想的离 子电导率已属不易，但当它与正负极材料实际接触时，界面阻抗往往会急剧增加，严重影响电池的倍率性能和循环寿命。" 面对挑战，天赐 ...

Core Viewpoint - The article discusses the rapid advancement of polymer-based solid-state batteries, highlighting their unique advantages in performance, manufacturability, and industrial adaptability, positioning them as a leading technology route in the solid-state battery industry [2][3]. Group 1: Performance Breakthroughs - Ionic conductivity has successfully surpassed the critical threshold of 10⁻³ S cm⁻¹ at room temperature through polymer molecular structure design [5]. - The electrochemical stability window has been expanded to 5V by employing main-chain antioxidant modification techniques and in-situ construction of the cathode-electrolyte interface (CEI) [6]. - Thermal stability has been enhanced, with the decomposition temperature of the electrolyte exceeding 200°C, while also exhibiting excellent flame-retardant properties and mechanical strength [7]. Group 2: Manufacturing Advantages - The polymer electrolyte can be directly applied to existing lithium-ion battery manufacturing processes, with equipment modification costs only one-tenth of other solid-state battery processes [9]. - The viscoelasticity of polymers allows for dynamic adaptation to electrode volume changes, resulting in a lower interface impedance growth rate by 1 to 2 orders of magnitude compared to inorganic solid electrolyte systems, enabling charge and discharge without external pressure [10]. - Over 90% of polymer raw materials can be shared with the existing chemical industry chain, eliminating reliance on scarce strategic metals, thus providing strong support for large-scale production [11]. Group 3: Challenges Facing Inorganic Systems - Inorganic systems face significant manufacturing challenges, requiring inert gas atmospheres or extremely low humidity environments, and high-temperature sintering processes that increase energy consumption by 5-8 times compared to lithium-ion batteries [12][13]. - Interface instability and high interface impedance due to rigid contact are major issues for inorganic systems [12][13]. - Safety concerns arise from the combustibility of sulfide electrolytes and the potential for lithium dendrite formation due to cracking [12][13]. Group 4: Commercialization Path Comparison - The polymer system can smoothly integrate with the existing industrial ecosystem through incremental technological improvements, while the inorganic system requires a complete overhaul of infrastructure and supply chains [14][15]. - Capital investment for dedicated production lines for inorganic systems can reach $100-200 million per GWh, which is 10-15 times higher than that for polymer routes [15]. - The supply chain integration cycle for inorganic systems is approximately 5-8 years, exceeding the 3-5 year technology iteration cycle of automotive companies [16]. Group 5: Industrialization Prospects - Polymer-based solid-state batteries are rapidly developing along a path of "improvement—replacement—exceeding," while inorganic systems still face systemic bottlenecks from material innovation to infrastructure [19]. - Based on the current technology maturity curve, polymer-based systems are expected to achieve large-scale application by 2026, becoming the mainstream solution for solid-state batteries [19].