Core Viewpoint - Solid-state battery concept stocks are experiencing significant activity and price increases, driven by advancements from leading lithium battery companies and a favorable environment of policy, demand, and technology [1] Group 1: Company Developments - EVE Energy Co., Ltd. announced the opening of its solid-state battery research institute in Chengdu, marking a key step in the industrialization of solid-state batteries with the successful production of the "Longquan No. 2" all-solid-state battery, which has an energy density of 300Wh/kg [2] - Ganfeng Lithium Co., Ltd. reported smooth progress in solid-state battery research, achieving a full-chain layout covering key areas such as sulfide electrolytes and silicon-carbon anodes, with a small batch production of a 500Wh/kg 10Ah product [2] - Guoxuan High-Tech Co., Ltd. confirmed that its first all-solid-state pilot production line is now operational, with the Jinshi all-solid-state battery currently in the pilot production stage [2] Group 2: Market Insights - The solid-state battery industry is seen as having marketable conditions, but core technologies are still in the research phase, presenting uncertainties [2] - Solid-state batteries are expected to achieve large-scale production in eVTOL and gradually expand into the power sector, with market forecasts indicating small-scale production until 2027 and large-scale applications post-2030 [3] Group 3: Material Innovations - Xiamen Tungsten New Energy Materials Co., Ltd. has reported that it has begun supplying cathode materials for oxide-route solid-state batteries and is actively collaborating with leading companies on sulfide-route materials [4] - Zijin Mining Group Co., Ltd. has made a cross-industry investment in solid-state batteries by participating in the A+ round financing of Yili New Energy Technology Co., Ltd., a key supplier of solid-state electrolyte materials [4] Group 4: Investment Opportunities - The acceleration of solid-state battery industrialization is driven by material innovations and process iterations, presenting investment opportunities across battery, material, and equipment sectors [5] - Current investment logic in the secondary market focuses on the evolution path of solid-state batteries, particularly in electrolytes and sulfide-related supply chains [5]

Group 1: Core Insights - The solid-state battery sector is experiencing a surge driven by policy support, technological advancements, and capital influx, with significant investments exceeding 20 billion yuan [1] - The Chinese government aims to cultivate 3-5 global leaders in the new energy storage manufacturing industry by 2027, with direct subsidies including a 15% tax reduction [3] - Local governments are also contributing, with Shanghai allocating 20 billion yuan for equipment investment subsidies and Zhuhai introducing a solid-state battery industry plan [3] Group 2: Technological Breakthroughs - Semi-solid batteries are gaining traction, with NIO's ET7 achieving an energy density of 360 Wh/kg and a range exceeding 1000 km, while costs for production have dropped by 40% [4] - Full solid-state battery technology is advancing, with CATL's lab achieving an energy density of 500 Wh/kg and plans for small-scale production by 2027 [4] - The cost of sulfide electrolytes has significantly decreased from 7 million yuan per ton to around 2 million yuan, indicating progress towards mass production [4] Group 3: Capital Market Dynamics - Equipment manufacturers are positioned to benefit the most, with leading companies like Xian Dai Intelligent holding over 70% market share in solid-state production equipment [4] - Material suppliers are also capitalizing, with Ganfeng Lithium reducing costs to 180,000 yuan per ton, significantly below the industry average [4] - Valuations for equipment stocks are lower compared to battery manufacturers, with PE ratios for equipment firms around 25-30 times, while battery firms exceed 80 times [4] Group 4: Investment Guidelines - Investors are advised to focus on companies with confirmed orders and production capabilities, such as Xian Dai Intelligent and Ganfeng Lithium, while avoiding speculative stocks with low revenue from solid-state technology [5] - The timeline for significant developments includes large-scale semi-solid battery deployment by 2025 and small-scale full solid-state production by 2027, with a projected cost reduction by 2030 [7] Group 5: Conclusion - The solid-state battery revolution is seen as a critical opportunity for China's manufacturing sector to advance, with a clear distinction between genuine leaders and speculative stocks [8]

Core Insights - EVE Energy has made significant progress in solid-state battery technology with the successful launch of its "Longquan No. 2" all-solid-state battery, which features an energy density of 300Wh/kg and is aimed at high-end applications such as humanoid robots and low-altitude aircraft [2] Company Developments - EVE Energy's new solid-state battery production facility in Chengdu is set to be completed in two phases, with the first phase expected to be operational by December 2025, capable of producing 60Ah batteries, and the second phase aiming for a total annual capacity of 100MWh by December 2026 [2] - The "Longquan No. 2" battery utilizes solid electrolytes to eliminate safety risks associated with liquid electrolytes, enhancing charge and discharge rates, which improves device endurance and response speed [2] Industry Trends - Solid-state batteries are recognized as the core direction for next-generation power batteries, with advantages such as high energy density (theoretical potential exceeding 500Wh/kg), inherent safety, and long cycle life, which could reshape the landscape of the electric vehicle, energy storage, and consumer electronics industries [2] - Major Chinese battery manufacturers like CATL, BYD, and Guoxuan High-Tech are leading the first tier in solid-state battery development, while EVE Energy and AVIC Lithium Battery are accelerating their technological advancements to catch up [2][3] Market Data - In 2023, China's (semi) solid-state battery shipment volume reached 2GWh, including laboratory and defective products [5] - The industry consensus is forming around a "semi-solid transition, full solid breakthrough" approach, with predictions that solid-state battery technology could achieve industrial application around 2030 [7]

华西证券指出，在海内外动力和储能需求持续攀升的带动下，电力设备及电池产业链排产及出货量 有望不断提升，锂电材料价格有望企稳回升。固态电池凭借高能量密度及高安全性优势，成为下一代电 池技术的确定性方向，其产业化进程正加速推进，设备、材料、电池等全产业链环节均有望实现迭代升 级。 机械ETF（516960）跟踪的是细分机械指数（000812），该指数从市场中选取专注于机械设备行业 细分领域的上市公司证券作为指数样本，涵盖专用设备、通用机械等高技术含量领域，以反映专业化机 械制造企业的整体表现。该指数注重成分股的创新能力和市场竞争力，能够体现机械行业内的技术发展 水平和行业趋势。 没有股票账户的投资者可关注国泰中证细分机械设备产业主题ETF联接A（012516），国泰中证细 分机械设备产业主题ETF联接C（012517）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风 ...

固态电池生产设备企业订单激增引发关注，相关概念股走强，力王股份、武汉蓝电涨超10%，天际股 份、金龙羽涨停。 | 证券代码 | 证券简称 | 当天涨跌幅 | 年内涨跌 | 基金管理人 | | --- | --- | --- | --- | --- | | 562880.5H | 电池ETF嘉实 | 1.52% | 31.56% | 嘉实基金 | | 561160.SH | 锂电池ETF | 1.24% | 32.79% | 富国基金 | | 159566.SZ | 储能电池ETF | 1.23% | 36.15% | 易方达基金 | | 159796.SZ | 电池50ETF | 1.05% | 32.64% | 汇添富基金 | | 159305.SZ | 储能电池ETF广发 | 1.01% | 33.95% | 广发基金 | | 159767.SZ | 电池龙头ETF | 0.43% | 30.34% | 兴银真金 | | 561910.SH | 电池ETF | 0.31% | 33.40% | 招商基金 | | 159757.SZ | 电池30ETF | 0.28% | 31.23% | 景顺长城基金 | ...

固态电池凭借其较高的安全性及能量密度优势，在新能源车、低空及消费电子等领域具备广阔的应用前 景。该行认为固态电池有望在eVTOL及消费电子领域率先实现规模化量产，推动固态电池规模化降 本，然后在动力领域逐步量产装车。该行测算2030 年全球固态电池出货量将达到808GWh，其中预计全 固态电池有望于2027 年实现技术定型和小规模量产，2030 年实现商业化量产、需求量有望超 150GWh，其中动力、EVTOL、消费电子分别对应固态装机需求为93、40、23GWh，渗透率分别为 3%、40%、15%。 材料端：全固态电池技术路线持续收敛，产业化进程加快。 1)电解质：硫化物路线为主，卤化物路线亦具备较大潜力。硫化物电解质当前成本较高，规模放量后具 备较大降本空间。卤化物离子电导率能满足电池需求，且成本较低，其应用潜力亦较大。2)正极：中长 期往高电压、高比容正极迭代。其中富锂锰基兼具高比容量、低成本，应用前景广阔。3)负极：中长期 聚焦锂金属负极。锂金属凭借高比容量+低电极电势，有望成为负极材料的长期迭代方向;锂金属负极工 艺主要包括压延法和蒸镀法，核心在于减薄平整和降本，目前商业化加速推进中。4)集流体：多 ...

Core Viewpoint - Tianqi Lithium is undergoing a challenging adjustment with declining revenue but turning a profit, as it shifts its strategy towards solid-state batteries and aims to redefine its market position from a "resource supplier" to a "new materials solution provider" [1][3]. Financial Performance - In the first half of 2025, Tianqi Lithium reported a 24.71% decline in revenue, while net profit turned positive at 84.41 million yuan, although the adjusted net profit was only 1.32 million yuan [2]. - The decline in revenue is attributed to fluctuations in lithium product market prices, with battery-grade lithium carbonate prices hovering between 70,000 to 80,000 yuan per ton, down over 80% from the peak in 2022 [2]. Strategic Transition - Under the leadership of Jiang Anqi, who took over as chairman in April 2024, the company is focusing on supporting the development of advanced battery systems, including solid-state and semi-solid-state batteries [3]. - Jiang Anqi emphasized the need for the company to continuously launch new materials that meet market demands and have commercial potential, aiming to solidify its leading position in the new materials sector [3]. Industry Context - The lithium industry is currently experiencing a "de-involution" phase, with calls for preventing vicious competition and optimizing market structure, which could benefit leading companies like Tianqi Lithium [4]. - The company is positioned in the top tier of the industry, and recent policies aimed at eliminating low-price competition and outdated production capacity are expected to favor firms with resource and technological advantages [4]. Challenges Ahead - Tianqi Lithium faces the challenge of transforming its core capabilities from resource acquisition and capital operation to technology research and development, product innovation, and agile manufacturing [3][5]. - The company must establish deeper collaborative relationships with battery manufacturers and automakers, moving beyond its previous B2B sales model to meet downstream demands effectively [4].

Core Viewpoint - The A-share market is experiencing a correction after a series of highs, with many popular stocks retreating, leading to a collective pullback in the three major stock indices [2][3]. Market Performance - As of the market close, the Shanghai Composite Index fell by 1.16%, the Shenzhen Component Index decreased by 0.65%, while the ChiNext Index rose by 0.95%. The trading volume in the Shanghai and Shenzhen markets was 23,641 billion, a significant decrease of 5,109 billion compared to the previous day [3]. - The market is adjusting with a shift towards previously low-performing sectors, particularly in solar energy, energy storage, and solid-state battery sectors, which showed strong performance [3]. Solid-State Battery Sector - On September 3, solid-state battery concept stocks surged, with companies like Haibo Technology and Tahe Technology seeing increases of 20% and nearly 10%, respectively [4]. - The solid-state battery ETF (561910) saw a significant increase of 4.01% today, with a year-to-date rise of 32.99%, outperforming the CSI 300 Index [8]. Industry Developments - The China Automotive Engineering Society will hold a review meeting for solid-state battery standards in September 2025, indicating ongoing industry standardization efforts [10]. - Companies like EVE Lithium Energy and Guoxuan High-Tech are making significant advancements in solid-state battery technology, with production lines and high yield rates being reported [11][12]. Market Trends - The lithium battery industry is entering a peak installation season, driven by new product releases in consumer electronics and automotive sectors, leading to improved industry sentiment [13]. - The top lithium battery companies are increasing their market share, with a notable rise in orders for equipment manufacturers [14][22]. Competitive Landscape - Domestic battery companies are enhancing their global competitiveness, with the six major domestic power battery companies capturing 68.9% of the global market share, an increase of 4.2 percentage points year-on-year [20]. - CATL and BYD are leading the market, with significant growth rates in their production volumes and market shares [21]. Future Outlook - The solid-state battery market is expected to see substantial growth, with projections indicating that global shipments will exceed 10 GWh by 2025 and 600 GWh by 2030, with a market size surpassing 250 billion [30]. - Upcoming industry events in September to November 2025 are anticipated to catalyze market activity and investor interest in the solid-state battery sector [32]. Investment Trends - The battery ETF (561910) has seen significant inflows, with a notable increase in shares and trading volume, indicating strong investor interest in the sector [33][34].

Core Viewpoint - Tianqi Lithium is undergoing a challenging adjustment with declining revenue but turning a profit, as it shifts its strategy towards solid-state batteries and aims to transform from a "resource supplier" to a "new materials solution provider" [1][3]. Financial Performance - In the first half of 2025, Tianqi Lithium reported a 24.71% decline in revenue, while net profit turned positive at 84.41 million yuan, although the adjusted net profit was only 1.32 million yuan [2]. - The decline in revenue is attributed to fluctuations in lithium product market prices, with battery-grade lithium carbonate prices hovering between 70,000 to 80,000 yuan per ton, down over 80% from the peak in 2022 [2]. Strategic Transition - Under the leadership of Jiang Anqi, who took over as chairman in April 2024, the company is focusing on supporting the development of advanced battery systems, including solid-state and semi-solid-state batteries [3]. - Jiang Anqi emphasized the need for the company to continuously launch new materials that meet market demands and have commercial potential, aiming to solidify its leading position in the new energy materials sector [3]. Industry Context - The lithium industry is currently experiencing a "de-involution" phase, with calls from the China Nonferrous Metals Industry Association to prevent vicious competition and promote healthy development [4]. - The government has implemented policies to address low-price disorder in the lithium industry, which is expected to benefit leading companies like Tianqi Lithium by optimizing market conditions and eliminating inefficient production capacity [4]. Challenges Ahead - The key challenge for Tianqi Lithium lies in leveraging the industry's "de-involution" and policy support to capitalize on stabilizing lithium prices, while effectively transforming its resource advantages into product competitiveness and profitability [5].

Group 1 - The A-share market showed mixed performance on September 3, with the new energy sector leading gains, particularly the ChiNext New Energy ETF Huaxia (159368) which rose by 2.91% and saw a capital inflow of 12.01 million in the past five days [1] - The China Automotive Engineering Society will hold a review meeting for 10 solid-state battery group standards on September 10-11, 2025, in Beijing, indicating a focus on advancing solid-state battery technology [1] - Huatai Securities predicts rapid iteration in solid-state battery technology between automakers and battery manufacturers by 2025, with ongoing acceleration in the adoption of solid-state batteries [1] Group 2 - The ChiNext New Energy ETF Huaxia (159368) is the first ETF in the market tracking the ChiNext New Energy Index, covering various sectors such as batteries, photovoltaics, and semiconductors, which are characterized by high growth potential and strong elasticity [2] - The management fee for the ChiNext New Energy ETF Huaxia (159368) is 0.15%, and the custody fee is 0.05%, totaling only 0.2%, making it the lowest fee among similar products, facilitating quick investment opportunities [2] - The ETF aligns well with the "anti-involution" policy, suggesting a favorable environment for investment in the new energy sector [2]