Industry Overview - The solid-state battery industry is gaining significant attention from market funds, with 186 companies in the A-share solid-state battery concept sector experiencing stock price increases this year, 67 of which saw gains exceeding 50%, and 17 companies achieving a doubling of their stock prices [1] - Solid-state batteries are considered a major direction for lithium battery upgrades due to their high safety and energy density advantages, with potential energy density breakthroughs of over 500Wh/kg [1][3] - The industry is currently in a "technology validation period," with many companies establishing pilot production lines, which is expected to drive further upgrades in the industry chain [2] Company Developments - Guoxuan High-Tech has launched its first-generation "Jinshi" solid-state battery, currently in pilot production, with a 2GWh production line design underway [2] - CATL is continuously investing in solid-state battery technology, aiming for small-scale production by 2027 [2] - Ningbo Ronbay New Energy has achieved ton-level shipments of high-nickel and ultra-high-nickel solid-state cathode materials, with pilot line construction for electrolytes ongoing, expected to be completed by Q4 2023 and production starting in early 2026 [2] - Wuxi XianDai Intelligent has successfully established a complete production process for solid-state batteries and has formed equipment cooperation with several leading companies [2] Market Outlook - The solid-state battery industry is expected to see significant growth driven by policy and demand factors, with large-scale development anticipated in the consumer sector between 2025 and 2026, and in the eVTOL sector from 2026 to 2028 [3] - The increasing demand for high-performance and safe energy storage solutions in the electric vehicle market is enhancing the investment value of companies within the solid-state battery supply chain [3] - Companies with core technologies and mass production capabilities are expected to gain competitive advantages in the future [3]

国金证券近日发布基础化工行业研究：随着固态电池产业化节奏逐渐加快，上游相关的 核心材料也将从中受益。对比固态电池相对于液态电池的结构，核心变化在于采用固态电解 质替代电解液和隔膜，固态电解质作为全固态锂电池技术的核心，直接影响电池的功率密 度、能量密度、循环寿命等关键性能指标。 以下为研究报告摘要： 投资逻辑 固态电池在安全性、能量密度和集成性方面均优于液态电池，车厂和电池厂快速布局将 为材料端的需求放量带来支撑。 固态电池采用固体电解质代替液态电解液后性能优势显著：①安全性，液态电解液的热 分解温度通常低于160℃，而固态电解质如氧化物的热分解温度可超过500℃，大大降低了电 池热失控的风险。②高比能，固态电池的电化学窗口高于5V，远高于液态电池的4.4V以 下，这使得它能够适配高比能的正负极材料，提升能量密度。③易成组，固态电池无需使用 隔膜，内部为串联结构，简化了系统集成，降低了成本。 政策端和产业端共同推进，预计2027年将是固态电池产业从市场发展初期迈向快速上升 期的转折点。政策端已形成"中央政策定调+地方试点推进"的立体化支持体系，工信部提出 支持锂电池、钠电池向固态化发展，2027年前打造3-5 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

Core Viewpoint - Solid-state batteries are recognized as the next-generation battery technology, leading to a new "high ground struggle" in the energy sector, with four main electrolyte technology routes: polymer, oxide, sulfide, and halide [2][3]. Summary by Sections Industry Progress and Evaluation - The transition from laboratory prototypes to industrialization of solid-state battery technology necessitates a systematic reconstruction of the evaluation framework, expanding assessment criteria to include scalability, supply chain maturity, and lifecycle costs [3][4]. Polymer Electrolyte Advancements - Polymer solid electrolytes have historically faced skepticism due to low room temperature ionic conductivity, but recent breakthroughs have seen many polymer systems exceed 10⁻³ S·cm⁻¹, enhancing their application potential [6][19]. - Strategies to improve the electrochemical stability window of polymer electrolytes have been developed, allowing advanced polymer systems to achieve stability above 5V [6][19]. Thermal Stability and Safety - Enhancements in thermal stability are critical for the safe operation of solid-state batteries, with research focusing on thermally cross-linked polymers and polymer-ceramic composite electrolytes to improve thermal resistance and mechanical strength [7][19]. Interface Characteristics - The electrolyte-electrode interface is a recognized bottleneck for solid-state battery performance. Polymer electrolytes offer excellent adaptability to volume changes during cycling, maintaining stable interface contact and reducing interfacial resistance [11][20]. Supply Chain and Cost Advantages - Polymer systems benefit from a mature industrial base, with established supply channels for raw materials that avoid rare metals, ensuring stable supply and low-cost mass production [17][20]. - Compared to inorganic solid electrolytes, polymer electrolytes present significant cost advantages, with production costs for sulfide electrolytes being approximately 50 times higher than those for polymer electrolytes [25][20]. Challenges for Inorganic Electrolytes - In contrast, the industrialization of inorganic solid electrolytes faces severe challenges, including the need for extensive process overhauls, reliance on specialized equipment, and high raw material costs, which hinder scalability [22][29]. - The inherent brittleness of oxide electrolytes and the thermal instability of sulfide electrolytes pose additional safety risks, complicating their commercial viability [25][29]. Conclusion - Overall, polymer electrolyte systems have emerged as the most feasible technology for the industrialization of solid-state batteries, addressing traditional limitations and demonstrating unique advantages for large-scale commercialization [20][29].

Summary of Solid-State Battery Industry Conference Call Industry Overview - The focus is on the sulfide solid-state battery industry, which is recognized for its high energy density potential but faces significant production challenges due to the use of toxic hydrogen sulfide [1][3][4]. Key Points and Arguments - **Production Challenges**: The production process of sulfide solid-state batteries requires high levels of containment due to the toxicity of hydrogen sulfide, and the powdery nature of the materials complicates packaging and electrode adhesion [1][3]. - **Research Directions**: Research is being directed towards modifying electrolytes to enhance conductivity and improve the interface contact between electrodes. For instance, a lithium oxy-sulfide alternative developed by the University of Science and Technology of China aims to maintain advantages while reducing costs [1][4]. - **Company Plans**: - CATL plans to launch a pilot line in 2026 and aims for vehicle applications by 2027 [2][6]. - EVE Energy expects to introduce a pilot line in the second half of 2025 [1][6]. - Guoxuan High-Tech may launch a full solid-state product by the end of 2025 or in 2026 [1][6]. - Other companies like BYD, Panasonic, and Solid Power are also actively involved in this sector [6]. Important but Overlooked Content - **Lithium Sulfide Preparation Methods**: - Solid-state method offers high purity but is limited in scale. - Liquid-phase method is suitable for large-scale production but requires special solvents. - Gas-phase method is also suitable for large-scale production but necessitates a dry and sealed environment [7]. - **Solid-State Equipment Developments**: - Companies like Nakanor are early movers in interface impedance solutions and plan to launch prototypes in the second half of 2025 [8]. - Haicheng Pharmaceutical is enhancing conductivity through binders, while a collaboration between Shanjing and Delong is developing UV coating technology to address short-circuit issues post-isostatic pressing [8]. - **Catalysts for Industry Growth**: - Starting from the second half of 2025, several key catalysts will drive industry development, including the launch of small buses by CATL and the introduction of new vehicles equipped with solid-state batteries by various manufacturers [9]. This summary encapsulates the critical insights and developments within the sulfide solid-state battery industry, highlighting both the challenges and the proactive measures being taken by various companies.

Core Viewpoint - The recent surge in the delivery of dry electrode equipment for next-generation battery manufacturing indicates a significant acceleration in the industrialization process of high-energy-density batteries, particularly solid-state batteries [4][10]. Group 1: Equipment Deliveries - Multiple domestic and international equipment companies have recently delivered dry electrode equipment, marking a transition from research validation to production line implementation [3]. - Li Yuanheng announced the delivery of a complete solid-state battery production line, including dry electrode equipment, to a leading domestic company [4]. - Qingyan Electronics and Qingyan Nako successfully delivered high-speed wide-format dry electrode equipment to a major domestic automotive company [5]. - LiCAP Technologies in the U.S. has completed the acceptance testing of its 300 MWh roll-to-roll production line, producing self-supporting positive electrode films [6]. Group 2: Technological Advancements - Qingyan Electronics' equipment can achieve a dual-sided composite film speed of 80 m/min for the negative electrode and 50 m/min for the positive electrode, with plans to increase the width to 1.2 meters [5]. - The dry electrode process eliminates solvent coating, drying, and recovery steps, significantly reducing energy consumption and manufacturing costs while avoiding solvent residue issues [7]. - The core technology of dry electrode production, fiberization equipment, accounts for over 30% of the equipment cost and faces challenges in achieving uniform powder mixing and mechanical strength [8]. Group 3: Future Prospects - The recent deliveries of solid-state battery equipment extend beyond dry electrodes, with Huacai Technology delivering core front-end equipment to a solid-state battery company [9]. - Huacai's equipment addresses the challenge of achieving uniform mixing of solid electrolytes and active materials, indicating advancements in the field [9]. - The overall trend of equipment deliveries suggests that the development of next-generation batteries is moving from laboratory settings to pilot lines and engineering validation, paving the way for mass production [10].

Core Viewpoint - The commercialization of solid-state batteries is beginning to take shape with the emergence of GWh-level orders, but the current delivery relies on the modification and innovation of traditional lithium-ion battery wet coating equipment rather than a revolutionary new production model [2][3]. Group 1: Challenges in Manufacturing - The transition from liquid electrolyte to solid electrolyte in batteries is a fundamental step towards solid-state technology, which involves significant changes in the physical properties of the slurry system [4][6]. - The ideal battery slurry must exhibit "shear-thinning" rheological properties, allowing for low viscosity during pumping while maintaining structural integrity during drying [5]. - The introduction of solid electrolytes transforms the slurry into a "rich solid phase," leading to increased viscosity and the formation of hard agglomerates that can cause defects in the coating process [6][7]. - The complexity of the slurry system increases as it evolves from a simple "bimodal particle" system to a "multimodal particle" blend, complicating the mixing of different solid particles with distinct physical and chemical properties [8]. Group 2: Material and Process Divergence - Different solid electrolyte chemical systems present unique challenges for wet coating processes, particularly with oxide-based electrolytes that are hard and brittle, leading to wear on equipment [10][12]. - Companies like QuantumScape focus on achieving fundamental breakthroughs in material performance, which may conflict with modern battery manufacturing's efficiency goals [12]. - In contrast, companies like Penghui Energy prioritize process compatibility and commercial efficiency, aiming for high energy density while maintaining cost parity with traditional lithium batteries [14][15]. Group 3: Sulfide Route Challenges - The sulfide route faces a series of interconnected technical constraints, with wet coating emerging as the mainstream method for producing sulfide solid electrolyte membranes [17][18]. - The chemical instability of sulfide materials poses challenges in solvent selection and binder compatibility, leading to difficulties in achieving both solubility and adhesion [19][20]. - The industry is exploring various coating methods, with high-precision slot die coating seen as essential for large-scale safe production [22]. Group 4: Equipment and Industry Response - The manufacturing challenges in battery technology are creating commercial opportunities for upstream equipment manufacturers, who are actively deploying solutions to meet customer demands [23]. - Companies like Mannesmann have introduced high-temperature coating systems to address issues related to high solid content slurries [24]. - Other leading equipment manufacturers are also developing parallel dry and wet solid coating systems to enhance production capabilities [26][27]. Group 5: Integration of Materials and Processes - The successful commercialization of solid-state batteries requires a deep integration of materials, processes, and final product forms, leading to new manufacturing challenges [30][31]. - The current wet coating methods struggle to balance high ionic conductivity and flexibility in electrolyte membranes, highlighting the need for suitable binder selection [31]. Conclusion - The path to solid-state battery commercialization is not linear but involves navigating multiple contradictions and constraints while seeking localized optimal solutions [32]. - Future success in solid-state battery manufacturing will depend on the ability to integrate cross-disciplinary knowledge effectively [33].

Investment Rating - The report maintains an "Accumulate" rating for the solid-state battery equipment industry [4]. Core Insights - Solid-state batteries, utilizing solid electrolytes, are recognized as the most promising new battery technology, addressing the low energy density and safety concerns of current lithium-ion batteries. The industry is expected to exceed 100 billion yuan for all-solid-state batteries and 180 billion yuan for the solid-state battery industry by 2030 [1][33]. - The production processes for solid-state batteries will undergo significant changes, leading to new equipment demands. Key processes include dry electrode preparation, electrolyte transfer coating, and isostatic pressing technology, which will require new production equipment compared to traditional liquid lithium batteries [1][2][38]. Summary by Sections 1. Solid-State Battery: Future Battery Technology Direction - Solid-state batteries replace liquid electrolytes with solid electrolytes, significantly enhancing performance and safety, making them the future direction for power batteries [15][19]. - Solid-state batteries offer high energy density, safety, long cycle life, and a wide operating temperature range, addressing critical issues in current power batteries [20][30]. 2. Technology Iteration and Equipment Development Opportunities - The manufacturing processes for all-solid-state batteries will change, creating new equipment needs. The introduction of new processes and equipment upgrades will significantly increase investment in solid-state battery production lines [2][38]. - The front-end processes will see the introduction of dry electrode and solid electrolyte film preparation equipment, which is more compatible with solid-state batteries [2][41]. - Stacking technology will become mainstream in the mid-process, with isostatic pressing introduced to solve issues related to porosity and insufficient contact [2][54]. - High-pressure formation equipment will be necessary in the later stages to optimize battery performance by enhancing contact area and reducing interface resistance [2][63]. - Soft-pack packaging is highly compatible with solid-state batteries, providing advantages in thermal management and structural stability [2][66]. 3. Investment Recommendations - The report suggests focusing on companies involved in solid-state battery equipment, including Naconor, Honggong Technology, Mannester, Liyuanheng, Xianhui Technology, Xinyuren, Xiandai Intelligent, Hangke Technology, Yinghe Technology, Lianying Laser, and Haimeixing [3].

Group 1 - The People's Bank of China may implement further reserve requirement ratio and interest rate cuts around the beginning of the fourth quarter [1] - China's steel exports showed strong resilience in the first seven months, driven by emerging market expansion and high-tech product competitiveness [2] - If production restrictions are strictly enforced, steel profits in the Tangshan region could recover, impacting daily output by approximately 90,000 tons [2] - Tungsten prices have reached new highs due to supply constraints, with domestic quotas and environmental inspections leading to decreased supply [2] - The overall balance of tungsten supply remains tight, with overseas shortages more pronounced than domestic [2] Group 2 - The solid-state battery industry is accelerating, with upstream equipment sectors expected to benefit first as production costs decrease [2] - European countries are committing to increase defense spending to 5% of GDP by 2025, which may drive demand for key materials and equipment [3] - The market for solid oxide fuel cells (SOFC) in data centers is projected to reach $7 billion over the next three years, driven by high efficiency and rapid deployment capabilities [3] Group 3 - Monetary policy in the second half of the year may be more accommodative than expected, with potential interest rate cuts of 10-20 basis points anticipated [4] - Economic data for July showed slight contractions in both supply and demand, with a notable decline in domestic demand [5] - Industrial production growth slowed to 5.7% year-on-year in July, down from 6.8% in June, influenced by extreme weather conditions [6] Group 4 - The silver-haired consumer market is expanding, with daily consumption and health care being the main sectors, presenting investment opportunities [7] - The application of teachless robots in shipbuilding is expected to grow, benefiting companies involved in this technology as it overcomes technical challenges [8] - The chemical industry is approaching a cyclical turning point as it shifts focus from market share to profitability amid supply-demand mismatches [9] Group 5 - Wind power has a cost advantage over solar power in the short term, but solar's overall cost is expected to be lower in the long run due to technological advancements [10]

Group 1 - The "anti-involution" policy is benefiting the rare metals industry, with supply disruptions from lithium mines leading to an expected increase in lithium prices [1] - As of 2025, 54 companies in the A-share non-ferrous metals sector have released performance forecasts, with over 80% (44 companies) expected to be profitable, including Zijin Mining and Luoyang Molybdenum with net profits exceeding 5 billion yuan [1] - The solid-state battery, as the next-generation solution for lithium batteries, is anticipated to achieve an energy density exceeding 500 Wh/kg, significantly enhancing battery performance [1] Group 2 - In July 2025, China's power battery installation volume increased by 34.85% year-on-year, with ternary materials accounting for 19.50% of the total, led by CATL, BYD, and Zhongchu Innovation [2] - Upstream raw material prices have generally risen, with battery-grade lithium carbonate priced at 82,000 yuan/ton, up 33.88% since early July, and lithium hydroxide at 74,800 yuan/ton, up 23.91% [2] - The CSI Rare Metals Theme Index rose by 2.45% as of August 15, 2025, with significant gains in component stocks such as Zhongke Sanhuan and Platinum New Materials [2]