Exhibition Overview - The exhibition is named CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition, organized by Qidian Solid-State Battery, Qidian Sodium Battery, Qidian Lithium Battery, Qidian Research, and SSBA Solid-State Battery Alliance [2] - The event will take place from November 6 to November 8, 2025, at the Guangzhou Nansha International Convention and Exhibition Center [3] Exhibitors and Scale - The first batch of exhibitors includes over 200 companies and 20,000 professional attendees [3] - The exhibition will feature more than 200 exhibitors, showcasing advancements in solid-state and sodium battery technologies [3] Concurrent Events - The event will host the 2025 Qidian Solid-State Battery Industry Annual Conference and the Solid-State Battery Golden Ding Award Ceremony, along with a series of specialized forums [4][5] Forum Agenda - The agenda includes discussions on the global roadmap for sulfide solid-state battery technology, industrialization challenges, and advancements in manufacturing processes [5][6] - Specific sessions will cover topics such as sulfide electrolyte technology, manufacturing challenges, and innovations in solid-state battery materials [6] Awards and Recognition - The Golden Ding Award Ceremony will recognize achievements in various categories, including the Pioneer Award for Solid-State Battery Industrialization and the Most Investable Solid-State Battery Award [6] Participation and Sponsorship - Various sponsorship opportunities are available, with exhibition fees ranging from 15,000 RMB for a 9 square meter standard booth to 48,000 RMB for a 36 square meter raw space [10] - Contact information for participation and sponsorship inquiries is provided for interested parties [11][12]

Group 1 - The battery sector experienced a high and subsequent decline, with the Guozheng New Energy Battery Index down by 1.5% after previously rising over 1% [1] - Continuous capital inflow into related products, with the energy storage battery ETF (159566) seeing net subscriptions exceeding 50 million units during the day, and a total of over 1 billion yuan raised in the past month, making it the largest in its category [1] - According to a report by CICC, the solid-state battery sector is entering a critical phase of industrialization, with equipment as the first segment to realize growth, projecting a market space of 2.5 billion yuan for solid-state battery equipment by 2027, with a CAGR of 122%, reaching 27.3 billion yuan by 2030 [1] Group 2 - The Guozheng New Energy Battery Index is composed of stocks related to energy storage batteries from the Shanghai, Shenzhen, and Beijing exchanges, with solid-state battery companies accounting for over 35% of the index [1] - The solid-state battery sector is expected to benefit from the industrialization process, and investors can conveniently access leading companies in the supply chain through products like the energy storage battery ETF (159566) [1]

Core Viewpoint - EVE Energy announced the unveiling of its solid-state battery production base in Chengdu, marking the successful rollout of the "Longquan No. 2" solid-state battery, which is primarily aimed at humanoid robots and high-end AI equipment rather than electric vehicles [1][2]. Group 1: Company Developments - EVE Energy's Chengdu production base covers approximately 11,000 square meters and is expected to achieve an annual production capacity of nearly 500,000 battery cells upon full operation [2]. - The "Longquan No. 2" solid-state battery has a capacity of 10Ah, with an energy density of 300Wh/kg and a volumetric energy density of 700Wh/L [2]. - EVE Energy's chairman stated that the company is committed to achieving key performance indicators for solid-state batteries, including energy densities of 400Wh/kg and 1000Wh/L by 2025, with significant investments in funding, equipment, and R&D resources [3]. Group 2: Industry Challenges - The solid-state battery industry is facing significant challenges, including high costs and R&D difficulties, which are hindering mass production [4][6]. - Current estimates suggest that the cost of solid-state batteries is 3-5 times higher than that of traditional liquid lithium batteries, with core materials like lithium sulfide being particularly expensive [7]. - Industry experts predict that mass production of solid-state batteries may not occur until 2027 to 2030, with various companies, including BYD, also working towards feasibility verification and potential mass production [5][6].

Group 1 - The battery ETF managed by Jiashi has seen a turnover rate of 2.03% with a transaction volume of 6.2696 million yuan as of August 8 [3] - Over the past week, the average daily transaction volume for the battery ETF was 10.0503 million yuan, with a share increase of 4.5 million [3] - The net value of the battery ETF has increased by 29.29% over the past year, with the highest monthly return since inception reaching 31.11% [3] Group 2 - The collaboration between China National Nuclear Corporation and Tsinghua University aims to address key defects in traditional single-layer cathodes of all-solid-state lithium batteries using neutron depth profiling technology [3] - According to招商证券, the industrialization of all-solid-state batteries is accelerating, with mass production expected around 2030 [3] - The sulfide electrolyte route is becoming mainstream, with ionic conductivity nearing that of liquid lithium batteries, and vehicle manufacturers are expected to begin implementation in 2026 [3] Group 3 - As of July 31, 2025, the top ten weighted stocks in the China Battery Theme Index include 阳光电源, 宁德时代, and 三花智控, collectively accounting for 51.66% of the index [4] - The individual weightings of the top stocks are 阳光电源 at 10.28%, 宁德时代 at 9.64%, and 亿纬锂能 at 6.02% [6] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [6]

Core Viewpoint - The strong performance of the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index reflects a growing interest in solid-state battery technology, which is seen as a key direction for high-quality development in the energy sector [1][2]. Group 1: Market Performance - As of August 6, 2025, the Shanghai Sci-Tech Innovation Board New Energy Index (000692) rose by 1.74%, with notable increases in constituent stocks such as Electric Wind Power (688660) up 16.55%, Zhenhua New Materials (688707) up 7.98%, and High Measurement Shares (688556) up 7.05% [1]. - The Sci-Tech Innovation New Energy ETF (588830) also increased by 1.75%, with the latest price reported at 1.22 yuan [1]. Group 2: Industry Trends - The enthusiasm for "anti-involution" policies is driving interest in solid-state batteries, which are recognized for their high energy density and safety, contrasting with the severe homogenization of traditional liquid lithium batteries [1]. - According to招商证券, the industrialization process of all-solid-state batteries is accelerating, with expectations for vehicle integration starting in 2026 and large-scale production anticipated around 2030 [1]. - The sulfide electrolyte route has emerged as the mainstream choice in the industry, although high costs and environmental requirements for lithium sulfide preparation remain critical bottlenecks for industrialization [1]. Group 3: Index Composition - The Sci-Tech Innovation New Energy Index comprises 50 large-cap listed companies in the photovoltaic, wind power, and new energy vehicle sectors, reflecting the overall performance of representative new energy industry stocks in the Sci-Tech Innovation Board market [1]. - The battery sector accounts for 38.5% of the index [1]. - As of July 31, 2025, the top ten weighted stocks in the index include JinkoSolar (688223), Trina Solar (688599), and Daqo New Energy (688303), collectively accounting for 47.21% of the index [2].

Core Viewpoint - The solid-state battery industry is accelerating its commercialization process, with expectations for vehicle integration starting in 2026 and large-scale production by around 2030 [1][3]. Group 1: Industry Development - The research and development of solid-state batteries is progressing rapidly, transitioning from laboratory to pilot production lines [2]. - Leading battery manufacturers have achieved pilot production levels, with vehicle integration expected to begin in 2026 [2][3]. - Major players like CATL and BYD are investing heavily in solid-state battery technology, with CATL aiming for small-scale production by 2027 and large-scale production by 2030 [3]. Group 2: Material Trends - The industry is increasingly focusing on sulfide electrolytes as the main direction for solid-state batteries, with the LSPC route gaining traction [2][4]. - Sulfide electrolytes have shown ion conductivity levels approaching that of liquid lithium batteries, but environmental concerns and solid-solid interface issues pose challenges for commercialization [4]. Group 3: Production Challenges - Lithium sulfide, a key raw material for sulfide electrolytes, has a high production cost exceeding 3 million yuan per ton, accounting for over 50% of the battery cell cost [5]. - Current domestic lithium sulfide manufacturers are primarily at the pilot production scale, and environmental regulations regarding hydrogen sulfide may present significant barriers to mass production [5].

Core Viewpoint - The launch of the "All-Solid-State Battery Electric Bicycle Battery Swap Pilot Project" by Beijing Chuli New Energy Technology Co., Ltd. marks a significant step in the application of solid-state battery technology in the electric bicycle sector, aiming to enhance safety and efficiency in urban transportation [1][2]. Group 1: Project Launch and Collaboration - The pilot project was inaugurated in Beijing with the participation of around 200 representatives from government, industry, and investment sectors [1]. - Chuli New Energy has partnered with key industry players including Yadea Technology Group and Zhizhu Wulian Technology Group to create a comprehensive system integrating "vehicle, electricity, cabinet, cloud, and delivery scenarios" [1][2]. - Strategic cooperation agreements were signed with leading companies across the entire supply chain, covering core materials, manufacturing equipment, electric bicycle assembly, energy storage, and battery swap operations [2]. Group 2: Safety and Technological Advancements - The project addresses the frequent fire incidents associated with lithium batteries, with solid-state batteries being highlighted as a safer alternative due to their intrinsic safety characteristics [2][5]. - The CEO of Chuli New Energy announced that the company has overcome key challenges in the commercialization of solid-state batteries, achieving controllable costs, scalable production, and commercial application [5]. - The newly launched solid-state battery has passed multiple safety certifications, demonstrating a minimal weight loss of only 0.023% under extreme testing conditions [5]. Group 3: Market Implementation and Future Plans - The pilot project will initially target specific commercial areas in Beijing, such as Dazhu Plaza and Longhu Tianjie, focusing on B-end instant delivery scenarios [6]. - The project aims to gradually expand to key urban areas across the country, enhancing the operational efficiency of electric bicycles in urban logistics [6].

Investment Rating - The report maintains a positive outlook on the wind power sector, particularly for domestic companies capable of securing orders from the Philippines' 3.3GW offshore wind project and the domestic wind turbine market [2][7]. Core Insights - The report highlights the strong demand for wind power and solar energy, with specific attention to the Philippines' offshore wind project and the ongoing developments in the domestic wind turbine market. It also emphasizes the importance of technological innovation and differentiation in the solar and energy storage sectors [2][7][4]. Wind Power - The Philippines has initiated a 3.3GW offshore wind project tender, requiring project delivery between 2028-2030, which is significantly shorter than typical overseas project timelines. This presents opportunities for domestic wind turbine, foundation, and submarine cable companies to secure related orders [2][7]. - The average bidding price for the 5.XMW wind turbine model in the 2.5GW land wind turbine procurement by State Power Investment Corporation increased by 17% compared to March, indicating a positive trend for profitability in the turbine segment [2][7]. Solar & Energy Storage - The SNEC exhibition showcased strong attendance, but the demand outlook remains stable with companies prioritizing risk control amid overcapacity and ongoing profitability pressures. The focus has shifted from technical debates to micro-innovations and exploring new application scenarios for differentiation [2][7]. - The report projects that by 2025, the domestic energy storage market will see an addition of 54GW/150GWh, reflecting a year-on-year growth of 24%/37% [2][7]. Electric Grid - The report notes a significant increase in the number of bidding packages for the State Grid's 2025 transmission and transformation projects, with a total of 579 packages, marking a 58-package increase from previous rounds [3][10]. - The Hami-Chongqing ultra-high voltage direct current project has commenced operations, with additional projects expected to be approved for construction in the coming months, indicating a robust outlook for companies involved in ultra-high voltage projects [3][10]. New Energy Vehicles - The report indicates a decline in local subsidies for electric vehicles, leading to a pessimistic sentiment regarding overall vehicle demand. However, it suggests that the impact of subsidy reductions may vary by region and emphasizes the need to monitor actual sales data [12][17]. - The report highlights the launch of the Xiaopeng G7, a new electric SUV, and notes that the vehicle's pre-sale performance has exceeded expectations, although pricing adjustments may be necessary upon official launch [12][17]. Hydrogen and Fuel Cells - The National Energy Administration has initiated hydrogen energy pilot projects, aiming to accelerate the commercialization of hydrogen technologies across various applications [3][17]. - The report notes a decline in production and sales of fuel cell vehicles, indicating that the industry still requires substantial policy support to achieve stable growth [3][17]. Lithium Batteries - The report emphasizes the nearing commercialization of composite current collectors and solid-state batteries, with significant advancements expected in the third quarter [4][22]. - The rising copper prices are increasing the cost share of copper foil in batteries, making it a critical area for cost reduction in battery materials [4][22].

Market Review - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index saw reduced trading volume. Silver concept stocks surged, with companies like Hunan Silver and Silver Nonferrous hitting the daily limit. Computing power concept stocks continued to rebound, with Huamai Technology and Nanling Technology also reaching the limit. Agricultural chemical stocks remained strong, with Su Li Co., Mei Bang Co., and Changqing Co. hitting the daily limit. In contrast, stablecoin concept stocks faced adjustments, with Xiongdi Technology dropping over 10% [1]. Silver Sector - The silver sector saw significant gains, with stocks like Zhongrun Resources and Hunan Silver hitting the daily limit. Comex July silver futures rose by 4% to $36.03 per ounce, reaching a peak of $36.27, the highest level since February 2012. Over the past 12 months, gold has increased by 42%, while silver's rise was approximately 15%, indicating a lag [4][5]. - The gold-silver ratio, which measures the price relationship between gold and silver, suggests that silver may be undervalued when the ratio approaches its upper historical range [5]. - From late May, silver's upward momentum has been building, with expectations that the gold-silver ratio may revert to pre-tariff levels. The demand for industrial silver is projected to rise due to the growth in photovoltaic and electric vehicle sectors, with silver usage in hybrid and electric vehicles increasing by 21% and 71%, respectively [6]. Agricultural Chemicals - The computing power sector remained active, with Su Li Co. achieving two consecutive daily limits, and other companies like Mei Bang Co. and Changqing Co. also hitting the limit. A recent explosion at a chemical plant in Shandong related to the production of chlorantraniliprole intermediates has raised concerns [7][9]. - The explosion is expected to lead to price increases for intermediates like K-amine, and stricter regulations on nitration processes in the agricultural chemical industry. The industry is gradually returning to rationality, with high-priced inventory being depleted and procurement demand recovering, although supply-side pressures persist [9]. Solid-State Batteries - The solid-state battery sector showed strong performance, with companies like Dexin Technology and Jinying Co. hitting the daily limit. The market for solid-state batteries is projected to open up by 2030, with significant demand for solid electrolytes and lithium sulfide, indicating a market space exceeding 210 billion yuan [10][12]. - The development of solid-state batteries is expected to drive significant demand for lithium sulfide, with upstream production capacity facing notable shortages, which could hinder cost reductions [12].

Core Viewpoint - The recent establishment of the "Solid-State Battery Determination Method" standard by the China Automotive Engineering Society clarifies the definition of solid-state batteries, distinguishing them from semi-solid batteries and addressing previous ambiguities in the industry [1][2]. Group 1: Definition and Standards - The new standard requires that ion transfer in solid-state batteries must occur entirely through solid electrolytes, creating a clear technical boundary with semi-solid batteries [1]. - The core research point of the standard is a weight loss test method based on the liquid content of the sample, determining a battery as solid-state if the weight loss is below 1% after vacuum heating [1]. Group 2: Market Response - Following the announcement of the new standard, shares of solid-state battery concept stocks surged, with some stocks like Haitian Pharmaceutical and Yinglian Co., Ltd. hitting the daily limit, although they experienced a slight pullback by the end of the trading day [1]. Group 3: Industry Insights - Semi-solid batteries are viewed as a transitional technology, retaining some liquid electrolyte to improve ionic conductivity and interface contact, while full solid-state batteries are expected to achieve small-scale production around 2027 [2][3]. - The global shipment of solid-state batteries is projected to reach 5.3 GWh in 2024, representing a significant year-on-year increase of 430%, all of which will be semi-solid batteries produced mainly by Chinese companies [3]. Group 4: Technological Developments - Recent breakthroughs in solid-state battery technology include the development of inorganic/organic composite solid electrolytes that enhance electrochemical stability and mitigate lithium metal deposition issues [4]. - Companies like Guoxuan High-Tech and CATL are actively advancing their solid-state battery projects, with Guoxuan announcing the establishment of a pilot line for solid-state batteries and CATL expressing confidence in achieving small-scale production by 2027 [4]. Group 5: Challenges Ahead - The industrialization of solid-state batteries still faces challenges related to technology, processes, and costs, with the cost of sulfide solid-state batteries being 4 to 5 times higher than traditional liquid lithium batteries [5]. - The development of solid-state batteries is expected to evolve from composite semi-solid batteries to sulfide solid-state batteries, with optimistic timelines for mass production around 2027 and neutral expectations extending to after 2030 [6].