智通财经APP获悉，中信建投发布研报称，固态电池作为下一代高性能电池技术，凭借高能量密度、高 安全性等显著优势，受到市场高度关注。当前，固态电池行业在政策支持、技术进步、下游需求等因素 共同推动下正迎来产业化关键期，呈现出市场规模迅速增长、技术路线逐步聚焦和应用场景开始拓展等 特点。固态电池设备作为产业链最重要的上游环节，在固态电池行业大发展过程中必将最先受益。 中信建投主要观点如下： 固态电池行业：市场空间巨大，正迎来产业化关键期 固态电池设备：产业化最先受益环节，各企业多点布局 固态电池产业化进程中，设备环节最先受益。固态电池产线需要解决因新材料引入、工艺流程再造、作 业环境变化等带来的诸多挑战，这就要求生产厂商对现有设备进行改造升级、采买适配新材料、新工艺 的定制化设备，例如在纤维化、胶框印刷、等静压环节需要引进全新的定制设备，在干混、辊压、叠片 和化成分容环节，需要对设备进行改造升级。随着固态电池生产线大规模的建设和投产，固态电池设备 将成为固态电池产业化进程中最先受益的环节。国内固态电池设备企业多点布局，其中前段设备，特别 是干法环节竞争激烈。企业在特定领域或者关键设备上具有优势，但大部分处于前段工 ...

Core Viewpoint - Solid-state batteries are recognized as the next-generation high-performance battery technology, gaining significant market attention due to their high energy density and safety advantages [1] Industry Summary - The solid-state battery industry is currently experiencing a critical period of industrialization, driven by policy support, technological advancements, and increasing downstream demand [1] - The market is characterized by rapid growth in scale, a gradual focus on technological routes, and the expansion of application scenarios [1] Company Summary - Solid-state battery equipment, as the most crucial upstream segment of the supply chain, is expected to be the first to benefit from the significant development of the solid-state battery industry [1]

Core Viewpoint - The article discusses the accelerating exploration of mass production in all-solid-state battery technology, highlighting the emerging demand for new processes and equipment to address unique manufacturing challenges [2][6]. Group 1: Event Overview - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event will celebrate the 15th anniversary and include the High-tech Golden Ball Award ceremony [2]. Group 2: Manufacturing Challenges and Solutions - All-solid-state batteries face unique challenges during manufacturing, such as deformation and internal short circuits due to the absence of traditional separators and the need for high-pressure preparation [2]. - The introduction of the electrode frame printing process aims to support and insulate the battery, preventing direct contact between the positive and negative electrodes [2]. Group 3: Technology Routes for Frame Printing - Various frame printing technologies are being evaluated for yield, efficiency, and precision, including: - Screen printing, which offers high precision and fast production cycles, with single-piece printing times under 2 seconds [3]. - Pre-fabricated frame transfer, which improves uniformity but faces challenges with transfer yield [3]. - Dispensing technology, which has lower equipment costs but poorer size precision and lower production efficiency due to long curing times [3]. - UV printing, a new non-contact technology, is slower and requires further validation of process stability [3]. Group 4: Equipment Manufacturers' Strategies - Equipment manufacturers are betting on different technological paths: - Liyuanheng recommends screen printing for its high throughput and precision control [4]. - High-energy Digital integrates 3D frame printing with electrolyte printing to enhance production efficiency [4]. - Delong Laser and Matsui Co. are adopting UV printing technology, with Delong's laser groove-making and Matsui's production-level UV printing project [5]. Group 5: Laser Technology Applications - Laser technology is increasingly applied in solid-state battery manufacturing, including: - Laser drying, which is more efficient than traditional oven drying, saving 80% space and 50% energy [6]. - Laser cutting as a replacement for traditional tools and online cleaning of roller presses, enhancing the value of laser equipment in production lines [6]. - The transition from material research to production processes and equipment standardization in all-solid-state batteries opens new growth opportunities for upstream equipment manufacturers, particularly in high-precision printing and advanced laser applications [6].

科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。指数电池占比达38.5%。 数据显示，截至2025年7月31日，上证科创板新能源指数(000692)前十大权重股分别为晶科能源 (688223)、天合光能(688599)、大全能源(688303)、阿特斯(688472)、天奈科技(688116)、孚能科技 (688567)、容百科技(688005)、厦钨新能(688778)、聚和材料(688503)、嘉元科技(688388)，前十大权重 股合计占比47.21%。 科创新能源ETF（588830），场外联接基金（A类023075，C类023076，I类024157） 截至2025年8月5日 10:28，上证科创板新能源指数(000692)上涨0.23%，成分股电气风电(688660)上涨 6.97%，振华新材(688707)上涨4.70%，容百科技(688005)上涨2.11%，天宜新材(688033)上涨1.32%，高 测股份(688556)上涨 ...

Industry News - In July 2025, the number of new A-share accounts reached 1.96 million, showing a year-on-year increase of 71% and a month-on-month increase of 19.27% [6] - The China CDC and other teams completed the first phase clinical trial of a copy-type AIDS vaccine using the Tian Tan strain, marking significant progress in AIDS vaccine research in China [6] - The wholesale sales of new energy passenger vehicles in China reached 1.18 million units in July, representing a year-on-year growth of 25% and a cumulative total of 7.63 million units from January to July, up 35% year-on-year [6] - Tencent released four open-source small-sized models suitable for low-power scenarios, which can run on consumer-grade graphics cards [6] Company News - Kweichow Moutai announced a share buyback of 3.45 million shares, with a total payment of 5.301 billion yuan [8] - Leishan Electric announced that starting September 1, residential electricity will be charged at off-peak rates, which is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025 [9] - Guizhou Moutai's share buyback reflects the company's commitment to enhancing shareholder value [8] - Green通 Technology plans to acquire 51% of DaMo Semiconductor for 530 million yuan, aiming for strategic transformation and industrial upgrade towards the semiconductor industry [10]

中银证券近日发布电力设备与新能源行业8月第1周周报：本周电力设备和新能源板块下 跌2.62%，其中风电板块上涨0.06%，新能源汽车指数下跌0.30%，工控自动化下跌0.69%， 核电板块下跌1.19%，发电设备下跌2.21%，光伏板块下跌2.42%，锂电池指数下跌6.26%。 以下为研究报告摘要： 新能源汽车方面，16日召开的国务院常务会议明确提出，要切实规范新能源汽车产业竞 争秩序，我们认为将利好新能源汽车行业发展；下半年随着新能源新车型不断推出，新能源 汽车产品力不断增强，2025年国内新能源汽车销量有望保持高增，带动电池和材料需求增 长。新技术方面，国轩高科宣布已正式启动第一代全固态电池量产线的设计工作，有研（广 东）新材料技术研究院中试平台建设项目备案，将新增卤化物固态电解质和全固态电芯产 能，固态电池产业化趋势明确，后续关注固态电池相关材料和设备企业验证进展。光伏方 面，中央经济工作会议明确提出综合整治"内卷式"竞争，中央财经委员会明确将依法依规治 理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出。工信部印发《2025 年度多晶硅行业专项节能监察任务清单的通知》，维持能耗抓手方向。本 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles (NEVs) in July were impressive, with the State Council's meeting emphasizing the need to regulate competition in the NEV industry, which is expected to benefit the sector's development. The introduction of new models in the second half of the year is anticipated to sustain high growth in domestic NEV sales, driving demand for batteries and materials [1][2]. - In the solid-state battery sector, Guoxuan High-Tech has officially initiated the design work for its first-generation solid-state battery production line, indicating a clear trend towards industrialization in this area. Attention should be paid to the progress of related materials and equipment companies [1][2]. - In the photovoltaic sector, the central economic work conference has called for a comprehensive rectification of "involutionary" competition, aiming to guide companies to enhance product quality and facilitate the orderly exit of outdated capacities. The Ministry of Industry and Information Technology has issued a notice regarding energy-saving supervision tasks for the polysilicon industry in 2025, maintaining a focus on energy consumption [1][2]. Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 2.62% this week, with the wind power sector slightly increasing by 0.06%. The NEV index fell by 0.30%, while the lithium battery index saw a significant drop of 6.26% [2][10][13]. Key Industry Information - NEV deliveries in July included BYD with 344,300 units (up 1% year-on-year), Leap Motor with 50,100 units (up 127%), and Xpeng with 36,700 units (up 229%). However, Li Auto and NIO saw declines of 40% and 3%, respectively [2][27]. - The Ministry of Industry and Information Technology has issued a notice for energy-saving supervision in the polysilicon industry, and the China Electricity Council predicts an addition of 400 GW of new energy generation capacity by 2025 [2][27]. Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) reported a 33.33% year-on-year increase in net profit to CNY 30.485 billion for the first half of the year [30]. - Container Technology Co., Ltd. announced a stock issuance plan approved by the China Securities Regulatory Commission [30]. - The report highlights various companies' performance, including a significant loss reported by Rongbai Technology and a profit increase for Hongfa Technology [30]. Price Observations - The report notes that the prices of polysilicon and photovoltaic materials have shown fluctuations, with polysilicon prices stabilizing around CNY 49-55 per kg for dense materials and CNY 43-46 per kg for granular materials [15][19]. - The average price of silicon wafers has increased, with 183N wafers rising to CNY 1.20 per piece and 210N wafers reaching CNY 1.55 per piece [16][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and the impact of international policies on pricing and demand in the photovoltaic sector, particularly in relation to the U.S. market [20][24].

Group 1: Economic Outlook - The Chinese economy is at a sensitive point in the Merrill Lynch investment clock, likely transitioning away from deflation in the second half of the year, which could lead to a significant rise in the A-share market [1] - The expectation is that the A-share index could surpass 4000 points if price effects materialize, driven by strong momentum in cyclical assets [1] Group 2: Industry Trends - The first key industry trend is RDA logic, focusing on data assetization through blockchain technology, which is essential for ensuring the security and legality of data assets in the AI economy [2] - The second trend is the circular economy, which aims to address China's energy bottlenecks through technological innovation, particularly in converting waste plastics into alternative energy products [2] - The third trend is the industrialization of solid-state batteries, which is crucial for China's leadership in low-altitude economy and robotics, with expectations for large-scale commercialization in the next two years [3] Group 3: Global Economic Context - The U.S. faces significant risks with the dollar and treasury bond system, which may lead to a reliance on blockchain and stablecoins as a form of self-redemption [3] - The ongoing G2 strategic competition suggests that the current gold bull market could last longer and see greater gains than any previous cycle, making gold a favorable long-term investment [4]

Core Viewpoint - Multiple positive factors are converging, indicating a significant turning point for the Chinese economy, with clear policy focus and an optimistic outlook for the A-share market [1][3]. Economic Turning Point - China is at a critical time window in the economic cycle, transitioning from a prolonged price decline phase [3][4]. - Recent stock market performance reflects a shift in market expectations, driven by the "anti-involution" policy and a potentially easing international environment [3][5]. A-share Market Outlook - The A-share market is expected to rise above 4000 points, contingent on the effectiveness of the "anti-involution" policy [4][6]. - The "anti-involution" policy aims to end the long-term downward price spiral, requiring coordinated efforts from both supply and demand sides [5][6]. Sector Focus - The "pro-cyclical" sectors are anticipated to benefit significantly from the economic recovery, with a strong correlation to overall economic conditions [6][7]. - Three key investment directions are highlighted: 1. Real Data Assets (RDA) - The importance of converting vast data resources into valuable assets is emphasized, with expectations for national support in this area [7]. 2. Circular Economy - Technological innovations to overcome energy bottlenecks, such as converting waste plastics into petrochemical products, are crucial [7]. 3. Solid-State Battery Industrialization - The potential for large-scale commercialization of solid-state batteries in the next couple of years is noted, which could enhance China's position in various industries [7]. Market Confidence - The long-term trajectory of the Chinese capital market will largely depend on investor confidence, rooted in trust in the current system and governance capabilities [8]. - There is a strong belief that the Chinese capital market can achieve a sustained upward trend over the long term [8].

Group 1 - Solid-state battery production timelines have been clarified by several companies, with Honeycomb Energy planning to trial its first-generation 140Ah semi-solid battery in Q4 2025, aimed at supplying BMW's next-generation MINI models, and large-scale supply expected by 2027 [1] - Changan Automobile is focusing on solid-state battery R&D, with plans for vehicle validation by 2026 and gradual mass production of all-solid-state batteries by 2027, targeting an energy density of 400Wh/kg [1] - Guoxuan High-Tech is among the top eight global power battery manufacturers, focusing on the independent R&D of sulfide electrolytes and accelerating global capacity layout for technology export [4] Group 2 - Solid-state battery technology is at an industrialization inflection point, with 2025 H2 to 2026 identified as a critical breakthrough period, featuring a "negative electrode-solid electrolyte-positive electrode" sandwich structure with energy density exceeding 400Wh/kg [2] - The market for lithium battery equipment is expected to reach 33.6 billion yuan by 2030, indicating significant growth potential in the sector [2] - Li Yuanheng is entering the solid-state battery manufacturing core segment with high-end equipment, covering dry electrode technology to complete line integration [3] Group 3 - Hai Shun New Materials is transitioning from pharmaceutical packaging technology to aluminum-plastic film to address safety bottlenecks in solid-state battery packaging [4] - The semi-solid battery has entered the industrialization phase, while all-solid-state batteries are anticipated to achieve mass production by 2027, driven by national policy support and manufacturing process innovations [1]