Group 1: Solid-State Battery Industry - Solid-state batteries are viewed as the focal point of the next-generation technology competition in global power batteries, with significant advancements reported since July [1] - The commercialization process of solid-state batteries is expected to accelerate, driven by strong national policy support and the release of multiple favorable factors, including emerging application demands in low-altitude economy and robotics [1] - The initial solid-state battery material system has been finalized, with material performance and equipment nearing mass production requirements, indicating a critical period for solid-state battery equipment and material companies in the second half of 2025 [1] Group 2: New Energy Vehicle Index Performance - As of July 28, 2025, the CSI New Energy Vehicle Industry Index (930997) decreased by 0.33%, with mixed performance among constituent stocks [2] - Leading stocks included Defu Technology (301511) with a rise of 6.18% and Yahua Group (002497) up by 4.75%, while Tianqi Lithium (002466) led the decline at 4.03% [2] - The New Energy Vehicle ETF (515700) fell by 0.39%, with a recent price of 1.79 yuan, but showed a cumulative increase of 4.30% over the past week [2] Group 3: Top Holdings in New Energy Vehicle Index - As of June 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index included CATL (300750), Huichuan Technology (300124), and BYD (002594), collectively accounting for 55.74% of the index [3] - The New Energy Vehicle ETF has various off-market connections, including Ping An CSI New Energy Vehicle ETF Connect A (012698) and C (012699) [3]

Group 1: Humanoid Robots and AI Technology - The humanoid robot industry is accelerating its layout both domestically and internationally, with AI technology breakthroughs expected to lead to mass production [1] - There is a strong demand for domestic substitution of core components in humanoid robots driven by cost reduction needs, indicating a broad market space [1] - Domestic companies that achieve breakthroughs first are likely to benefit significantly [1] Group 2: New Energy Vehicles and Solid-State Batteries - The industrialization of solid-state batteries is progressing, driven by the need for battery technology upgrades, which is a core driver of expanding terminal demand [1] - Solid-state batteries are identified as the next-generation battery technology due to their high energy density and safety advantages [1] - The maturation of battery technology and the improvement of the industrial chain are expected to accelerate the industrialization process of solid-state batteries [1] Group 3: New Energy and Photovoltaic Industry - The public consultation on the price law amendment aims to address "involution" competition, with expectations for the photovoltaic industry to return to an orderly competitive state [2] - Recent price increases in upstream silicon materials and wafers are anticipated to be transmitted downstream, indicating potential for price rebounds in components [2] - Companies benefiting from this trend include JA Solar, Trina Solar, and JinkoSolar, among others [2] Group 4: Offshore Wind Power Projects - Longyuan Power has initiated the preliminary bidding for a 1300MW offshore wind project in Jiangsu, with expectations for the industry chain to follow suit in subsequent bidding processes [3] - The Jiangsu region is projected to contribute over 10GW of offshore wind capacity by 2025-2030, benefiting companies like Haili Wind Power and Zhongtian Technology [3] Group 5: Power Equipment and AIDC - Google has raised its annual capital expenditure, reflecting the rapid growth in domestic and international computing power demand, which will benefit the AIDC industry chain [4] - The demand for high-power density server power supplies and cooling systems is expected to increase due to the high power consumption of AI chips [4]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]

Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Insights - The lithium battery index has shown strong performance, with a 4.92% increase over the past two weeks, outperforming the CSI 300 index by 1.45 percentage points. Year-to-date, the lithium battery index has risen by 11.94%, exceeding the CSI 300 index by 6.49 percentage points [4][14]. - Recent policies aimed at reducing internal competition have led to a rise in lithium carbonate prices, with the average price reaching 70,500 CNY per ton, an increase of 11.20% over the past two weeks. However, high inventory levels of lithium carbonate may pressure prices in the short term [6][27]. - The solid-state battery sector is experiencing rapid advancements, with several companies reporting progress in this area, indicating a structural demand increase for materials and equipment in the supply chain [46]. Summary by Sections Market Review - As of July 24, 2025, the lithium battery index has increased by 4.92% in the last two weeks, outperforming the CSI 300 index by 1.45 percentage points. The index has risen by 10.43% this month and 11.94% year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Lithium carbonate prices have increased by 11.20% to 70,500 CNY per ton, while lithium hydroxide prices rose by 7.29% to 67,700 CNY per ton [6][27]. - Prices for cathode materials such as lithium iron phosphate have increased by 7.22% to 32,700 CNY per ton, while NCM523, NCM622, and NCM811 have seen slight declines [29][25]. - The average price of electrolytes has decreased, with lithium hexafluorophosphate dropping by 1.98% to 49,500 CNY per ton [33][25]. Industry News - The National Development and Reform Commission has issued guidelines to regulate pricing behaviors, aiming to curb "involution" competition in the market [43]. - The new energy vehicle market has shown a retail sales increase of 23% year-on-year, with a total of 537,000 units sold from July 1-20, 2025 [46]. - Companies like CATL and EVE Energy are highlighted for their advancements in solid-state battery technology, with CATL expected to begin small-scale production of solid-state batteries by 2027 [48][46]. Company Announcements - CATL is projected to achieve a net profit of 50.745 billion CNY in 2024, with a 15.01% year-on-year growth [48]. - EVE Energy has secured a supplier agreement with XPeng Motors, indicating potential market expansion in the low-altitude economy sector [48]. - Enjie Co., Ltd. is advancing in the semi-solid battery separator business, with production capabilities expected to ramp up [48].

Core Viewpoint - Solid-state batteries are becoming the focal point of the next-generation technology competition in global power batteries, with significant advancements in industrialization since July [1] Industry Development - Solid-state batteries are gaining attention due to their high safety, energy density, and long cycle life, positioning them as a strategic direction in the global new energy industry [2] - The industry is transitioning from semi-solid to all-solid-state batteries, with current developments primarily focused on sulfide technology [2] - Companies like Guoxuan High-Tech and Funeng Technology are advancing to the pilot production stage for all-solid-state batteries, with Guoxuan having established a 0.2 GWh pilot line [2][3] Production Timeline - Several companies have outlined their production timelines for solid-state batteries, with Hive Energy planning to trial its first generation of semi-solid batteries in Q4 2023 [4] - Rongbai Technology aims to complete product validation by 2025 and small-scale vehicle applications by 2027, with a goal of large-scale application by 2030 [4] - Funeng Technology plans to expand its all-solid-state battery production capacity to GWh level by 2026 [4] Application Scenarios - Solid-state batteries are expected to coexist with liquid and semi-solid batteries in the near term, catering to various market demands [6] - High-end passenger vehicles are anticipated to be a primary application area for solid-state batteries, driven by the need for high energy density and safety [6][7] - Emerging applications such as flying cars, drones, and robots are increasing the demand for high-performance batteries, further promoting the development of solid-state technology [6][7]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The commercialization of semi-solid batteries is accelerating, with a rich variety of application scenarios and expected order volume growth. Semi-solid batteries are an effective technical solution to enhance energy density and safety performance before the large-scale application of all-solid batteries. The recent recall of power banks has raised public awareness of battery safety, leading to stricter national standards for power batteries [3][9] - High-performance requirements in emerging markets such as eVTOL, robotics, and smart wearables support product premium pricing, allowing battery manufacturers to transfer costs and achieve significant product margins. This is beneficial for structural improvement in gross margins and provides feedback for the material validation and technical research of all-solid batteries [9] - The growth of semi-solid batteries will accelerate the maturity of the all-solid battery supply chain, as the experience gained from large-scale production of semi-solid batteries can be transferred to all-solid systems, shortening the material iteration cycle [9] Summary by Sections Commercialization and Application - Semi-solid batteries are expanding their commercial application scenarios, with significant breakthroughs in orders. For instance, Shanghai-based technology company has received a $1 billion order for 350 eVTOLs from UAE's Autocraft, with a second-generation semi-solid battery supplied by a specific battery manufacturer [3] - In the 3C sector, a new generation of ultra-safe "soft armor solid-state" products has been launched, receiving bulk orders from leading mobile power customers, indicating broader future applications in safety-critical scenarios [3] Investment Recommendations and Targets - It is recommended to focus on battery companies that have a first-mover advantage in emerging markets, such as Haopeng Technology, Guansheng Co., and Weilan Lithium Core [9] - Attention is also drawn to core suppliers of high-performance positive and negative electrode materials, including Tiantian Technology, Xiamen Tungsten New Energy, and Shanghai Washba [9]

数据显示，截至2025年6月30日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、三花智控(002050)、亿纬锂能 (300014)、华友钴业(603799)、赣锋锂业(002460)、国轩高科(002074)、天齐锂业(002466)，前十大权重 股合计占比55.74%。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接C： 012699；平安中证新能车ETF联接E：024504)。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 消息面上，多家公司披露固态电池进展。蜂巢能源将于2025年四季度在2.3GWh的半固态量产线，试生 产其第一代140Ah容量半固态电池。这将是蜂巢能源为宝马MINI下一代车型供应的半固态电池，并计划 于2027年大规模供应。长安汽 ...

Investment Rating - The industry investment rating is "Accumulate" [1] Core Insights - SAIC Motor Group has successfully implemented a semi-solid-state battery in its MG4 model, priced at 100,000 RMB, which balances performance and cost. The battery features a reduced electrolyte content of 5%, enhancing safety and low-temperature performance. It achieves an energy density of 400 Wh/kg, supports 12-minute fast charging for a range of 400 km, and has a cycle life improved by over 30% compared to traditional batteries [5] - The dry process technology is crucial for performance and cost efficiency. Qingtao Energy has achieved a pilot production of dry process positive electrodes, which significantly reduces costs by eliminating solvents and lowering energy consumption. This breakthrough lays the foundation for mass production of semi-solid-state batteries [5] - The solid-state battery industry is accelerating, with domestic and international manufacturers actively working on production lines. Companies like CATL, Qingtao, and BYD are establishing pilot lines for solid-state batteries, while QuantumScape and Solid Power are making strides in their respective technologies [5] - Investment recommendations highlight that equipment manufacturers are likely to benefit first from the acceleration of solid-state battery industrialization. Key recommendations include solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment suppliers like HangKe Technology [5] Summary by Sections Industry Trends - The solid-state battery industry is witnessing rapid advancements, with significant progress in dry process technology and increased collaboration among manufacturers [5] Key Developments - The introduction of semi-solid-state batteries by SAIC Motor Group marks a significant milestone in the industry, showcasing improved safety, energy density, and performance in low temperatures [5] - Qingtao Energy's success in dry process technology represents a pivotal moment for cost reduction and efficiency in battery manufacturing [5] Investment Opportunities - The report emphasizes the potential for equipment suppliers to lead in benefits from the solid-state battery industry's growth, recommending specific companies for investment [5]

国泰海通证券表示，固态电池产业迭代正式开启，从0到1加速。2025年以来，固态电池产业化进展持续 加速。固态电池具备高能量密度、高安全性，能够满足车端、低空、人形机器人等领域的特殊需求。当 前半固态电池已实现装车，产业化进程早于全固态电池。人形机器人、低空等成本敏感度相对较低的领 域，固态电池应用早于车端。 资料显示，科创100ETF华夏（588800）200亿以下持仓股数量占比达80%，中小盘风格相对突出；行业 分布上，聚焦电子、医药、新能源三个前期超跌景气行业。(场外联接A类：020291/C类：020292) 截至2025年7月22日 14:38，上证科创板100指数(000698)上涨0.19%，成分股铁建重工(688425)上涨 20.04%，博瑞医药(688166)上涨5.55%，孚能科技(688567)上涨5.45%，百奥泰(688177)上涨4.69%，天奈 科技(688116)上涨3.70%。科创100ETF华夏(588800)上涨0.20%，最新价报1.02元。 消息面上，孚能科技7月21日晚间发布的机构调研纪要显示，公司在2024年底建成全固态电池小试线， 已完成多款全固态电池的测试研发 ...