今日早盘，电池板块大幅低开后持续反弹。截至9:45，国证新能源电池指数下跌1.7%，此前一度跌 超5%。资金借道相关ETF布局，储能电池ETF（159566）盘中净申购达1200万份，此前已连续7个交易 日"吸金"，合计超6亿元，最新规模位居同标的产品第一。 近日，我国研究团队开发出一种阴离子调控技术，解决了全固态金属锂电池中电解质和锂电极之间 难以紧密接触的难题。据介绍，这种新设计不仅制造更简单、用料更省，还能让电池更耐用，未来有望 为人形机器人、电动航空、电动汽车等领域带来更安全高效的能源解决方案。 中信建投证券认为，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，正加速从实验室走向产业化。随着政策红利释放、市场需求升级和技术持续迭代，全球固态电池产 业已从实验室研发进展到商业化落地的关键阶段。 国证新能源电池指数由沪深北交易所新能源发电产业储能电池相关股票组成，固态电池相关公司的 权重超35%，有望受益于固态领域产业化落地，投资者可借道储能电池ETF（159566）等产品便捷布局 产业链龙头。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关 ...

Group 1: Lithium Battery Industry - The price of lithium hexafluorophosphate has increased by 10%-20% since October, leading to a rise in electrolyte prices and an expected recovery in corporate profitability [1] - The solid-state battery industry is progressing, with companies likely to benefit from this trend [1] - Demand for lithium batteries remains high, with expectations for energy storage battery demand to exceed forecasts [1][66] Group 2: Green Methanol Industry - Goldwind Technology has initiated the production of 500,000 tons of green methanol in the first phase of its project, with plans for a total capacity of 1.45 million tons by the end of 2027 [2] - The overall planned capacity for green methanol by Goldwind Technology has reached 2.05 million tons per year, indicating a strong growth outlook for companies involved in this sector [2] Group 3: Energy Storage Industry - The cumulative bidding scale for energy storage systems in China reached 140GWh from January to September, representing a year-on-year increase of approximately 21% [3] - In August, the total registered capacity for energy storage projects in Sichuan reached 7.02GW/16.45GWh, reflecting a significant demand for energy storage systems [3][91] Group 4: Power Grid Equipment Industry - The demand for transformers and power supply equipment continues to grow, driven by high AIDC (Artificial Intelligence Data Center) activity [4][38] - Key companies in the power grid equipment sector are expected to benefit from the anticipated increase in high-voltage bidding and AIDC-related demand [4][38] Group 5: Investment Recommendations - Companies such as Sunshine Power, Guodian NARI, and Xuchang Electric are recommended for investment due to their strong performance and growth potential in the energy sector [5] - The report suggests monitoring the recovery of the power grid equipment sector, progress in green methanol projects, and fluctuations in lithium battery material prices [4][5]

Core Insights - The report maintains an "Outperform" rating for the power equipment sector, highlighting the ongoing price increases in lithium hexafluorophosphate and electrolytes, which are expected to boost profitability in the lithium battery supply chain [1][4][66] - The green methanol industry is advancing, with significant capacity expansions planned by companies like Goldwind Technology, which aims to reach an annual production capacity of 1.45 million tons by the end of 2027 [2][4] - The AI data center capital expenditures are increasing, benefiting power equipment companies as major tech firms announce substantial investments in data center infrastructure [2][28] Lithium Battery Industry - The demand for lithium batteries remains strong, with short-term production continuing at high levels and energy storage battery demand expected to exceed expectations [1][66] - The price of lithium hexafluorophosphate has increased by 10%-20% since October, leading to improved profitability across various segments of the lithium battery supply chain [1][66] - Companies to watch in the lithium battery supply chain include Tianci Materials, Xinzhou Bang, CATL, and Yiwei Lithium Energy [1][66] Green Methanol Industry - Goldwind Technology has initiated the production of a 500,000-ton green methanol project and signed agreements for further expansions, bringing its total planned capacity to 2.05 million tons per year [2][4] - The report expresses optimism about the performance growth of companies with forward-looking investments in green methanol, particularly Goldwind Technology and Yunda Co [2][4] Energy Storage Industry - The domestic energy storage system bidding has seen a significant increase, with a cumulative bidding scale of 140 GWh from January to September, representing a year-on-year growth of approximately 21% [3][91] - The Sichuan province's energy storage projects indicate a substantial increase in registered capacity, laying a solid foundation for the stable development of the domestic energy storage market from 2026 to 2027 [3][91] - Key companies in the energy storage supply chain include Sungrow Power, Yiwei Lithium Energy, and Ningde Times [3][91] Power Grid Equipment Industry - The power grid equipment sector continues to experience robust growth, driven by high demand for transformers and power supply equipment due to the ongoing AIDC boom [4][38] - Companies such as Guodian NARI, Sifang Co., and Xuchang Electric are highlighted as key players benefiting from this trend [4][38] Wind Power Industry - The wind power sector is witnessing a simultaneous increase in volume and profitability, with both onshore and offshore projects ramping up [53][56] - Companies like Goldwind Technology and Dongfang Cable are recommended for their strong positions in the market [53][56] Overall Investment Recommendations - The report suggests focusing on the recovery of the power grid equipment sector, progress in green methanol industry layouts, fluctuations in lithium material prices, advancements in solid-state battery industrialization, and the release of global energy storage installation demands [4][66]

Core Viewpoint - The report highlights the performance of the power equipment and new energy sectors, noting a general decline in the market, while specific segments like nuclear power and power generation equipment showed positive growth [1][3]. Industry Summary New Energy Vehicles - Anticipated high growth in domestic new energy vehicle sales by 2025 due to new model releases and the sales peak season, driving demand for batteries and materials [2] - In September 2025, major manufacturers reported significant sales increases: Geely sold 273,100 units (up 35% YoY), BYD sold 396,300 units, and XPeng sold 41,600 units (up 95% YoY) [3] - Cumulative wholesale sales of new energy passenger vehicles reached 10.446 million units in the first nine months of the year, a 32% increase YoY [3] Power Generation and Storage - The power equipment and new energy sector saw an overall decline of 2.52%, with specific segments like nuclear power up 6.90%, power generation equipment up 5.77%, and wind power up 3.54% [1][3] - The average price of 2-hour energy storage systems rose by 31% to 0.641 yuan/Wh in September 2025 [4] Photovoltaics - The "anti-involution" strategy remains a key investment theme in the photovoltaic sector, with government announcements aimed at maintaining market price order [2] - The ability of photovoltaic component prices to be transmitted effectively depends on terminal installation demand and the profitability of photovoltaic power stations [2] Hydrogen Energy - The National Energy Administration is advancing green liquid fuel technology and industrialization trials, indicating a developing relationship between green electricity, hydrogen, and green fuels [2] - A new investment project worth 6 billion yuan for a full industry chain in hydrogen production, storage, and methanol synthesis has been approved in Inner Mongolia [4] Nuclear Fusion - Progress in nuclear fusion with the assembly of the first key component of the BEST device, indicating accelerated industrialization [2][4] Company Highlights - Zhongwei Co. is undergoing a listing review by the Hong Kong Stock Exchange and has signed a strategic cooperation framework agreement with Xiamen Xatung New Energy Materials [4] - Huayou Cobalt's subsidiary signed a supply agreement for ternary precursors with LGES, indicating strong partnerships in the battery materials sector [4] - Xian Dao Intelligent and Aikexibo have both released draft plans for restricted stock incentive programs for 2025 [4]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1][27]. Core Insights - Significant breakthroughs in solid-state battery technology and advancements in nuclear fusion industrialization are highlighted. The domestic sales of new energy vehicles (NEVs) are expected to maintain high growth, driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1][3]. - The report emphasizes a "anti-involution" strategy for photovoltaic investments, with recent government announcements aimed at maintaining market price order, indicating potential price increases within the photovoltaic industry chain [1][3]. - The new energy storage sector is projected to remain robust, with a target of reaching over 180 million kilowatts of new energy storage capacity by 2027, and recent trends show rising bidding prices for storage systems [1][3]. - In the hydrogen energy sector, the National Energy Administration is promoting green liquid fuel technology, which is expected to benefit from premium pricing in its early development stages [1][3]. Summary by Sections Industry Dynamics - The report notes that in September 2025, NEV wholesale sales reached 1.5 million units, a year-on-year increase of 22% and a month-on-month increase of 16%. Cumulative wholesale sales for the first nine months of the year reached 10.446 million units, up 32% year-on-year [3][16]. - The average price of a 2-hour energy storage system in September 2025 was 0.641 yuan/Wh, reflecting a 31% increase month-on-month [1][16]. - The BEST device's first key component, the Dewar base, has been assembled, marking progress in nuclear fusion projects [1][16]. Company Developments - Huayou Cobalt's subsidiary signed a supply agreement for ternary precursor products totaling approximately 76,000 tons from 2026 to 2030 [18]. - Zhongwei Co. is undergoing a listing review by the Hong Kong Stock Exchange and has signed a strategic cooperation framework agreement with Xiamen Tungsten [18]. - Aike Saibo has released a draft for its 2025 restricted stock incentive plan [18].

投资评级：看好（维持） 电力设备 电力设备 2025 年 10 月 12 日 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 电力设备 沪深300 相关研究报告 《低空经济行业周报（第三十六期）： 中国移动主导首个低空经济共享设备 标准立项，多地低空经济支持政策持 续出台—行业周报》-2025.10.7 《固态电池行业周报（第十七期）： 中伟股份与厦钨新能战略合作，卫蓝 新能源获 D+轮融资引入绿色能源等 战投—行业周报》-2025.10.7 《固态电池行业周报（第十六期）： 中汽新能全固态电池计划 2026年装车 一汽示范车型，当升科技固态锂电正 极材料已实现 10吨级批量出货—行业 周报》-2025.9.28 固态电池行业周报（第十八期）：中科院物理所研发 阴离子调控技术解决固态电池界面问题，中国企业亮 相北美电池展展示固态电池全链条技术 ——行业周报 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 中科院物理所研发阴离子调控技术解决固态电池界面问题，中国企业亮相北 美电池展展示固 ...

Core Viewpoint - The article discusses the ongoing 2025 China Solid-State Battery Industry Golden Award selection, highlighting Penghui Energy's participation and its innovative advancements in solid-state battery technology [2][8]. Group 1: Company Overview - Penghui Energy, founded in 2001 and listed in 2015, focuses on the research, production, sales, and service of battery products and energy storage systems, holding over 700 patents [4]. - The company has participated in the formulation of 25 national and industry technical standards as of December 2024 [5]. - Its products are widely used in various fields, including large-scale energy storage, commercial and residential energy storage, communication base station storage, and electric vehicle batteries, achieving high safety and efficiency [5]. Group 2: Innovations in Solid-State Batteries - Penghui Energy has made significant advancements in solid-state battery technology, including a novel wet coating process for electrolytes that simplifies manufacturing and reduces costs by approximately 15% compared to conventional lithium batteries [6]. - The first generation of solid-state batteries utilizes inorganic solid electrolytes, enhancing safety and performance by reducing the risk of internal short circuits and improving ionic conductivity [6]. - The company has implemented a three-tier safety mechanism in its solid-state batteries, allowing them to pass stringent safety tests [6]. Group 3: Golden Award Overview - The 2025 China Solid-State Battery Industry Golden Award aims to encourage innovation and recognize outstanding contributions in the solid-state battery sector, involving over 100 industry experts and organizations [8]. - The selection process includes self-nomination or recommendations, candidate data review, committee voting, and public announcement of results [8]. - Key dates for the award include the application period from July 28 to September 20, 2025, and the award ceremony scheduled for November 8, 2025, in Guangzhou [9].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [49]. Core Insights - The lithium battery index has increased by 5.09% over the past two weeks, outperforming the CSI 300 index by 2.57 percentage points. Year-to-date, the lithium battery index has risen by 64.43%, surpassing the CSI 300 index by 44.75 percentage points [4][13]. - Strong demand for energy storage in both domestic and international markets is noted, with leading battery companies operating at full capacity and orders extending into next year. The National Development and Reform Commission and the Energy Administration have set a target for new energy storage installations to exceed 180 GW by 2027 [45]. - Recent government announcements regarding export controls on lithium batteries and related materials are expected to have a minimal impact on compliant export applications. Significant breakthroughs in solid-state battery technology have been achieved, indicating ongoing advancements in the industry [45]. Summary by Sections Market Review - As of October 9, 2025, the lithium battery index has shown a 5.09% increase over the last two weeks and a 1.52% increase for the month, with a year-to-date increase of 64.43% [4][13]. Price Changes in the Lithium Battery Supply Chain - As of October 9, 2025, the average price of battery-grade lithium carbonate is 72,900 CNY/ton, down 0.82% over the past two weeks. Lithium hydroxide prices remained stable at 71,600 CNY/ton. Prices for various cathode materials have seen increases, with NCM523, NCM622, and NCM811 rising by 5.13%, 3.73%, and 2.40% respectively [6][28][33]. Industry News - The Ministry of Commerce and the General Administration of Customs announced export controls on lithium batteries and related materials effective November 8, 2025. This includes lithium-ion batteries with energy densities of 300 Wh/kg or more and specific cathode materials [41]. - The report highlights the strong performance of leading companies in the lithium battery supply chain, suggesting a focus on firms with technological and production advantages in solid-state electrolytes and new cathode/anode materials [45][46]. Company Announcements - Notable companies such as CATL (宁德时代) and EVE Energy (亿纬锂能) are highlighted for their advancements in solid-state battery production and significant revenue growth, with CATL achieving a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27% [46][47].

（责任编辑：贺翀 ） 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。基金有风险，投资需谨慎。 每日经济新闻 开源证券指出，当前固态电池正逐步从实验室阶段向量产验证阶段发展，预计2025年底小批量装车 试验，2026-2027年普遍装车试验。低空飞行器、AI机器人等新兴应用场景将进一步打开固态电池市场 空间，产业化落地有望提速。行业动态方面，中伟股份与厦钨新能签署战略协议，围绕固态/半固态锂 电材料展开合作，未来三年预计合作量达11.5万吨/年；卫蓝新能源完成D+轮融资，引入绿色能源等战 略投资方，深安锂能也完成A轮融资以推进全固态电池研发。此外，新型储能与新型电力系统产业生态 大会聚焦技术突破与生态共建，利元亨签署产业链协同协议加速产业化落地。科瑞技术已向多家固态电 池厂商交付中试线样机，合源锂创预计氧化物路径固态电池3-5年内实现规模化量产。 碳中和50ETF（1598 ...

10月9日，沪指突破3900点关口，创10年新高！沪指涨幅扩大至1%，创业板指涨超2%，科创50大涨近6%，有色资源、芯片、电池等板块涨幅居前。截至 10:47，电池50ETF（159796）涨超2%再创新高，资金持续汹涌布局，盘中净流入近3亿元！近5日强势吸金超15亿元！ 电池50ETF（159796）标的指数成分股多数冲高，格林美涨超6%，国轩高科、宁德时代涨超4%，天赐材料、欣旺达涨超2%，三花智控、阳光电源等涨幅居 前。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 14.47% | 0.42% | | 2 | 300750 | 宁德时代 | 7.98% | 4.59% | | 3 | 300014 | 亿纬锂能 | 7.23% | 1.95% | | 4 | 002050 | 三花智控 | 6.73% | 0.31% | | 5 | 300450 | 先导智能 | 4.32% | 2.76% | | 6 | 002074 | 国轩高科 | 3.24% | 4.39% | | 7 ...