Investment Rating - Investment rating for the power equipment industry is "Positive (Maintain)" [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027 [22] - The solid-state battery index increased by 8.3% from June 23 to June 27, 2025, with a cumulative increase of 19.1% since December 31, 2024 [11][12] - QuantumScape has achieved a breakthrough in its Cobra separator manufacturing process, significantly improving production efficiency and laying the groundwork for commercialization [29] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 8.3%, with a notable increase in trading volume by 130.5% compared to the previous week [11] - The electrolyte composite film segment led the gains with a 17.4% increase, while other segments also performed well [12][16] 2. Industry Dynamics - Ion Storage Systems in the U.S. has begun producing solid-state batteries, potentially accelerating large-scale commercialization [24] - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" was held, focusing on material innovation and industrialization paths [26] - A pilot project for electric bicycle solid-state battery swapping was launched, marking a significant step in commercialization [27] 3. Individual Company Developments - QuantumScape has integrated its Cobra separator technology into its baseline battery production, enhancing production speed and efficiency [29] - Greenme has achieved ton-level shipments of precursor materials for solid-state batteries, including high-nickel and lithium-rich manganese-based cathodes [30] - Ganfeng Lithium has established a comprehensive layout for solid-state batteries, covering key components such as sulfide electrolytes and lithium metal anodes [35]

电力设备 | 证券研究报告 — 行业周报 2025 年 6 月 29 日 强于大市 电力设备与新能源行业 6月 第 4 周周报 5 月风光装机高增，小米 YU7 订单亮眼 新能源汽车方面，本周小米 YU7 正式上市，1 小时大定突破 28.9 万台，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。动力电池方面， 固态电池催化不断，本周美国 QS 宣布其固态电池生产获里程碑式进展，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，国家市场监 管总局针对光伏组件进行抽检，光伏供给侧改革力度有望加强；需求侧，我 国 5 月光伏装机高达 92.92GW，装机同比增长 388%，可能一定程度上压制 25H2 光伏装机需求，密切关注供给变化情况，光伏板块重点关注硅料环节 和 BC 以及贱金属降本方向。氢能方面，政策持续推动氢能产业化发展，能 源局开展能源领域氢能试点，地方政策催化不断，建议关注具备成本优势、 技术优势的电解槽生产企业、受益于氢能基础设施建设的燃料 ...

Core Viewpoint - The 2025 High-Performance New Energy Materials Industry Conference will focus on advancements in solid-state battery technology and its industrial applications, highlighting the strategic initiatives of Weilan New Energy in this sector [1][2]. Group 1: Solid-State Battery Developments - Weilan New Energy is a benchmark enterprise in the solid-state battery field, focusing on both oxide and polymer technology routes, while also exploring sulfide technology through its subsidiary [1]. - The company has achieved mass production of a mixed solid-liquid power battery with an energy density of 360Wh/kg, which has been tested in the NIO ET7 vehicle, demonstrating a real-world range of 1044 kilometers with a 150kWh battery [1]. - The battery features a self-developed ultra-thin lithium metal anode and a high-precision pre-lithiation platform, ensuring high energy density and safety, and has received certification from the Ministry of Industry and Information Technology [1]. Group 2: Product Innovations - Weilan has launched a high-energy density mixed solid-liquid cell with 770Wh/L, balancing high power and long lifespan characteristics, and plans to mass-produce a new cell based on the 4695 large cylindrical design in collaboration with Jianghuai Yuwei by 2026 [2]. - The company has introduced the world's first 280Ah mixed solid-liquid energy storage battery, which has been successfully delivered in batches, with an upgraded version (314Ah) showing improved thermal stability under puncture and short-circuit conditions [2]. Group 3: Market Applications and Strategic Partnerships - Weilan's energy storage products have been deployed in various demonstration projects across multiple scenarios, including wind-storage integration, grid frequency regulation, data centers, and communication bases, meeting demands for "zero degradation," "high rate," and "high safety" [2]. - In the low-altitude power and small mobile power sectors, Weilan has developed products with specifications ranging from 27Ah to 35Ah, achieving a maximum single-cell energy density of 310Wh/kg, suitable for applications in electric motorcycles, electric tools, drones, and Japanese engineering machinery [4]. Group 4: Industry Position and Future Outlook - Weilan has established a comprehensive cooperation system covering key aspects of the supply chain, including anode and cathode materials, solid-state electrolytes, pre-lithiation equipment, and packaging materials, with a production capacity of 540 tons per year at its Zhejiang facility, set to expand to 10,000 tons by 2025 [4]. - The company is pursuing an "in-situ solidification" approach to address interface contact challenges and is developing a mixed solid-liquid battery platform that is compatible with existing liquid manufacturing processes while offering low-cost expansion potential [4]. - Weilan aims to achieve engineering breakthroughs in all-solid-state battery samples by 2027, positioning itself as a potential leader in the solid-state battery industry's critical development phase [4].

Core Insights - The solid-state battery industry is gaining significant attention, with high-performance materials being a key factor in its advancement [1][2] - Sulfide solid-state batteries are favored by leading automotive companies due to their high room-temperature conductivity and processability, despite their manufacturing challenges [2] Industry Developments - Several A-share listed companies are making progress in the sulfide electrolyte sector of solid-state batteries, including Guangzhou Penghui Energy Technology Co., Ltd. and Beijing Dangsheng Technology Co., Ltd., which are adopting multiple technological routes [1] - Penghui Energy has innovated its solid-state battery by using self-developed oxide composite solid electrolytes, achieving breakthroughs in both process and material [1] - Dangsheng Technology has successfully developed high ionic conductivity sulfide and oxide solid electrolytes, completing a pilot production line with an annual capacity of 100 tons [1] Company Progress - Suzhou Tianhua New Energy Technology Co., Ltd. is focusing on the development of sulfide solid electrolytes and related materials through collaborations with universities and research institutes, with core patents filed and samples tested positively [3] - Tianji New Energy Technology Co., Ltd. has received a patent for lithium sulfide materials, which are essential for producing sulfide solid-state battery electrolytes, and is advancing towards industrialization [3] - Huizhou Yiwei Lithium Energy Co., Ltd. has developed soft-pack sulfide all-solid-state battery samples and plans to achieve production breakthroughs by 2026, targeting high-power and high-energy density batteries for hybrid applications by 2028 [3] Market Outlook - The solid-state battery industry is expected to accelerate with policy support, and high-performance materials are seen as critical for the emergence of leading companies in this field [3]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [52]. Core Insights - The global lithium battery production in May 2025 reached 173 GWh, marking a year-on-year increase of 44.4%. Cumulative production from January to May 2025 was 812.74 GWh, up 62.44% year-on-year [45]. - The report highlights the ongoing rapid growth in lithium battery demand and production, with a gradual improvement in the supply-demand relationship within the industry. The profitability of the industry chain is expected to continue to improve marginally [49]. - Key companies to watch include CATL (300750), Keda Industrial (002850), Enjie (002812), Tianwei Technology (688116), and Naconor (832522) due to their strong fundamentals and market positions [49]. Summary by Sections Market Review - As of June 26, 2025, the lithium battery index increased by 3.80% over the past two weeks, outperforming the CSI 300 index by 2.42 percentage points. Year-to-date, the lithium battery index has risen by 1.35%, also outperforming the CSI 300 index by 1.06 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of June 26, 2025, the average price of battery-grade lithium carbonate was 61,600 CNY/ton, down 0.16% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) was 63,900 CNY/ton, down 3.62% [28][6]. - The price of electrolytic cobalt increased to 256,000 CNY/ton, up 9.87% over the past two weeks, while electrolytic nickel decreased to 119,900 CNY/ton, down 1.80% [29][6]. - Prices for cathode materials such as lithium iron phosphate remained stable at 30,300 CNY/ton [30]. Industry News - The solid-state battery sector is experiencing accelerated industrialization, creating structural demand for materials and equipment upgrades. Companies with technological and production advantages in solid-state battery core materials are highlighted as potential investment opportunities [49]. - The report notes that the "old-for-new" subsidy policy is effectively boosting demand in the electric vehicle market, with expectations for continued rapid growth in sales [49]. Company Announcements - Notable developments include CATL's plans for solid-state battery production and Keda Industrial's expansion into humanoid robot structural components, which may enhance overall operational efficiency [46][49].

Group 1 - The core viewpoint of the news highlights the significant progress in the solid-state battery sector, with major manufacturers entering pilot production and automotive companies commencing road tests, indicating an accelerated industrialization process [2] - As of June 26, 2025, the China Battery Theme Index has shown a 0.47% increase, with notable gains from component stocks such as Xingyuan Material (+6.79%) and Wenkang New Energy (+3.15%) [1] - The battery ETF, Jia Shi, has experienced a 17.39% increase in net value over the past year, with a significant growth in shares by 22.5 million [1] Group 2 - The solid-state battery industry in China has an expansion plan exceeding 50 GWh with a total investment of approximately 15 billion yuan, indicating strong growth potential [2] - The top ten weighted stocks in the China Battery Theme Index account for 50.34% of the index, with Ningde Times and Sunshine Power being the most significant contributors [2][4] - The industry is expected to reach product finalization by the end of 2025, with vehicle testing starting in 2026 and a move towards large-scale cost reduction in 2027 [2]

Group 1 - The solid-state battery industry is entering a pre-production phase, with major manufacturers achieving pilot production and automotive companies starting road tests, indicating an accelerated industrialization process [1] - Breakthroughs in battery materials technology in China, including silicon-based anodes and all-solid-state batteries, are expected to coexist with lightweight and high-capacity designs, making 2025-2027 a critical period for pilot expansion and vehicle validation [1] - The revised U.S. legislation extending energy storage ITC subsidies and relaxing eligibility criteria is expected to significantly benefit the U.S. large-scale energy storage market, which remains a high-margin and profitable sector [1] Group 2 - The Guotai Innovation Energy Index, tracked by the ChiNext New Energy ETF, includes listed companies in the renewable energy and environmental protection sectors, reflecting the overall performance of China's innovative energy industry [2] - The index has shown high growth potential and industry representation, with a recent trading day performance of a 1.04% change [2]

Macro Strategy - The current market is entering a risk-off phase, with a potential shift back to growth after a period of risk-on behavior. The rotation pattern resembles that of early 2024 and late 2024, with initial strength in the TMT sector, followed by a rotation to upstream resources and finance, and then a short-term rebound in consumption and manufacturing sectors [1][10][11] - The macroeconomic fundamentals have not fundamentally changed compared to late 2024 and March 2025, suggesting that future industry rotation may continue to be driven by capital behavior. A defensive mode is recommended in the short term, focusing on stable sectors such as banks, utilities, and leading home appliance companies [1][11] Industry Insights - QuantumScape (QS) has successfully integrated its advanced Cobra membrane technology into its baseline battery production, marking a significant step towards scaling production capacity. The Cobra process improves thermal treatment speed by approximately 25 times and allows for more efficient production, representing a major advancement in ceramic membrane manufacturing [3][14] - QS's QSE-5 B solid-state battery cells have recently entered small-scale production, with deliveries to select automotive customers. The introduction of the Cobra membrane is expected to accelerate the trial and adoption of QS's B1 samples [3][14] - Domestic lithium battery equipment manufacturers have a significant first-mover advantage in the solid-state battery equipment sector, with several companies successfully covering the entire manufacturing process. In 2024, multiple equipment manufacturers have received orders exceeding 100 million yuan, positioning them to benefit from the industrialization of solid-state batteries [5][14] Company Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment providers like HangKe Technology. Attention is also drawn to dry/wet electrode equipment manufacturers and other related companies [5][14] - For ZhongAn Online, the company has initiated an H-share placement to enhance its capital base and support growth in its insurance and technology sectors. The expected net proceeds from the placement are approximately 39.96 billion HKD, which will bolster its financial strength and support its growth trajectory [7][17][18] - Xiangcai Co., Ltd. is undergoing a transformation into wealth management and financial technology, with significant growth expected in net profit from 2025 to 2027. The company is leveraging its acquisition of Dazhihui to enhance its competitive edge in the financial services market [9][19]

基本面逐步走强，新技术表现突出 - 锂电 6 月月报及最新 观点解读 20260626 摘要 即使在悲观假设下，如美国储能需求减半、电动车销量减少 20 万辆及 中国储能零增长，锂电需求明年仍有望实现 16%以上同比增长，远超市 场悲观预期。若美国储能增长 20%，锂电需求增速或达 21%。 投资策略上，电池和碳酸锂环节是核心，可关注头部材料标的。推荐业 绩确定性强的电池龙头（亿纬、科达利）、材料环节（尚泰）、磷酸铁 锂头部公司（中科电气、璞泰来）及新技术方向（天奈）。左侧布局碳 酸锂，关注头部公司接单和 7 月排产数据，期待价格修复。 锂电板块整体市值未完全反映业绩预期，电池环节、结构件环节以及三 元正极和前驱体环节的业绩确定性较强，显示出被低估的迹象，值得关 注。 2026 年中国乘用车市场销量增长主要驱动力是供给侧改革，新车型上 市预计带来至少 80 万辆增量，保守估计可托底实现 15%的整体增长， 小鹏、小米、领跑等车企可能具有较大销量弹性。 Q&A 2026 年全球锂电需求增长的悲观预期主要基于哪些因素，而实际测算结果如 何？ 市场对 2026 年锂电需求增长的悲观预期主要源于以下几个方面：美国 I ...

Group 1: Industry Events - Multiple conferences related to solid-state batteries are being held, indicating a rapid acceleration in the industrialization of solid-state batteries driven by policy and market factors [1] - The Fifth China International Solid-State Battery Technology Conference and the 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition took place in Hefei on June 19, followed by the first Lithium Sulfide and Sulfide Solid-State Battery Forum in Suzhou on June 25 [1] Group 2: Policy Developments - Since 2025, China has been implementing policies to accelerate the development of the solid-state battery industry, including the "New Energy Storage Manufacturing Industry High-Quality Development Action Plan" which identifies solid-state batteries as a key focus area [2][3] - The Ministry of Industry and Information Technology (MIIT) has introduced new safety standards for electric vehicle batteries, effective from July 1, 2026, emphasizing the importance of safety performance in solid-state batteries [2] Group 3: Industry Standards - In April 2025, MIIT included solid-state batteries in its overall planning and initiated the development of a standard system for solid-state batteries to expedite their industrialization [3] - The China Automotive Engineering Society introduced a method for determining solid-state batteries, clarifying definitions and testing methods, which is crucial for technological upgrades and industrial applications [3] Group 4: Corporate Developments - Companies in the solid-state battery supply chain are accelerating technological breakthroughs and industrialization, with CATL revealing plans for small-scale production of solid-state batteries by 2027 [4] - Guoxuan High-Tech has launched new technologies and products, including the second-generation Jinshi solid-state battery, currently in trial production [4] - Jiangsu Longpan Technology is developing solid-state battery precursors, with some materials already sent for testing to leading companies [5] Group 5: Market Outlook - Despite current challenges in technology and cost, solid-state batteries are expected to gain market penetration once these issues are resolved, with a potential market acceleration in the next five years [5] - A report indicates that 2026 to 2028 will be critical for the mass production of various solid-state battery technologies, with the sulfide route likely to achieve mass production first in 2026 [5]