Core Insights - The solid-state battery industry is entering a "sprint phase" towards commercialization, with significant advancements in sodium-based solid-state batteries [1][2] - A new sodium-based solid-state battery developed by the University of Chicago and Singapore's Agency for Science, Technology and Research can operate stably in sub-zero temperatures, enhancing its competitiveness [1] - The global solid-state battery shipment is expected to reach 614.1 GWh by 2030, with a market size projected to exceed 100 billion yuan [2] Industry Developments - The solid-state battery industry is experiencing accelerated progress driven by both policy and technology, with a key conference scheduled for September 2025 to discuss future trends and challenges [2] - The demand for solid-state battery materials is expected to grow significantly, with investments in equipment projected to reach hundreds of billions [2] - Several A-share listed companies are making strides in solid-state battery technology, with Li Yuan Heng successfully developing manufacturing processes for solid-state battery equipment [2][3] Market Activity - Recent data shows that financing clients have significantly increased their positions in 26 solid-state battery concept stocks, with notable net purchases exceeding 1 billion yuan [4] - Leading companies in this sector include Xian Dao Intelligent, CATL, and others, with some stocks projected to have a net profit growth rate exceeding 20% in the coming years [4][5] - As of September 22, 2023, several stocks in this sector have rolling price-to-earnings ratios below 40, indicating potential investment opportunities [4][5]

Group 1: Lithium Battery Industry Conference - The "2025 Suining International Lithium Battery Industry Conference" was held in Suining, Sichuan, focusing on high-quality development of the lithium battery industry and innovations in next-generation battery technologies such as solid-state and sodium batteries [1][3] - The conference gathered various stakeholders including government, industry, academia, research, finance, and services to discuss topics like technology routes, policy support, market mechanisms, and industry chain collaboration [1] Group 2: Current Trends and Innovations - The lithium battery industry is transitioning from rapid growth to high-quality development, with ongoing upgrades in existing lithium battery technologies and emerging technologies like solid-state and sodium batteries [3] - A report on the global lithium battery industry’s intellectual property status and development trends was released, along with a development white paper for the global lithium battery industry chain map for 2025 [3] Group 3: China's Dominance in the Battery Market - China continues to lead the global battery new energy industry, with electric vehicle production and sales ranking first in the world for ten consecutive years, and holding a 70% share of global power battery installations [6] - The lithium battery industry chain in China has developed a "regional agglomeration, multi-point blossoming" pattern, with key cities like Suining showing strong development momentum across various industry chain segments [9][10] Group 4: Solid-State Battery Development - Solid-state batteries are seen as a focal point for global research, with significant challenges remaining in commercialization, including material, process, and interface issues [11][15] - The Chinese government has outlined a clear roadmap for solid-state battery commercialization, aiming for demonstration applications by 2026 and achieving energy density targets by 2030 [14][19] Group 5: Sodium-Ion Battery Opportunities - The sodium-ion battery industry is entering a significant development window, supported by policy guidance, technological breakthroughs, and market demand for low-cost energy storage solutions [26] - In 2023, China's sodium-ion battery shipments were 0.7 GWh, projected to grow to 3.7 GWh in 2024, marking a 428% year-on-year increase [27] Group 6: Future Projections and Challenges - By 2030, global sodium-ion battery shipments are expected to exceed 1000 GWh, with a market value of 300 billion yuan, covering various applications including energy storage systems and electric vehicles [28] - The development of sodium-ion batteries faces challenges, particularly in achieving cost reductions to enhance market application and industry growth [28]

2025年9月22日早盘A股三大股指涨跌不一，截至10点54分，创业板新能源ETF华夏（159368）冲高 回落，下跌0.07%，近20日涨超20%。资金面上，创业板新能源ETF华夏（159368）近期持续受到资金 青睐，近5个交易日吸金3.24亿元，近10日吸金5.92亿元。近一月日均成交5009万元，远超同类产品。 业界认为，固态电池市场规模有望快速增长。据中商产业研究院研究显示，2024年中国固态电池出 货量约7GWh，2027和2028年有望达到18GWh和30GWh。固态电池材料需求增量可期，GGII数据表 明，中国固态电池全链条产业规模（含陶瓷电解质、CNT导电剂、硅基负极等）正在快速攀升，材料需 求量将以万吨级、设备投资以百亿级计。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 越来越多的上市公司加大了上游材料领域的布局。近日，创业板新能源ETF华夏（ ...

Core Insights - The solid-state battery industry is advancing with major companies like Panasonic, Honeycomb Energy, and SK On making significant strides in production and technology development [1][3]. Wind Power - In the first half of the year, the scale of wind power project environmental assessments increased by 44%, with the average bidding price for land-based wind turbines rising by 6% in Q3 [2]. - The Dutch government plans to invest €1 billion in subsidies for a previously postponed 2GW offshore wind project, while Germany is considering a shift to a contract-for-difference mechanism to replace negative subsidy bidding [2]. Hydrogen and Fuel Cells - The hydrogen sector is experiencing positive momentum with multiple favorable fundamentals, including significant demand for solid oxide fuel cells (SOFC) in data centers and increased demand for methanol ships driven by green shipping initiatives [2]. - The release of policies is expected to catalyze growth in the hydrogen sector, with projects accelerating and driving demand for electrolyzers [2]. Photovoltaics & Energy Storage - Longi and Jinko have reached a significant settlement regarding patent disputes, and new standards for polysilicon energy consumption are under discussion [2]. - The focus remains on three main lines: leading large-scale energy storage, second growth curves, and beneficiaries of anti-involution actions [2]. Electric Grid - The first multi-terminal flexible high-voltage project in Tibet has commenced construction with a total investment of ¥53.2 billion [3]. - The State Grid's four batches of bidding for transmission and transformation equipment totaled ¥14.1 billion, a year-on-year increase of 16% [3]. - The State Grid's two batches of bidding for metering equipment amounted to ¥4.7 billion, with a 55% winning rate for listed companies, reaching a 23-year high [3]. New Energy Vehicles & Lithium Batteries - The market for new energy vehicles is showing signs of recovery, with the launch of models like Geely Galaxy M9 and Huawei Enjoy S9T [4]. - Panasonic is committed to producing solid-state batteries, with plans to release samples by March 2027, while Honeycomb Energy is developing semi-solid batteries for low-altitude aircraft [3][5]. Industry Events - Recent positive policy shifts in offshore wind projects in the Netherlands and Germany, along with the resolution of patent disputes between Longi and Jinko, are noteworthy [5]. - The launch of the solid-state battery production initiative by Panasonic and the development of semi-solid batteries by Honeycomb Energy are significant advancements in the lithium battery sector [5].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the acceleration of solid-state battery commercialization, driven by new model releases and the upcoming sales peak for new energy vehicles, with expectations for domestic sales to maintain high growth through 2025, boosting demand for batteries and materials [1] - In the photovoltaic sector, the report emphasizes a "anti-involution" strategy as the main investment theme, with rising prices for upstream materials such as silicon, wafers, and batteries, and a focus on the economic viability of photovoltaic power stations [1] - The report notes a high demand for energy storage, with a target of 180 million kilowatts of new energy storage capacity by 2027, suggesting a focus on large-scale integrated storage manufacturers [1] - In the hydrogen energy sector, the report mentions ongoing projects for green liquid fuel technology and the establishment of integrated hydrogen and ammonia projects, indicating potential premium pricing for green fuels in the early stages of development [1] Summary by Sections New Energy Vehicles - The report anticipates continued high growth in domestic new energy vehicle sales, driven by new model releases and seasonal sales peaks, which will increase demand for batteries and materials [1] Photovoltaic Industry - The report maintains that the photovoltaic investment theme is centered around "anti-involution," with rising prices for upstream materials and a focus on the economic aspects of photovoltaic power generation [1] - The report discusses the impact of new national standards on silicon and germanium energy consumption, which may lead to a contraction in upstream capacity [1] Energy Storage - The report outlines a clear target for new energy storage capacity to reach 180 million kilowatts by 2027, indicating sustained high demand in the sector [1] - It suggests focusing on large-scale integrated storage manufacturers due to the expected growth in storage needs [1] Hydrogen Energy - The report highlights the development of green liquid fuel technology and integrated hydrogen projects, indicating a potential for premium pricing in the early stages of the green fuel market [1]

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

9月19日—20日，2025遂宁国际锂电产业大会召开。据报道，工信部将深化供给侧结构性改革，巩固产 业链优势。面向中长期新型电池产业发展趋势，研究编制《"十五五"新型电池产业发展规划》，加强产 业发展统筹规划和系统布局。积极探索区域协调发展模式，引导各地区因地制宜，差异化、特色化开展 锂电池产业规划布局。 业内表示，工信部此次表态不仅明确了国家层面对该产业的战略重视，更释放了防范低水平重复建设、 优化产业布局的清晰信号。 数据显示，2025-2030年全球锂电池需求复合增长率将维持在25%以上，市场规模有望突破1.5万亿元， 在政策与需求的双重驱动下，具备资源优势、技术壁垒和区域协同优势的企业将脱颖而出。 政策上，9月5日，工业和信息化部、国家市场监督管理总局联合印发《电子信息制造业2025—2026年稳 增长行动方案》，明确提出"2025年至2026年，规模以上计算机、通信和其他电子设备制造业增加值平 均增速在7%，加上锂电池、光伏及元器件制造等相关领域后电子信息制造业年均营收增速达到5%以 上"。这一政策为锂电池行业提供了明确的发展目标和政策支持，无疑增强了市场对行业长期发展的信 心。 日前，工信部等八部 ...

Industry Overview - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's (MIIT) commitment to deepening supply-side structural reforms and consolidating the industry's advantages [1] - The global lithium battery demand is expected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size projected to exceed 1.5 trillion yuan [1] Policy Support - The MIIT and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic device manufacturing from 2025 to 2026, which includes lithium batteries [2] - The automotive industry plan aims for approximately 32.3 million vehicle sales in 2025, with around 15.5 million being new energy vehicles, providing a significant market for lithium batteries [2] Market Demand - Current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is expected to create new growth points for the lithium battery sector [2] Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027 [3] - Solid-state batteries have a significantly higher lithium consumption per unit compared to traditional liquid batteries, which will drive structural growth in high-end lithium resource demand [3] Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026 [3] - Companies such as CATL, Yiwei Lithium Energy, and Xinwangda are recommended for their leadership in the battery sector, while materials companies like Tianqi Lithium and Puli Technology are also noted [3] Market Recovery - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, leading to a gradual recovery in market sentiment [4] - The upcoming traditional peak season and cost-reduction measures are expected to stabilize industry profitability and provide upward elasticity [4] Company Developments - Tianqi Lithium has a production capacity of 600 tons of lithium metal and is building an additional 1,000 tons, positioning itself as the second-largest globally [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market [6] - Zhongchu Innovation is experiencing strong demand for its energy storage batteries, with significant improvements in cost-effectiveness and yield rates [7] - CATL is operating at full capacity for both electric vehicle and energy storage system production, with strong demand particularly in overseas markets [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is expected to reach a critical milestone for vehicle installation validation by 2027, but it must overcome three core challenges: materials, processes, and interfaces. The sulfide system faces high costs and mass production difficulties, with long-term reliability yet to be verified. The national plan aims for an energy density of 500Wh/kg by 2030, with AI technology accelerating the breakthrough of industrialization bottlenecks [21][25] - The solid-state battery is transitioning from the laboratory stage to mass production validation, with small-scale vehicle testing expected by the end of 2025 and widespread testing anticipated between 2026 and 2027. Emerging application scenarios such as low-altitude, robotics, and AI are expected to open up market space for solid-state batteries, accelerating industrialization [23] Summary by Sections Industry Overview - The solid-state battery index decreased by 2.1% from September 15 to September 19, 2025, while the cumulative increase for 2025 is 48.5%. The average performance of solid-state battery-related stocks within the statistical scope was -2.2%, with all segments except aluminum-plastic film experiencing declines [4][10][11] Industry Dynamics - At the 2025 Suining International Lithium Battery Conference, experts indicated that solid-state batteries will face critical challenges in material, process, and interface technology by 2027. The sulfide system is particularly challenged by high costs and mass production difficulties [25] Company Developments - Ganfeng Lithium's subsidiary won the first prize at the "Maker China" low-altitude economy competition for its low-altitude aircraft power battery project, achieving an energy density of 320-550Wh/kg [26] - EVE Energy plans to break through solid-state battery production technology by 2026, aiming to launch a high-power, environmentally resistant, and safe solid-state battery [27] - XianDai Intelligent has achieved multiple breakthroughs in solid-state battery core processes and can provide complete solutions for sodium-ion battery manufacturing [28] - SK On has established a pilot factory for solid-state batteries, focusing on sulfide-based solid-state batteries and solid-state lithium metal batteries [30] - Panasonic aims to achieve sample shipments of solid-state batteries by 2026, accelerating the commercialization process [33]

Investment Rating - The industry investment rating is "Strongly Outperform" [2] Core Viewpoints - The capital expenditure of battery manufacturers is recovering, indicating a new round of expansion in lithium battery equipment [2] - From 2024 to 2030, the global demand for power batteries is expected to grow at a CAGR of approximately 25%, while energy storage batteries are projected to grow at a CAGR of about 29% [14][18] - The demand for global power and energy storage batteries is expected to increase from 209 GWh in 2020 to 5,154 GWh by 2030, with a CAGR of 26.5% from 2024 to 2030 [20] Summary by Sections 1.1 Capacity Utilization of CATL - CATL's capacity utilization has recovered to 90% in the first half of 2025, compared to 83%, 70%, and 76% in 2022, 2023, and 2024 respectively [4][6] 1.2 Capital Expenditure of CATL - CATL's capital expenditure has shown a significant recovery since Q4 2024, with H1 2025 reaching 20.2 billion yuan, a year-on-year increase of 46% [7][10] 1.4 Demand Side: Global Power Battery Growth - The global power battery shipment is expected to grow from 182 GWh in 2020 to 3,754 GWh by 2030, with a CAGR of 25.3% from 2024 to 2030 [17] 1.5 Equipment Space for CATL's Expansion - By the end of 2027, CATL is expected to have a capacity gap of approximately 300-600 GWh, corresponding to a value space of 40-70 billion yuan in the equipment sector [22] 1.6 Contract Liabilities of Major Lithium Battery Equipment Companies - The contract liabilities of major lithium battery equipment companies have shown a significant recovery in H1 2025, exceeding previous high points [29] 1.8 Profitability of Equipment Companies - The profitability of major lithium battery equipment companies is in a recovery phase, with net profit margins and gross profit margins showing signs of improvement [38] 1.9 Investment Recommendations - Recommended companies to focus on include Lianying Laser, Yinghe Technology, XianDao Intelligent, Haimeixing, Xianhui Technology, Honggong Technology, and MannsTech [41]