Core Viewpoint - Recent breakthroughs in solid-state battery technology have significantly improved performance, with potential for over 1000 kilometers of range on a 100-kilogram battery, doubling previous capabilities [2]. Industry Developments - Chinese scientists have successfully addressed critical challenges in all-solid-state lithium batteries, leading to a leap in performance [2][3]. - A team from Tsinghua University has made important advancements in polymer electrolytes for lithium batteries, providing new ideas and technical support for high safety and high energy density solid-state lithium batteries [4]. - A collaboration between the University of Chicago and the Singapore Agency for Science, Technology and Research has developed a sodium-based solid-state battery that operates stably in sub-zero temperatures, enhancing its competitiveness [8]. Industry Chain Overview - The solid-state battery industry chain includes upstream raw materials and components supply, midstream battery manufacturing, and downstream commercialization applications [9]. - Key midstream listed companies involved in the solid-state battery supply chain include: - Equipment manufacturers: Xian Dao Intelligent, Fu Neng Dong Fang, Ying He Technology, Li Yuan Heng, Hang Ke Technology, and Qiao Cheng Ultrasonic [10]. - Positive electrode materials: Rong Bai Technology, Xiamen Tungsten, Dang Sheng Technology, De Fang Nano, Gan Feng Lithium, and others [10]. - Solid-state electrolyte materials: Tianqi Lithium, Kai Sheng Technology, Enjie, You Yan New Materials, and others [10][11].

Core Insights - The report highlights the resilience of the A-share market amidst external shocks, indicating a sustained upward trend in the medium term despite recent volatility [4][5] - The banking sector is experiencing a recovery with positive relative returns, driven by improved dividend yields and stable fundamentals [7][8] - The commercial aerospace industry, particularly in rocket technology, presents investment opportunities in engine component suppliers and testing service providers [12][15] Economic News - China's scientists have made significant advancements in solid-state lithium batteries, potentially doubling the range of electric vehicles from 500 km to over 1000 km [2] - The National Development and Reform Commission has launched a three-year plan to double the service capacity of electric vehicle charging facilities by 2027, aiming for 28 million charging stations [2] - TSMC reported a record net profit growth of 39% in Q3 2025, with optimistic projections for the AI market and a capital expenditure increase [2] Company Insights - XPeng Motors achieved a remarkable 79.4% year-on-year increase in exports in September 2025, with total exports exceeding 29,723 units in the first nine months [3] - Tianhao Energy signed an investment agreement for a natural gas development project, enhancing energy security in the Southwest region [3] - Xiaomi launched a new ad-free short drama app, indicating a strategic move into content distribution [3] Banking Sector Analysis - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical averages, with several banks showing positive stock performance [7][8] - The report anticipates stable net interest income growth due to a stabilization in interest margins and a resilient banking sector despite external pressures [9] - Mid-term dividend announcements from banks are expected to attract long-term capital, enhancing the sector's appeal [10] Commercial Aerospace Industry - The report emphasizes the importance of engine components and testing services in the commercial rocket industry, particularly referencing SpaceX's development of the Falcon 1 rocket [12][15] - Key suppliers in the domestic market, such as Sui Rui New Materials and Guoji Precision, are highlighted for their roles in providing critical components for rocket engines [16]

Core Viewpoint - Solid-state batteries represent a core technological direction for next-generation lithium batteries, with vast application prospects in fields such as new energy vehicles and low-altitude economy. Recent advancements by Chinese scientists have significantly upgraded the performance of solid-state batteries, potentially allowing for a range of 1,000 kilometers with a 100-kilogram battery, compared to the previous maximum of 500 kilometers [1][4]. Breakthroughs in Solid-State Battery Technology - The main challenge in solid-state batteries lies in the interface between the solid electrolyte and the lithium metal anode, which affects charging and discharging efficiency. Traditional solid electrolytes, like sulfide, are hard and brittle, while lithium metal is soft, leading to poor contact and inefficiencies [3][5]. - Three key technological breakthroughs have been achieved to address the contact issues between the solid electrolyte and lithium anode, effectively overcoming the range limitations of solid-state batteries [4][5]. Key Technological Innovations - **"Special Glue" - Iodine Ions**: A collaborative effort by the Chinese Academy of Sciences and various research teams has developed a "special glue" that directs lithium ions to fill gaps at the interface between the electrode and electrolyte, enhancing contact and efficiency [6]. - **Flexible Transformation Technique**: Researchers have created a flexible framework using polymer materials that allows the electrolyte to withstand significant deformation without damage. This innovation improves the battery's ability to store energy by 86% by incorporating chemical components that enhance lithium ion mobility and retention [7]. - **"Fluorine Reinforcement"**: A team from Tsinghua University has modified the electrolyte with fluorinated polyether materials, providing high voltage resistance and preventing breakdown during high-stress conditions. This technology ensures safety and extends the battery's operational range [9].

Core Viewpoint - Solid-state batteries represent a core technological direction for next-generation lithium batteries, with significant application prospects in fields such as new energy vehicles and low-altitude economy. Recent advancements by Chinese scientists have overcome critical challenges, enabling a leap in solid-state battery performance, potentially allowing for over 1000 kilometers of range with a 100-kilogram battery, compared to the previous maximum of 500 kilometers [1][2]. Group 1: Challenges in Solid-State Batteries - The primary challenge in solid-state batteries lies in the interaction between lithium ions and the solid electrolyte, where the solid electrolyte's high hardness and brittleness create inefficiencies in charge and discharge processes [2][4]. - The interface between the solid electrolyte and the lithium metal anode is problematic, resembling a poorly adhered combination of hard and soft materials, which affects battery efficiency [2][4]. Group 2: Key Technological Breakthroughs - Three major technological breakthroughs have been achieved, addressing the interface issues between the solid electrolyte and lithium anode, thereby enhancing the battery's range [4]. - A "special glue" developed by the Chinese Academy of Sciences helps to fill gaps at the interface, allowing for better contact and efficiency in solid-state batteries [6]. - A flexible framework created using polymer materials enhances the electrolyte's durability, allowing it to withstand significant deformation while improving lithium ion mobility and increasing energy storage capacity by 86% [8]. - A fluorinated polymer modification provides high voltage resistance, ensuring safety and performance under extreme conditions, such as puncture tests and high temperatures [10].

Core Insights - Solid-state batteries represent a key technological direction for next-generation lithium batteries, with significant application prospects in electric vehicles and low-altitude economy sectors. Recent advancements by Chinese scientists have led to a breakthrough in all-solid-state lithium batteries, potentially doubling the range from 500 kilometers to over 1000 kilometers with a 100-kilogram battery [1]. Group 1: Technical Challenges and Breakthroughs - The primary challenge in solid-state batteries lies in the interface between the hard, brittle sulfide solid electrolyte and the soft lithium metal anode, which affects charging and discharging efficiency [3][5]. - Multiple research teams in China have achieved three critical technological breakthroughs that address the contact issues at the solid-solid interface, thereby overcoming the range limitations of solid-state batteries [6]. Group 2: Key Technological Innovations - A "special glue" developed by the Chinese Academy of Sciences helps to fill gaps at the interface between the electrode and electrolyte, enhancing the contact and efficiency of lithium-ion transport [7]. - A flexible framework created using polymer materials allows the electrolyte to withstand significant deformation without damage, improving the battery's durability and increasing its energy storage capacity by 86% [9]. - A fluorinated polymer material has been used to enhance the electrolyte's resistance to high voltage, ensuring safety and performance under extreme conditions, such as puncture tests and high-temperature environments [11].

Core Viewpoint - Solid-state batteries represent a core technological direction for next-generation lithium batteries, with significant application prospects in fields such as new energy vehicles and low-altitude economy. Recent advancements by Chinese scientists have led to a breakthrough in all-solid-state lithium batteries, potentially doubling the range from 500 kilometers to over 1000 kilometers with a 100-kilogram battery [1][2]. Group 1: Challenges in Solid-State Batteries - The primary challenge in solid-state batteries lies in the interface between the solid electrolyte and the lithium metal anode, which affects charging and discharging efficiency due to poor contact [2][4]. - Traditional sulfide solid electrolytes are hard and brittle, while lithium metal is soft, creating a mismatch that complicates the interface [2]. Group 2: Key Technological Breakthroughs - Three major technological breakthroughs have been achieved to enhance the interface between the solid electrolyte and lithium metal, addressing the contact issues and significantly improving battery range [4]. Group 3: Innovations in Solid-State Battery Technology - The development of a "special glue" using iodine ions allows for the active attraction of lithium ions to fill gaps at the interface, improving contact and performance [5][6]. - A flexible framework created from polymer materials enhances the electrolyte's durability, allowing it to withstand over 20,000 bends without damage, while also increasing lithium ion mobility and storage capacity by 86% [8]. - A fluorinated polymer modification provides high voltage resistance, ensuring safety during high-temperature and puncture tests, thus maintaining both safety and range [10].

第一是中国科学院物理研究所联合多家单位的科研团队开发的"特殊胶水"——碘离 子。在电池工作时，碘离子像"交通警察"，顺着电场跑到电极和电解质的接口处。主 动吸引通行的锂离子过来，像流沙一样，哪里有小缝隙、小孔洞，就自动流过去填 满。通过一番缝缝补补，电极和电解质能自己贴得严严实实，从而突破了全固态电池 走向实用的最大瓶颈。 第二是中国科学院金属研究所的"柔性变身术"。科学家用聚合材料给电解质打造了一 副"骨架"，让电池像升级版保鲜膜一样抗拉耐拽。弯折2万次、拧成麻花状都完好无 损，完全不怕日常形变。同时，在柔性骨架中加入一些"化学小零件"，它们有的能让 锂离子跑得更快，有的能额外"抓"住更多锂离子，直接让电池储电能力提升86%。 第三是清华大学的"氟力加固"。科研团队用含氟聚醚材料改造电解质，氟的"耐高压本 事"极强，电极表面的"氟化物保护壳"，能够防止高电压"击穿"电解质。这项技术在满 电状态下经过针刺测试、120℃高温箱测试都不会爆炸，可以确保安全与续航"双在 线"。 未来已来，固态电池的硬核技术突破，正在把新能源出行的"未来"变成"现实"。 tes w now 点击下载中国基金报客户端 ■ 中国基金报内 ...

Core Viewpoint - The solid-state battery sector in the A-share market is experiencing a significant surge, driven by advancements in technology and promising applications in electric vehicles and low-altitude economy sectors [1]. Group 1: Market Performance - Jiangte Electric and Fengshan Group reached their daily limit up, while Dongsheng Technology saw an increase of nearly 8% [1]. - Other companies such as Better Ray, Shangtai Technology, and Xingyuan Materials also experienced gains [1]. - The market capitalization and year-to-date performance of key companies in the sector are as follows: - Jiangte Electric: Market Cap 18.3 billion, YTD Gain 44.80% - Fengshan Group: Market Cap 2.857 billion, YTD Gain 91.15% - Dongsheng Technology: Market Cap 37.5 billion, YTD Gain 72.13% - Better Ray: Market Cap 35 billion, YTD Gain 61.11% - Shangtai Technology: Market Cap 21.4 billion, YTD Gain 21.64% [2]. Group 2: Technological Advancements - Chinese scientists have recently made significant progress in solid-state battery technology, overcoming critical challenges in all-solid-state lithium batteries [1]. - The performance of solid-state batteries has seen a leap forward, with the potential to double the range from 500 kilometers to over 1000 kilometers for a 100-kilogram battery [1].

Core Viewpoint - Solid-state batteries represent a core technological direction for next-generation lithium batteries, with vast application prospects in fields such as new energy vehicles and low-altitude economy [1] Summary by Sections Breakthroughs in Solid-State Batteries - Chinese scientists have successfully overcome critical challenges in all-solid-state lithium batteries, achieving a significant upgrade in performance, with potential range improvements from 500 kilometers to over 1000 kilometers for a 100-kilogram battery [2][6] Technical Challenges - The main challenge in solid-state batteries lies in the interface between the solid electrolyte and the lithium metal anode, which affects charging and discharging efficiency due to poor contact [4][3] Key Technological Breakthroughs - Three major technological breakthroughs have been made to enhance the interface between the solid electrolyte and lithium metal, addressing the contact issues and significantly improving battery range [7] Special Adhesive Technology - A "special adhesive" developed by the Chinese Academy of Sciences helps lithium ions move to the interface between the electrode and electrolyte, filling gaps and improving contact [8][9] Flexible Structure Innovation - Researchers have created a flexible framework for the electrolyte using polymer materials, allowing the battery to withstand deformation without damage, while also enhancing lithium ion mobility and increasing energy storage capacity by 86% [11] High-Pressure Resistance - A team from Tsinghua University has modified the electrolyte with fluorinated polyether materials, providing high voltage resistance and ensuring safety during high-temperature and puncture tests [13]

Core Viewpoint - Multiple research teams in China have successfully overcome key challenges in all-solid-state lithium batteries, leading to a significant upgrade in solid-state battery performance, which could potentially double the range of electric vehicles [1]. Group 1 - The breakthrough in solid-state lithium battery technology represents a major advancement in the energy storage sector [1]. - Enhanced performance of solid-state batteries is expected to have a transformative impact on the electric vehicle industry, particularly in terms of driving range [1].