Core Viewpoint - Solid-state batteries are emerging as the core development direction in next-generation battery technology due to their high energy density, safety, and long cycle life, with significant technological breakthroughs accelerating commercialization in the next 5 to 10 years [1] Industry Developments - Domestic companies are actively engaging in the industrialization of solid-state batteries, with Guoxuan High-Tech launching six new products, including G-variant and all-solid-state batteries, and achieving a design capacity of 0.2 GWh with a 90% yield rate [2] - A breakthrough in sulfide all-solid-state batteries has been reported by Gotion High-Tech, with energy densities reaching 400 Wh/kg to 500 Wh/kg, and plans for small-scale delivery by the end of 2025 [2] - CATL is also making strides in solid-state battery technology, expecting small-scale production by 2027 [2] - Jiangxi Ganfeng Lithium has achieved small-scale production of a 500 Wh/kg battery and validated a 400 Wh/kg battery with over 800 cycles [2] Material Supply and Automotive Sector Involvement - Jiangsu Ruitai New Energy Materials has begun selling solid-state battery electrolyte materials, although revenue contribution remains small [3] - Automotive companies like SAIC and Changan are planning to implement solid-state batteries in their vehicles, with SAIC aiming for mass production by the end of this year and Changan targeting 2026 for validation [3] Market Outlook - Solid-state batteries are expected to achieve commercialization by 2027, with half-solid-state batteries serving as a transitional product from 2025 to 2030 [4] - Global solid-state battery shipments are projected to reach 5.3 GWh in 2024, primarily from Chinese manufacturers, and 614.1 GWh by 2030, with nearly 30% being all-solid-state [4] - The market size for all-solid-state batteries is anticipated to reach 17.2 billion yuan by 2030 [4] - Chinese battery companies hold competitive advantages in solid-state battery development due to diverse application scenarios and a complete industrial chain [4] Challenges Ahead - Despite the promising outlook, solid-state battery commercialization faces challenges such as high manufacturing costs, material scarcity, and complex production processes [5] - The material system is identified as the biggest bottleneck, with various electrolyte types facing specific issues that hinder large-scale application [5] - The solid-state battery industry is maturing under the influence of policy support, technological innovation, and market demand, although challenges remain [5]

锂电池产业链 超配（维持） 5 月磷酸铁锂电池装车量同比保持快速增长 锂电池产业链跟踪点评 2025 年 6 月 12 日 分析师：黄秀瑜（SAC 执业证书编号：S0340512090001） 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 事 件 点 评 行 业 事件： 2025 年 5 月新能源汽车产销量及动力电池装车量数据公布。 点评： 5月新能源汽车产销同比保持快速增长，环比小幅增长。根据中汽协数据，2025年5月新能源汽车产销 分别完成127万辆和130.7万辆，同比分别增长35%和36.9%，环比分别增长1.52%和6.61%。其中，纯电 动销量83.4万辆，同比增长43.1%，环比增长1.46%；插电式混动销量47.3万辆，同比增长27.3%，环 比增长17.37%。1-5月新能源汽车产销分别完成569.9万辆和560.8万辆，同比分别增长45.2%和44%。 其中，纯电动销量355.6万辆，同比增长47.7%；插电式混动销量205.1万辆，同比增长38%。5月新能 源汽车渗透率48.7%，环比上升1.4pct；1-5月渗透率44%。5月新能源汽车出口21.2万辆，同比 ...

这些问题不再只是"纸面上的挑战"，而是固态电池产业化实践者口中正在被量化、被攻坚、仍寻求解决方案的具体障碍。 随着"问题清单"的浮现与明朗化，固态电池产业正告别空谈，踏上了由问题导向牵引、路径日益清晰的务实征程。 能否有效解决这些问题，将直接决 定2027年GWh级装车目标能否实现，以及全固态电池能否从"未来科技"真正走向规模应用的现实。 暴露问题本身，就是产业化迈进最真实的里程碑。 2025年，固态电池的产业化进程正撕开"技术圣杯"的光环，展现出前所未有的清晰轮廓。清晰轮廓来源于行业已从实验室的"理想蓝图"迈入了工程化 落地的"深水区"，并暴露出了一系列具体的问题。 暴露问题本身，就是产业化迈进最真实的里程碑。 在 2025 高工固态电池技术与应用峰会 上，行业普遍认同短期内液态电池仍将主导市场，半固态仍有其市场空间。 全固态电池将首先应用于对能 量 密度、安全性要求极高的场景（如高端电动车、军用、航空、卫星、机器人等）。 硫化物路线尽管存在挑战，但硫 化物电解质因室温离子电导率最高（远超氧化物、聚合物），仍是实现高性能全固态电池的最有潜力技术路线。 会上多位专家点明目前硫化物全固态电池所面临的挑战，包括 ...

暴露问题本身，就是产业化迈进最真实的里程碑。 会上多位专家点明目前硫化物全固态电池所面临的挑战，包括 硫化物电解质棘手的空气敏感性（硫化氢毒性与环境控制难题） 、 材料成本（5000 元/kg与1000元/kg之间的成本预期差） 、 连续化生产的工艺鸿沟（干法成膜的均匀性、叠片精度与overhang短路风险） ，以及 全固态电池在真实 装车场景下性能验证的未知数 。 这些问题不再只是"纸面上的挑战"，而是固态电池产业化实践者口中正在被量化、被攻坚、仍寻求解决方案的具体障碍。 随着"问题清单"的浮现与明朗化，固态电池产业正告别空谈，踏上了由问题导向牵引、路径日益清晰的务实征程。 能否有效解决这些问题，将直接决 定2027年GWh级装车目标能否实现，以及全固态电池能否从"未来科技"真正走向规模应用的现实。 在现阶段的全固态电池的全球竞争中，中国正加速赶超。 中国科学院上海硅酸盐研究所温兆银研究员 表示固态电池是锂电池持续发展的重要方向，受 到社会全方位的高度关注，在政策的引导下，国家"十四五"重点研发计划支持了多个全固态电池项目。 以他本人牵头的项目为例，目标包括研制10Ah以上、能量密度350Wh/kg（单体） ...

证券研究报告 | 2025年06月12日 电力设备新能源 2025 年 6 月投资策略 优于大市 关注数据中心 HVDC 应用进展，固态电池行业进展催化不断 关注数据中心 HVDC 应用进展。5 月，维谛(VRT.N)、纳微半导体(NVTS.O) 等企业宣布与英伟达合作开发下一代 800V 高压直流(HVDC)架构，从而 为下一代 GPU 及 Kyber 机架提供电力支持。HVDC 预计将成为下一代 AI 数据中心供电系统的主流，提前布局 HVDC 领域以及与海外电源龙头达 成合作的企业有望受益。重点关注数据中心 HVDC 布局企业【禾望电气】、 【盛弘股份】；AIDC 产业链相关企业【金盘科技】、【明阳电气】、【伊 戈尔】、【宏发股份】、【麦格米特】。 固态电池产业化持续推进。5 月以来，固态电池行业进展催化不断：1） 国轩高科于 5 月 17 日宣布已建成全固态电池中试线，设计产能 0.2GWh。 中试样件参数显示，电芯能量密度为 350Wh/kg，单体容量 70Ah；2）中 国汽车工程学会 5 月 22 日发布《全固态电池判定方法》团体标准，首 次明确了全固态电池的定义，解决了行业界定模糊、测试方法缺失 ...

固态电池产业化协同先锋奖项基于企业在固态电池产业化链条中的协同推动能力及价值整合能力作为基础评价指标，并综合考量其与上下游合作伙伴在 材料适配、工艺开发、装备对接、试点示范等方面的协同成效，以及推动行业标准制定、产业生态建设的引领作用等多个维度最终评定。 摘要 "2025固态电池产业化先锋" 三大奖项花落谁家？ 6月10日 ， 2025高工固态电池技术与应用峰会 在 苏州香格里拉大酒店 隆重举行，大会主题为"打通固态电池产业化最后一公里 "。 会上，由 高工锂电、高工储能、高工产研 联合组织评选的 " 2025固态电池产业化先锋 " 奖项 重磅发布。 本次评选共设 " 固态电池技术创新先锋 "、" 固态电池市场应用先锋 "、" 固态电池产业化协同先锋 " 等三大类奖项。 以高工产业研究院（GGII）数据库及市场调研为依托，固态电池技术创新先锋奖项基于企业在固态电池关键材料、核心结构与制造工艺等方面的技术 创新性及技术引领力作为基础评价指标，并综合考量其研发深度、突破能力、知识产权成果、测试验证成效等多个维度最终评定。 固态电池市场应用先锋奖项基于企业在固态电池相关产品的市场转化能力及应用落地表现作为基础评价指 ...

Core Viewpoint - The solid-state battery industry is experiencing rapid development driven by technological advancements and increasing application demands, particularly in energy storage and new energy vehicles [2][3][4]. Group 1: Industry Trends - The solid-state battery market is seeing significant growth, with over 450 GWh of planned capacity and more than 280 related companies in China as of April 2025 [4][8]. - Energy storage is currently the largest application market for solid-state batteries, with a notable increase in the penetration rate of phosphate iron lithium semi-solid batteries [2][4]. - The demand for solid-state batteries is expanding into new sectors such as drones, eVTOL aircraft, robotics, and commercial vehicles, indicating a diversification of application scenarios [2][10]. Group 2: Future Projections - New energy vehicles are expected to become the most significant application area for solid-state batteries, with projections indicating that domestic shipments of solid-state batteries will exceed 10 GWh by 2025 and potentially reach over 70 GWh by 2030 [3][9]. - The period from 2025 to 2026 is anticipated to be a peak for capacity construction, with energy storage expected to be the first to release capacity [9]. Group 3: Technological Developments - Different technological routes are being pursued, with semi-solid battery companies focusing on cost reduction and market share, while all-solid-state battery technology is transitioning from laboratory to market validation [6][12]. - Challenges such as solid-solid contact issues and the need for diverse solid-state electrolyte materials are being addressed through innovative approaches like in-situ solidification and hybrid electrolyte strategies [12][13][21]. Group 4: Equipment and Manufacturing - Companies are developing advanced manufacturing processes, such as dry electrode technology, to enhance the performance and reduce costs of solid-state batteries [15][23]. - The establishment of automated production lines and collaboration with equipment manufacturers are key strategies for scaling up production capabilities [23][24].

规模方面，新能车ETF近1周规模增长2633.55万元，实现显著增长，新增规模位居可比基金1/2。 截至2025年6月10日 13:22，中证新能源汽车产业指数(930997)下跌1.15%。成分股方面涨跌互现，璞泰来(603659)领涨4.33%，德方纳米(300769)上涨2.94%， 盟固利(301487)上涨2.71%；亿纬锂能(300014)领跌3.51%，银轮股份(002126)下跌3.43%，富临精工(300432)下跌3.23%。新能车ETF(515700)下跌1.18%，最 新报价1.59元。拉长时间看，截至2025年6月9日，新能车ETF近1周累计上涨1.26%，涨幅排名可比基金1/2。 流动性方面，新能车ETF盘中换手0.98%，成交2156.49万元。拉长时间看，截至6月9日，新能车ETF近1年日均成交6683.16万元。 数据显示，杠杆资金持续布局中。新能车ETF最新融资买入额达271.64万元，最新融资余额达5148.46万元。 截至2025年6月10日 13:20，中证光伏产业指数(931151)下跌0.95%。成分股方面涨跌互现，锦浪科技(300763)领涨2.04%，阳光电源 ...

一、行情 6月10日，固态电池继续大涨，金鹰股份、德新科技3连板，道明光学、龙蟠科技、百合花等涨停。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | --- | --- | --- | --- | --- | --- | --- | | 毛鹰股份 | 3天3板 | 7.70 | +10.00% | 09:42:15 | 19.10% | 28.08亿 | | 600232.SS | | | | | | | | 龙蟠科技 603906.SS | 6天3板 | 15.33 | +9.97% | 09:52:49 | 11.03% | 86.63亿 | | 德新科技 603032.SS | 3天3板 | 17.64 | +9.98% | 09:58:49 | 15.62% | 40.87亿 | | 道明光学 002632.SZ | | 9.28 | +9.95% | 09:46:12 | 5.13% | 53.90亿 | | 百合花 603823.SS | | 12.82 | +10.04% | 09:48:20 | 4.47% | 52.69亿 | | ...

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is experiencing accelerated industrialization, supported by a 6 billion yuan project from the Ministry of Industry and Information Technology, which covers major domestic enterprises and automakers [1][3] - Domestic automakers are actively investing in solid-state battery technology, with companies like SAIC and Geely making significant advancements [1][6] Key Developments - Toyota has postponed its mass production of solid-state batteries to 2027, while Samsung also plans to start production in 2027 [1][5] - Domestic companies such as BYD and CATL are targeting small-scale production by 2027, with CATL planning to produce chloride solid-state batteries [1][7] - Guoxuan High-Tech has launched a solid-state battery with an energy density of 350 Wh/kg, while Xinwanda aims for a similar energy density by around 2026 [1][8] Market Potential - The solid-state battery market is projected to reach 10 GWh by 2025 and 600 GWh by 2030, with a market size estimated at 250 billion yuan [1][24] - The industry is expected to remain competitive and diverse, with multiple companies vying for market share as core technology bottlenecks are overcome [1][25] Technical Challenges - Solid-state batteries have reached vehicle testing levels, but challenges remain in achieving large-scale stable production, particularly concerning yield rates and consistency [1][12] - The purity and particle size of lithium sulfide, a key raw material, must meet high standards (99.99% purity) for effective production [1][15] International Comparison - Domestic companies are on par with international leaders like Panasonic and Toyota in terms of technological progress, with some second-tier companies also showing advantages in key technologies [1][9] - Japanese companies have delayed their production timelines, indicating potential issues in their development processes [1][5] Future Trends - The solid-state battery industry is expected to see significant developments from 2025 to 2027, with a focus on optimizing safety, efficiency, and cost [1][30] - Multiple electrolyte routes (sulfide, oxide, polymer) are being explored, with sulfide being the most promising but not yet fully established [1][10][11] Investment Opportunities - The solid-state battery supply chain is entering an industrialization phase, presenting numerous investment opportunities in materials, equipment, and other sectors [2][3] Conclusion - The solid-state battery industry is poised for growth, with substantial government support and advancements from domestic companies. However, technical challenges and international competition will shape its future trajectory.