Core Viewpoint - The article highlights the strategic partnerships formed by Chuangneng New Energy, particularly with Nord Holdings and Yunda Zhichu Technology, to enhance its supply chain and technological capabilities in the lithium battery and energy storage sectors [3][4]. Group 1: Strategic Partnerships - Chuangneng New Energy signed a five-year strategic cooperation agreement with Nord Holdings to procure 160,000 tons of copper foil materials, strengthening its supply chain [3]. - The collaboration with Nord also focuses on high-performance copper foil technology for solid-state batteries, indicating a shift towards advanced battery technologies [3][4]. - Additionally, Chuangneng partnered with Yunda Zhichu Technology to develop technology and create value in the energy storage sector, further solidifying its market position [4]. Group 2: Industry Context and Developments - Solid-state batteries are identified as a critical technology area, with expectations that the partnership with Nord will accelerate the development and application of these batteries [4]. - Yunda Zhichu Technology, established in April 2024, is backed by Yunda Holdings, a state-owned company with significant experience in renewable energy, indicating a strong foundation for the partnership [4][5]. - Yunda's energy storage business encompasses various aspects, including investment, design, manufacturing, and operation, providing comprehensive solutions in the energy storage market [4]. Group 3: Product Innovations - Chuangneng's fourth-generation energy storage battery, with a capacity of 472Ah and an energy density of 195Wh/kg, has commenced mass production, aiming for full capacity by the end of July [7].

Summary of Solid-State Battery Sector Insights Industry Overview - The solid-state battery sector is experiencing growth driven by technological advancements rather than market speculation, with new signed orders in the first half of 2025 showing a gross margin increase of 2-3 percentage points [1][2][3] - Major companies like BYD, Guoxuan, and FAW have launched automotive-grade solid-state cells, while CATL and Huawei are developing pilot lines with tangible products [1][2][3] Key Points and Arguments - **Policy Support**: The Chinese government is actively supporting solid-state battery development, with the Ministry of Industry and Information Technology (MIIT) launching a 6 billion RMB R&D initiative and the National Development and Reform Commission (NDRC) providing a 15% bond subsidy [1][2][7] - **Technological Breakthroughs**: Solid-state battery technology is advancing, with significant improvements in performance. The industry is expected to see a critical mass production window by 2027, with visible orders starting to materialize in 2026 [2][3][16] - **Manufacturing Differences**: Solid-state batteries differ significantly from traditional liquid lithium batteries in manufacturing processes, requiring new production lines and leading to increased capital expenditures [4][11][9] Market Dynamics - **Equipment Market Potential**: The value of a complete solid-state battery production line is approximately 500 million RMB per GW, expected to decrease to 200-300 million RMB during mass production, indicating a substantial growth opportunity compared to traditional liquid lithium battery equipment [11][16] - **Emerging Companies**: Key players in the solid-state lithium battery sector include BYD, CATL, Guoxuan, FAW, and Huawei, all of which are investing heavily in R&D and pilot production lines [5][6][14] Challenges and Innovations - **Dry Electrode Technology**: The dry electrode technology, which eliminates solvent use, presents challenges but offers significant advantages such as reduced energy costs and increased energy density, indicating a shift from wet to dry processes is likely [8][10] - **Valuation of Equipment Companies**: Solid-state battery equipment companies are generally valued between 15 to 30 times earnings, presenting a safety margin compared to higher valuations of other firms, with potential for significant upward movement as demand increases [15][16] Future Trends - The solid-state battery industry is poised for rapid development, with multiple catalysts expected in the second half of this year and into 2026, leading to a critical production phase in 2027 [3][17] - Companies with strong technological foundations and strategic positioning in the growth segments of the industry, such as Xian Dao Intelligent, Hangkong Technology, and Lianying Laser, are recommended for investment consideration [16][17]

Core Viewpoint - The acquisition of 51% stake in Shanghai Zijiang New Materials Technology Co., Ltd. by *ST Weir is seen as a strategic move to enter the lithium battery materials industry, potentially providing new growth momentum for the company's future performance [2][5]. Group 1: Transaction Details - *ST Weir plans to acquire the stake for a total price of 546 million yuan [2]. - The transaction involves multiple parties, including Zijiang Enterprises and Ningde New Energy, with Zijiang Enterprises retaining a 31.05% stake post-transaction [5]. - This transaction is characterized as a related party transaction, as both *ST Weir and Zijiang Enterprises share the same actual controller, Shen Wen [5]. Group 2: Business Overview of Zijiang New Materials - Zijiang New Materials specializes in the research, production, and sales of aluminum-plastic films for soft-pack lithium batteries, holding the title of a national-level "little giant" enterprise [6]. - The company has a significant market presence, with a sales volume of 51.277 million square meters in 2024 and a domestic market share of 22.2% [6]. - Major clients include well-known lithium battery manufacturers such as ATL, BYD, and Xinwangda [6][7]. Group 3: Financial Performance and Projections - Zijiang New Materials reported revenues of 711.3872 million yuan, 623.4211 million yuan, and 155.3505 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of 90.2365 million yuan, 53.5151 million yuan, and 10.1226 million yuan [9]. - A significant decline in net profit of 40.7% is anticipated for 2024 [9]. - The transaction includes performance commitments from the sellers, ensuring net profits of no less than 65.5 million yuan, 78.5 million yuan, and 95.8 million yuan for the years 2025 to 2027 [10]. Group 4: Market Dynamics and Challenges - The soft-pack battery market faces challenges due to the competitive advantages of CTP/CTB technologies and cost disadvantages compared to square and cylindrical batteries, leading to a decline in the market share of soft-pack batteries [10]. - However, innovations in technology are expanding the application scenarios for soft-pack batteries, with companies like BYD utilizing aluminum-plastic films in blade battery packaging [10][11]. - The transition to semi-solid and solid-state battery technologies is expected to create new market opportunities for aluminum-plastic film products [11]. Group 5: IPO Challenges and Future Outlook - Zijiang New Materials has faced multiple setbacks in its IPO attempts, including a withdrawal of its listing application after failing to secure approval for both the Sci-Tech Innovation Board and the Growth Enterprise Market [12]. - The acquisition by *ST Weir raises questions about whether it can provide an alternative route to IPO for Zijiang New Materials, especially given *ST Weir's own financial struggles and history of losses [13].

Group 1 - The core viewpoint of the article highlights that Xuanbu Investment has conducted research on a listed company, specifically focusing on the advancements and strategic goals of Funeng Technology in the solid-state battery sector [1] - Funeng Technology aims to become a leading enterprise in solid-state batteries, emphasizing the importance of soft-pack packaging and stacking technology as the optimal route for all-solid-state batteries [1] - The company possesses a first-mover advantage in the solid-state battery field, with significant technological accumulation and patent barriers [1] Group 2 - Funeng Technology anticipates that liquid, semi-solid, and all-solid-state batteries will coexist in the long term, each serving different niche applications [1] - The production capacity for semi-solid batteries is expected to reach 54 GWh by the end of 2025, with current shipments already at the GWh level [1] - The cost of semi-solid batteries is 5-10% higher than that of liquid batteries, while all-solid-state batteries are currently more expensive but are expected to see significant cost reductions [1] - The domestic production of aluminum-plastic film has been largely achieved, which helps reduce the BOM cost of the company's soft-pack batteries [1]

Core Viewpoint - The rapid development of the electric vehicle industry is accompanied by safety concerns, particularly regarding battery thermal runaway, which is primarily caused by high temperatures and overcharging. Advanced battery thermal management systems are essential for ensuring safety [1]. Group 1: Battery Thermal Management Systems - The design phase of battery thermal management systems is critical, requiring simulations to ensure uniform cooling across all cells and complete sealing to prevent liquid contact with cells [1]. - Common issues arise from client-provided module and cell designs, leading to ineffective thermal management, particularly in corner cells due to design flaws [1]. - Safety in battery thermal management relies on design, materials, and technological innovation, with design being the most significant factor, especially under high load conditions [1]. Group 2: New National Standards - In March, the Ministry of Industry and Information Technology released new safety requirements for electric vehicle batteries, mandating that batteries must not catch fire or explode, with new tests for bottom impact and fast charging cycles to be implemented by July 2026 [2]. - This new standard is expected to drive companies to redesign battery pack structures and thermal management systems, promoting high-quality development in the industry and potentially leading to a "stronger gets stronger" market dynamic [2]. Group 3: Material Selection and Cost Implications - The new national standard will not affect existing solutions but will require the selection of appropriate materials, with changes in the chemical composition of thermal management circuit liquids [3]. - For lower temperature requirements, cheaper materials are sufficient, but higher performance materials will increase costs, with immersion cooling systems potentially costing about 25% more than traditional systems [3]. Group 4: Industry Response and Opportunities - Several battery companies, including BYD, Xinwanda, Guoxuan High-Tech, and CATL, have announced that their products meet or exceed the new national standards [4]. - The new standards are expected to promote safety upgrades in the battery industry, leading to optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4]. - Solid-state batteries, viewed as the next generation of technology with higher safety performance, require more efficient thermal management designs due to the low thermal conductivity of solid electrolytes, with material costs for thermal management systems being 10% to 15% higher [4].

Group 1 - The new national standard for electric vehicle batteries requires companies to redesign battery pack structures and thermal management systems to enhance safety and performance [1][2] - The standard, which will be implemented in July 2026, mandates that batteries must not catch fire or explode under internal short circuit conditions, marking it as the strictest battery safety regulation to date [2] - Industry experts believe that the new standard will accelerate high-quality development in the sector, potentially leading to a "stronger survive" market dynamic [2] Group 2 - Companies like BYD, Xinwanda, Guoxuan High-Tech, and CATL have announced that their products meet or exceed the new standard requirements [4] - The new standard is expected to promote safety upgrades in the battery industry, driving optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4] - Solid-state batteries, viewed as the next generation of advanced technology, require more efficient thermal management designs due to their lower thermal conductivity, with material costs for thermal management systems expected to increase by 10% to 15% [4]

Investment Rating - The report rates the automotive industry as "Positive" [3] Core Insights - The Chinese plug-in hybrid electric vehicle (PHEV) market has experienced growth rates exceeding those of pure electric vehicles (BEVs) for over three years, driven primarily by economic factors and commuting needs [1][14] - The sustainability of the PHEV market will depend on its economic viability as the efficiency of BEVs continues to improve [1][2] - The evolution of PHEVs can be categorized into two main types: PHEVs that can directly drive the vehicle and extended-range electric vehicles (EREVs), with distinct trends in product development [2][39] Summary by Sections 1. Economic Basis of PHEV Market Prosperity - PHEVs have consistently outpaced BEVs in growth due to their cost-effectiveness and ability to meet commuting demands [1.1][14] - The main hybrid technologies utilize a series operation mode to address fuel consumption issues during commuting [1.2][21] - The efficiency of BEVs is improving, which raises questions about the long-term economic sustainability of PHEVs [1.3][31] 2. Product and Technology Evolution of PHEVs - Traditional automakers are optimizing PHEV products, focusing on cost efficiency and leveraging existing engine technologies [2.1][39] - New entrants in the market are adopting EREV strategies, which allow for greater integration with BEV technologies [2.2][46] - The market is witnessing a clear division between PHEVs and EREVs, with each catering to different consumer needs and preferences [2.3][48] 3. Long-term Outlook - The report anticipates that advancements in technologies such as autonomous driving and vehicle-to-grid (V2G) will significantly enhance the economic viability of BEVs, potentially leading to a decline in PHEV and traditional fuel vehicle demand [3.1][3.2] - By 2030, it is projected that PHEVs will capture nearly 40% of the Chinese automotive market, while their prospects in the U.S. remain limited and more favorable in Europe [2][4.1]

动力电池应该是"反内卷"板块中唯一一个有确定性大热门、并且是颠覆性技术突破的板块了吧：固态电 池。 更不用说新能源汽车，固态电池可能是终极方案。巨头宁德时代全固态技术领先，已经获国际订单，作 为ETF绝对权重，引领车用电池革命。 | | 代码 7 | 简称 | 收盘价(原始币种) | 权重 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274.SZ | 阳光电源 | 72.26 | 10.3480% | -1.84 | -2.48% | | 2 | 300750.SZ | 宁德时代 | 271.20 | 9.7100% | 5.70 | 2.15% | | 3 | 002050.SZ | 三花智控 | 27.68 | 6.3550% | -0.22 | -0.79% | | 4 | 300014.SZ | 亿纬锂能 | 45.60 | 6.0480% | 0.60 | 1.33% | | 5 | 002074.SZ | 国轩高科 | 31.22 | 3.7790% | 1.22 | 4.07% | | 6 | 002340. ...

他还表示，此次追觅科技的充电产品采用了固态电池技术。据了解，传统液态电池在被针刺后，可能出现电解液泄漏、短路，甚至起火爆炸的风 险；而固态电池在安全性上优势显著，能在各种情况下保持稳定。 谈及追觅科技布局充电宝市场的原因，上述人士称，"近期充电宝安全事件频发，引发行业重大调整，市场格局出现新机遇，这让不少大玩家都 想进来分一杯羹。" （ 来源：蓝鲸新闻） | 往 | 期 回 | 顾 | | --- | --- | --- | | 01 | ｜ | 锂电池价格反弹or反转？ | | 02 | ｜ | 吉安4GWh电池项目获批 | | 03 | ｜ | 工信部等部门召开新能源汽车行业座谈会 部署进一步规范新能源汽车产业竞争秩 序工作 | | 04 | ｜ | 2025首届硫化物全固态电池国际峰会暨展览会11月8日广州举办！ | 7月17日，蓝鲸科技记者从充电宝产业供应链人士处获悉，追觅科技即将入局充电宝赛道。 该人士透露："追觅科技已在与我们洽谈合作，合作模式为我们为其代工。目前产品已交付追觅测试，若顺利将即刻下单生产。" | 时间 | 地点 | 主题 | | --- | --- | --- | | 2025.0 ...

Summary of Fulin Technology Conference Call Company Overview - **Company**: Fulin Technology - **Industry**: Solid-state battery technology Key Points and Arguments Production and Development Plans - Fulin Technology plans to establish a 0.2 GWh sulfide all-solid-state battery pilot line by the end of 2025, with a target to deliver 60 Ah batteries and expand production to GWh level by 2026 [2][3][5] - The company adopts a "produce one generation, develop one generation, reserve one generation" strategy to accelerate product iteration, expecting to deliver the first generation product with an energy density of 400 Wh/kg by 2025 and a second generation product with 500 Wh/kg by 2026 [2][5] Technical Expertise and Market Position - Fulin Technology has a strong focus on soft-pack packaging and has accumulated extensive R&D and mass production experience, ranking first in soft-pack shipments in China and among the top three globally [2][6][10] - The company has established partnerships with major clients such as GAC and Dongfeng, which are expected to become significant customers for its all-solid-state batteries [2][7] Production Capacity and Technology - The pilot line is designed for a scale of 0.2 GWh, primarily using wet processing while exploring dry processing routes [2][7] - The company has developed a unique soft-pack technology that allows for better absorption of electrode expansion, which is crucial for solid-state battery performance [9][10] Product Performance and Market Trends - Fulin Technology's half-solid-state products offer a cycle life of over 3,000 cycles and energy densities between 330 to 350 Wh/kg, suitable for high-demand applications such as low-altitude flying vehicles [4][20] - The company anticipates that solid-state batteries will coexist with liquid and half-solid-state batteries in the market, as different applications will require different battery types [15][16] Cost and Safety Considerations - The production cost of Fulin Technology's half-solid-state batteries is among the lowest in the industry, only slightly higher than liquid batteries, while sulfide all-solid-state batteries currently do not have market viability due to high material and manufacturing costs [23] - Safety measures are in place to ensure that the batteries meet high safety standards, with ongoing efforts to enhance both intrinsic and system-level safety features [24] Future Outlook - Fulin Technology aims to become a leading player in the solid-state battery sector, with plans to achieve GWh-level production capacity by 2026 and large-scale mass production by 2030 [12][31] - The company is optimistic about the commercial prospects of its products, particularly in the automotive sector, where demand for half-solid-state batteries is expected to grow rapidly [34][26] Challenges and Innovations - The company faces challenges in scaling up production and ensuring the reliability of new technologies, particularly in the transition from pilot to mass production [18][19] - Innovations in aluminum-plastic film technology have improved the cost-effectiveness and performance of soft-pack batteries, enhancing Fulin Technology's competitive edge [29] Additional Important Information - The company has made significant progress in the domestic production of key materials, such as lithium sulfide, which supports its strategic goals in solid-state battery development [37] - Fulin Technology's commitment to R&D and strategic partnerships positions it well to capitalize on emerging opportunities in the solid-state battery market [12][35]