Battery - Chasing Technology is entering the power bank market, utilizing solid-state battery technology [2] - The company is currently in the early planning stage for its power bank business and aims to provide safe and efficient charging solutions if the product meets market demand [2] Tesla - Tesla has officially launched the Model Y L, targeting the six-seat vehicle market, with a price expected around 400,000 yuan [4] - The Model Y L features dual motors with maximum power outputs of 142 kW and 198 kW, and is equipped with a lithium-ion battery produced by LG Energy [4] Sichuan Saike Power - Sichuan Saike Power's Yibin base has made significant progress with the installation of production equipment, aiming for production by October 2025 [6] - The base's core products have high energy density (>300 Wh/kg) and are certified for supply to leading electric aviation companies, with plans for applications in robotics and new energy vehicles [8] Materials - An international standard for silicon-based anode materials for lithium-ion batteries has been officially released, marking a significant milestone in the industry [10] - Safian has established a project in Hunan for high-safety coated separators, expected to be operational by Q4 this year, focusing on solid-state electrolyte applications [12] - Wanrun New Energy has terminated a 5 billion yuan investment project due to market conditions and internal resource optimization [14][15] Overseas - The U.S. Department of Commerce has preliminarily ruled to impose a 93.5% anti-dumping duty on high-purity graphite from China, potentially increasing battery prices significantly [16][17] - CATL has secured a framework supply agreement with Vanda RE for up to 2.2 GWh of battery storage systems in Indonesia, contributing to one of Southeast Asia's largest solar-storage projects [19]

Core Viewpoint - Solid-state batteries represent the next generation of high-performance batteries, with short-term prospects for oxide semi-solid batteries and long-term potential for sulfide all-solid-state batteries, characterized by high material flexibility and high equipment certainty [1][8]. Group 1: Industry Progress and Market Outlook - The overseas development of solid-state batteries is progressing steadily, with product performance continuously improving. Battery manufacturers and automakers are collaborating on technology licensing, production line construction, and road testing, with mass production timelines set for 2026-2030 [4][12]. - Solid Power and Factorial Energy have entered vehicle testing phases, while QuantumScape and Samsung SDI have delivered samples, all targeting mass production between 2026 and 2030 [4][6]. - The solid-state battery market is expected to reach a shipment volume of 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [14]. Group 2: Technological Developments - Solid-state batteries are characterized by high energy density and safety, with energy densities ranging from 301 to 560 Wh/kg for various products. For instance, Factorial Energy's Solstice battery supports a range of 1000 km and fast charging capabilities [6][14]. - The industry is witnessing a shift towards sulfide technology, with major players focusing on this route due to its potential advantages over existing technologies [8][24]. - The solid-state battery production process involves significant technological barriers, with new equipment expected to accelerate production as companies enter pilot testing phases [9][38]. Group 3: Investment Opportunities - Companies that are early in solid-state battery development and have experience in large-scale production are likely to benefit from the growing market [20][41]. - The solid-state battery sector is expected to attract significant investment, with government support and policy initiatives aimed at accelerating research and development [21][41]. - The collaboration between automakers and battery manufacturers is expected to drive commercial progress, with several companies already initiating vehicle testing and production plans [12][17].

Investment Rating - The industry investment rating is maintained as "Leading the Market" [4] Core Viewpoints - The battery production in June 2025 reached 129.2 GWh, showing a year-on-year growth of 51.4% and a month-on-month increase of 4.6% [3] - The sales volume of batteries in June 2025 was 131.4 GWh, reflecting a year-on-year growth of 41.7% [3] - Exports of batteries in June 2025 increased by 22.5% year-on-year, totaling 24.4 GWh [3] - The top three companies in battery installation volume are CATL, BYD, and Zhongchuang Xinhang, with market shares of 43.67%, 21.47%, and 7.55% respectively [3] Summary by Sections Production and Sales Data - In June 2025, the total battery production was 129.2 GWh, with a year-on-year increase of 51.4% and a month-on-month increase of 4.6% [3] - The production of ternary batteries was 29.5 GWh, accounting for 22.8% of total production, while lithium iron phosphate batteries produced 99.5 GWh, making up 77.0% [3] - Battery sales reached 131.4 GWh in June 2025, with a year-on-year growth of 41.7% [3] Export and Installation Data - Total battery exports in June 2025 were 24.4 GWh, with a year-on-year increase of 22.5% [3] - The installation volume of power batteries was 58.2 GWh, reflecting a year-on-year growth of 35.9% [3] Investment Recommendations - The report suggests that the battery demand continues to grow rapidly, indicating a market with potential for expansion [4] - It highlights the competitive advantages of leading companies in the industry, recommending attention to CATL, Zhongke Electric, and other key players [4] - The development of solid-state batteries is noted as a promising future direction, with recommendations to focus on companies involved in solid-state battery technologies [4]

Investment Rating - The report maintains an investment rating of "Outperform the Market" with a target price set for leading stocks [4]. Core Insights - Solid-state batteries represent a revolutionary technology with significant improvements in safety, energy density, and lifespan compared to traditional liquid batteries. The semi-solid state batteries are entering the industrialization phase, while all-solid state batteries are in the research and development stage, expected to achieve mass production by 2027 [1][36]. - The production process of solid-state batteries differs from traditional liquid batteries, focusing on innovations in manufacturing equipment and processes, particularly in the front and middle stages of production [2]. - The solid-state battery industry is expected to drive upgrades in downstream industries, particularly in eVTOL and humanoid robots, creating new demand for battery applications [3]. Summary by Sections 1. Solid-State Battery: A New Generation of Technological Revolution - Solid-state batteries utilize solid electrolytes, eliminating the risks associated with flammable liquid electrolytes, and can operate safely at temperatures up to 800°C [20]. - Energy density for solid-state batteries can reach 400-500 Wh/kg, significantly higher than the 200-300 Wh/kg of traditional liquid batteries [20]. - The solid-state battery market is supported by various national policies aimed at promoting its development and innovation [33]. 2. Process Innovation Driving Equipment Upgrades - The manufacturing process for solid-state batteries involves significant changes, particularly in the introduction of dry electrode technology, which offers advantages in cost, energy consumption, and performance [2]. - The core elements for mass production include improvements in roller press performance and production efficiency [2]. 3. Driving Upgrades in Downstream Industries - The eVTOL industry requires batteries with a minimum energy density of 400 Wh/kg, which aligns perfectly with the capabilities of solid-state batteries [3]. - Humanoid robots face energy challenges that solid-state batteries can address, making them a preferred choice for energy systems in this sector [3]. 4. Investment Recommendations - The report suggests focusing on leading battery manufacturers with capital and technological advantages, such as CATL and BYD, as well as companies involved in equipment and new materials [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Solid-state batteries drive the demand for upstream materials related to silicon-carbon anodes and high-nickel cathodes. They represent the ultimate direction of "0-1" new technology progress in lithium batteries, and the market trend is often catalyzed by industrial technology advancement events. The market is expected to reach a scale of over RMB 100 billion by 2030, with the solid-state battery industry scale potentially reaching RMB 180 billion [4][11]. - As of Thursday (July 10, 2025), the total inventory of the glass industry was 57.34 million weight boxes, a month-on-month decrease of 1.66%; the inventory days were about 28.76 days, a month-on-month decrease of 0.65 days. The production was 12.78 million weight boxes, and the production and sales rate was 107.6%. The inventory has been decreasing for three consecutive weeks, exceeding expectations. It is predicted that glass prices are expected to rise seasonally when the peak season arrives in mid-to-late September, and the stock prices of glass leaders are also expected to rise [4]. - Current investment suggestions include focusing on Honglu Steel Structure, Sinoma Science & Technology, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering Co., Ltd., China State Construction Engineering Corporation, Shanghai Harbor, and Keda Industrial Group [4]. 3. Summary by Directory 3.1. Weekly Special Topic: The Prosperous Development of Solid-state Batteries, and Related Targets of Silicon-carbon Anodes and High-nickel Cathode Materials May Benefit - **Solid-state battery industry chain**: Solid-state batteries are the ultimate direction of new technology progress in lithium batteries. From 2026 - 2028 is the critical stage for the mass production of all-solid-state batteries with different technical routes, among which the sulfide route is expected to be mass-produced first in 2026. After 2029, the lithium battery industry will enter the structural adjustment stage of maturity. It is predicted that the market space of all-solid-state batteries will reach over RMB 100 billion in 2030, and the industrial scale of solid-state batteries is expected to reach RMB 180 billion [4][11]. - **Silicon-carbon anode**: Silicon-carbon composites are breaking through the physical limit of traditional graphite anodes. To solve the problems of silicon anode materials such as capacity attenuation and volume expansion during charge and discharge, researchers use the silicon-carbon composite method. Beijing Lier invested in Lianchuang Lithium Energy to layout the silicon-carbon anode field. Lianchuang Lithium Energy is expected to start production by the end of this year and achieve significant revenue and profit scale in 2026 [12][20]. - **High-nickel cathode**: With the development of the solid-state battery industry, the application of high-nickel and ultra-high-nickel materials is being accelerated, and the demand for high-nickel ternary materials will continue to grow. Many domestic material enterprises are actively deploying high-nickel materials, and some leading manufacturers have achieved shipments of high-nickel ternary products to solid-state battery enterprises. Some material manufacturers are also increasing nickel production capacity and targeting Indonesia [21]. - **Punan Co., Ltd.**: The company's efficient precipitant products have been recognized by many wet metallurgy customers and achieved batch supply. The increasing demand for high-nickel ternary cathode materials in solid-state batteries is expected to drive the demand for active magnesium oxide, a precipitant used in upstream wet nickel extraction, and the company's related business may benefit [23]. 3.2. Earnings Forecast and Valuation of Main Covered Companies No specific content provided in the text, only the table title is mentioned. 3.3. Weekly Market Review - **Building and building materials industry**: The text provides the weekly and year-to-date rise and fall rankings of the building and building materials industries, as well as the weekly market review of infrastructure public REITs, including closing prices, 52 - week highs and lows, and various rise and fall data [37][38][39]. 3.4. Aggregate Data Tracking - **Real estate data**: It includes cumulative year-on-year data of real estate new construction, construction, completion, and sales areas, land transaction data, real estate transaction data, social financing data, infrastructure investment growth rate, and new contract signing situations of eight major construction central enterprises [42][51][60]. - **Special bond issuance**: It shows the monthly and cumulative issuance amounts of new special bonds and replacement special bonds [89]. 3.5. High-frequency Data Tracking - **Cement data**: It includes the national PO42.5 cement average price, East China regional cement price trend, cement coal price difference index, cement capacity utilization rate, and cement production monthly year-on-year growth rate [100][104][107]. - **Float glass data**: It includes glass spot price, glass futures price, glass inventory, and glass daily melting volume [106][109][114]. - **Photovoltaic glass data**: It includes 2mm photovoltaic glass price, photovoltaic glass inventory, and soda ash price [113][115][118]. - **Glass fiber data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [120][122][133]. - **Carbon fiber data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber inventory, carbon fiber production, carbon fiber start - up rate, and carbon fiber gross profit margin [128][130][142]. - **Magnesia and alumina prices**: It includes the ex - factory tax - included price of large crystalline fused magnesia and alumina price [144][145][147]. - **Upstream raw material prices**: It includes the prices of asphalt, waste paper, PVC, and HDPE [150][152][154]. - **Physical work volume data**: It includes high - machine rental rate, excavator working hours, and asphalt average start - up rate [156][157][163].

Group 1: Market Trends and Projections - Global lithium battery shipments for applications such as energy storage, passenger vehicles, eVTOL, and robotics are expected to exceed 1.8 TWh by 2025, with demand projected to surpass 8 TWh by 2035 [1] - The demand for lithium batteries in eVTOL, robotics, engineering machinery, and electric ships is anticipated to reach 30 GWh, 100 GWh, 100 GWh, and 160 GWh respectively by 2030 [1] - The lithium battery industry is shifting towards "full scene electrification," with significant growth expected in new energy vehicles and energy storage sectors over the next decade [1] Group 2: Solid-State Battery Developments - Major manufacturers are increasingly establishing dedicated teams for solid-state battery development, indicating a shift in technology that could marginalize traditional membrane and liquid battery material suppliers [2] - Companies like Huizhou EVE Energy Co., Ltd. plan to achieve breakthroughs in solid-state battery production processes by 2026, focusing on high power, environmental resistance, and safety [2] - Aiming for market opportunities, companies are accelerating their battery business coverage and actively engaging in solid-state battery research and development [2] Group 3: Technological Advancements in Solid-State Batteries - Rongbai Technology has developed 8-series and 9-series cathode materials for sulfide solid-state batteries, achieving industry-leading performance and cost parity with existing materials [3] - Xiamen Tungsten New Energy Materials Co., Ltd. is focusing on cathode materials and solid-state electrolytes, planning to advance production capacity in line with the industrialization of solid-state batteries [3] - Ganfeng Technology has successfully scaled up its semi-solid battery products, with the second generation achieving an energy density exceeding 330 Wh/kg and a cycle life of over 4000 cycles [4]

Core Viewpoint - Shanghai Xiba plans to participate in the auction of lithium sulfide business assets from Yuyuan Rare Earth New Materials Co., aiming to expand its presence in the solid-state battery sector [1][3]. Group 1: Auction Details - The auction is for lithium sulfide-related assets, with a starting price of approximately 110 million yuan, which includes patents, proprietary technology, and equipment [4]. - The assets have an assessed appreciation rate of 5476.85%, primarily due to core technology [4]. Group 2: Financial Position - As of the first quarter of 2025, Shanghai Xiba's cash reserves amount to 170 million yuan, equivalent to the net profits from 2021 to 2024 [2]. - The company expects a net profit of 99 million to 118 million yuan for the first half of 2025, representing a year-on-year growth of 136.47% to 181.85% [7]. Group 3: Business Context - The divestiture of lithium sulfide assets is noteworthy as solid-state batteries are a hot market, with major companies like Toyota, Nissan, and CATL actively investing in this area [5]. - Currently, lithium sulfide solid-state electrolytes have not achieved industrial-scale production, and their high cost remains a significant challenge [5]. Group 4: Company Operations - Shanghai Xiba has been gradually entering the solid-state battery materials market since 2022, leveraging research from teams at Fudan University and the Chinese Academy of Sciences [6]. - The company has established a 100-ton solid-state battery powder production line in Zhejiang and is in the trial production phase at its Songjiang base [7].

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Core Viewpoint - Hive Energy has launched a new "4+1" product brand, which includes various battery types aimed at different markets, enhancing energy density and safety features in both semi-solid and solid-state batteries [1][2]. Product Overview - The "Fortress Off-Road Battery" features an 80kWh capacity, the largest hybrid battery on the market, with a range of over 400KM and a 6C super-fast charging capability that allows for 30% to 80% SOC charging in just 8 minutes [3]. - The "Bee Walking Short Blade" battery utilizes advanced technologies to ensure safety and longevity while supporting 6C fast charging, reducing charging time for 80% SOC by 25% [4]. - The "Dragon Scale Armor" battery, with a capacity of 65kWh and an 800V architecture, ensures safety at high temperatures and features a high-integration design that improves volume utilization by 5% [5][6]. Company Projections - Hive Energy's CEO, Yang Hong, projected that the company will exceed 47GWh in shipments by 2025, achieving a domestic market share of 3.6% in power battery installations and generating over 24 billion yuan in revenue [2].

Core Viewpoint - The lithium battery industry is transitioning from a "single power" model to "full scene electrification," with the market space expected to develop towards a scale of 10 TWh, driven by demand from various emerging fields such as eVTOL, low-altitude economy, and data center energy storage [6][8]. Group 1: Industry Trends - The demand for lithium batteries is shifting from "single-point high growth" to "multiple-point explosion," necessitating advancements in material systems and manufacturing technologies to meet higher requirements for energy density, safety, and customization [6][8]. - Solid-state batteries are identified as a key variable in reshaping the industry landscape, with major manufacturers expected to push for their validation and integration into vehicles by around 2030 [8]. - The energy storage market is entering a high-growth phase, with significant technological gaps emerging among storage companies, potentially leading to the exit of less competitive players within 1-2 years [8]. Group 2: Company Innovations - ENPACK has developed high-conductivity composite copper foils suitable for high-rate charging and discharging scenarios, significantly reducing resistance from 36 mΩ/□ to 24 mΩ/□, which is ideal for applications like drone batteries [9]. - The company is also focusing on bipolar copper-aluminum foils for new solid-state battery structures, aiming to enhance voltage and fast-charging capabilities [9]. - PULITECH is integrating materials, processes, and equipment to provide comprehensive solutions that help clients reduce costs and improve efficiency, showcasing successful collaborative cases in ultra-thin aluminum composite materials and ceramic-coated separators [12][14]. Group 3: Research and Development - Ningbo Fuli Battery Material Technology has established a complete innovation system from laboratory to production line, achieving stable supply of high-performance lithium-rich manganese-based cathode materials with a capacity of 300 mAh/g [15]. - The company plans to expand its production capacity to a scale of 10,000 tons by 2026, indicating a strong capability for mass production [15]. - WeiLan New Energy is advancing solid-state battery technology with a focus on cost reduction and system integration, achieving significant performance metrics in both electric vehicles and energy storage applications [18].