Core Viewpoint - The solid-state battery technology is rapidly advancing, with major global automakers and battery manufacturers announcing timelines for vehicle integration, indicating a shift towards high-performance lithium batteries that offer both high energy density and safety [1][3][15]. Group 1: Industry Developments - Major automakers like BYD, Toyota, and Volkswagen are planning to implement solid-state batteries in their vehicles between 2025 and 2030, with various companies setting specific timelines for small-scale production and testing [3][4]. - CATL is transitioning from semi-solid to solid-state batteries, aiming for small-scale production by 2027, while other companies like Guoxuan High-Tech and EVE Energy have similar timelines for their solid-state battery projects [3][4]. Group 2: Technical Advantages - Solid-state batteries can achieve energy densities exceeding 500 Wh/kg, significantly higher than traditional lithium batteries, which are nearing their theoretical limits [2][3]. - The solid-state battery technology addresses safety concerns associated with liquid batteries, such as thermal runaway, making it suitable for applications in electric vehicles, robotics, and energy storage [1][2]. Group 3: Market Potential - The global demand for solid-state batteries is expected to grow, driven by the increasing penetration of electric vehicles and advancements in low-altitude economy and renewable energy sectors [5][15]. - The market for solid-state battery equipment is projected to increase from 5-6 billion CNY per GWh to 2.5 billion CNY per GWh by 2029, indicating a significant reduction in production costs as technology matures [8][9]. Group 4: Material Innovations - The development of solid-state batteries is leading to advancements in materials, with a shift from graphite to silicon-based anodes, which have a theoretical capacity ten times higher than graphite [13][14]. - New electrolyte materials, including polymer, oxide, and sulfide, are being explored, each with distinct advantages and challenges, contributing to the ongoing evolution of solid-state battery technology [10][11][12].

Core Insights - Jiangsu Tianpeng Power Co., Ltd. announced the global launch of its mass-produced solid-state cylindrical battery with an energy density of 350Wh/kg, primarily aimed at applications in embodied robots, low-altitude aircraft, and e-bikes [1][2] - The newly released 60HES cell features revolutionary materials and structural design, utilizing self-developed ultra-high nickel ternary materials (NCMA Ni93) for the cathode and low-expansion silicon-carbon anode (SiC), enabling higher capacity and energy density [1] - The 21700-60HES cell has a nominal capacity of 6100mAh, supports 1C/3C charge and discharge capabilities, and has a cycle life of ≥800 at room temperature, with stable operation in a temperature range of -10℃ to 65℃ [1] Market Applications - The battery has completed safety verification with leading international clients, receiving high recognition for its performance, and mass production validation is currently underway, expected to be fully completed by the end of this year [1] - Upon completion, the product will transition from pilot production to the global market [1] Future Developments - Tianpeng Power is developing the next generation of solid-state batteries, aiming for mass production of batteries with an energy density exceeding 500Wh/kg by 2027, utilizing a composite solid electrolyte (sulfide + polymer) suitable for cylindrical cells [2] - The company is a wholly-owned subsidiary of Blue Lithium Core, focusing on the research, production, and sales of cylindrical batteries, with a product system that includes NCM, NCA, and LFP technologies [2] Production Capacity - Tianpeng Power operates four major production bases, with three located in Jiangsu Province and one in Selangor, Malaysia, which plans to invest $280 million to achieve an annual production capacity of 10GWh of cylindrical lithium batteries [2] - The Malaysian facility officially opened on April 29, with an initial total capacity of approximately 400 million units per year, and stable supply of 18650 and 21700 cell types is already in place, with plans to produce high-end models such as 5.8Ah and 6.5Ah in the future [2]

固态电池 0-1 快速发展，产业化初期设备商优先受益 20250709 摘要 全固态电池能量密度显著提升，通常可达 400-500Wh/kg，远高于传统 液态锂电池的 200-300Wh/kg，同时在安全性、低温性能方面表现更优， 预示着其作为未来产业发展趋势的确定性。 半固态电池已初步应用于高端消费电子领域，而动力和储能领域主要采 用半固态技术进行规模化应用。预计全固态电池将在 2027 年左右小批 量应用于汽车，储能领域商业化应用或需等到 2030 年左右。 固态电池技术路线多样，包括氧化物、硫化物、聚合物和卤化物。其中， 硫化物因其优异的界面接触和电导率被认为是未来主流技术路线，而氧 化物适用于半固态方案，聚合物因工作温度限制不适用于车辆，卤化物 则多用于研发阶段。 全固态电池负极材料正从硅碳负极配合预锂化技术向高容量硅碳或金属 锂负极演进，最终目标是直接使用金属锂负极；正极材料则从高镍三元 逐步发展到超高镍或镍锰酸锂，最终目标是超高镍正极材料。 中国工信部已拨款 60 亿支持固态电池重大研发专项，宁德时代、比亚 迪等企业参与，计划 2027 年实现小规模量产。海外方面，丰田、本田、 三星 SDI、LG ...

Core Insights - The second China International Solid-State Battery Technology Industrialization Development Forum will be held from June 26-28, 2025, in Wuxi, Jiangsu, where Ganfeng Lithium will present advancements in solid-state battery materials and energy storage applications [1] - Ganfeng Lithium has established a comprehensive product layout covering battery materials, cells, battery cabinets, energy storage containers, and energy storage power solutions, making it the only company in the industry to operate the entire supply chain from raw materials to battery recycling [5] - The company has delivered over 21 GWh of energy storage battery products and has invested in and constructed energy storage stations exceeding 20 GWh [5] - The room temperature ionic conductivity of the developed oxide solid electrolyte material reaches 1.5 mS/cm, and the company has achieved stable preparation of 25-micron ultra-thin electrolyte ceramic sheets [5] - The developed sulfide solid electrolyte material has a room temperature ionic conductivity exceeding 12 mS/cm, with low-cost batch production of lithium sulfide and sulfide electrolyte materials [5] - The 304Ah solid-state energy storage cell has surpassed 4000 cycles in lifespan testing, demonstrating advantages in safety, low-temperature performance, and storage compared to liquid batteries [6] - The 304Ah cell maintains a higher overall capacity retention, especially showing improved stability during the first 1000 cycles, and exhibits zero voltage drop during an 8mm puncture test, indicating robust safety performance [6] - Ganfeng Lithium has innovatively constructed a "6-BTR" high-safety energy storage system strategy, providing multi-level protection and achieving certification for its lithium storage battery products [6] - The company's storage technology and products, integrating high-performance solid electrolytes and innovative cell designs, contribute to the development of high-safety, long-life, and wide-temperature range products for a cleaner and more sustainable energy system [8]

1. Report Industry Investment Rating - Expected to outperform the benchmark by more than 5% in the next 6 months (Industry investment rating: Overweight) [49] 2. Core Views of the Report - Solid-state batteries offer stronger safety and higher energy density but face issues such as low ionic conductivity, poor cycle life, and relatively high costs [2][8][10] - There are diverse technological routes for solid-state batteries, with sulfides being the current mainstream direction [2][17][19] - With increased policy and industrial chain support, the commercialization of solid-state batteries is accelerating, and it is expected that the demand will reach 100 GWh by 2030 [2][22][28] - Considering the accelerated technological iteration of solid-state batteries, the successive establishment of pilot lines, and the continuous emergence of new technologies in equipment and materials, specific companies are recommended for investment [2][44] 3. Summary by Relevant Catalogs 3.1 Solid-state Batteries: Stronger Safety and Higher Energy Density - Solid-state batteries use non-flammable solid electrolytes instead of liquid electrolytes, achieving higher energy density and stronger safety [6][8][10] - The energy density of solid-state batteries can exceed 500 Wh/kg, breaking through the energy density bottleneck of liquid batteries and enabling longer electric vehicle range [8] - Solid-state batteries are safer because solid electrolytes have a higher melting point and can suppress lithium dendrite growth, reducing the risk of thermal runaway and short circuits [10] - Solid-state batteries have disadvantages such as low ionic conductivity, poor cycle life, and high production costs [12][15] 3.2 Diverse Technological Directions with Sulfides as the Mainstream - Solid-state batteries can be divided into four technological routes: polymers, oxides, sulfides, and halides, each with its own advantages and disadvantages [17][18] - Sulfide solid electrolytes have the greatest potential in the future, with high ionic conductivity, good interface contact performance, and flexibility, making them the key layout direction for mainstream manufacturers [19] 3.3 Increased Policy and Industrial Chain Support, Accelerating Solid-state Commercialization - The national level has successively issued policies to support the development of solid-state batteries, accelerating the industrialization process [22][23] - Battery manufacturers have updated their solid-state progress, with small-scale mass production expected in 2027 and large-scale mass production in 2030 [24][25] - Automobile manufacturers have released solid-state-related plans, with small-scale mass production expected in 2027 and large-scale implementation in vehicles by 2030 [26][27] - With the support of leading enterprises and the industrial chain, the mass production speed of solid-state batteries is expected to exceed expectations, and the cost is expected to approach that of liquid batteries by 2030 [28][30] 3.4 North Exchange Industrial Chain Targets - The solid-state battery industrial chain includes upstream (mineral resources, positive electrodes, negative electrodes, solid electrolytes, production equipment), midstream (cells, batteries, PACK, BMS), and downstream (consumer, power, energy storage, aerospace fields) [33] - Lingge Technology provides an automated overall solution for front-end materials in solid-state batteries and is expected to benefit from the development of the solid-state battery industry [34] - Nakonor is a pioneer in dry electrode equipment, continuously expanding into the solid-state field, and its products are expected to increase in value and contribute to the company's performance [37] - Yuanhang Precision focuses on the R & D of nickel-copper/nickel-aluminum layered composites, aiming to meet the technical requirements of iron-based current collectors for solid-state batteries [39] - The report recommends Nakonor, Yuanhang Precision, and Lingge Technology, and suggests paying attention to other companies such as BTR, Tianma New Materials, Wuhan Landian, Liwang Co., Ltd., Lijia Technology, Yintu Network, and Haixi Communication [2][44]

Core Viewpoint - The company has developed composite aluminum and copper foil products that are currently being tested in solid-state batteries by well-known domestic clients [1] Group 1 - The composite aluminum and copper foil products are applicable in solid-state batteries [1] - The company has also developed lithium metal/composite current collector integrated materials for use in solid-state batteries [1]

Core Viewpoint - The article highlights the significance of the 2025 (Third) China Solid-State Battery Technology Development and Market Outlook Summit held in Shanghai, focusing on advancements in solid-state battery technology and its industrial applications [1][4]. Event Details - Date: July 9, 2025 [4] - Location: Shanghai Pudong Holiday Inn [4] - Organizer: Xinluo Information [4] Event Highlights - The summit attracted numerous industry experts, corporate representatives, and researchers to discuss the future development of solid-state batteries [1]. - The opening ceremony featured a gathering of distinguished guests witnessing the commencement of the solid-state battery conference [12]. - Experts from both domestic and international backgrounds shared the latest research findings and cutting-edge perspectives on solid-state battery technology [14]. - Attendees engaged in face-to-face discussions with guests to explore the future of solid-state battery technology [14].

Core Viewpoint - The battery sector is experiencing a strong rebound, particularly highlighted by the performance of the solid-state battery ETF (561910), which has seen significant gains and reached new highs [1][3]. Group 1: Industry Dynamics - The recent surge in the battery ETF is indicative of a reshaping industry landscape, driven by continuous policy support aimed at reducing competition and improving the survival state of the industry [3]. - The "anti-involution" policy is not merely a slogan; it is actively changing the competitive dynamics within the solar, electric vehicle, and lithium battery storage sectors, which are key areas of China's manufacturing advantage [3]. - As the "anti-involution" policy is implemented, the battery industry, which has been troubled by overcapacity, is expected to solidify its cyclical bottom, leading to improved profitability and resilience among leading companies [3][4]. Group 2: Valuation Insights - The current PE-TTM of the CS Battery Index, tracked by the battery ETF (561910), stands at 25.40 times, which is at a historical low, being cheaper than 84% of the time over the past decade [4]. - With the guidance of the "anti-involution" policy optimizing capacity, there is significant potential for profit recovery in the industry once supply-side pressures ease [4]. Group 3: Solid-State Battery Developments - Solid-state batteries are emerging as a crucial development direction in the battery industry, with major companies like BYD, CATL, Guoxuan, and GAC actively making advancements [7]. - The increasing maturity of solid-state battery technology is expected to create more profit opportunities for related companies, particularly in emerging sectors like low-altitude economy and robotics [7]. - The battery ETF (561910) encompasses a comprehensive range of companies across the battery industry chain, with solid-state battery concept stocks making up nearly 40% of its components, indicating a significant focus on this technology [7].

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Summary of Key Points from the Conference Call Industry Overview - The focus is on the lithium metal anode sector, which is critical for enhancing the energy density of solid-state batteries. [1][5] - The global solid-state battery shipment is projected to reach 180 GWh by 2030, with a potential demand for lithium metal anodes estimated at approximately 7,700 tons if the penetration rate reaches 20%. [1][7][13] Core Insights and Arguments - Lithium metal anodes are preferred over silicon-carbon anodes for achieving higher energy densities, especially beyond 400 Wh/kg. [1][5] - The lithium dendrite issue poses a significant challenge for lithium metal anode applications, but advancements in technology, such as artificial SEI films and multi-dimensional structural modifications, are helping to mitigate this problem. [1][6][14] - The rolling method is currently the most promising for large-scale production, with the potential to reduce lithium foil thickness from 20 microns to 5-6 microns in the coming years. [1][8][18] - Major companies leading in various production methods include: - Tian Tie Technology and Ganfeng Lithium in the rolling method - Yingli in the evaporation coating method - Dao Shi Technology and Zhong Yi Technology in liquid phase deposition. [1][9][17] Market Dynamics - The acceptance of lithium metal anodes is increasing, as evidenced by Mercedes' initiation of road tests for solid-state batteries utilizing this technology. [1][7] - The solid-state battery industry is expected to accelerate its industrialization process by 2025, with ongoing research and communication with investors to provide updates on developments. [2] Additional Important Insights - The main challenges for enhancing energy density in solid-state batteries lie in the electrolyte and anode materials, with a diminishing marginal contribution from silicon anodes after reaching 400 Wh/kg. [11][12] - The lithium metal anode is seen as a key direction for the long-term development of solid-state batteries, particularly in terms of suppressing lithium dendrite growth. [12] - Investment recommendations include focusing on leading companies in various production methods, particularly Tian Tie Technology in the rolling method, and keeping an eye on emerging technologies. [10][18]