Core Viewpoint - The solid-state battery technology is gaining significant attention as a next-generation energy storage solution, with Shenzhen making notable advancements in both technology and product development, achieving breakthroughs in safety, energy density, and performance stability [1][2]. Group 1: Industry Developments - Shenzhen's solid-state battery sector is increasingly comprehensive, focusing on material research and process optimization while fostering close collaboration across the supply chain, including material manufacturers, equipment suppliers, and end-users [2]. - In the past year, 16 new solid-state battery products were launched, with Shenzhen's Xinjie Energy and BAK Battery standing out for their innovative achievements [2]. - Xinjie Energy's "Falcon" lithium metal solid-state battery boasts a high energy density of 480Wh/kg, marking a significant breakthrough in the aviation sector [2]. - BAK Battery's semi-solid-state battery is undergoing testing in various markets, including electric vehicles and consumer electronics, with market expansion imminent [2]. Group 2: Strategic Collaborations - Shenzhen Haimeixing and Xinjie Energy signed a strategic cooperation agreement to enhance equipment development and market promotion over the next five years, strengthening the solid-state battery supply chain [3]. - Xinjie Energy is focusing on low-altitude flying vehicles as a primary application scenario, developing two generations of aviation battery products with energy densities of 320Wh/kg and 380Wh/kg [3]. - Xinjie Energy aims to achieve a solid-state battery energy density breakthrough of 700Wh/kg by 2027 and plans to establish a 1GWh production line by 2026 [3]. Group 3: Material Innovations - Shenzhen Betterray is advancing in multiple solid-state battery technology routes, achieving significant milestones in the commercialization of solid-state battery materials, including the large-scale shipment of LATP solid electrolytes [4]. - Betterray's innovative modification of high-nickel cathode materials using LATP has significantly enhanced performance metrics such as rate capability and thermal stability [4]. Group 4: Export Performance - Shenzhen is accelerating the development of a world-class automotive city, forming a collaborative industrial ecosystem led by key enterprises [5]. - In 2024, Shenzhen's exports of "new three samples" (electric vehicles, lithium batteries, and solar photovoltaic products) reached 99.69 billion yuan, a growth of 11.5%, with lithium battery exports alone amounting to 65.12 billion yuan [5]. - The first quarter of 2024 saw lithium battery exports totaling 15.66 billion yuan, indicating strong market demand [5]. Group 5: International Expansion Efforts - In April 2023, Shenzhen's Development and Reform Commission, along with the Battery Industry Association, led a delegation of over ten companies to Malaysia to explore market opportunities and establish new partnerships in the renewable energy sector [6].

Core Viewpoint - The development of solid-state batteries is progressing, with several companies announcing timelines for production and deployment, but significant technical and commercial challenges remain to be addressed before widespread adoption can occur [1][2]. Company Developments - Guoxuan High-Tech has established its first pilot line for solid-state batteries, with samples now undergoing road testing, aiming for small-scale vehicle testing by 2027 and mass production by 2030 [1]. - Qingtao Energy plans to deliver solid-state batteries for vehicle installation by the end of this year, with a goal of mass delivery by 2027 [1]. - Other major battery manufacturers like CATL and BYD have also set similar timelines for small-scale production of solid-state batteries by 2027 [1]. Technical Challenges - The main challenge in solid-state battery technology lies in the solid electrolyte, with no unified technical route among industry players, focusing on sulfide, oxide, and polymer materials, each with its own advantages and disadvantages [4]. - Sulfide electrolytes are currently the most popular choice among leading companies due to their conductivity, but they require higher standards for sealing and processing [4]. - The cost of sulfide solid-state batteries is projected to be several times that of current liquid lithium batteries, with unclear potential for cost reduction in the next 3-5 years [4]. Market Considerations - The high energy density of solid-state batteries could significantly enhance the range of electric vehicles and other applications, but the gap between technological breakthroughs and large-scale commercialization remains substantial [2]. - Industry consensus suggests that maintaining flexibility in technology routes is crucial, as no single solution has yet emerged that balances performance and economic feasibility [6].

北交所策略专题报告 2025 年 05 月 18 日 贝特瑞发布固态电池材料解决方案，关注北证内锂电产业机会 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 贝特瑞发布固态电池材料解决方案，关注北证锂电标的 2025 年 5 月 13 日，贝特瑞举办固态电池材料整体解决方案发布会暨投资者交流 会，会上贝特瑞发布了贝安 FLEX 半固态及 GUARD 全固态系列高镍正极、硅基 负极、固态电解质、锂碳复合负极等材料。目前北交所内锂电相关标的共 17 家， 截至 2025 年 5 月 16 日总市值达到 726.10 亿元，产品包含负极材料、辊压设备、 成品锂电池等。贝特瑞（835185.BJ）主营业务包括锂离子电池负极材料、正极 材料及石墨烯材料三大业务板块，2024 全年负极材料销量突破 43 万吨，已投产 负极材料产能 57.5 万吨/年，2024 年负极产能利用率超过 90%。2024 年全年， 贝特瑞实现营收 142 亿元，归母净利润 9.3 亿元；2025Q1 营收 33.92 亿元，归母 净利润 1.76 亿元。 ...

Group 1 - The report highlights the launch of solid-state battery material solutions by BetterRay, focusing on opportunities within the lithium battery sector on the Beijing Stock Exchange [2][12][24] - As of May 16, 2025, there are 17 lithium battery-related companies on the Beijing Stock Exchange, with a total market capitalization of 72.61 billion yuan [21][24] - BetterRay's main business includes lithium-ion battery anode materials, cathode materials, and graphene materials, achieving a revenue of 14.2 billion yuan and a net profit of 930 million yuan in 2024 [24][26] Group 2 - The report notes that five major industries on the Beijing Stock Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28] - The average price-to-earnings (P/E) ratios for various sectors have risen, with the consumer services sector reaching a median of 60.4X [3][28] - The technology new industry saw a total market capitalization increase from 444.26 billion yuan to 447.61 billion yuan, with a median P/E ratio rising from 55.0X to 55.4X [4][44] Group 3 - The report indicates that BetterRay's solid-state battery solutions include high-nickel cathode materials and silicon-based anode materials, which enhance energy density and safety [12][19] - The solid-state electrolyte materials developed by BetterRay exhibit ionic conductivity exceeding 10 mS/cm, indicating strong performance [19][24] - The report also mentions the successful progress of new production capacity projects by companies like DeRay Lithium Battery, expected to commence production in the second half of 2025 [64][65]

投资评级： （ ） 报告日期： 推荐 维持 2025年05月18日 ◼ 分析师：黎江涛 证 券 研 究 报 告 行业周报 电动车产销两旺，聚焦核心β 新能源汽车行业周报 投 资 要 点 继续看好板块机会。根据中汽协数据，2025年4月新能源汽车产销分别完成125.1万辆和122.6万辆，同比分别增长43.8%和 44.2%。2025年1-4月，新能源汽车产销分别完成442.9万辆和430万辆，同比分别增长48.3%和46.2%，表现强劲。供给端， 电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩， 供需格局不断优化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底 部，价格易涨难跌，需求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史低水平，看好产业链优质公司。 ◼ SAC编号：S1050521120002 行业评级及投资策略： 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好机器人、固态电池、电池材料α品种、液冷等 ...

Core Viewpoint - The upcoming iPhone 17 Air is expected to feature a 2800mAh battery, weighing only 145 grams, and a thickness of just 5.5mm, potentially setting new records for smartphone thinness and lightness [1][3]. Group 1: Specifications - Battery capacity is 2800mAh, which is a reduction of approximately 21% compared to the iPhone 16's 3561mAh [3]. - The weight of the iPhone 17 Air is 145 grams, representing a decrease of 14.7% from the iPhone 16's weight of 170 grams [3]. - The thinnest part of the device measures 5.5mm, which is a 33% reduction from the iPhone 16 Pro Max's thickness of 8.25mm [3]. Group 2: Competitive Landscape - If the specifications are accurate, the iPhone 17 Air could surpass competitors like the Samsung Galaxy S25 Slim (6.1mm thick) and Xiaomi 15 Ultra (6.8mm thick) in terms of thinness [3]. - The iPhone 17 Air is positioned to compete against Samsung's Galaxy Z Flip series, which appeals to consumers seeking lightweight and portable devices [5]. Group 3: Battery Technology and Concerns - Apple is reportedly collaborating with suppliers to develop high-density solid-state batteries, which could improve energy density by about 30% compared to traditional lithium-ion batteries [4]. - Concerns have been raised regarding whether the 2800mAh battery can support all-day usage, especially with the increasing power demands from 5G networks, high refresh rate displays, and AI functionalities [3][5]. - Competitors like the Samsung Galaxy S25 Slim and Xiaomi 15 Ultra are expected to have larger battery capacities of 4200mAh and 5500mAh, respectively, which may impact user acceptance of the iPhone 17 Air [5]. Group 4: Design and Materials - The iPhone 17 Air will continue to use titanium materials, similar to the iPhone 15 Pro, and may feature a thinner ultra-ceramic panel, potentially reducing thickness to 0.3mm [5]. - Apple's recent patent filings indicate a focus on lightweight designs, including a "foldable battery" patent that suggests the use of flexible battery technology to save space [5].

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 聚焦新技术 拓展新市场 时间： 7月11日 地点： 江苏无锡锡山区 一、活动背景及亮点 二、活动组织架构 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性 能优势电池产品； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、 智能家居、智慧储能等热门应用场景进入高速发展期，新一轮增量市 ...

Core Viewpoint - Guoxuan High-Tech has announced the completion of its pilot line for all-solid-state batteries, marking a significant advancement in battery technology [1] Group 1: Company Developments - The pilot line has a designed capacity of 0.2 GWh, indicating the company's commitment to scaling up production capabilities [1] - The entire production line is independently developed by the company, showcasing its technological capabilities and innovation [1] - The core equipment used in the production process has a localization rate of 100%, reflecting the company's focus on domestic manufacturing [1] Group 2: Technical Specifications - The pilot samples demonstrate an energy density of 350 Wh/kg, which is a competitive specification in the battery industry [1] - The single cell capacity is reported to be 70 Ah, indicating the potential for high-performance applications [1] - The company has initiated vehicle testing with the pilot samples, suggesting readiness for practical applications in the automotive sector [1]

Core Viewpoint - Guoxuan High-Tech has launched the G-Yuan quasi-solid-state battery, which boasts significant energy density improvements over traditional liquid batteries, targeting applications in eVTOL, new energy vehicles, and humanoid robots [1] Group 1: Product Launch - The G-Yuan quasi-solid-state battery features a cell energy density exceeding 300 Wh/kg and a system energy density over 235 Wh/kg, representing an energy increase of over 36% compared to liquid battery systems of the same volume [1] - Guoxuan High-Tech has an annual production capacity of approximately 12 GWh for the G-Yuan quasi-solid-state battery [1] Group 2: Testing and Applications - The company has completed cell sample testing for over 5 customers and vehicle testing for more than 4 customers, with the "001" prototype vehicle equipped with the G-Yuan quasi-solid-state battery having traveled over 10,000 kilometers [1] - In addition to the G-Yuan battery, Guoxuan High-Tech introduced five other new technologies and products, including the second-generation Qichen battery, G-Line heavy-duty truck battery, and Qianyuan smart storage system with a capacity of 20 MWh [1]

光伏主产业链现金流承压，逆变器业绩高增 投资评级：推荐（维持） 邮箱：xuzj@hlzq.com ——光伏行业2024年及2025年一季报业绩综述 华龙证券研究所 电力设备行业 分析师：杨阳 SAC执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 SAC执业证书编号：S0230524080001 2025年05月14日 证券研究报告 请认真阅读文后免责条款 最近一年市场走势（单位：%） 相关报告 -30 -20 -10 0 10 20 30 2 0 2 4 - 0 5 2 0 2 4 - 0 6 2 0 2 4 - 0 7 2 0 2 4 - 0 8 2 0 2 4 - 0 9 2 0 2 4 -10 2 0 2 4 -11 2 0 2 4 -12 2 0 2 5 - 01 2 0 2 5 - 0 2 2 0 2 5 - 0 3 2 0 2 5 - 0 4 2 0 2 5 - 0 5 光伏设备 沪深300 | 关 报 | | --- | | 相 | | aba | | 相对沪深300表现 | | | （单位：%） | | --- | --- | --- | --- ...