证券研究报告 固态电池渐行渐近、新技术及工艺持续涌现 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年七月十日 请务必阅读正文之后的免责声明部分 1 摘要 2 ◆ 固态电池安全性更强，能量密度更高：液态电池容易存在热失控问题，固态电池用固态电解质替代液态电解质及隔膜，初始放热温 度在200℃以上，无液态流动电解质，具有不可燃特性，因此更加安全，同时致密固态电解质可以阻挡锂枝晶穿刺，降低短路风险。 固态电池相较而言采用固态电解质，可大幅提升电池能量密度，能量密度可突破500Wh/kg，帮助电车实现更长续航。但固态仍存 在离子电导率低、循环寿命差以及成本相对高昂等问题。 ◆ 固态电池技术路线多样，硫化物为目前主流方向。根据固态电池电解质材料进行划分，固态电池可以划分为聚合物、氧化物、硫化 物、卤化物四种，四种技术路线各有优劣，硫化物固态电解质未来最具潜力，具备极高的离子电导率，部分硫化物电解质的离子电 导率甚至已经超越电解液，此外具备相对较好的界面接触性能、柔韧可加工性，成为主流厂商重点布局的路线。 ◆ 政策及产业链支持力度加大，固态商 ...

Group 1 - The fifth "Two-Wheeled Vehicle Battery Swap Conference" will be held on July 11, 2025, in Shenzhen, focusing on the theme "Battery Swap City, Smart Two-Wheelers" [1] - The conference is organized by Qidian Lithium Battery and involves various sponsors and partners from the battery and electric vehicle industry, including major companies like Yadea Technology Group and Aulton Technology [1] - Container Technology has officially started construction on a 6,000-ton sodium battery cathode material project in Xiangyang, which aims to become the most advanced production line in the domestic sodium battery sector, improving production efficiency by over 20% [1][2] Group 2 - Container Technology's chairman announced the company's entry into the lithium iron phosphate industry, with plans for a 10,000-ton high-end production line in Europe, while also expanding its leadership in ternary materials and exploring new applications in low-altitude economy and solid-state batteries [2] - The Xiangyang base is set to become the largest and most advanced green low-carbon cathode material production base globally, with an expected output value exceeding 50 billion yuan [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve rapid growth in H1 2025, with projected revenue between 2.68 billion to 2.80 billion yuan, representing a year-on-year increase of 16% to 21%. The net profit attributable to shareholders is expected to be between 90 million to 102 million yuan, showing a significant year-on-year growth of 228% to 272% [1][3] - The company's Q2 2025 performance indicates a continuous improvement in capacity utilization and profitability, driven by domestic consumption policies and strong demand in portable energy storage and overseas commercial sectors [2] - The company is actively investing in R&D, focusing on advanced technologies such as silicon anodes, steel shell stacking, and solid-state batteries, which positions it well for future growth [3] Summary by Sections Financial Performance - For H1 2025, the company anticipates revenue of 26.8-28.0 billion yuan, with a net profit of 0.90-1.02 billion yuan, and a non-GAAP net profit of 0.70-0.82 billion yuan, reflecting substantial growth rates [1] - In Q2 2025, the expected revenue is 14.55-15.75 billion yuan, with a net profit of 0.58-0.70 billion yuan, indicating a year-on-year growth of 142%-192% [1][2] Capacity Utilization and Market Demand - The company has seen a steady increase in capacity utilization in Q2 2025, supported by the domestic consumption electronics upgrade policy and strong demand in the portable energy storage market [2] - The company has successfully expanded its customer base in the AI sector, with applications in AI PCs, headphones, glasses, and toys, which is expected to drive revenue growth in H2 2025 [2] R&D and Technological Advancements - The company is prioritizing R&D investments in key areas such as high-voltage cathode materials and solid-state battery technologies, which are crucial for enhancing product safety and performance [3] - The company has completed validation of high-safety solid-state batteries and is actively engaging with clients for prototype designs and sample testing [3]

据科技日报报道，记者7月7日从宁波东方理工大学获悉，该校讲席教授孙学良团队联合美国马里兰大学 教授莫一非、加拿大西安大略大学教授岑俊江，提出了适用于全固态电池的一体化卤化物材料新思路， 并成功研制低成本铁基卤化物新材料。该材料集正极活性材料、电解质和导电剂功能于一身，展现出电 极层面的自修复能力。相关研究论文发表于国际期刊《自然》。 ...

【DT新材料】 获悉，7月9日，隔膜龙头 恩捷股份 发布公告， 公司预计2025年上半年实现归属于上市公 司股东的净利润为亏损8265万元—1.07亿元，同比由盈转亏。去年同期盈利约2.6亿元。 说明： 本文部分素材来自于恩捷股份及 网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代 表对该观点赞同或支持。如果有任何问题，请联系我们：15355132586（微信同号） の三 PODYMER OT 新规则 中国新兴产业崛起 引领高分子下个十年 YEARS ２０２５ 高 分 子 产 业 年 会 88 園 2025年9月10-12日 扫码报名 | 全体大会 高分子产业年会(全体大会) · 政策发展 · 市场分析 · 投融资 · 供应链 · Al赋能 2025"新塑奖"评选颁奖盛典 | 七大论坛 第一届具身机器人创新 第一届AI消费电子 第十届中国国际工程塑料 产业创新大会 制造论坛 材料论坛 ·关键单体 · ·特种工程塑料 · 谐波减速器·轻量化结构件 · ·热管理·桑性显示·外观设计 ·电子皮肤·关节齿轮 · 灵巧手腿绳 ·轻量化·AI融合 ·特种聚烯烃 ·特种弹性体 ·光学高分 ...

2025 年 07 月 10 日 开源晨会 0710 晨会纪要 ——晨会纪要 晨 会 纪 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | 1.347 | | 农林牧渔 | 0.654 | | 商贸零售 | 0.480 | | 医药生物 | 0.430 | | 社会服务 | 0.424 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | -2.261 | | 基础化工 | -0.854 | | 电子 | -0.819 | | 国防军工 | -0.731 | | 家用电器 | -0.636 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】PPI 同比或已见底——宏观经济点评-20250709 事件：6 月 CPI 同比+0.1%，预期 0%，前 ...

Core Viewpoint - The article highlights the advancements and new product launches by Lishen Battery in the cylindrical battery sector, emphasizing their focus on high-performance batteries for various applications, including electric tools and two-wheeled vehicles [3][4][5]. Group 1: Event Information - The 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 11, 2025, at the Shenzhen Baoan Dingshi International Hotel [2]. - The event is sponsored by various companies in the battery and electric vehicle sectors, indicating strong industry interest and collaboration [2]. Group 2: Product Launches - Lishen Battery has launched six new cylindrical battery models, including three from the 21 series, one from the 46 series, and two from the 18 series, showcasing their commitment to innovation [3][4]. - Key features of the new products include: - 21700 40PT-4.0Ah: Fast charging to 80% in 7 minutes, 1000 cycles, aimed at electric tools [3]. - 21700 50PT-5.0Ah: Fast charging to 80% in 9 minutes, 250A pulse discharge, for electric motorcycles and tools [3]. - 21700 55PT-5.5Ah: Energy density of 295 Wh/kg, supports 8C continuous discharge, for various advanced applications [3]. - 46120-55Ah: Energy density of 330 Wh/kg, 1500 cycles, designed for eVTOL and humanoid robots [4]. - 18650 20PT-2.0Ah: Low internal resistance, 1000 cycles, for electric tools [4]. - 18650 25PT-2.5Ah: Fast charging to 80% in 10 minutes, 1000 cycles, for multiple applications [4]. Group 3: Production Capacity and Expansion - Lishen Battery's Suzhou cylindrical battery production base has recently opened, with a total investment of approximately 2.8 billion yuan, featuring five intelligent production lines [4][5]. - The first phase of the production base has a capacity of 4 GWh, while the second phase, expected to be completed by the second half of 2025, will add another 7.3 GWh of capacity [5]. Group 4: Market Strategy - Lishen Battery has been active in the two-wheeled vehicle market since 2019 and plans to expand into Southeast Asia, leveraging energy storage products as an entry point [6]. - The company is also focusing on solid-state battery technology, with new products featuring solid-state electrolytes, indicating a strategic move towards advanced battery technologies [6][7].

Core Viewpoint - The article discusses the advancements in solid-state battery technology, highlighting the progress made by companies like Anwa and GAC in developing and manufacturing solid-state batteries, while also addressing the challenges and future directions in the industry [2][3][4]. Group 1: Anwa's Developments - Anwa New Energy announced the successful production of its first engineering samples from a GWh-level solid-state battery production line, marking a significant step towards large-scale manufacturing in China [2]. - The production line has an annual capacity of 1.25 GWh and utilizes a dual-dry method that reduces the core processes from 11 to 5, leading to a 30% reduction in fixed asset investment and a 20% decrease in energy consumption [2]. - The initial "solid-state 1.0" battery has an energy density exceeding 300 Wh/kg and has passed rigorous safety tests, indicating high safety standards [2]. Group 2: GAC's Research Path - GAC Aion's review of its research path reveals a systematic evolution in technology, initially starting with polymer systems but shifting focus to sulfide systems due to their higher ionic conductivity and potential for high performance [3][4]. - GAC's exploration indicates that a single material system may not solve all challenges, suggesting a composite approach that combines different materials for optimal performance [4][5]. - The company is focusing on enhancing the stability and manufacturing processes of sulfide electrolytes, which are sensitive to air and solvents, posing significant production challenges [5]. Group 3: Material and Manufacturing Challenges - GAC's strategy involves developing low-expansion materials and flexible binders to address the challenges posed by high-capacity anodes, such as silicon-based materials that experience significant volume changes during charge and discharge cycles [6][7]. - The evaluation of various silicon materials shows that CVD silicon-carbon exhibits superior expansion control, achieving around 30% expansion rate, although its rate performance remains a limitation [8]. - GAC is also exploring polymer composite solid-state routes, which offer compatibility with existing liquid battery production lines, but face challenges in achieving the required safety standards and performance metrics [9]. Group 4: Industry Outlook - GAC expresses caution regarding the optimistic timelines for vehicle applications of solid-state batteries, emphasizing the significant challenges that remain to be addressed before achieving commercial viability [9]. - The company is seeking innovative solutions, such as AI simulation technology, to streamline the development process from materials to design [9].

Core Insights - The solid-state battery index decreased by 0.8% from June 30 to July 4, with a cumulative increase of 18.2% expected by 2025, outperforming the CSI 300 index which is projected to increase by 17.0% [1][4] - Among the solid-state battery-related stocks, the average decline was 1.3%, with only the current collectors segment showing an increase of 7.0% [1][4] Stock Performance - Top five gainers: Zhongyi Technology (+21.1%), Defu Technology (+21.0%), Honggong Technology (+21.0%), Yuanhang Precision (+12.2%), and Jiayuan Technology (+6.7%) [1][4] - Top five losers: Yinglian Co. (-17.7%), Nuode Co. (-12.9%), Tianji Co. (-11.3%), Jinlongyu (-9.2%), and Zhonglun New Materials (-8.5%) [1][4] Industry Developments - Shanghai Xiba plans to participate in the auction for Yuyuan Rare Earth's lithium sulfide business assets [2] - Several companies have secured orders for solid-state battery copper foil products, including Defu Technology with a significant order from a leading power battery customer [2] - Anwa Technology has successfully launched the first GWh-level solid-state battery production line, marking a significant advancement in solid-state battery development [2] - The industry is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle testing by the end of 2025 and widespread testing in 2026-2027 [2]

趋势方向 54.84分综合得分 较强 金博股份688598 时间: 2025年7月9日星期三 元 主力成本分析 25.15 元 当日主力成本 25.10 元 5日主力成本 24.22 20日主力成本 24.83 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 0次 24.63 短期支撑位 25.62 中期压力位 次 北向资金数据 持股量265.61万股 占流通比1.29% 昨日净买入-42.16万股 昨日增仓比-0.206% 5日增仓比-0.32% 20日增仓比-0.681% 跌停 0 技术面分析 25.62 短期压力位 22.62 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年07月09日的资金流向数据方面 主力资金净流出1090.81万元 占总成交额-11% 超大单净流出334.62万元 大单净流出756.20万元 散户资金净流入5.36万 关联行业/概念板块 光伏设备 -0.14%、固态电池 -0.94%、锂电池 -0.60%、新材料 -0.86%等 （以上内容为自选股写手差分机完成，仅作为用户 ...