Core Viewpoint - The article discusses the accelerating exploration of mass production in all-solid-state battery technology, highlighting the emerging demand for new processes and equipment to address unique manufacturing challenges [2][6]. Group 1: Event Overview - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event will celebrate the 15th anniversary and include the High-tech Golden Ball Award ceremony [2]. Group 2: Manufacturing Challenges and Solutions - All-solid-state batteries face unique challenges during manufacturing, such as deformation and internal short circuits due to the absence of traditional separators and the need for high-pressure preparation [2]. - The introduction of the electrode frame printing process aims to support and insulate the battery, preventing direct contact between the positive and negative electrodes [2]. Group 3: Technology Routes for Frame Printing - Various frame printing technologies are being evaluated for yield, efficiency, and precision, including: - Screen printing, which offers high precision and fast production cycles, with single-piece printing times under 2 seconds [3]. - Pre-fabricated frame transfer, which improves uniformity but faces challenges with transfer yield [3]. - Dispensing technology, which has lower equipment costs but poorer size precision and lower production efficiency due to long curing times [3]. - UV printing, a new non-contact technology, is slower and requires further validation of process stability [3]. Group 4: Equipment Manufacturers' Strategies - Equipment manufacturers are betting on different technological paths: - Liyuanheng recommends screen printing for its high throughput and precision control [4]. - High-energy Digital integrates 3D frame printing with electrolyte printing to enhance production efficiency [4]. - Delong Laser and Matsui Co. are adopting UV printing technology, with Delong's laser groove-making and Matsui's production-level UV printing project [5]. Group 5: Laser Technology Applications - Laser technology is increasingly applied in solid-state battery manufacturing, including: - Laser drying, which is more efficient than traditional oven drying, saving 80% space and 50% energy [6]. - Laser cutting as a replacement for traditional tools and online cleaning of roller presses, enhancing the value of laser equipment in production lines [6]. - The transition from material research to production processes and equipment standardization in all-solid-state batteries opens new growth opportunities for upstream equipment manufacturers, particularly in high-precision printing and advanced laser applications [6].

科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。指数电池占比达38.5%。 数据显示，截至2025年7月31日，上证科创板新能源指数(000692)前十大权重股分别为晶科能源 (688223)、天合光能(688599)、大全能源(688303)、阿特斯(688472)、天奈科技(688116)、孚能科技 (688567)、容百科技(688005)、厦钨新能(688778)、聚和材料(688503)、嘉元科技(688388)，前十大权重 股合计占比47.21%。 科创新能源ETF（588830），场外联接基金（A类023075，C类023076，I类024157） 截至2025年8月5日 10:28，上证科创板新能源指数(000692)上涨0.23%，成分股电气风电(688660)上涨 6.97%，振华新材(688707)上涨4.70%，容百科技(688005)上涨2.11%，天宜新材(688033)上涨1.32%，高 测股份(688556)上涨 ...

Industry News - In July 2025, the number of new A-share accounts reached 1.96 million, showing a year-on-year increase of 71% and a month-on-month increase of 19.27% [6] - The China CDC and other teams completed the first phase clinical trial of a copy-type AIDS vaccine using the Tian Tan strain, marking significant progress in AIDS vaccine research in China [6] - The wholesale sales of new energy passenger vehicles in China reached 1.18 million units in July, representing a year-on-year growth of 25% and a cumulative total of 7.63 million units from January to July, up 35% year-on-year [6] - Tencent released four open-source small-sized models suitable for low-power scenarios, which can run on consumer-grade graphics cards [6] Company News - Kweichow Moutai announced a share buyback of 3.45 million shares, with a total payment of 5.301 billion yuan [8] - Leishan Electric announced that starting September 1, residential electricity will be charged at off-peak rates, which is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025 [9] - Guizhou Moutai's share buyback reflects the company's commitment to enhancing shareholder value [8] - Green通 Technology plans to acquire 51% of DaMo Semiconductor for 530 million yuan, aiming for strategic transformation and industrial upgrade towards the semiconductor industry [10]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles (NEVs) in July were impressive, with the State Council's meeting emphasizing the need to regulate competition in the NEV industry, which is expected to benefit the sector's development. The introduction of new models in the second half of the year is anticipated to sustain high growth in domestic NEV sales, driving demand for batteries and materials [1][2]. - In the solid-state battery sector, Guoxuan High-Tech has officially initiated the design work for its first-generation solid-state battery production line, indicating a clear trend towards industrialization in this area. Attention should be paid to the progress of related materials and equipment companies [1][2]. - In the photovoltaic sector, the central economic work conference has called for a comprehensive rectification of "involutionary" competition, aiming to guide companies to enhance product quality and facilitate the orderly exit of outdated capacities. The Ministry of Industry and Information Technology has issued a notice regarding energy-saving supervision tasks for the polysilicon industry in 2025, maintaining a focus on energy consumption [1][2]. Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 2.62% this week, with the wind power sector slightly increasing by 0.06%. The NEV index fell by 0.30%, while the lithium battery index saw a significant drop of 6.26% [2][10][13]. Key Industry Information - NEV deliveries in July included BYD with 344,300 units (up 1% year-on-year), Leap Motor with 50,100 units (up 127%), and Xpeng with 36,700 units (up 229%). However, Li Auto and NIO saw declines of 40% and 3%, respectively [2][27]. - The Ministry of Industry and Information Technology has issued a notice for energy-saving supervision in the polysilicon industry, and the China Electricity Council predicts an addition of 400 GW of new energy generation capacity by 2025 [2][27]. Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) reported a 33.33% year-on-year increase in net profit to CNY 30.485 billion for the first half of the year [30]. - Container Technology Co., Ltd. announced a stock issuance plan approved by the China Securities Regulatory Commission [30]. - The report highlights various companies' performance, including a significant loss reported by Rongbai Technology and a profit increase for Hongfa Technology [30]. Price Observations - The report notes that the prices of polysilicon and photovoltaic materials have shown fluctuations, with polysilicon prices stabilizing around CNY 49-55 per kg for dense materials and CNY 43-46 per kg for granular materials [15][19]. - The average price of silicon wafers has increased, with 183N wafers rising to CNY 1.20 per piece and 210N wafers reaching CNY 1.55 per piece [16][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and the impact of international policies on pricing and demand in the photovoltaic sector, particularly in relation to the U.S. market [20][24].

Core Viewpoint - Multiple positive factors are converging, indicating a significant turning point for the Chinese economy, with clear policy focus and an optimistic outlook for the A-share market [1][3]. Economic Turning Point - China is at a critical time window in the economic cycle, transitioning from a prolonged price decline phase [3][4]. - Recent stock market performance reflects a shift in market expectations, driven by the "anti-involution" policy and a potentially easing international environment [3][5]. A-share Market Outlook - The A-share market is expected to rise above 4000 points, contingent on the effectiveness of the "anti-involution" policy [4][6]. - The "anti-involution" policy aims to end the long-term downward price spiral, requiring coordinated efforts from both supply and demand sides [5][6]. Sector Focus - The "pro-cyclical" sectors are anticipated to benefit significantly from the economic recovery, with a strong correlation to overall economic conditions [6][7]. - Three key investment directions are highlighted: 1. Real Data Assets (RDA) - The importance of converting vast data resources into valuable assets is emphasized, with expectations for national support in this area [7]. 2. Circular Economy - Technological innovations to overcome energy bottlenecks, such as converting waste plastics into petrochemical products, are crucial [7]. 3. Solid-State Battery Industrialization - The potential for large-scale commercialization of solid-state batteries in the next couple of years is noted, which could enhance China's position in various industries [7]. Market Confidence - The long-term trajectory of the Chinese capital market will largely depend on investor confidence, rooted in trust in the current system and governance capabilities [8]. - There is a strong belief that the Chinese capital market can achieve a sustained upward trend over the long term [8].

Group 1 - Solid-state battery production timelines have been clarified by several companies, with Honeycomb Energy planning to trial its first-generation 140Ah semi-solid battery in Q4 2025, aimed at supplying BMW's next-generation MINI models, and large-scale supply expected by 2027 [1] - Changan Automobile is focusing on solid-state battery R&D, with plans for vehicle validation by 2026 and gradual mass production of all-solid-state batteries by 2027, targeting an energy density of 400Wh/kg [1] - Guoxuan High-Tech is among the top eight global power battery manufacturers, focusing on the independent R&D of sulfide electrolytes and accelerating global capacity layout for technology export [4] Group 2 - Solid-state battery technology is at an industrialization inflection point, with 2025 H2 to 2026 identified as a critical breakthrough period, featuring a "negative electrode-solid electrolyte-positive electrode" sandwich structure with energy density exceeding 400Wh/kg [2] - The market for lithium battery equipment is expected to reach 33.6 billion yuan by 2030, indicating significant growth potential in the sector [2] - Li Yuanheng is entering the solid-state battery manufacturing core segment with high-end equipment, covering dry electrode technology to complete line integration [3] Group 3 - Hai Shun New Materials is transitioning from pharmaceutical packaging technology to aluminum-plastic film to address safety bottlenecks in solid-state battery packaging [4] - The semi-solid battery has entered the industrialization phase, while all-solid-state batteries are anticipated to achieve mass production by 2027, driven by national policy support and manufacturing process innovations [1]

Group 1: Solid-State Battery Industry - Solid-state batteries are viewed as the focal point of the next-generation technology competition in global power batteries, with significant advancements reported since July [1] - The commercialization process of solid-state batteries is expected to accelerate, driven by strong national policy support and the release of multiple favorable factors, including emerging application demands in low-altitude economy and robotics [1] - The initial solid-state battery material system has been finalized, with material performance and equipment nearing mass production requirements, indicating a critical period for solid-state battery equipment and material companies in the second half of 2025 [1] Group 2: New Energy Vehicle Index Performance - As of July 28, 2025, the CSI New Energy Vehicle Industry Index (930997) decreased by 0.33%, with mixed performance among constituent stocks [2] - Leading stocks included Defu Technology (301511) with a rise of 6.18% and Yahua Group (002497) up by 4.75%, while Tianqi Lithium (002466) led the decline at 4.03% [2] - The New Energy Vehicle ETF (515700) fell by 0.39%, with a recent price of 1.79 yuan, but showed a cumulative increase of 4.30% over the past week [2] Group 3: Top Holdings in New Energy Vehicle Index - As of June 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index included CATL (300750), Huichuan Technology (300124), and BYD (002594), collectively accounting for 55.74% of the index [3] - The New Energy Vehicle ETF has various off-market connections, including Ping An CSI New Energy Vehicle ETF Connect A (012698) and C (012699) [3]

Group 1: Humanoid Robots and AI Technology - The humanoid robot industry is accelerating its layout both domestically and internationally, with AI technology breakthroughs expected to lead to mass production [1] - There is a strong demand for domestic substitution of core components in humanoid robots driven by cost reduction needs, indicating a broad market space [1] - Domestic companies that achieve breakthroughs first are likely to benefit significantly [1] Group 2: New Energy Vehicles and Solid-State Batteries - The industrialization of solid-state batteries is progressing, driven by the need for battery technology upgrades, which is a core driver of expanding terminal demand [1] - Solid-state batteries are identified as the next-generation battery technology due to their high energy density and safety advantages [1] - The maturation of battery technology and the improvement of the industrial chain are expected to accelerate the industrialization process of solid-state batteries [1] Group 3: New Energy and Photovoltaic Industry - The public consultation on the price law amendment aims to address "involution" competition, with expectations for the photovoltaic industry to return to an orderly competitive state [2] - Recent price increases in upstream silicon materials and wafers are anticipated to be transmitted downstream, indicating potential for price rebounds in components [2] - Companies benefiting from this trend include JA Solar, Trina Solar, and JinkoSolar, among others [2] Group 4: Offshore Wind Power Projects - Longyuan Power has initiated the preliminary bidding for a 1300MW offshore wind project in Jiangsu, with expectations for the industry chain to follow suit in subsequent bidding processes [3] - The Jiangsu region is projected to contribute over 10GW of offshore wind capacity by 2025-2030, benefiting companies like Haili Wind Power and Zhongtian Technology [3] Group 5: Power Equipment and AIDC - Google has raised its annual capital expenditure, reflecting the rapid growth in domestic and international computing power demand, which will benefit the AIDC industry chain [4] - The demand for high-power density server power supplies and cooling systems is expected to increase due to the high power consumption of AI chips [4]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]