Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Insights - The lithium battery index has shown strong performance, with a 4.92% increase over the past two weeks, outperforming the CSI 300 index by 1.45 percentage points. Year-to-date, the lithium battery index has risen by 11.94%, exceeding the CSI 300 index by 6.49 percentage points [4][14]. - Recent policies aimed at reducing internal competition have led to a rise in lithium carbonate prices, with the average price reaching 70,500 CNY per ton, an increase of 11.20% over the past two weeks. However, high inventory levels of lithium carbonate may pressure prices in the short term [6][27]. - The solid-state battery sector is experiencing rapid advancements, with several companies reporting progress in this area, indicating a structural demand increase for materials and equipment in the supply chain [46]. Summary by Sections Market Review - As of July 24, 2025, the lithium battery index has increased by 4.92% in the last two weeks, outperforming the CSI 300 index by 1.45 percentage points. The index has risen by 10.43% this month and 11.94% year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Lithium carbonate prices have increased by 11.20% to 70,500 CNY per ton, while lithium hydroxide prices rose by 7.29% to 67,700 CNY per ton [6][27]. - Prices for cathode materials such as lithium iron phosphate have increased by 7.22% to 32,700 CNY per ton, while NCM523, NCM622, and NCM811 have seen slight declines [29][25]. - The average price of electrolytes has decreased, with lithium hexafluorophosphate dropping by 1.98% to 49,500 CNY per ton [33][25]. Industry News - The National Development and Reform Commission has issued guidelines to regulate pricing behaviors, aiming to curb "involution" competition in the market [43]. - The new energy vehicle market has shown a retail sales increase of 23% year-on-year, with a total of 537,000 units sold from July 1-20, 2025 [46]. - Companies like CATL and EVE Energy are highlighted for their advancements in solid-state battery technology, with CATL expected to begin small-scale production of solid-state batteries by 2027 [48][46]. Company Announcements - CATL is projected to achieve a net profit of 50.745 billion CNY in 2024, with a 15.01% year-on-year growth [48]. - EVE Energy has secured a supplier agreement with XPeng Motors, indicating potential market expansion in the low-altitude economy sector [48]. - Enjie Co., Ltd. is advancing in the semi-solid battery separator business, with production capabilities expected to ramp up [48].

Core Viewpoint - Solid-state batteries are becoming the focal point of the next-generation technology competition in global power batteries, with significant advancements in industrialization since July [1] Industry Development - Solid-state batteries are gaining attention due to their high safety, energy density, and long cycle life, positioning them as a strategic direction in the global new energy industry [2] - The industry is transitioning from semi-solid to all-solid-state batteries, with current developments primarily focused on sulfide technology [2] - Companies like Guoxuan High-Tech and Funeng Technology are advancing to the pilot production stage for all-solid-state batteries, with Guoxuan having established a 0.2 GWh pilot line [2][3] Production Timeline - Several companies have outlined their production timelines for solid-state batteries, with Hive Energy planning to trial its first generation of semi-solid batteries in Q4 2023 [4] - Rongbai Technology aims to complete product validation by 2025 and small-scale vehicle applications by 2027, with a goal of large-scale application by 2030 [4] - Funeng Technology plans to expand its all-solid-state battery production capacity to GWh level by 2026 [4] Application Scenarios - Solid-state batteries are expected to coexist with liquid and semi-solid batteries in the near term, catering to various market demands [6] - High-end passenger vehicles are anticipated to be a primary application area for solid-state batteries, driven by the need for high energy density and safety [6][7] - Emerging applications such as flying cars, drones, and robots are increasing the demand for high-performance batteries, further promoting the development of solid-state technology [6][7]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The commercialization of semi-solid batteries is accelerating, with a rich variety of application scenarios and expected order volume growth. Semi-solid batteries are an effective technical solution to enhance energy density and safety performance before the large-scale application of all-solid batteries. The recent recall of power banks has raised public awareness of battery safety, leading to stricter national standards for power batteries [3][9] - High-performance requirements in emerging markets such as eVTOL, robotics, and smart wearables support product premium pricing, allowing battery manufacturers to transfer costs and achieve significant product margins. This is beneficial for structural improvement in gross margins and provides feedback for the material validation and technical research of all-solid batteries [9] - The growth of semi-solid batteries will accelerate the maturity of the all-solid battery supply chain, as the experience gained from large-scale production of semi-solid batteries can be transferred to all-solid systems, shortening the material iteration cycle [9] Summary by Sections Commercialization and Application - Semi-solid batteries are expanding their commercial application scenarios, with significant breakthroughs in orders. For instance, Shanghai-based technology company has received a $1 billion order for 350 eVTOLs from UAE's Autocraft, with a second-generation semi-solid battery supplied by a specific battery manufacturer [3] - In the 3C sector, a new generation of ultra-safe "soft armor solid-state" products has been launched, receiving bulk orders from leading mobile power customers, indicating broader future applications in safety-critical scenarios [3] Investment Recommendations and Targets - It is recommended to focus on battery companies that have a first-mover advantage in emerging markets, such as Haopeng Technology, Guansheng Co., and Weilan Lithium Core [9] - Attention is also drawn to core suppliers of high-performance positive and negative electrode materials, including Tiantian Technology, Xiamen Tungsten New Energy, and Shanghai Washba [9]

数据显示，截至2025年6月30日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、三花智控(002050)、亿纬锂能 (300014)、华友钴业(603799)、赣锋锂业(002460)、国轩高科(002074)、天齐锂业(002466)，前十大权重 股合计占比55.74%。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接C： 012699；平安中证新能车ETF联接E：024504)。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 消息面上，多家公司披露固态电池进展。蜂巢能源将于2025年四季度在2.3GWh的半固态量产线，试生 产其第一代140Ah容量半固态电池。这将是蜂巢能源为宝马MINI下一代车型供应的半固态电池，并计划 于2027年大规模供应。长安汽 ...

Investment Rating - The industry investment rating is "Accumulate" [1] Core Insights - SAIC Motor Group has successfully implemented a semi-solid-state battery in its MG4 model, priced at 100,000 RMB, which balances performance and cost. The battery features a reduced electrolyte content of 5%, enhancing safety and low-temperature performance. It achieves an energy density of 400 Wh/kg, supports 12-minute fast charging for a range of 400 km, and has a cycle life improved by over 30% compared to traditional batteries [5] - The dry process technology is crucial for performance and cost efficiency. Qingtao Energy has achieved a pilot production of dry process positive electrodes, which significantly reduces costs by eliminating solvents and lowering energy consumption. This breakthrough lays the foundation for mass production of semi-solid-state batteries [5] - The solid-state battery industry is accelerating, with domestic and international manufacturers actively working on production lines. Companies like CATL, Qingtao, and BYD are establishing pilot lines for solid-state batteries, while QuantumScape and Solid Power are making strides in their respective technologies [5] - Investment recommendations highlight that equipment manufacturers are likely to benefit first from the acceleration of solid-state battery industrialization. Key recommendations include solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment suppliers like HangKe Technology [5] Summary by Sections Industry Trends - The solid-state battery industry is witnessing rapid advancements, with significant progress in dry process technology and increased collaboration among manufacturers [5] Key Developments - The introduction of semi-solid-state batteries by SAIC Motor Group marks a significant milestone in the industry, showcasing improved safety, energy density, and performance in low temperatures [5] - Qingtao Energy's success in dry process technology represents a pivotal moment for cost reduction and efficiency in battery manufacturing [5] Investment Opportunities - The report emphasizes the potential for equipment suppliers to lead in benefits from the solid-state battery industry's growth, recommending specific companies for investment [5]

国泰海通证券表示，固态电池产业迭代正式开启，从0到1加速。2025年以来，固态电池产业化进展持续 加速。固态电池具备高能量密度、高安全性，能够满足车端、低空、人形机器人等领域的特殊需求。当 前半固态电池已实现装车，产业化进程早于全固态电池。人形机器人、低空等成本敏感度相对较低的领 域，固态电池应用早于车端。 资料显示，科创100ETF华夏（588800）200亿以下持仓股数量占比达80%，中小盘风格相对突出；行业 分布上，聚焦电子、医药、新能源三个前期超跌景气行业。(场外联接A类：020291/C类：020292) 截至2025年7月22日 14:38，上证科创板100指数(000698)上涨0.19%，成分股铁建重工(688425)上涨 20.04%，博瑞医药(688166)上涨5.55%，孚能科技(688567)上涨5.45%，百奥泰(688177)上涨4.69%，天奈 科技(688116)上涨3.70%。科创100ETF华夏(588800)上涨0.20%，最新价报1.02元。 消息面上，孚能科技7月21日晚间发布的机构调研纪要显示，公司在2024年底建成全固态电池小试线， 已完成多款全固态电池的测试研发 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][6]. Core Viewpoints - The solid-state battery industry is accelerating its development, with several companies planning to launch new products in the coming years. Notable advancements include: 1. XWANDA plans to launch its first-generation all-solid-state battery by 2026, with small-scale production already achieved for products with energy densities of 320Wh/kg and 360Wh/kg [3]. 2. Honeycomb Energy aims to mass-produce its first-generation semi-solid battery with an energy density of 300Wh/kg by 2025 [3]. 3. A new model from SAIC MG, the MG4, is expected to be priced around 100,000 RMB and will feature a semi-solid battery solution [4]. - The 2025 International Low Altitude Economy Expo will take place from July 23 to 26 in Shanghai, showcasing advancements in power systems and industry layouts [5]. Summary by Sections Industry Development - The solid-state battery sector is experiencing rapid advancements, with key players like XWANDA and Honeycomb Energy making significant progress in product development and production timelines [3][4]. - The MG4 model from SAIC is set to utilize a semi-solid battery, indicating a shift towards more efficient battery technologies in the automotive sector [4]. Company Insights - XWANDA has confirmed its plans for future solid-state battery products, building on a decade of experience in the field [4]. - Honeycomb Energy is also progressing with its semi-solid battery technology, targeting higher energy densities in upcoming models [4]. - A total of 400Wh/kg energy density is anticipated for the first-generation sulfide solid-state battery from Funeng Technology, which has established partnerships with major automotive and technology companies [5]. Market Opportunities - Investment suggestions include focusing on core incremental segments of solid-state batteries, such as equipment and lithium sulfide, as well as the short-term impact of semi-solid applications on the supply chain [3]. - Companies like Xiamen Tungsten and Haopeng Technology are highlighted as potential investment opportunities due to their involvement in the solid-state battery supply chain [8].

Group 1 - The core viewpoint is that the new energy vehicle (NEV) industry is benefiting from dual demand resonance from downstream power and energy storage sectors, leading to sustained upward momentum in the industry [1] - Leading companies showed impressive production performance in July, indicating strong market demand [1] - A focus on the solid-state battery sector is recommended, with advancements from companies like Funeng Technology, which plans to deliver sulfide-based all-solid-state batteries with an energy density exceeding 400Wh/kg by August, aiming to increase it to over 500Wh/kg subsequently [1] Group 2 - Chongqing is actively planning battery recycling, targeting a 90% coverage rate of the recycling network in districts and counties by 2027, promoting the establishment of a power battery recycling and utilization system [1] - As the mid-year performance reporting period approaches, attention is advised on sectors with strong Q2 performance, particularly in batteries and structural components, which are expected to see stable profit growth [1] - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which reflects the overall market performance of listed companies involved in key components manufacturing and vehicle production within the NEV industry [1]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The State Council meeting emphasized the need for high-quality development in the new energy vehicle (NEV) industry, addressing irrational competition and promoting a regulated competitive environment, which is beneficial for the NEV sector [1] - According to the China Association of Automobile Manufacturers, NEV production and sales are expected to reach 6.968 million and 6.937 million units respectively in the first half of 2025, representing year-on-year growth of 41.4% and 40.3%, with NEV sales accounting for 44.3% of total new car sales [1] - The report highlights the clear trend towards the industrialization of solid-state batteries, suggesting a focus on related materials and equipment companies [1] - In the photovoltaic sector, the central economic work conference called for a comprehensive rectification of "involution" competition, leading to price increases in the upstream photovoltaic supply chain [1] - The hydrogen energy sector is seeing continuous policy support for industrialization, with recommendations to focus on electrolyzer manufacturers and companies benefiting from hydrogen infrastructure [1] Industry Dynamics - The electric equipment and new energy sector saw a 0.57% increase this week, with power generation equipment rising by 3.86% and the NEV index increasing by 2.62% [10] - The report notes that the photovoltaic sector experienced a decline of 2.53%, while the wind power sector fell by 0.27% [10] - The report indicates that the price of silicon materials has been supported by cost factors, with recent price adjustments reflecting a positive response to the "anti-involution" policy [1][15] - The report also mentions that the domestic lithium battery market is experiencing price fluctuations, with certain materials showing varying trends [14] Company Updates - Longi Green Energy is expected to report a net loss of 2.4 to 2.8 billion yuan for the first half of the year, while Tongwei Co. anticipates a net loss of 4.9 to 5.2 billion yuan [29] - Zhongke Electric is projected to achieve a net profit of 232 to 301 million yuan, marking a year-on-year increase of 235% to 335% [29] - The report highlights that Tianqi Lithium is expected to report a net profit of 0 to 155 million yuan for the first half of the year [29] - The report also notes that Tianqi Materials has signed a procurement agreement to supply at least 550,000 tons of electrolyte products by the end of 2030 [29]

Group 1: Market Performance - The cyclical stocks showed a strong performance, with the non-ferrous metal sector leading the gains, including significant increases in rare earth stocks like Northern Rare Earth, which rose by 8.83% and reached a trading volume of 11.7 billion yuan [1][6] - The Shanghai Composite Index rose by 0.34%, the Shenzhen Component Index increased by 0.3%, and the ChiNext Index was up by 0.26% by the close of the morning session [3] Group 2: Sector Analysis - The rare earth permanent magnet sector experienced substantial gains, with stocks like Jiu Wu Gao Ke hitting the daily limit and other leading stocks such as Northern Rare Earth and Baogang Co. also showing significant increases [6] - The energy metals and industrial metals sectors also saw notable increases, alongside coal, steel, oil and gas, and chemical sectors [6] Group 3: Policy Impact and Future Outlook - A series of policy measures have been implemented to address pain points in the cyclical industry, prompting traditional sectors like steel and coal to optimize capacity in response to new market conditions [9] - The rare earth prices are expected to rise due to improved supply-demand dynamics and supportive policies, with a recommendation for investors to focus on leading companies with resource and technological advantages [9]