Group 1 - The battery ETF managed by Jiashi has a trading turnover of 2.36% and a transaction volume of 28.1 million yuan, with an average daily transaction volume of 91.4 million yuan over the past month as of September 23 [2] - The latest scale of the Jiashi battery ETF reached 1.189 billion yuan, with a net inflow of funds totaling 637 million yuan over 10 out of the last 17 trading days [2] - The Jiashi battery ETF has seen a net value increase of 100.81% over the past year, ranking 463 out of 3021 index equity funds, placing it in the top 15.33% [2] Group 2 - The global power battery market continues to show high growth, with a loading volume of 590.7 GWh from January to July 2025, representing a year-on-year increase of 35.3%, with Chinese companies holding a market share of 68.8% [2] - The top ten weighted stocks in the China Securities Battery Theme Index include Yangguang Power, Ningde Times, and others, accounting for a total of 53.03% of the index [3] Group 3 - Solid-state batteries are expected to become the ultimate technology route for power batteries, with sulfide all-solid-state batteries being the most focused route domestically and internationally [3] - Domestic policies are strongly supporting the development of solid-state batteries, with leading companies in batteries and new energy vehicles making comprehensive layouts [3] Group 4 - The top ten stocks by weight in the battery sector show varying performance, with Yangguang Power increasing by 4.61% and Ningde Times decreasing by 0.57% [5] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [5]

Group 1: Industry Developments - The photovoltaic industry self-discipline meeting decided to remove Hongyuan from the self-discipline list and set the Q4 silicon rod quota at 21%, with companies exceeding the quota required to rectify [1] - Haibo Shichuang plans to ship 3-5 GWh overseas and 13-15 GWh for independent energy storage domestically, securing 70% of battery supply for next year while focusing on software development and overseas market expansion [1] - Shuangdeng Co.'s data center energy storage revenue increased by 113% year-on-year, with partnerships with Alibaba and ByteDance, and is developing immersion lithium batteries, bidding in the North American market through its Malaysian factory [1] - Congsheng Co. expects to turn profitable in the third quarter for its energy storage inverter business, targeting revenue of 500 million yuan by 2026, while also entering the robot harmonic reducer business [1] Group 2: Market Performance - As of September 24, 09:34, the Kexin New Energy ETF (588830.SH) rose by 0.90%, and its related index Kexin New Energy (000692.SH) increased by 0.84% [1] - Among major constituent stocks, Jiao Cheng Ultrasonic rose by 11.39%, Hai Mu Xing by 4.29%, Wei Dao Nano by 4.71%, Xia Tung New Energy by 1.74%, and Pai Neng Technology by 2.40% [1] Group 3: Battery Industry Insights - Dongwu Securities noted a strong leadership pattern in the power battery industry, with CATL actively expanding overseas capacity, planning to reach 130 GWh by 2030, covering regions like Germany and Hungary [2] - Second-tier manufacturers such as Yiwei Lithium Energy focus on Hungary and Malaysia, while Zhongxin Innovation plans for Portugal, with capacity targets of 50 GWh and 20 GWh respectively [2] - In terms of profitability, CATL's net profit margin increased by 3 percentage points year-on-year to 17% in H1 2025, while Ruipu Lanjun significantly reduced losses with a gross margin increase of 5 percentage points, and Yiwei Lithium Energy's net margin declined by 4 percentage points [2] - The trend towards larger energy storage cells is accelerating, with leading companies improving IRR by 6-8 percentage points due to stability advantages, and solid-state battery technology expected to enter small-scale production by 2027 [2]

Event Overview - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition will take place from November 6 to November 8, 2025, at the Guangzhou Nansha International Convention Center [3][7] - The event is organized by Qidian Solid-State Battery, Qidian Sodium Battery, Qidian Lithium Battery, Qidian Research, and the SSBA Solid-State Battery Alliance [2] Event Scale and Participation - The exhibition will feature over 200 exhibitors and more than 2000 participating companies [2] - Key sponsors include Jin Na Technology, Ru Tian Technology, Hai Si Da, Rong Jie Energy, and others [2] Concurrent Activities - The event will host the 2025 Qidian Solid-State Battery Industry Annual Conference and the Solid-State Battery Golden Ding Award Ceremony, along with the 2025 Qidian Sodium Battery Industry Annual Conference and the Sodium Battery Golden Ding Award Ceremony [3][12] Forum Agenda - The agenda includes the establishment of the All-Solid-State Battery Alliance and the release of the global sulfide solid-state battery technology roadmap [4] - Specialized sessions will cover topics such as sulfide solid-state battery technology, electrolyte technology, and manufacturing processes [4] Awards - Various awards will be presented, including the 2025 China All-Solid-State Battery Industrialization Pioneer Award and the 2025 China Solid-State Battery Most Investment Value Award [5] Exhibition Layout - The exhibition will feature different booth types, including 9 square meter standard booths priced at 15,000 RMB and 36 square meter raw land booths priced at 48,000 RMB [8]

格隆汇9月23日丨中自科技(688737.SH)在互动平台表示，根据公司在研项目进展实况，新型材料及固态 电池工程化技术开发项目目前已1、确定原位聚合方案并进行配方优化，实现电芯由液体向固态转变； 所制固态电池倍率及低温放电性能与电解液方案持平，且循环寿命更优；2、完成能量密度 300W/kg电 芯材料选型及制备，原位聚合半固态电芯具备中试连续化生产能力；3、电芯已通过第三方检测机构安 全性能测试(国标 GB38031-2020)，保证针刺后不起火、不爆炸。 ...

Industry Information - Multiple automakers, including Seres, BYD, and Xiaomi, have actively responded to the China Automobile Industry Association's initiative on supplier payment norms [8] - In August, the production of 3D printing equipment, new energy vehicles, and industrial robots in China increased by 40.4%, 22.7%, and 14.4% year-on-year, respectively [11] - The "Australian Cars Northbound" policy has seen over 50,000 vehicles registered at the Gongbei Customs since its implementation [11] - The phenomenon of insurance losses in the new energy vehicle sector is gradually improving, with leading insurance companies moving towards profitability [11] - NIO's subsidiary in Nanjing has increased its registered capital to 250 million RMB, a 1150% increase [12] - The number of new energy vehicles in Beijing has surpassed 1.19 million, nearly tripling since the end of the 13th Five-Year Plan [13] - CATL has signed multiple projects, including a 2 billion RMB investment in a new energy battery production line [14] - The total number of electric vehicle charging infrastructure in China reached 17.348 million, a year-on-year increase of 53.5% [18] - China's cumulative sales of new energy vehicles have exceeded 40 million units [21] Policy Information - The Ministry of Industry and Information Technology and seven other departments issued a "Work Plan for Stable Growth in the Automotive Industry (2025-2026)", aiming for 32.3 million vehicle sales in 2025, with new energy vehicle sales of 15.5 million [28] - The government of Henan province is promoting the intelligent and connected upgrade of new energy vehicles [30] - Guangzhou is advancing the large-scale application of bidirectional interaction between new energy vehicles and the power grid [31] Company Information - NIO's joint venture with JAC has officially been dissolved, marking the end of the "OEM cooperation model" [35] - Huawei and BAIC are establishing a strategic community for the "Xiangjie" brand, planning to invest 20 billion RMB over three years [36] - Tesla's Supercharger network has achieved coverage in all 14 prefecture-level cities in Liaoning province, with a total of 39 Supercharger stations [36] - XPeng Motors has launched its first localized production project in Europe, with the first G6 and G9 models rolling off the production line [36] - Geely's merger agreement with Zeekr has been approved by 94.2% of Zeekr's shareholders [37]

编者荐语： 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 以下文章来源于日经BP ，作者日经BP 纯电动汽车（EV）用全固态电池的量产最早将于2026年启动。为了实现这个目标，当然必须先于电池 量产全固态电池特有的材料，即固态电解质。从推进这种材料量产的情况来看，也可以了解什么样的全 固态电池今后将成为主流。 出光兴产在硫化物类的 开发方面压倒其他企业 从结论来说，量产方面进展最快的固态电解质是被称为硫化物类的材料。作为其原料的是硫化锂。目 前，在这种硫化锂以及硫化物类固态电解质的生产方面行动较快的厂家之一是日本出光兴产。 出光兴产在全固态电池、硫化物类固态电解质和硫化锂领域的专利申请数与其他公司的比较 （来源：日经XTECH拍摄的出光兴产的解说 板） 出光兴产透露称，截至2024年底，该公司硫化锂相关的专利申请数为19件，高居首位，达到第2位的近2 倍，从硫化物类固态电解质来看，出光兴产也以223件排在第2位，正在接近第1位。用于相关量产的投 资额达到约213亿日 ...

Industry Background - The solid-state battery industry is driven by the urgent demand for high-performance batteries in electric vehicles and consumer electronics, with solid-state batteries offering advantages such as higher safety, significantly improved energy density, and fast charging potential [2][3] - Traditional liquid lithium batteries face three main challenges: limited energy density affecting range, safety issues due to flammable liquid electrolytes, and insufficient fast charging performance [8][10][14] Negative Electrode Material Systems - The negative electrode materials in solid-state batteries currently rely on graphite and silicon-carbon, with silicon-based anodes being a significant development direction due to their theoretical capacity being much higher than that of graphite [19][35] - Lithium metal anodes, while facing challenges such as volume expansion and dendrite growth, have the potential to achieve a qualitative leap in energy density, with commercial applications becoming increasingly viable [19][45] Lithium Metal Anode Preparation Methods - The most mature method for lithium metal preparation is the extrusion/rolling method, which involves extracting lithium from ore or brine, followed by electrolysis and rolling to achieve the desired thickness [53][54] - New techniques such as electrochemical deposition and liquid phase methods are being explored to overcome thickness limitations and improve uniformity in lithium metal anodes [57][59] Market Size and Growth Potential - The global lithium-ion battery shipment is projected to reach 1545.1 GWh in 2024, with the power battery segment accounting for 1051.2 GWh, indicating a rapid growth trajectory in the market [22] - The development of low-altitude economy and humanoid robots is expected to significantly boost the demand for solid-state batteries, as traditional liquid batteries cannot meet the energy density and safety requirements [24][28] Solid-State Battery Advantages - Solid-state batteries can achieve energy densities exceeding 500 Wh/kg, far surpassing the liquid battery limit of 300 Wh/kg, thus enhancing the range of electric vehicles and reducing charging frequency [19][21] - The solid-state electrolyte eliminates the risks associated with liquid electrolytes, such as leakage and combustion, thereby significantly improving battery safety [19][21] Industry Trends and Future Directions - The transition from semi-solid to all-solid-state batteries is underway, with semi-solid batteries serving as a bridge technology while full solid-state batteries are being developed to address existing technical challenges [30][34] - The industry is focusing on overcoming technical bottlenecks and high costs associated with solid-state batteries, including low ionic conductivity and poor solid-solid contact interface performance [32][34]

Group 1 - The company held an earnings briefing on September 19, 2025, via an online platform, where key personnel including the board secretary and financial director participated [1] - Investors inquired about the company's solid-state battery technology, to which the company responded that it had previously recruited talent and invested resources in patent research from 2019 to 2022, resulting in a minimal number of solid-state battery applications and one utility model patent in 2022 [1] - Currently, the company does not have any ongoing solid-state battery technology research projects, has not obtained new technology patents, and its existing products do not involve this technology, nor has it developed production processes or lines for solid-state batteries [1]

Core Viewpoint - The humanoid robot industry is transitioning from "function realization" to "capability evolution," driven by both policy support and commercial ambitions [4][5]. Group 1: Industry Trends - The Chinese government is promoting the application of humanoid robots in sectors like automotive manufacturing and logistics, laying the groundwork for a trillion-dollar market [5]. - The valuation of humanoid robot company Figure has reached $39 billion, indicating rapid recognition from global capital and suggesting a steep increase in future production [6]. - Tesla's CEO Elon Musk has set ambitious goals for the next-generation Optimus 3 robot, including fine motor skills and large-scale production capabilities [7][8]. Group 2: Production and Technological Challenges - A key operational goal for Tesla is to deliver 1 million humanoid robots, which is expected to accelerate production across the industry [8][9]. - Current humanoid robots typically have a battery life of less than 2 hours, far below the 8-hour standard required for commercial applications [9]. Group 3: Battery Technology Developments - Solid-state batteries are viewed as the ultimate solution, with companies like Panasonic and Guoxuan High-Tech making significant progress in development [11][12]. - Guoxuan High-Tech has launched a battery solution for all-terrain robots, capable of high discharge rates and over 3 hours of runtime, with a production capacity of 600 battery sets per day [14]. - Companies are innovating in liquid battery technology as they transition to solid-state solutions, with EVE Energy releasing products that support rapid charging and extended battery life [13][15]. Group 4: Diverse Strategies in Battery Solutions - All battery companies are focused on addressing core issues such as endurance, safety, fast charging, and lightweight design, with solid-state technology seen as a future high ground [16]. - Panasonic and Guoxuan High-Tech are aggressively pursuing solid-state battery technology, while EVE Energy and Guoxuan High-Tech are providing scalable solutions through continuous optimization [16]. - A diversified approach in battery technology is essential for driving humanoid robots towards mass production [17].

Core Insights - SK On plans to mass-produce all-solid-state batteries by 2029, marking a significant advancement in battery technology [3][39] - The solid-state battery sector has seen strong performance, with a year-to-date increase of 48.53% in the solid-state battery index [3][7] - The lithium battery sector continues to grow, with a year-to-date increase of 46.79% in the lithium battery index [3][7] Market Review - The Shanghai Composite Index fell by 1.3% this week, while the solid-state battery index decreased by 2.09% [3][7] - Year-to-date, the Shanghai Composite Index has risen by 13.97%, and the lithium equipment sector has surged by 122.31% [3][7] - Trading volume for the entire A-share market was 12,589.23 billion yuan, up 8.23% week-on-week [3][7] Price Tracking - Lithium carbonate (battery-grade Li2CO3 ≥99.5%) is priced at 73,000 yuan per ton, up by 1500 yuan from the previous week [3][13] - The price of lithium iron phosphate (domestic) remains stable at 34,300 yuan per ton [3][13] - The price of ternary materials (523) increased by 6.5 yuan per kilogram to 115.3 yuan [3][13] Industry News - Several companies are advancing in solid-state battery technology, including: - Ganfeng Lithium has achieved trial production of solid-state batteries for certain vehicle models [3][31] - Panasonic Energy is focusing on solid-state battery production, aiming for sample shipments by 2026 [3][32] - Tianqi Lithium has commenced a pilot project for producing 50 tons of lithium sulfide [3][35] - Zhonggu Shidai has completed Pre-A financing to accelerate the industrialization of solid-state batteries [3][30] Demand Tracking - In the first eight months of 2025, the production of power and other batteries reached 970.7 GWh, a year-on-year increase of 54.3% [3][41] - The power battery installation volume for the same period was 417.9 GWh, up 43.1% year-on-year [3][41] - Exports of power batteries totaled 111.5 GWh, reflecting a year-on-year increase of 30.3% [3][41]