Core Viewpoint - The discussion on solid-state batteries highlights the significant expectations for their "ultimate battery" technology potential, juxtaposed with the harsh realities of "industrialization and cost" challenges [1][3]. Group 1: Technical Challenges and Innovations - The industry is currently experiencing a "route dispute" and "engineering challenges," with various materials like oxides, sulfides, and polymers being explored, indicating that solid-state batteries are still in a phase of "hundreds of schools of thought contending" [2]. - The solid-solid interface issue is recognized as the primary challenge, leading to a dual-line battle focusing on improving the performance of primary materials and employing advanced interface engineering techniques [2][3]. - The industry is engaged in a fierce competition between "performance leaps" and "cost bottlenecks," with energy density targets ranging from 400-500 Wh/kg and significant breakthroughs in ionic conductivity [2][3]. Group 2: Material Development and Performance - Solid-state batteries are seen as a crucial direction for future energy storage, with core advantages in safety and energy density, achieving energy densities of up to 400 Wh/kg [6]. - High-voltage solid-state electrolytes enable the use of high-voltage cathode materials, with short-term dominance of high-nickel ternary materials like NCM811, which has a practical specific capacity exceeding 200 mAh/g [6]. - Long-term prospects favor lithium-rich manganese-based materials, with theoretical specific capacities reaching 350 mAh/g and voltage platforms of 4.5V, viewed as ideal for all-solid-state batteries [6]. Group 3: Industry Trends and Strategic Goals - The global industrialization process is accelerating, with China focusing on semi-solid-state technologies in the short term and sulfide routes in the long term, while Japan, Europe, and the U.S. set clear energy density and commercialization goals [7]. - Leading companies in China, such as Rongbai Technology and Ningxia Hanyao, have made technological breakthroughs in high-nickel ternary and lithium-rich manganese-based materials, expediting the industrialization of solid-state battery cathode materials [7]. Group 4: Key Material Innovations - Ganfeng Lithium has achieved significant breakthroughs in both sulfide and oxide solid-state battery technologies, developing high ionic conductivity materials and successfully producing thin electrolyte ceramics [14][15]. - Xiamen Tungsten has focused on optimizing cathode materials to enhance mechanical performance and interface stability, employing various coating technologies to reduce interface resistance [17]. - MOFs (Metal-Organic Frameworks) are emerging as innovative materials in solid-state batteries, showing potential in enhancing battery performance through their unique structural properties [25][26].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [2][20]. Core Insights - In the first half of 2025, China's power battery production and sales saw significant growth, with production and sales reaching 697.3 GWh and 659.0 GWh respectively, marking year-on-year increases of 60.4% and 63.3% [5][6]. - The power battery installation volume increased by approximately 47% year-on-year, with lithium iron phosphate batteries benefiting from safety and cost advantages, accounting for 81.4% of the total installation volume [5][6]. - Exports of batteries showed a recovery, with a total of 127.3 GWh exported in the first half of 2025, representing a year-on-year increase of 56.8% [5][6]. - The market concentration of power battery installations slightly decreased, with the CR2 and CR5 ratios dropping to 66.4% and 82.2% respectively [5][6]. - The report highlights the progress in solid-state battery industrialization, with significant developments in production lines and energy density targets [5][6]. Summary by Sections Production and Sales - In the first half of 2025, the total production and sales of power and other batteries in China reached 697.3 GWh and 659.0 GWh, respectively, with year-on-year growth of 60.4% and 63.3% [5][6]. - The power battery installation volume was 299.6 GWh, up 47.3% year-on-year, with lithium iron phosphate batteries seeing a 73.0% increase [5][6]. Export Trends - Battery exports in June showed a recovery, with a total of 24.4 GWh exported, a month-on-month increase of 27.9% [5][6]. - The total export volume for the first half of 2025 reached 127.3 GWh, accounting for 19.3% of total sales [5][6]. Market Dynamics - The market share of Chinese power battery companies increased, with the top ten companies collectively achieving a market share of 43%, up 7 percentage points year-on-year [5][6]. - Ningde Times led the market with a 43.7% share in June 2025, followed by BYD and others [5][6]. Future Outlook - The report emphasizes the importance of monitoring changes in overseas tariff situations, particularly following recent agreements between China and the U.S. [5][6]. - Companies like Ningde Times and Yiwei Lithium Energy are planning to list in Hong Kong, which is expected to enhance their capital strength and international competitiveness [5][6].

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is experiencing significant advancements, particularly in key materials such as cathodes, anodes, electrolytes, and skeleton membranes. The industry is expected to see substantial growth driven by policy support and technological innovations [1][2][11]. Key Points and Arguments - **Cathode Material**: The cathode material "富力猛" has addressed capacity limitations through techniques like element adjustment, doping, and particle size control. This has improved the value of the welding process, with leading battery manufacturers expected to increase welding equipment to replace the sealing process [3][9]. - **Anode Material**: Silicon-carbon anodes face challenges in cycling, expansion, high temperature, and fast charging performance. Despite these issues, they are being supplied in bulk to the consumer market, with conventional prices around 300,000 CNY per ton and high-performance products reaching 500,000 to 600,000 CNY per ton [4][6]. - **Electrolyte**: Sulfide electrolytes have improved ionic conductivity through reduced pore size and optimized manufacturing processes. However, they face challenges related to water and oxygen sensitivity, safety, and equipment development [4][11]. - **Skeleton Membrane**: The rigid skeleton membrane enhances production efficiency and mitigates internal short-circuit issues, facilitating the assembly of solid-state electrolytes [4][2]. Industry Development Timeline - The solid-state battery industry is on track for commercialization, with key milestones set for 2025. Notable dates include: - July-August 2025: Focus on the industrialization of emulsions and polymers - September 2025: Entry into the national inspection experimental window - October 2025: Commencement of production line tenders [5][8]. Investment Opportunities - Investment in the solid-state battery sector should focus on areas with significant changes in dry processing, such as lithium sulfide and lithium metal anodes. Other promising areas include iron-based current collectors, skeleton membranes, and non-sulfide polymers [6][12]. - Companies like "下乌普台来", "联赢先汇", "冠盛", and "三强" have shown strong performance in the mid-year reports, indicating defensive investment potential [6]. Equipment and Production Insights - Full solid-state equipment is expected to see a doubling in production line value, with significant increases in investment amounts due to new technologies and improved processes. The overall investment in the sector is projected to rise significantly [7][10]. - The application of isostatic pressing technology in battery manufacturing is enhancing value, with traditional and leading manufacturers collaborating on equipment development [10]. Future Industry Events - Upcoming industry summits in July-August will focus on emulsions and polymers, with significant activities planned for September and October that are expected to catalyze industry growth [8]. Conclusion - The solid-state battery industry is poised for rapid growth, driven by technological advancements and supportive policies. Key materials and production processes are evolving, presenting numerous investment opportunities and potential for significant returns in the coming years [11][12].

Investment Rating - Investment rating for the power equipment industry is "Positive" (maintained) [2] Core Insights - The industry is experiencing accelerated industrialization across all segments, with timelines for vehicle testing set for 2027 and large-scale applications expected by 2030 [12][26] - Solid-state batteries are transitioning from laboratory stages to mass production validation, with small-scale vehicle testing anticipated by the end of 2025 and widespread testing expected in 2026-2027 [28] - Emerging applications in low-altitude, robotics, and AI are expected to open up market opportunities for solid-state batteries, accelerating industrialization [28] Summary by Sections Industry Overview - The solid-state battery index increased by 0.7% from July 7 to July 11, 2025, with a cumulative increase of 19.0% for the year [12][13] - The average performance of solid-state battery-related stocks was -0.8% during the same period [12][30] Industry Dynamics - Significant advancements in solid-state battery technology have been reported, including the development of a new silicon-based anode material that enhances stability and performance [34] - A major tender for a hybrid storage system combining semi-solid lithium batteries and sodium batteries was announced, indicating ongoing investment in energy storage solutions [35] Company Developments - Sanxiang New Materials has begun small-scale supply of zirconium-based halide materials to downstream battery companies [36] - Jiayuan Technology expects to achieve a total production capacity of over 130,000 tons by 2025, with solid-state battery copper foil shipments projected at around 100 tons [37] - Haopeng Technology has completed validation of a high-safety semi-solid battery and has received bulk orders from clients [38] - Junpu Intelligent has entered a strategic partnership with Enli Power to accelerate the industrialization of solid-state batteries [39]

Investment Rating - The industry investment rating is "Overweight" [2][51] Core Insights - In June, the production and sales of new energy vehicles reached 1.268 million and 1.329 million units, respectively, representing year-on-year growth of 26.4% and 26.7% [41][45] - The lithium battery index has shown strong performance, with a 5.27% increase over the past two weeks, outperforming the CSI 300 index by 3.65 percentage points [4][13] - The solid-state battery industrialization process is accelerating, leading to structural incremental demand for materials and equipment in the industry chain [45] Summary by Sections Market Review - As of July 10, 2025, the lithium battery index has increased by 6.69% year-to-date, outperforming the CSI 300 index by 4.78 percentage points [4][13] - The lithium battery industry chain has seen price fluctuations, with battery-grade lithium carbonate averaging 63,400 CNY/ton, up 2.92% in the last two weeks [26][24] Price Changes in the Lithium Battery Industry Chain - As of July 10, 2025, the prices of lithium carbonate and nickel have increased, while lithium hydroxide and cobalt have decreased [24][27] - The average price of lithium hydroxide (LiOH 56.5%) is 63,100 CNY/ton, down 1.25% in the last two weeks [26][27] Industry News - The China Automotive Association reported that in June, the production and sales of new energy vehicles remained stable month-on-month, with a year-on-year growth rate that has slowed compared to previous months [41][45] - The global energy storage battery shipment volume for the first half of 2025 ranked the top ten companies, including CATL and EVE Energy [41] Company Announcements - Companies such as CATL and EVE Energy are focusing on solid-state battery materials and production capabilities, with significant advancements in their respective technologies [46][48] - Enjie Co., Ltd. has reported expected losses for the first half of 2025 due to declining profit margins in lithium battery separators [44] Weekly Insights - The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages in solid-state electrolytes and new electrode materials [45][46]

Core Viewpoint - The solid-state battery market is experiencing increasing momentum, with the technology route becoming clearer, leading to a restructuring of the industry chain [1] Company Developments - The company is collaborating with leading battery customers to develop a new type of lithium-rich manganese-based cathode material, with the first generation currently in cell trial verification [1] - The second generation of the material aims to enhance initial discharge efficiency by reducing the lithium-rich phase content, thereby improving the electrochemical performance [1] Industry Trends - The lithium-rich manganese-based materials are characterized by high capacity, high packing density, and excellent high-temperature storage performance, making them suitable for high-end power battery applications [1] - There is potential for these lithium-rich manganese-based materials to be used in solid-state batteries, with increased cobalt content to enhance conductivity, making the quasi-single crystal materials more applicable under high voltage conditions [1]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - The ACMI2025 forum highlighted the advancements in solid-state battery technology, emphasizing its high energy density and safety, which cater to specific needs in various sectors such as automotive, low-altitude, and humanoid robots [1] Group 1: Solid-State Battery Development - Solid-state batteries are expected to gradually find applications across multiple fields as their overall performance improves and industrialization accelerates [1] - Half-solid-state batteries have already been implemented in vehicles, indicating a faster industrialization process compared to full solid-state batteries [1] - Full solid-state batteries are projected to begin small-scale deployment in 2027, with mass application in energy storage expected post-2030 [1] Group 2: Market and Policy Dynamics - Domestic policies are actively promoting the industrialization of solid-state batteries, with many companies aiming for small-scale production or vehicle deployment by 2027-2028 [1] - Overseas automakers and battery manufacturers are accelerating their efforts in solid-state battery development to gain a competitive edge [1] Group 3: Application Areas - The application of solid-state batteries is anticipated to expand in cost-sensitive areas such as humanoid robots and low-altitude sectors before automotive applications [1] - The unique advantages of full solid-state batteries, such as high energy density and safety, differentiate them from liquid batteries [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen a strong increase of 3.67%, with significant gains in constituent stocks such as Daqo New Energy (688303) up 10.67%, Laplace (688726) up 8.78%, and Trina Solar (688599) up 7.14% [1] - Anhui Anwa New Energy Technology Co., Ltd. announced the successful launch of the first GWh-level new solid-state battery production line, marking a milestone in China's solid-state battery manufacturing [1] - Delong shares' solid-state battery has passed the UN38.3 standard certification, indicating that the solid-state battery has reached international first-class safety and reliability levels [1] Group 2 - The "anti-involution" trend continues to drive the battery sector, with the China Battery Industry Association and the China Plastics Processing Industry Association advocating for a shift in focus from price competition to quality and innovation [2] - The solid-state battery industrialization process is accelerating, with leading companies advancing pilot lines and sample verification, and some achieving semi-solid-state mass production [2] - The solid-state battery equipment market is expected to benefit first as industrialization expectations strengthen, with leading equipment manufacturers accelerating product validation and customer integration [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) include JinkoSolar (688223), Trina Solar (688599), Daqo New Energy (688303), and others, accounting for a total of 47.96% [3]

Core Viewpoint - The solid-state battery industry is accelerating from 0 to 1, with significant market enthusiasm reflected in a cumulative increase of over 30% in the solid-state battery index since April 8, 2023 [1]. Group 1: Industry Developments - Recent announcements indicate that solid-state battery mass production is at a critical point, with multiple companies revealing their production plans [2]. - CATL has stated its commitment to solid-state battery technology, aiming for small-scale production by 2027 [2]. - Guoxuan High-Tech has completed its first solid-state battery pilot line and is conducting road tests [2]. - Yiwei Lithium Energy plans to achieve breakthroughs in solid-state battery production technology by 2026 and aims to launch a high-energy density solid-state battery by 2028 [2]. - SAIC Group intends to release over 10 models globally within three years and aims to implement solid-state batteries in vehicles by 2027 [2]. - Changan Automobile plans to invest in a joint venture for battery production, targeting solid-state battery validation by 2026 and gradual mass production by 2027 [2]. - Xiaomi Automotive has filed a patent related to solid-state battery technology [2]. Group 2: Market Outlook - Dongwu Securities predicts that small-scale applications of solid-state batteries will begin in 2027, with large-scale applications expected post-2030 in sectors like energy storage and robotics [3]. - Guotai Junan Securities highlights the formal initiation of solid-state battery industrialization, with significant progress since 2025 [3]. - The collaboration between automotive manufacturers and battery producers is a notable trend in the solid-state battery development landscape [3]. - Solid-state batteries are recognized for their high energy density and safety, making them suitable for various applications, including automotive and robotics [3].