Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic supply-side reform is ongoing, with a focus on improving product quality and eliminating low-price competition [1][2]. - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [1][2]. - The demand for batteries and materials is expected to grow as new models of electric vehicles are launched in the second half of the year, with projections indicating high growth in domestic sales of new energy vehicles by 2025 [1]. - The solid-state battery industrialization trend is clear, with attention on related materials and equipment companies [1]. - In May, China's photovoltaic installed capacity reached 92.92 GW, a year-on-year increase of 388%, which may suppress demand for photovoltaic installations in the near term [1]. - The hydrogen energy sector is being driven by policies promoting industrialization, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.99% this week, outperforming the Shanghai Composite Index, which increased by 1.4% [10]. - The photovoltaic sector saw a significant increase of 6.80%, while the lithium battery index rose by 3.84% [2][13]. New Energy Vehicles - Major players in the new energy vehicle market reported varying delivery figures for June, with BYD delivering 383,600 units (up 11.98% year-on-year) and Li Auto experiencing a decline of 24% [2][27]. - The report highlights the expected growth in new energy vehicle sales, driven by the introduction of new models [1][2]. Photovoltaic Sector - The central economic work conference emphasized the need to regulate low-price competition and improve product quality in the photovoltaic industry [1][2]. - The report notes the significant increase in installed capacity and the potential impact on future demand [1]. Hydrogen Energy - The approval of a large-scale green hydrogen pipeline project indicates ongoing support for the hydrogen energy sector [1][27]. Company Developments - Companies like EVE Energy and Xinwanda are planning to issue H-shares for overseas listings, indicating growth strategies in the electric equipment sector [2][28].

Market Performance - A-shares and H-shares exhibited divergent performance this week, with the Shanghai Composite Index reaching a new high of 3472.32 points, marking a weekly increase of 1.4%, while the Hang Seng Index fell below the 24000-point mark, with a weekly decline of 1.52% [1][2] - The divergence in market performance led to a slight decline of 0.77% in the 每经品牌100指数, closing at 1068.62 points [1] A-share Market - The A-share market maintained a strong upward trend, with the Shanghai Composite Index successfully standing above 3400 points since June 24, and peaking at 3497 points this week [2] - Key stocks in the A-share market included 宝钢股份, which surged by 8%, and several other companies like 浦发银行, 上汽集团, and 宁德时代, which saw increases of over 5% [2][3] H-share Market - The H-share market faced continuous adjustments, primarily due to the decline of leading internet companies, which are significant components of the 每经品牌100指数 [2] - Only 华润啤酒 among H-share constituents saw an increase of over 5% this week [2] Solid-State Battery Industry - 宁德时代 experienced a strong performance, with a weekly increase of 5.9% in A-shares and 9.17% in H-shares, reaching a new high since its listing in Hong Kong [6] - The company is committed to investing in solid-state battery technology, with expectations for small-scale production by 2027, indicating a significant acceleration in the solid-state battery industry's development [7] Steel Industry - 宝钢股份 was the top performer among the 每经品牌100指数 constituents, with a weekly increase exceeding 8%, driven by improved demand and tightening supply in the steel industry [8] - The steel ETF (515210) also saw a rise of 5.4%, reflecting positive sentiment in the sector, supported by government policies aimed at stabilizing infrastructure investment and improving product quality [8][9]

Core Viewpoint - The industrialization of solid-state batteries requires a collaborative innovation across the entire material system, focusing on the reconstruction of the electrochemical environment within the battery [1] Group 1: Solid-State Battery Materials - The iteration of cathode materials is crucial for achieving performance breakthroughs in solid-state batteries, with companies like Rongbai Technology advancing their first-generation 8-series ternary materials to ton-level verification, matching the cost of liquid batteries [2] - The second-generation 9-series ultra-high nickel materials with a capacity greater than 230mAh/g have been shipped to major clients, while the third-generation lithium-rich manganese-based materials (capacity > 300mAh/g) are in joint development, aiming for small batch shipments by 2025 [2] - Xiamen Tungsten's new "NL" cathode material structure shows significant improvements in energy density and rate performance due to its stable structure and wider interlayer spacing [2] Group 2: Cost Reduction and Production Capacity - The use of inexpensive metals instead of precious metals in materials presents significant long-term cost reduction potential, with current production capacity at the kiloton level, primarily targeting low-altitude economy and 3C consumer sectors [3] - Hunan Enjie, a subsidiary of Enjie Co., is innovating in the solid-state battery sector by adopting a "one-step" carbon thermal reduction process to produce high-purity lithium sulfide, with a hundred-ton production capacity established [3] - Enjie predicts that the price of lithium sulfide may drop to 500,000 yuan per ton within the next 3-5 years [3] Group 3: Electrolyte Development - Enjie is building a full-chain advantage from "electrolyte powder" to "electrolyte film," with a high ionic conductivity of 6mS/cm for its nanometer-level sulfide electrolyte powder and plans for a kiloton production line [4] - Xiamen Tungsten is developing a unique lithium sulfide synthesis process, claiming significant advantages in purity and cost, and is preparing to promote it to domestic and international clients [4] - Rongbai Technology is also actively developing optimized particle size distribution for sulfide electrolytes, with pilot verification planned for the fourth quarter of the same year [4] Group 4: Supporting Materials and Integration - BlueTing New Energy has introduced metal-organic framework (MOF) materials, which enhance lithium-ion conduction and extend the cycle life of solid-state batteries by 30-50% [4] - BlueTing has combined MOF with inorganic electrolytes to define a "super solid-state electrolyte (SSE)" and has formed strategic partnerships with electrolyte companies to provide interface solutions for mainstream technology routes [5] - Ganfeng Lithium, as a "full-stack integrator," has achieved milestone breakthroughs in battery cells, realizing small batch production of lithium metal batteries with an energy density of 500Wh/kg [6] Group 5: Market Applications - Ganfeng is expanding the application of semi-solid and solid-state batteries from electric vehicles to low-altitude economy aircraft and high-end consumer electronics, showcasing a complete closed-loop from materials to commercialization [6]

Investment Rating - The industry investment rating is "Positive" [7][21] Core Viewpoints - The solid-state battery industry is accelerating its industrialization process, with significant advancements reported by leading lithium battery companies. Companies like EVE Energy and Ganfeng Lithium are making strides in solid-state battery development, with EVE planning to launch a battery with an energy density of 350Wh/kg by 2026 and Ganfeng establishing a comprehensive solid-state battery supply chain [1][2][3] - Solid-state batteries are expected to meet high-performance demands and benefit from the development of new application fields, such as eVTOL and humanoid robots, due to their superior energy density and safety features compared to traditional lithium batteries [2][3] - The solid-state battery supply chain is gaining attention, with government support and industry collaboration expected to drive the commercialization of solid-state batteries by 2025 [2][3] Summary by Sections Industry Overview - The solid-state battery technology is projected to achieve mass production targets of 400Wh/kg by around 2027, with significant government funding and support policies in place to facilitate this transition [2][3] Material Systems - Sulfide solid electrolyte systems are becoming the mainstream development direction, with over 50% of global solid electrolyte research focusing on this area. Some companies are also exploring dual systems combining sulfide and oxide-polymer electrolytes to address industrialization challenges [3] Investment Recommendations - Companies with leading solid-state battery technology and those that have achieved semi-solid battery industrialization capabilities, such as Guoxuan High-Tech, are recommended for investment. Additionally, firms involved in sulfide solid electrolyte and high-nickel cathode materials are expected to benefit from the ongoing industry developments [8]

Group 1 - The smart car ETF Taikang (159720) experienced a pullback, tracking the CSI Smart Electric Vehicle Index (H11052), which fell by 0.80% [1] - Among the constituent stocks, Sitwei (688213) led with a rise of 4.87%, while Yihui Lithium Energy (300014) saw the largest decline at 4.81% [1] - As of July 3, the smart car ETF Taikang (159720) saw a weekly growth of 1.3629 million yuan, ranking first among comparable funds [1] Group 2 - According to the "2025 China Automotive Industry Consumption Insight Report," the penetration rate of new energy vehicles in China reached 48% in 2024, an increase of 12 percentage points from 2023 [2] - The competition among new energy vehicle companies is expected to intensify, leading to an accelerated industry reshuffle [2] - Solid-state batteries are entering a critical stage of industrialization, with short-term oxide semi-solid batteries already achieving commercialization [2] - The rise of solid-state batteries is anticipated to create significant market opportunities in new materials and equipment, enhancing the range and safety of smart vehicles [2] Group 3 - The smart car ETF Taikang closely tracks the CSI Smart Electric Vehicle Index, which includes listed companies involved in various aspects of the smart electric vehicle industry [2]

Group 1: Core Insights - Solid-state battery technology is gaining momentum, with significant investments and advancements in production capabilities, particularly in pilot lines [1][3][6] - The solid-state battery index has shown recovery, with a notable increase in interest and investment, particularly in regions like Inner Mongolia and Sichuan [1][3][8] - Companies are transitioning from manual sample production to using equipment for pilot line production, marking a significant breakthrough in the industry [1][3][5] Group 2: Industry Developments - The solid-state battery sector is expected to see sample production of batteries with capacities ranging from 20 to 100 amp-hours by 2025-2026 [3][5] - The solid electrolyte is projected to account for 77.8% of the solid-state battery composition, indicating a shift in material usage [3] - Companies like BYD and Guoxuan High-Tech are advancing their solid-state battery projects, with expectations for small-scale production by 2027 [5][6] Group 3: Technological Challenges - The industry faces challenges related to the solid-solid contact between solid electrolytes and electrodes, which affects lithium-ion migration and overall battery performance [5][8] - Sulfide solid electrolytes show promise due to their high ionic conductivity and energy density, but they also present safety and production challenges [5][8] - Equipment manufacturers are collaborating with battery producers to address technical challenges in solid-state battery production [6][7] Group 4: Market Dynamics - The current cost of solid-state batteries is significantly higher than that of liquid batteries, with costs around 3.0 yuan per watt-hour, which is 7-8 times more expensive [8] - The solid-state battery index has fluctuated, with a 30% gap from its peak in 2022, reflecting market volatility [3] - Recent investments in solid-state battery projects have reached approximately 10 billion yuan, indicating strong market interest [7][8]

固态电池因高能量密度和高安全性优势加速产业化突破。 固态电池相关港股： 龙蟠科技（02465）：公司全资子公司江苏三金锂电科技有限公司涉及固态电池三元前驱体的开发工 作，目前仍处于研发试用阶段，部分前驱体材料已小批量送样到头部企业并通过客户测试，但暂未对外 销售产生收入，对公司整体业绩暂不构成重大影响。 赣锋锂业（01772）：公司已形成固态电池全链路布局，覆盖硫化物电解质及原材料、氧化物电解质、 金属锂负极等关键环节。公司同步推进硅基与锂金属负极双路线，其中400Wh/kg电池循环寿命突破800 次并完成工程验证；首款500Wh/kg级10Ah产品实现小批量量产。硅基体系实现320-450Wh/kg产品梯度 布局，其中320Wh/kg电芯循环寿命突破1000次。公司将充分发挥上下游产业一体化协同优势，持续加 大研发力度，推动固态电池商业化进程，促进能源转型与产业升级。 天齐锂业（09696）：公司已完成下一代固态电池关键原材料硫化锂产业化相关支持工作，累计与十余 家下游客户进行打样。目前公司硫化锂产品暂未量产，但公司已完成硫化锂产业化相关工艺、设备开发 及验证，已形成完整的产业化数据包，将使公司拥有硫化锂快 ...

Core Viewpoint - The solid-state battery industry is accelerating its industrialization process, with semi-solid batteries already being deployed in vehicles, indicating a faster development compared to all-solid-state batteries [1] Group 1: Industry Insights - Solid-state batteries offer high energy density and safety, making them suitable for specialized applications in automotive, low-altitude, and humanoid robotics sectors [1] - The application of solid-state batteries is expected to occur earlier in cost-sensitive areas such as humanoid robots and low-altitude applications compared to automotive [1] - The industry is entering a phase of rapid iteration and development, moving from initial stages to more advanced implementations [1] Group 2: Future Outlook - There is a long-term positive outlook for the development of solid-state batteries as their performance continues to improve and industrialization accelerates [1]

Core Viewpoint - The 2025 High-tech New Energy Materials Industry Conference aims to explore new materials, new dynamics, and new ecosystems in the energy sector, focusing on the evolving landscape of battery materials and their applications [1]. Group 1: Conference Overview - The conference is organized by High-tech Lithium Battery, High-tech Energy Storage, and High-tech Industry Research Institute (GGII) [1]. - It will take place from July 8 to 9, 2025, in Chengdu, Sichuan, at the Yang'an New City Conference Center [1]. Group 2: Key Sessions and Topics - The opening ceremony will feature speeches from industry leaders, including Zhang Xiaofei, Chairman of High-tech Lithium Battery, and representatives from local governments [2]. - Key topics include the transformation of battery materials under diverse demands, the industrial application of composite conductive fluids, and the collaborative development of materials, processes, and equipment [3]. Group 3: Specialized Sessions - On July 9, specialized sessions will cover new material applications in lithium batteries, advancements in negative electrode materials, and alternative solutions for lithium battery binders [4]. - Discussions will also focus on the challenges in the industrialization of new materials and strategies for balancing energy efficiency, cost, and supply chain security [4][5]. Group 4: Innovation and Sustainability - The afternoon session will address how equipment companies can adapt to new material processes and the innovative technologies for battery recycling and resource circularity [5]. - A roundtable discussion will explore the role of equipment innovation in driving the development of new energy materials and achieving zero-carbon manufacturing [5].

投资建议： 全固态电池产业化进程加速，看好固态电池产业链相关公司。 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： 2 月，比 亚迪 CTO 孙华军在第二届中国全固态电池创新发展高峰论坛透露已经比亚迪开始启动固态电池产业化的 可行性验证，涵盖关键材料技术攻坚、电芯系统开发以及产线建设，计划于 2027 年左右启动全固态电池 批量示范装车应用， 2030 年后实现大规模上车应用； 5 月，国轩高科宣布已建成全固态电池中试线， 设计产能 0.2GWh ，电芯能量密度达 350Wh/kg ，并已开启装车测试。我们认为，头部企业在固态电池 端的"落子"有望吸引更多企业"入局"，产品技术迭代迎来持续向好。 车端、材料端、设备端协同共振，产业化进程加速。 目前我国固态电池发展形成"车企 + 电池厂"协同的 特点，如上汽集团与清陶能源。 材料端从电池到正负极、固态电解质、集流体等主材，以及粘结剂、添加 剂等辅材，均在加速研发与改进。固态电池专用设备方面，包括干法电极、等静压等设备厂商进展顺利。 综合多家车企、电池厂发布的固态电池量产计划，我们预计 2027 年全固态电池或迎 ...