Investment Rating - The report recommends a focus on solid-state battery equipment suppliers, particularly leading companies such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment suppliers like HangKe Technology [2]. Core Viewpoints - Solid-state batteries possess high energy density and safety, with broad future application scenarios. The transition from liquid to solid-state batteries is expected to enhance energy density significantly, with solid-state batteries projected to achieve energy densities exceeding 500 Wh/kg by 2030 [2][11]. - The dry process for all-solid-state batteries opens new demand for equipment, with significant changes in the production process across all stages, including the elimination of solvents and the introduction of new assembly techniques [2][10]. - Domestic key equipment companies are making strides in solid-state battery production, with several firms already achieving pilot production lines and partnerships for research and development [2][12]. Summary by Sections 1. High Energy Density and Safety of Solid-State Batteries - Solid-state batteries utilize solid electrolytes, offering advantages in energy density and safety compared to traditional liquid batteries. They can achieve energy densities of 300-500 Wh/kg, significantly higher than liquid batteries [11][12]. - The solid-state design eliminates risks associated with liquid electrolyte leakage and enhances thermal stability, making them suitable for various applications, including consumer electronics and electric vehicles [11][12]. 2. Dry Process as the Mainline for All-Solid-State Batteries - The dry process introduces new production techniques that enhance efficiency and reduce costs. Key changes include the elimination of solvent use and the introduction of new assembly methods that improve the overall production process [2][10]. 3. Key Domestic Equipment Companies - Notable companies in the solid-state battery equipment sector include: - XianDao Intelligent: First to achieve full-line equipment for solid-state batteries. - LianYing Laser: Leading in laser welding equipment, expected to benefit from increased demand in solid-state battery assembly [2][12]. 4. Investment Recommendations - The report emphasizes investment in solid-state battery equipment suppliers, particularly those involved in full-line production and advanced technologies, as they are positioned to benefit from the industry's growth [2][12]. 5. Policy Support for Solid-State Battery Development - The Chinese government is actively promoting the development of solid-state batteries through various initiatives, aiming for significant advancements in production capabilities by 2027 [2][39][45].

Market Overview - On June 30, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1] - The STAR Market Composite Index led the gains with an increase of 1.70% [2] - Over 4,000 stocks in the market experienced an increase [1] Hong Kong Market - On the same day, major indices in the Hong Kong stock market collectively declined, with the Hang Seng Technology Index down by 0.72% [4] - The Hang Seng Index fell by 0.87% [5] Sector Performance - The defense and military sector saw the highest gains, with an increase of 4.35%, followed by media at 2.82% and telecommunications at 1.90% [7] - In contrast, non-bank financials decreased by 0.77%, banks by 0.34%, and transportation by 0.09% [7] Industry Highlights Solid-State Battery Technology - A pilot project for all-solid-state battery electric bicycles was launched in Beijing, marking a significant step towards the commercialization of solid-state battery products [8] - Century Securities reported that the solid-state battery industry is progressing towards commercialization, with a recent announcement from a U.S. company indicating a 25-fold increase in heat treatment speed, leading to a 76.67% increase in stock prices over two days [8] Defense and Military Sector - There has been a significant inflow of capital into the defense and military sector, with the Defense ETF rising by 4.88% [9] - Northeast Securities highlighted the long-term growth certainty of the defense and military sector, noting that the industry is expected to recover as demand increases and structural capacity improves [9]

Group 1 - Solid-state battery industrialization is progressing, with QuantumScape successfully integrating the Cobra separator process into its standard production line, achieving a 25-fold increase in heat treatment speed and significantly reducing equipment footprint, marking a leap in manufacturing efficiency [1][3] - QuantumScape's stock price surged by 76.67% over two days following the announcement, indicating heightened market expectations for the commercialization of solid-state batteries [3] - The trend towards solid-state battery industrialization is clear, with a positive outlook on core process equipment such as dry process equipment, stacking machines, and isostatic pressing equipment [3] Group 2 - The tower crane rental industry is experiencing low demand, with the tower crane utilization rate at 56.8% in May 2025, down 1.6 percentage points year-on-year, and the maximum lifting moment utilization rate at 56.7%, down 2.8 percentage points [3] - The tower crane rental price index was 518.96 points in May, down 115 points compared to the same period last year, indicating continued downward pressure in the industry [3] - Overall, the tower crane industry remains sluggish, facing significant clearing pressure [3] Group 3 - The photovoltaic industry is facing downward pressure on main material prices, with a rapid decline in terminal demand, leading to further price drops for silicon wafers, battery cells, and modules [4] - In May, the total export value of inverters reached $831 million, a year-on-year increase of 6.52%, with an export volume of 5.8994 million units, up 26.18% year-on-year [4] - The Asian market showed strong performance, with 2.333 million inverters exported to Asia in May, a month-on-month increase of 36.36%, resulting in an export value of 2.263 billion yuan, up 19.45% month-on-month [4] - The outlook for the second half of the year indicates weak terminal demand and potential downward pressure on main material prices, while inverter demand in Asia remains relatively rigid [4]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is currently experiencing significant growth, driven by a 6 billion RMB research fund from the Ministry of Industry and Information Technology (MIIT) aimed at promoting industrialization by 2027 [1][2][7] - The industry is at a critical phase for technology implementation and equipment introduction, indicating a substantial increase in equipment orders this year [1][2] Key Points and Arguments - **Production Process Changes**: - The solid-state battery production process has shifted to dry coating for the anode preparation, eliminating the need for wet baking, which reduces costs and solvent usage [1][4] - The integration of cell modules now utilizes stacking machines and isostatic pressing technology to enhance energy density and address interface issues [1][5] - **Equipment Value and Supply Chain**: - The value of equipment in the solid-state battery sector is increasing, with high entry barriers for new suppliers, indicating greater elasticity in equipment demand [1][6] - The investment cost for solid-state battery equipment is currently 2 to 3 times higher than traditional liquid batteries, with an estimated 300 million RMB investment per GW demand [15] - **Market Dynamics**: - The solid-state battery market is expected to see a penetration rate of approximately 4% by 2030, with demand reaching around 212 GWh [3][12] - By 2040, the penetration rate could rise to 20%, and by 2050, it may reach 45% [3][12] - **Challenges in Manufacturing**: - The manufacturing process faces challenges such as high pressure requirements for isostatic pressing equipment and difficulties in welding and packaging [10] - The formation and conditioning processes require increased temperature and pressure, which complicates the production [10] Additional Important Insights - **Investment and Order Expectations**: - From 2026 to 2030, a significant increase in production capacity is anticipated, with over 200 GWh of new capacity expected, primarily concentrated in 2029 and 2030 [14] - The overall demand for lithium battery equipment is projected to reach 53.3 billion RMB by 2030, with a compound annual growth rate of 151% [15] - **Market Segmentation**: - The lithium battery equipment market is segmented into front-end, mid-end, and back-end production lines, with front-end equipment accounting for 30% to 35% of the total value [16] - Key areas of focus include dry electrode technology and isostatic pressing equipment, which are crucial for industry advancement [16] - **Company Progress**: - Several companies, including Dazhu, Liyuanheng, and Haiwuxing, have already secured significant orders in the solid-state battery sector, indicating a shift towards large-scale production [17][18] - **Material Systems**: - Attention should also be given to material systems, particularly lithium sulfide and sulfide materials, as they are expected to play a critical role in the industry's evolution [19] This summary encapsulates the key insights and developments within the solid-state battery industry as discussed in the conference call, highlighting the ongoing transformation and future potential of this sector.

Investment Rating - Investment rating for the power equipment industry is "Positive (Maintain)" [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027 [22] - The solid-state battery index increased by 8.3% from June 23 to June 27, 2025, with a cumulative increase of 19.1% since December 31, 2024 [11][12] - QuantumScape has achieved a breakthrough in its Cobra separator manufacturing process, significantly improving production efficiency and laying the groundwork for commercialization [29] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 8.3%, with a notable increase in trading volume by 130.5% compared to the previous week [11] - The electrolyte composite film segment led the gains with a 17.4% increase, while other segments also performed well [12][16] 2. Industry Dynamics - Ion Storage Systems in the U.S. has begun producing solid-state batteries, potentially accelerating large-scale commercialization [24] - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" was held, focusing on material innovation and industrialization paths [26] - A pilot project for electric bicycle solid-state battery swapping was launched, marking a significant step in commercialization [27] 3. Individual Company Developments - QuantumScape has integrated its Cobra separator technology into its baseline battery production, enhancing production speed and efficiency [29] - Greenme has achieved ton-level shipments of precursor materials for solid-state batteries, including high-nickel and lithium-rich manganese-based cathodes [30] - Ganfeng Lithium has established a comprehensive layout for solid-state batteries, covering key components such as sulfide electrolytes and lithium metal anodes [35]

电力设备 | 证券研究报告 — 行业周报 2025 年 6 月 29 日 强于大市 电力设备与新能源行业 6月 第 4 周周报 5 月风光装机高增，小米 YU7 订单亮眼 新能源汽车方面，本周小米 YU7 正式上市，1 小时大定突破 28.9 万台，下 半年随着新能源新车型不断推出，新能源汽车产品力不断增强，2025 年国内 新能源汽车销量有望保持高增，带动电池和材料需求增长。动力电池方面， 固态电池催化不断，本周美国 QS 宣布其固态电池生产获里程碑式进展，固 态电池产业化趋势明确，后续关注固态电池相关材料和设备企业验证进展。 光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争，国家市场监 管总局针对光伏组件进行抽检，光伏供给侧改革力度有望加强；需求侧，我 国 5 月光伏装机高达 92.92GW，装机同比增长 388%，可能一定程度上压制 25H2 光伏装机需求，密切关注供给变化情况，光伏板块重点关注硅料环节 和 BC 以及贱金属降本方向。氢能方面，政策持续推动氢能产业化发展，能 源局开展能源领域氢能试点，地方政策催化不断，建议关注具备成本优势、 技术优势的电解槽生产企业、受益于氢能基础设施建设的燃料 ...

Core Viewpoint - The 2025 High-Performance New Energy Materials Industry Conference will focus on advancements in solid-state battery technology and its industrial applications, highlighting the strategic initiatives of Weilan New Energy in this sector [1][2]. Group 1: Solid-State Battery Developments - Weilan New Energy is a benchmark enterprise in the solid-state battery field, focusing on both oxide and polymer technology routes, while also exploring sulfide technology through its subsidiary [1]. - The company has achieved mass production of a mixed solid-liquid power battery with an energy density of 360Wh/kg, which has been tested in the NIO ET7 vehicle, demonstrating a real-world range of 1044 kilometers with a 150kWh battery [1]. - The battery features a self-developed ultra-thin lithium metal anode and a high-precision pre-lithiation platform, ensuring high energy density and safety, and has received certification from the Ministry of Industry and Information Technology [1]. Group 2: Product Innovations - Weilan has launched a high-energy density mixed solid-liquid cell with 770Wh/L, balancing high power and long lifespan characteristics, and plans to mass-produce a new cell based on the 4695 large cylindrical design in collaboration with Jianghuai Yuwei by 2026 [2]. - The company has introduced the world's first 280Ah mixed solid-liquid energy storage battery, which has been successfully delivered in batches, with an upgraded version (314Ah) showing improved thermal stability under puncture and short-circuit conditions [2]. Group 3: Market Applications and Strategic Partnerships - Weilan's energy storage products have been deployed in various demonstration projects across multiple scenarios, including wind-storage integration, grid frequency regulation, data centers, and communication bases, meeting demands for "zero degradation," "high rate," and "high safety" [2]. - In the low-altitude power and small mobile power sectors, Weilan has developed products with specifications ranging from 27Ah to 35Ah, achieving a maximum single-cell energy density of 310Wh/kg, suitable for applications in electric motorcycles, electric tools, drones, and Japanese engineering machinery [4]. Group 4: Industry Position and Future Outlook - Weilan has established a comprehensive cooperation system covering key aspects of the supply chain, including anode and cathode materials, solid-state electrolytes, pre-lithiation equipment, and packaging materials, with a production capacity of 540 tons per year at its Zhejiang facility, set to expand to 10,000 tons by 2025 [4]. - The company is pursuing an "in-situ solidification" approach to address interface contact challenges and is developing a mixed solid-liquid battery platform that is compatible with existing liquid manufacturing processes while offering low-cost expansion potential [4]. - Weilan aims to achieve engineering breakthroughs in all-solid-state battery samples by 2027, positioning itself as a potential leader in the solid-state battery industry's critical development phase [4].

Core Insights - The solid-state battery industry is gaining significant attention, with high-performance materials being a key factor in its advancement [1][2] - Sulfide solid-state batteries are favored by leading automotive companies due to their high room-temperature conductivity and processability, despite their manufacturing challenges [2] Industry Developments - Several A-share listed companies are making progress in the sulfide electrolyte sector of solid-state batteries, including Guangzhou Penghui Energy Technology Co., Ltd. and Beijing Dangsheng Technology Co., Ltd., which are adopting multiple technological routes [1] - Penghui Energy has innovated its solid-state battery by using self-developed oxide composite solid electrolytes, achieving breakthroughs in both process and material [1] - Dangsheng Technology has successfully developed high ionic conductivity sulfide and oxide solid electrolytes, completing a pilot production line with an annual capacity of 100 tons [1] Company Progress - Suzhou Tianhua New Energy Technology Co., Ltd. is focusing on the development of sulfide solid electrolytes and related materials through collaborations with universities and research institutes, with core patents filed and samples tested positively [3] - Tianji New Energy Technology Co., Ltd. has received a patent for lithium sulfide materials, which are essential for producing sulfide solid-state battery electrolytes, and is advancing towards industrialization [3] - Huizhou Yiwei Lithium Energy Co., Ltd. has developed soft-pack sulfide all-solid-state battery samples and plans to achieve production breakthroughs by 2026, targeting high-power and high-energy density batteries for hybrid applications by 2028 [3] Market Outlook - The solid-state battery industry is expected to accelerate with policy support, and high-performance materials are seen as critical for the emergence of leading companies in this field [3]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [52]. Core Insights - The global lithium battery production in May 2025 reached 173 GWh, marking a year-on-year increase of 44.4%. Cumulative production from January to May 2025 was 812.74 GWh, up 62.44% year-on-year [45]. - The report highlights the ongoing rapid growth in lithium battery demand and production, with a gradual improvement in the supply-demand relationship within the industry. The profitability of the industry chain is expected to continue to improve marginally [49]. - Key companies to watch include CATL (300750), Keda Industrial (002850), Enjie (002812), Tianwei Technology (688116), and Naconor (832522) due to their strong fundamentals and market positions [49]. Summary by Sections Market Review - As of June 26, 2025, the lithium battery index increased by 3.80% over the past two weeks, outperforming the CSI 300 index by 2.42 percentage points. Year-to-date, the lithium battery index has risen by 1.35%, also outperforming the CSI 300 index by 1.06 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of June 26, 2025, the average price of battery-grade lithium carbonate was 61,600 CNY/ton, down 0.16% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) was 63,900 CNY/ton, down 3.62% [28][6]. - The price of electrolytic cobalt increased to 256,000 CNY/ton, up 9.87% over the past two weeks, while electrolytic nickel decreased to 119,900 CNY/ton, down 1.80% [29][6]. - Prices for cathode materials such as lithium iron phosphate remained stable at 30,300 CNY/ton [30]. Industry News - The solid-state battery sector is experiencing accelerated industrialization, creating structural demand for materials and equipment upgrades. Companies with technological and production advantages in solid-state battery core materials are highlighted as potential investment opportunities [49]. - The report notes that the "old-for-new" subsidy policy is effectively boosting demand in the electric vehicle market, with expectations for continued rapid growth in sales [49]. Company Announcements - Notable developments include CATL's plans for solid-state battery production and Keda Industrial's expansion into humanoid robot structural components, which may enhance overall operational efficiency [46][49].

Group 1 - The core viewpoint of the news highlights the significant progress in the solid-state battery sector, with major manufacturers entering pilot production and automotive companies commencing road tests, indicating an accelerated industrialization process [2] - As of June 26, 2025, the China Battery Theme Index has shown a 0.47% increase, with notable gains from component stocks such as Xingyuan Material (+6.79%) and Wenkang New Energy (+3.15%) [1] - The battery ETF, Jia Shi, has experienced a 17.39% increase in net value over the past year, with a significant growth in shares by 22.5 million [1] Group 2 - The solid-state battery industry in China has an expansion plan exceeding 50 GWh with a total investment of approximately 15 billion yuan, indicating strong growth potential [2] - The top ten weighted stocks in the China Battery Theme Index account for 50.34% of the index, with Ningde Times and Sunshine Power being the most significant contributors [2][4] - The industry is expected to reach product finalization by the end of 2025, with vehicle testing starting in 2026 and a move towards large-scale cost reduction in 2027 [2]