Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

卫蓝新能源的故事始于顶尖的科研背景，其技术路线选择也体现了务实的风格——专注于氧化物电解质 路径，并率先实现了半固态电池的装车应用。与仍需攻克界面阻抗、成本高昂的全固态硫化物路线相 比，这条路径被普遍认为是当前产业化的"最优解"。蔚来ET7搭载的150度半固态电池包，续航超1000 公里，便是其技术实力的证明。 然而，这种务实恰恰也折射出全固态电池面临的巨大技术鸿沟。行业内普遍认为，当前所谓的"固态电 池"大多处于"半固态"或"固液混合"状态，液态电解质的含量仍在7%-8%左右。 卫蓝新能源与巴斯夫最新发布的"全固态电池包"，虽宣称从根源上消除液态电解质隐患，但其大规模量 产能力和长期循环可靠性，仍有待时间验证。正如专家指出的，固态电池产业化的核心难题——固固界 面的接触阻抗和长期循环下的稳定性——远未得到根本解决。 中国证监会官网上的一则简短备案公告，再次点燃了资本市场对固态电池的热情。 估值高达185亿元的行业"独角兽"卫蓝新能源，正式踏上了创业板IPO的征途。头顶中科院物理所的光 环，身后站着小米、华为、蔚来等豪华资本天团，卫蓝新能源的上市看似一场即将到来的资本盛宴。 然而，在这条被誉为下一代电池技术、 ...

全球储能需求持续释放，国内市场化需求驱动储能订单呈现爆发式增长； 美国数据中心等负荷引起的电力供应短缺推动美国大储装机需求提升； 欧洲电网不稳定情况和现货峰谷价差拉大均带动推动储能需求；新兴市 场各国政府扶持政策频出，储能装机需求有望大幅度提升。我们预计 2026 年全球储能装机需求达到 404GWh，同比增长+38%，建议关注【宁 德时代】、【亿纬锂能】、【阳光电源】、【德业股份】、【禾望电气】、 【盛弘股份】。 锂电产业链价格下行趋势有望反转，固态电池产业化提速。锂电产业链经历 几年下行期后，2026 年多数产品价格、盈利有望显著回暖。新技术方面，钢 壳电池、硅负极、储能大电芯均有望在 2026 年实现批量供应；固态电池技 术产业化处于加速阶段，有望在 2026 年实现产线规模扩大以及装车测试增 加，为 2027-2030 年的批量化应用奠定基础。建议关注【宁德时代】、【亿 纬锂能】、【中创新航】、【珠海冠宇】、【天赐材料】、【恩捷股份】、 【当升科技】、【厦钨新能】。 风电主机厂盈利能力修复，出口贡献业绩增长。2026 年国内风电新增装机有 望保持 10%-20%增长，订单饱和价格具有良好支撑。主机盈利 ...

锂电产业链双周评（12月第1期） 电池价格小幅上扬，锂电产业链大单不断 证券研究报告 | 2025年12月14日 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 5000 10000 15000 20000 25000 30000 35000 23-01 23-02 23-03 23-04 23-05 23-06 23-07 23-08 23-09 23-10 23-11 23-12 24-01 24-02 24-03 24-04 24-05 24-06 24-07 24-08 24 ...

摘要 固态电池亟需场景跑通——没有真实工况与大容量验证，制造窗口、寿命与一致性都无法收敛。 在固态电池赛道沉寂一段时间后，吉利近期用一项"工程化动作"把话题重新拉回现实： 旗下浙江绿色智行科创有限公司启动2026—2027年度固态电池电芯研发物料招标。 反过来，只有把电池放进足够苛刻且足够真实的使用场景，让大容量样件在稳定性、阻抗与寿命上 形成可复现的数据闭环，成本才有机会从"不可控的试制成本"变成"可优化的制造成本"。 上周，另一条来自奇瑞体系的消息把固态电池推向"场景绑定"：北美商用车企业Horizon Motors 披露与奇瑞汽车达成固态电池合作，将获得1GWh固态电池产能，用于Class 3–8零排放专用卡车 的量产部署，电池由奇瑞旗下安瓦新能源提供。 Horizon所描述的落地场景包括箱式货车、清扫车、冷藏车与市政车辆等高频运营车型，并强调该 类车队对续航与可靠性要求更高。 安瓦此前已对外披露其"新型固态"产线进展： 报道显示，安瓦在芜湖的GWh级产线首批工程样件于2025年7月下线，设计产能1.25GWh，并提 及样件通过GB38031-2025相关测试口径。 该公司产线集成涂布、复合、热封等工序 ...

Overview - The report highlights that the energy storage lithium battery industry is entering a new profit cycle, driven by strong demand and improved supply dynamics [1][17]. Energy Storage - The energy storage sector is experiencing a global high prosperity, with significant policy and market support leading to rapid development [5][19]. - As of September 2025, China's wind and solar power accounted for 46% of installed power capacity, while new energy storage only represented 3% and 6% of total installed capacity and new energy capacity, respectively, indicating substantial growth potential [5][28]. - The exit of mandatory storage policies has allowed independent storage to emerge as a profitable asset, with improved pricing mechanisms and market conditions [5][36]. - Domestic energy storage projects have seen a significant increase, with new installations reaching 43.7 GW in 2024, a year-on-year growth of 103% [20][24]. Lithium Batteries - The lithium battery sector is benefiting from the growth in energy storage demand, with the industry moving out of a price decline cycle and entering a phase of volume and profit recovery [15][17]. - The demand for energy storage batteries is rising, and the sales of power batteries remain robust, contributing to a healthy growth outlook [15][17]. - The supply side is improving, with many companies still operating at a loss or minimal profit, leading to a strong desire to increase prices amid high demand [5][15]. Solid-State Batteries - Solid-state batteries are seen as a key technology to overcome the performance limitations of lithium batteries, with ongoing industrialization efforts supported by policy and market participants [5][17]. - The demand for solid-state batteries is expected to grow in applications requiring high energy density and safety, such as low-altitude flying vehicles and humanoid robots [5][17]. - Key materials and equipment for solid-state battery production are making progress, with significant technological barriers that favor advanced participants in the industry [5][17]. Investment Recommendations - The report maintains a "stronger than market" rating for the energy storage and lithium battery sectors, recommending investments in leading companies such as Sungrow Power Supply, Haimo Technologies, and CATL [8][12]. - The solid-state battery sector is also highlighted for its growth potential, with recommendations to focus on companies involved in key materials and equipment [8][12].

固态电池头部企业卫蓝新能源拟创业板上市。 12月11日晚间，胜通能源(001331)公告，控股股东等人同意将其持有的公司8464.38万股股份（占胜 通能源总股本的29.99%）转让给七腾机器人有限公司（以下简称"七腾机器人"）及其一致行动人。 同时，七腾机器人和/或其指定适格第三方拟以标的股份转让完成为前提，向公司的全体股东发出 部分要约收购，要约收购股份数量为4233.6万股（占胜通能源总股本的15%），其中龙口云轩、龙口同 益、龙口弦诚及龙口新耀共同申报预受要约4192.32万股无限售条件流通股份。 本次交易完成后，七腾机器人将拥有上市公司44.99%的股份及该等股份对应的表决权，上市公司 控股股东变更为"七腾机器人"，公司股票12月12日（星期五）开市起复牌。 资料显示，七腾机器人是一家集特种机器人设计、研发、生产、销售、服务为一体的专精特新"小 巨人"企业，在应急安全领域处于头部地位，公司产品涵盖防爆化工轮式巡检机器人、防爆化工四足机 器人、防爆化工挂轨巡检机器人等。 固态电池头部企业启动IPO 12月11日，证监会网站披露，北京卫蓝新能源科技股份有限公司（以下简称"卫蓝新能源"）启动A 股IPO并 ...

固态电池头部企业卫蓝新能源拟创业板上市。 固态电池头部企业启动IPO 在产业化方面，卫蓝新能源已形成北京房山、江苏溧阳、浙江湖州和山东淄博四大产业基地布局，现有年产能达28.2GWh，规划总产能超过100GWh。此 外，坪山基地作为全固态电池小试基地，计划2027年左右实现全固态电池量产。 今年以来，卫蓝新能源在固态电池量产方面动作频频。3月，卫蓝新能源位于珠海的半固态电池产线正式投产，该产线成功实现全球首次314Ah大容量半固 态电池量产。9月，卫蓝海博（淄博）新能源科技有限公司实现SHS180-314Ah规格半固态储能锂电池的量产。10月，北京卫蓝高性能固态锂离子电池项目一 期实现主体封顶，预计于2026年进入试投产阶段。 目前，固态电池产业已迈入工程化验证与初步商业化阶段，其中半固态电池率先实现量产装车，全固态电池则处于中试线建设与技术优化阶段。中信证券研 报表示，固态电池产业化进程正持续提速，预计到2030年全球固态电池总出货量将超过700GWh，其中全固态电池占比超200GWh。 12月11日，证监会网站披露，北京卫蓝新能源科技股份有限公司（以下简称"卫蓝新能源"）启动A股IPO并提交辅导备案，公司 ...

多个方面报道，2024年5月底，我国工信部和财政部拟牵头60亿元专项研发资金支持固态电池技术攻关。据悉，宁德时代、比亚迪、一汽、上汽、卫蓝 新能源和吉利等六家企业获得了政府的基础研发支持，并将于今年9月进行研发专项的中期审查评估。根据消息，预计今年9月完成中试线的验收，并于 2027年完成装车验收。 六家企业中包含了四家车企，这是过去传统电解液锂电池时代不曾出现的。这意味着什么？整车厂是否正在逐步走向固态电池话语权的中枢？ 0 1 多维阵营 全球 固态电池 主要玩家分布 来源： IDTechEx 我们把这些公司根据技术路线和参与主体两个维度进行划分，可以得到一张二维的表格。两个维度交叉在一起，才能真正看清当前固态电池产业的力量 分布、竞争结构与主导权所在。 | | 整车厂 | 电池厂 | 上游材料厂 | | --- | --- | --- | --- | | | 丰田、本田、目产、 | 宁德时代、国轩高科、 | | | | 比亚迪、一汽、广汽、 | 孚能科技、亿纬锂能、 | 住友化学、出光兴产、 | | 硫化物 | 现代、宝马、奔驰、 | 松下、三星SDI、LG、 | Solid Power、 | | | | ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the global and Chinese energy storage battery shipment volumes, with an expected increase of over 80% by 2025 [1] - The China Passenger Car Association reported that in November, the wholesale volume of new energy vehicles reached 1.72 million units, marking a year-on-year increase of 20% and a month-on-month increase of 7% [1] - The lithium battery industry is experiencing sustained demand, with recent price increases in lithium carbonate, lithium iron phosphate, and other components, indicating a positive outlook for lithium battery demand in the coming year [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the China Battery Theme Index include major companies such as Sungrow Power Supply, CATL, and EVE Energy, collectively accounting for 55.63% of the index [2] - The Battery ETF by Harvest (562880) closely tracks the China Battery Theme Index, providing a convenient tool for investors to gain exposure to the battery sector [2] - Investors without stock accounts can also access battery industry investment opportunities through the Battery ETF linked fund (016567) [3] Group 3 - CITIC Securities anticipates further improvement in the supply-demand dynamics of the lithium battery industry by 2026, with a stabilization and potential recovery in industry chain prices [1] - The acceleration of solid-state battery commercialization is expected to create investment opportunities across battery, material, and equipment sectors [1] - The focus is on high-quality leading enterprises within the supply chain that exhibit greater technological differentiation and stronger cost control capabilities [1]