Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is experiencing a pivotal moment, with a focus on leading material and equipment suppliers [1] - The company is strategically divesting battery assets to concentrate on rare earth materials and semiconductor targets, indicating a positive outlook for the industry rather than a downturn [2] Key Points and Arguments - Solid-state battery technology is advancing through cumulative innovations and event-driven catalysts, enhancing the feasibility of the supply chain [1][3] - The market is optimistic about solid-state batteries, with expectations for pilot testing in 2025, small-scale production in 2026, and mass deployment in 2027 [1][3] - Investment opportunities are emerging in second-tier electronic manufacturers and leading supply chain companies like CATL and potential suppliers like Dao Shi Technology [1][4][5] - The solid-state battery market is expected to accelerate in 2025, driven by industrialization and a shift from concept to application [1][6] Technical Developments - Three main technical routes for solid-state batteries include: - Oxide method - Solid-phase method - CVD method, each with distinct advantages and disadvantages [7] - In the materials sector, the electrolyte and anode are critical for energy density and safety improvements, with a trend shifting from graphite to silicon-carbon and lithium metal [8][10] Market Trends and Future Outlook - The solid-state battery market is projected to grow steadily over the next two to three years, supported by increased investment from major funds and product launches from leading manufacturers [9][20] - The penetration rate of solid-state batteries could reach 30% to 50%, necessitating significant upgrades to existing production lines, which presents substantial market opportunities for equipment manufacturers [21] Investment Considerations - Investors should focus on second-tier electronic manufacturers and emerging suppliers closely collaborating with leading companies to capitalize on valuation re-evaluations [5][15] - The solid-state battery equipment sector is expected to see a shift towards board-level investment opportunities rather than individual stocks, with a focus on companies with strong ties to leading manufacturers [15][16] Challenges and Responses - Lithium battery equipment companies face challenges such as reduced orders during industry downturns and high customization costs [18] - Companies are responding by reducing costs and binding with leading clients to improve capacity utilization and profitability [19] Conclusion - The solid-state battery industry is on the cusp of significant growth, with a favorable outlook driven by technological advancements and strategic investments. The focus should be on identifying key players in the supply chain and understanding the evolving market dynamics to seize investment opportunities.

Core Viewpoint - The solid-state battery industry is experiencing favorable policies and has broad application prospects, with pilot production lines being established and leading companies making significant advancements in technology [1][3]. Group 1: Policy and Industry Support - The Chinese government has initiated several policies to accelerate the research and industrialization of solid-state batteries, including a 60 billion yuan investment in 2024 aimed at supporting solid-state battery development [3]. - A multi-layered support system has been established, combining central government policies with local pilot projects to expedite the industrialization process of solid-state batteries [3]. Group 2: Market Potential and Applications - Solid-state batteries exhibit high energy density and fast charging capabilities, making them suitable for various applications, including electric vehicles (EVs), eVTOL aircraft, and humanoid robots, with a projected global shipment of 614.1 GWh and a market size exceeding 250 billion yuan by 2030 [4]. - The unique safety features of solid-state batteries, such as non-flammability and high performance under extreme conditions, enhance their appeal for use in electric vehicles and other high-demand scenarios [4]. Group 3: Industry Developments and Innovations - Leading companies like BYD and Guoxuan High-Tech are making significant strides in solid-state battery technology, with BYD planning to start mass production of its solid-state batteries around 2027 and Guoxuan High-Tech already conducting vehicle testing with its 350 Wh/kg energy density cells [5]. - The ongoing advancements in solid-state battery technology are expected to attract more companies to enter the market, leading to continuous product iterations and improvements [5].

新华财经上海6月24日电（林郑宏）6月24日，沪深三大股指集体走高，其中沪指收盘涨超1%，收盘再 度站上3400点整数关口，两市合计成交额超1.41万亿元。 板块方面，电池和人形机器人板块领涨市场，其中电池板块现涨停潮，国轩高科、龙蟠科技、诺德股 份、湘潭电化等多股涨停，板块指数涨幅接近4%。 | ← | 电池 630700 | O | | --- | --- | --- | | 领涨 | | 领跌 | | 名称 | 最新价 | 涨幅 | | 信德新材 | 39.52 | +20.01% | | 301349 | | | | 正业科技 | 8.12 | +10.33% | | 300410 | | | | 诺德股份 | 6.24 | +10.05% | | 600110 | | | | 国轩高科 | 30.53 | +10.02% | | 002074 | | | | 德新科技 | 17.91 | +10.01% | | 603032 | | | | 八川以 | 9.45 | | +10.01% | | --- | --- | --- | --- | | 002759 | | | | | 湘潭电化 | 14. ...

Market Overview - A-share market experienced a significant rebound, with the Tonghuashun Micro盘 stock index rising by 2.59% and the North证 50 index increasing by 3.65% [1] - Major overseas stock indices also saw gains, with Germany's DAX and Europe Stoxx 50 indices opening nearly 2% higher, and the UK FTSE 100 index rising by 0.66% [1] - The Shanghai Composite Index closed up 1.15%, surpassing 3400 points, while the Shenzhen Component Index rose by 1.68% and the ChiNext Index increased by 2.30% [1] - The total market turnover reached 14,479 billion, an increase of 3,011 billion from the previous day [1] Solid-State Battery Sector - Solid-state battery concept stocks continued to surge, with stocks like Liyuanheng hitting the daily limit [2] - The solid-state battery industry is experiencing rapid advancements, with multiple companies announcing mass production plans [3] - Key events include the Lithium Sulfide and Sulfide Solid-State Battery Technology Conference on June 24-25 and the Solid-State Battery Conference on July 3 [3] - Ion Storage Systems, a U.S. startup, has begun solid-state battery production, potentially impacting the smartphone and electric vehicle sectors [4] - Forecasts suggest that the solid-state battery industry will reach a critical phase for pilot production between 2025 and 2026, with commercialization expected by 2027 [4] - Solid-state batteries are anticipated to become a mainstream technology due to their high energy density, safety, and fast charging capabilities [4] Xiaomi Automotive Sector - Xiaomi automotive concept stocks saw a rise, with Haitai Technology increasing by over 14% [6] - Xiaomi announced the official launch of its first SUV, the Xiaomi YU7, scheduled for June 26, featuring long-range capabilities and advanced technology [8] - The Xiaomi YU7 will offer a standard range of 835 km and include features such as laser radar and a high-performance driving assistance system [8]

上证指数放量收涨1.15%，收复3400点；创业板指涨2.3%。 固态电概念股爆发，诺德股份、国轩高科、金龙羽涨停。 富国科创板新能源ETF溢价涨超9.4%；鹏华科创新能源ETF、汇添富电池50ETF、招商电池ETF涨超4%；电池 ETF嘉实、富国锂电池ETF、景顺长城电池30ETF、兴银电池龙头ETF、建信新能源车电池ETF、工银瑞信锂电 池ETF、广发电池ETF、易方达储能电池ETF、储能电池ETF广发涨超3%。 | 证券代码 | 证券商称 | 今日涨幅 | 管理人 | | --- | --- | --- | --- | | 588960.SH | 科创板新能源ETF | 9.44% | 昌国音关 | | 588830.SH | 科创新能源ETF | 4.71% | 腿在草等 | | 159796.SZ | 电池50ETF | 4.12% | 汇添富基金 | | 561910.SH | 电池ETF | 4.01% | 招商基金 | | 562880.SH | 电池ETF嘉实 | 3.92% | 量或音尖 | | 561160.SH | 锂电池ETF | 3.80% | 昌国音关 | | 159757.SZ ...

Group 1 - The "5th China International Solid-State Battery Technology Conference and 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei on June 19-20, 2025, focusing on solid-state battery technology and industry chain development [1] - CATL's 21C Innovation Laboratory published research results on lithium metal batteries in "Nature Nanotechnology," promoting the scaling application of solid-state batteries [1] - Several companies have disclosed advancements in solid-state battery materials and equipment, including silicon-carbon anodes, solid electrolytes, and dry film forming equipment, indicating a deepening industrial layout [1] Group 2 - Western Securities noted that domestic solid-state battery capacity construction is accelerating, with Ruigu New Materials' first phase of the sulfide solid electrolyte factory officially in production, and the second phase of the thousand-ton capacity construction is underway, expecting exponential growth by 2028 [1] - The rapid development of electric vehicles, humanoid robots, and eVTOLs, combined with stricter battery safety standards, is likely to accelerate the industrial application of solid-state batteries [1] - In May, the export value of inverters from China to Asia reached $313 million, a year-on-year increase of 27.92% and a month-on-month increase of 19.32%, while exports to North America were $41 million, with a year-on-year increase of 5.75% and a month-on-month increase of 44.39% [1] Group 3 - In the wind power sector, the State Power Investment Corporation's second batch of 2.5GW onshore wind turbine procurement opened bidding in 2025, with average prices exceeding 2000 yuan/kW for most segments, indicating a recovery in wind turbine prices and potential improvement in overall profitability [1]

Group 1 - The solid-state battery sector has recently experienced a significant upward trend, with the sector index rising by 3% and surpassing the 1000 mark [1] - Individual stocks have shown remarkable performance, with Nord Shares achieving six consecutive gains, Xiangtan Electric achieving four, and Lingge Technology and Liyuanheng both rising over 12% [2][3] - The market has seen substantial increases since April 9, with Haichen Pharmaceutical rising over 164% and Kexin Shares over 148%, indicating strong investor interest in solid-state battery stocks [3][4] Group 2 - The solid-state battery industry is accelerating its industrialization, supported by national policies and major companies like BYD and CATL actively investing in solid-state battery technology [7] - Solid-state batteries offer advantages over traditional liquid lithium batteries, including higher safety, energy density, longevity, and lower costs, making them a promising technology for various applications [8] - The market consensus suggests that 2027 will mark a significant milestone for small-scale production and demonstration of solid-state batteries, with expected shipments surpassing 1 GWh [9][10] Group 3 - The solid-state battery supply chain is extensive, involving both material and equipment sectors, with many companies positioned to benefit from this growth [12] - Investment strategies are focusing on two main lines in the materials sector: new solid-state electrolyte segments and existing materials benefiting from the solid-state battery industry [14] - Companies recommended for investment include CATL, BYD, and various material and equipment manufacturers, indicating a diverse range of opportunities within the solid-state battery market [14]

今天，A股三大指数集体上涨。截至收盘，上证指数上涨0.65%，深证成指、创业板指数分别上涨 0.43%、0.39%。 沪深两市成交额达到11226亿元，较上周五放量549亿元。整个市场有超过4400只个股上涨，下跌个股仅 800余只，个股涨跌幅的中位数为上涨1.34%。 周末，美军袭击伊朗核设施的消息，让市场担忧。不过，达哥昨天用两段历史走势告诉大家不必忧虑， 同时认为当前的走势类似于2024年3-4月的箱体震荡走势。 果然，早盘市场在消化担忧情绪后逐渐回升，并最终迎来了普涨行情。上证指数今天上穿了5日、10 日、20日、30日均线，走出了一阳穿四线的走势。 虽然出现了一阳穿四线的走势，但上证指数的涨幅略有不足，因此明天非常关键。假如明天再接再厉向 上攻，那么确定性就增加了。 6月16日，数字货币板块指数以中大阳线的方式，突破去年以来的三重顶。当天达哥在文章中指出，接 下来可以重点观察其能否成为阶段主线，且短期有望反复活跃。 需要重点提到的是，数字货币板块指数于5月27日、6月16日两次与大盘共振，且收出的都是中大阳线。 明天上午10时，国务院新闻办公室将举行新闻发布会。本次发布会将介绍中国人民抗日战争暨世界 ...

Group 1 - The core viewpoint is that the solid-state battery industrialization process is accelerating, with lithium sulfide becoming the mainstream electrolyte for mass production [2][3] - Major companies, such as SAIC Motor, announced advancements in solid-state batteries, with SAIC's solid-state batteries expected to be installed in vehicles by 2027 [2][3] - Guoxuan High-Tech's first all-solid-state experimental line has a designed capacity of 0.2 GWh and achieved a 90% yield rate through advanced coating technologies [2][3] Group 2 - The ionic conductivity of sulfide electrolytes has significantly improved by 60%, enhancing air stability and achieving breakthroughs in the capacity of anode and cathode materials [2] - Companies that have prioritized lithium sulfide production are expected to benefit from the growing demand, with Guanghua Technology's current production capacity at 300 tons per year, which can be expanded to 3,000 tons per year based on market needs [2] - The polyester bottle chip industry is undergoing joint production, with recent price increases noted, as factories announced nearly 20% production cuts [3] Group 3 - INEOS and Westlake Chemical are closing some chemical production capacities in Europe, including the closure of Westlake's bisphenol A and liquid epoxy resin facilities in the Netherlands [3] - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [4][5] - Beneficiary stocks in various sectors include Guanghua Technology in the new materials sector and several companies in the chemical and agricultural sectors [4][5]

Macro Strategy - The Federal Reserve did not lower interest rates in June and removed the judgment of higher unemployment and inflation from its statement, indicating a more stagflationary economic outlook [1][11] - The Fed revised down the US GDP growth forecast for Q4 2025 from 1.7% to 1.4% and raised the unemployment rate forecast from 4.4% to 4.5% [11] - The PCE inflation forecast for Q4 2025 was increased from 2.7% to 3.0%, with core PCE rising from 2.8% to 3.1% [11] Industry Analysis - In April 2025, the domestic installed capacity of new energy increased by 214.7%, with 45.22 GW added, marking the highest monthly increase for solar power in the first half of the year [5][17] - The global solar market is expected to grow, with a forecasted 10% increase in new installations in 2025 under neutral conditions, and up to 30% under optimistic scenarios [17] - The wind power sector is experiencing growth, with a 20% increase in land wind turbine bidding in the first five months of 2025 [17] Company Recommendations - BaiRun Co., Ltd. is expected to achieve revenues of 3.5 billion, 4 billion, and 4.7 billion yuan from 2025 to 2027, with net profits of 810 million, 970 million, and 1.18 billion yuan respectively, maintaining a "buy" rating [6][19] - YaSheng Pharmaceutical is projected to see rapid revenue growth, with forecasts of 519 million yuan and 3.215 billion yuan for 2025 and 2026, respectively, also maintaining a "buy" rating [7] - Top Cloud Agriculture is expected to benefit from the development of smart agriculture, with projected revenues of 659 million, 875 million, and 1.136 billion yuan from 2025 to 2027, receiving a "buy" rating [8]