Core Viewpoint - The article highlights the significant advancements in solid-state battery technology, emphasizing its potential to revolutionize various sectors, including electric vehicles and energy storage, marking the beginning of a new era in the trillion-dollar new energy industry. Group 1: Solid-State Battery Developments - Solid-state batteries are recognized for their high theoretical energy density, inherent safety, and long cycle life, making them the ultimate battery technology for sectors like electric vehicles, energy storage, eVTOL, AI, and consumer electronics [1][2] - Major domestic advancements in solid-state battery technology have been achieved, with companies like BYD and FAW successfully developing large-capacity solid-state battery cells exceeding 60Ah, indicating a shift from basic research to practical application [1][2] Group 2: Material and Equipment Innovations - In the materials segment, sulfide solid electrolytes have become mainstream, with breakthroughs in oxide and polymer pathways. The trend towards composite solid electrolytes and modified anode/cathode materials is evident to overcome performance bottlenecks [2] - The equipment segment is witnessing the emergence of dry electrode equipment and pilot production lines for solid-state batteries, presenting challenges in scaling production, including consistency, yield rates, production efficiency, and cost [2] Group 3: Market Outlook and Industry Trends - The transition to solid-state battery commercialization is anticipated, with semi-solid batteries already entering automotive supply chains and expected to expand in application scale by 2025. Full solid-state batteries are projected for small-scale vehicle validation around 2027 [2] - The industrialization of solid-state batteries has progressed from technical validation to engineering challenges, with collaborative breakthroughs in materials, equipment, and ecosystem expected to reshape the global new energy industry landscape, potentially reaching a commercialization tipping point by 2030 [2]

Group 1 - The battery ETF fund has seen a significant increase in trading volume, with a total transaction of 1.81 million yuan on a single day and an average daily transaction of 8.06 million yuan over the past year [3] - The fund's scale has grown by 47.82 million yuan in the past year, ranking it among the top two in terms of new scale compared to similar funds [3] - The fund's shares have increased by 10.5 million units in the last three months, making it the top performer in terms of new shares among comparable funds [3] Group 2 - The valuation of the index tracked by the battery ETF fund is at a historical low, with a latest price-to-book ratio (PB) of 2.82, which is lower than 84.79% of the time over the past five years, indicating a strong value proposition [3] - Del's announcement of a new investment cooperation agreement with the local government in Huzhou, Zhejiang Province, for a new lithium battery pilot and industrialization project, with a total planned investment of approximately 300 million yuan [3] - Guosen Securities reports that the solid-state battery industry is accelerating, with companies like BMW, Mercedes-Benz, and Chery conducting road tests for solid-state battery prototypes, and various firms making strides in solid-state battery production [3] Group 3 - As of May 30, 2025, the top ten weighted stocks in the CSI Battery Theme Index include CATL, Sungrow Power, Sanhua Intelligent Control, EVE Energy, Greeenmech, Xinwanda, Guoxuan High-Tech, Tianci Materials, Xian Dao Intelligent, and Deyang Co., accounting for 50.34% of the total index [4] - Investors without stock accounts can access battery industry investment opportunities through the battery ETF linked fund (016567) [4]

从2026年7月1日起，新版动力电池安全国家强制性标准就要正式开始实施，要求电池 "不起火、不爆炸"。留心的朋友会发现，这个新国标的实施时间和各 大车企公布的固态电池量产时间非常相近，预计届时会大幅度提升新车型对固态电池的搭载率。 目前中国固态电池产业链竞争格局层次分明，老牌电池企业阵营中以宁德时代、国轩高科、先导智能等龙头具有代表性，新兴企业当中卫蓝新能源、清陶能 源、太蓝新能源等潜力较大，这些电池ETF（561910）均有布局。 在多重利好催化下，最近固态电池概念股表现很活跃，鹏辉能源、国轩高科等涨幅显著，三祥新材年内涨幅甚至高达30%。 电池网数据显示，整个5月近20只固态电池概念股获得杠杆资金加仓，其中比亚迪、国轩高科杠杆资金净买入额居前，分别为10.2亿元和1.52亿元；天奈科 技、容百科技、先导智能、当升科技等杠杆资金加仓额也居前。 今日早盘，亿纬锂能、欣旺达、科达利等纷纷涨超1%，固态电池含量较高的$电池ETF(SH561910)$盘中一度涨超0.8%。数据显示，该ETF从4月8日以来累 计上涨了5%，自去年924以来涨幅更是高达21%。 最近5个交易日电池ETF（561910）也一直保持吸金姿 ...

Core Viewpoint - The article emphasizes the significant advancements in solid-state battery technology, highlighting its potential to revolutionize various sectors, including electric vehicles, energy storage, and consumer electronics, marking the beginning of a trillion-level new energy industry era. Group 1: Industry Developments - The solid-state battery technology has made substantial progress in China, with companies like BYD and FAW successfully developing large-capacity solid-state battery cells exceeding 60Ah, indicating a shift from basic research to practical application [1][2]. - The research and development of solid-state electrolytes is dominated by sulfide materials, with parallel breakthroughs in oxide and polymer pathways, showcasing a trend towards composite materials in solid-state battery development [2]. - The industry is facing challenges in scaling production, with the emergence of dry electrode equipment and pilot production lines, necessitating breakthroughs in consistency, yield rates, production efficiency, and cost [2]. Group 2: Market Outlook - The semi-solid battery is currently being integrated into automotive supply chains as a transitional solution, with expectations for expanded application by 2025; full solid-state batteries are anticipated to undergo small-scale vehicle testing around 2027 [2]. - The industrialization of solid-state batteries has progressed from technical validation to engineering challenges, with collaborative breakthroughs in materials, equipment, and ecosystem expected to reshape the global new energy landscape, potentially reaching a commercialization tipping point by 2030 [2]. Group 3: Event Highlights - The 2025 High-Performance Sodium Battery Industry Summit and the 2025 Solid-State Battery Technology and Application Summit are scheduled for June 9 and June 10, respectively, at the Shangri-La Hotel in Suzhou, featuring key industry players and discussions on the latest trends and technologies [1][3]. - The events will include award ceremonies for pioneers in sodium and solid-state battery industrialization, as well as a series of presentations and discussions led by industry experts on the current state and future directions of solid-state battery technology [4][5].

技 术 发 展 与 市 场 展 望 高 峰 论 坛 会议主办： 鑫椤资讯 会议时间： 2025年7月8-9日（8号报到） 会议地点： 中国·上海 电池企业量产计划 国轩高科： 2027年量产， 金石电池，质量能量密度可达350Wh/kg，体积能量密度可达800Wh/L，电 芯循环寿命可达3000次。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 固态电池因其高能量密度、高安全性和快速充电能力，被视为未来新能源汽车电池技术的重要发展方 向。 近年来，随着技术的不断突破，多家企业纷纷公布了固态电池的量产时间表，固态电池产业化进程加速 推进。 2025（第三届）中国固态电池 孚能科技： 2025年底量产， 60Ah的硫化物全固态电池，能量密度高达400至500Wh/kg，计划向战略 合作伙伴小批量交付。 亿纬锂能： 2026年量产， 硫化物和卤化物复合固态电解质技术路线，2026年推出高功率、高环境耐受 性、绝对安全的全固态电池，2028年推出400Wh/kg高比能量的全固态电池。 欣旺达： 2026年量产， 第三代聚合物复合全固态电池2025年完成产品开发，第四代全固 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The report highlights strong sales in the new energy vehicle sector, with significant growth in sales figures for major manufacturers [2][24]. - It emphasizes the optimistic growth in photovoltaic demand, particularly in emerging economies, and anticipates supply-side reforms in the photovoltaic sector [1]. - The report suggests prioritizing investments in sectors with improving profitability, such as wind power machinery and components, as well as battery and material sectors benefiting from rising demand [1]. - It notes the ongoing push for hydrogen energy development, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections New Energy Vehicles - In May 2025, BYD sold 382,500 new energy vehicles, a year-on-year increase of 15.28% [2][24]. - Other manufacturers like Xiaopeng and Li Auto also reported significant sales growth, with increases of 230% and 16.70% respectively [24]. Photovoltaic and Wind Power - The report indicates that the first quarter of 2025 saw rapid growth in photovoltaic installations in China, with optimistic demand forecasts for both domestic and international markets [1]. - It mentions that the National Development and Reform Commission and the National Energy Administration are promoting green electricity connections to enhance local consumption of renewable energy [24]. Hydrogen Energy - China Petroleum and Chemical Corporation announced the establishment of a hydrogen energy investment fund with an initial scale of 5 billion yuan, targeting the entire hydrogen energy supply chain [24]. Electric Equipment - The report anticipates continued high demand for electric grid equipment due to ongoing reforms in the domestic power system and strong overseas demand for grid upgrades [1]. - It suggests focusing on companies benefiting from high demand for ultra-high voltage and distribution network equipment [1]. Price Observations - The report provides insights into the pricing trends of lithium battery materials, photovoltaic materials, and auxiliary materials, indicating fluctuations and market dynamics [14][15][21][22].

Core Viewpoint - The article emphasizes the upcoming 2025 High-Performance Solid-State Battery Technology and Application Summit, highlighting its significance in addressing the challenges of solid-state battery commercialization and the integration of AI technology to overcome interface impedance issues [4][24]. Group 1: Event Details - The summit is scheduled for June 10, 2025, at the Shangri-La Hotel in Suzhou [7][21]. - The event is organized by GGII, which includes G High-Tech Lithium Battery, G High-Tech Energy Storage, and G High-Tech Industry Research Institute [1][3]. Group 2: Industry Challenges and Innovations - The article discusses the critical challenge of achieving a solid-state battery with a failure rate of less than or equal to 1% [9]. - It mentions the need for breakthroughs in energy density, targeting 500 Wh/kg, and the ongoing efforts to resolve the "crystal curse" in solid-state battery technology [14][27]. - The article highlights the importance of cost reduction in materials, specifically aiming for 500,000 yuan per ton for lithium sulfide and 100,000 yuan per ton for silicon-carbon [27]. Group 3: Market Opportunities - The summit will explore how solid-state batteries can unlock the trillion-dollar eVTOL (electric Vertical Take-Off and Landing) market, indicating a significant growth opportunity in the low-altitude economy [31]. - The event aims to facilitate discussions on building an ecosystem for solid-state battery technology, potentially allowing China to leapfrog in the energy storage sector [24].

5月27日，合源锂创(苏州)新能源科技有限公司(以下简称"合源锂创")对外宣布，公司正式向建筑机器人 企业金皇冠智能科技(苏州)有限公司交付了首批建筑机器人的固态动力电池包，这是固态电池在建筑机 器人领域的首次批量应用。 "尽管固态及半固态电池在主流电动汽车市场的大规模应用仍面临挑战，但其凭借高能量密度和高安全 性优势正在细分市场找到早期立足点。"高工锂电产业研究院相关人士向《证券日报》记者表示。 在无人机和eVTOL领域，兼顾长续航、轻量化、高倍率与绝对安全的动力电池是其核心诉求。目前， 已有部分企业实现固态电池的小批量交付。 5月28日，金龙羽发布公告称，截至目前，公司固态电池及其关键材料相关技术的研究开发已取得一定 的进展，部分材料已向客户送样评测。近期，公司子公司金龙羽新能源(深圳)有限公司与客户签订了无 人机用高能量密度固态电芯采购订单。 5月22日，孚能科技(赣州)股份有限公司在投资者关系活动记录表中提到，在半固态电池领域，公司的 半固态电池产品已规模化出货，其中第一代半固态电池已在2022年实现装车，第二代半固态电池能量密 度超过330Wh/kg，循环寿命超过4000圈，预计将于今年量产，有望率 ...

Core Viewpoint - Solid-state batteries are a disruptive technology in the electric vehicle sector, currently in the early stages of industrialization, facing challenges such as technology route selection, mass production difficulties, and supply chain restructuring, but offering high energy density, safety, and long cycle life advantages that could reshape automotive design and market dynamics [3][10]. Group 1: Solid-State Battery Development - The energy density target for solid-state batteries is set at 500Wh/kg by 2030, with current high-energy solid-state cells from Dongfeng achieving 350Wh/kg [3][4]. - Dongfeng's solid-state battery technology is expected to support vehicle ranges of over 1000 kilometers with a capacity of over 200kWh, effectively doubling the capacity of current high-end models [3][4]. - The cycle life of Dongfeng's solid-state battery cells can reach 1000 weeks, maintaining over 80% health after nearly 20 years of use [4]. Group 2: Industry Challenges and Future Outlook - The current lithium-ion batteries have safety issues and energy density limitations (around 300Wh/kg), necessitating the development of high-safety and high-energy-density batteries, with solid-state technology being a key solution [10]. - The solid-state battery industry is at a critical juncture, with ongoing research and development needed to overcome technical challenges before mass production can be realized [10]. Group 3: Dongfeng's Milestones - Dongfeng established a solid-state battery project team in 2018, completing the first-generation solid-state battery system by July 2019, and successfully applying it to vehicles by June 2020 [5]. - The upcoming solid-state battery trials in Dongfeng vehicles are set for August 2026, marking a significant step in the commercialization of this technology [4][5]. Group 4: Upcoming Events - The 2025 Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference will be held from July 3-5, 2025, in Ningbo, focusing on solid-state batteries and silicon-based anodes, addressing core demands for low cost and high performance [12].

Core Trends in Battery Technology - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) highlighted five core trends in battery technology driven by carbon neutrality goals: solid-state battery industrialization, breakthroughs in extreme fast charging, diversification of cylindrical battery applications, mass production of large energy storage cells, and commercialization of sodium batteries [1][16]. Solid-State Batteries - Solid-state batteries are emerging as the core direction for next-generation battery technology, offering high energy density, intrinsic safety, and wide temperature performance. They can achieve theoretical energy densities 2-3 times that of traditional liquid batteries [1][3]. - Companies like CATL are developing semi-solid state batteries with energy densities up to 500Wh/kg and are collaborating on electric passenger aircraft projects [3]. - BYD plans to start mass production of solid-state batteries by 2027 and aims for large-scale production by 2030 [3]. - Guoxuan High-Tech showcased its G-variant semi-solid state battery with energy densities exceeding 300Wh/kg, demonstrating significant safety improvements [3]. Extreme Fast Charging - The rise of electric vehicle penetration has shifted user concerns from range anxiety to charging efficiency, making extreme fast charging (XFC) a focal point at CIBF2025. Companies are introducing 6C high-rate batteries to match the refueling speed of gasoline vehicles [4][7]. - Xinwanda presented the world's first 1400A flash charging battery, capable of charging over 150 kilometers in just one minute [7]. - Hive Energy introduced a second-generation battery with rapid charging capabilities, achieving 20% to 80% SOC in just 12.1 minutes [7]. Diversification of Cylindrical Batteries - The cylindrical battery sector is expanding from electric vehicles to various applications, including electric two-wheelers and small power devices. The standardization and customization of cylindrical batteries are seen as key to reducing costs [1][9]. - BYD showcased a cylindrical battery designed for electric two-wheelers, emphasizing long service life and high cycle performance [9]. - Sodium-ion batteries are gaining traction for their resource abundance and safety, with applications expected in small power devices and energy storage [10][15]. Large Energy Storage Cells - The energy storage sector is moving towards "600Ah+" cells, with a focus on enhancing energy density and cycle life while reducing costs [10][12]. - Companies like Ruipu Lanjun and Xinwanda are presenting large capacity storage cells with energy densities around 430Wh/L and cycle lives exceeding 10,000 cycles [12][13]. - The trend emphasizes the need for high energy density, long cycle life, and safety in energy storage solutions [10]. Sodium Battery Commercialization - Sodium batteries are advancing towards industrial applications, particularly in small power devices and energy storage, addressing the limitations of lithium batteries [10][15]. - CATL is developing sodium-based batteries for commercial vehicles, with plans for mass production in mid-2025 [15]. - The sodium battery technology is expected to alleviate reliance on lithium resources while providing high power characteristics [10][15].