Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report highlights that the main line has established a bottom, with the IPO of Ningde Times realizing liquidity premiums. The acceleration of solid-state battery industrialization is emphasized as a key focus for continued recommendations [14][39] - The report indicates that the photovoltaic sector is experiencing a clear bottom in sentiment, with expectations of a decline in production in June due to a retreat in domestic rush demand. However, new technology developments are showing positive signs [14][39] - The energy storage sector is noted for its upward trend in household storage and the potential for large-scale storage to be positioned for left-side layout [14][39] - The lithium battery sector is expected to see a shift in traditional frameworks, with the IPO of Ningde Times providing international pricing opportunities and the continued advancement of solid-state battery technology [14][39] - The wind power sector is anticipated to recover in Q2, with a focus on offshore wind opportunities [14][39] - The power equipment sector is highlighted for its upcoming bidding opportunities and the potential for overseas market recovery [14][39] Summary by Sections Photovoltaic - In April, domestic photovoltaic installations surged to 45.22 GW, a year-on-year increase of 215%, with a cumulative installation of 104.93 GW for the first four months, up 75% year-on-year [13][27] - The report notes that the market is stabilizing prices after a period of decline, with major manufacturers attempting to control prices amid a backdrop of declining demand [27][39] - Key recommendations include focusing on companies with strong financial reserves and those positioned to benefit from supply-demand improvements, such as Longi Green Energy and Tongwei Co [14][39] Energy Storage - The report emphasizes the growth of large-scale commercial energy storage projects, with significant progress in projects over 50 MWh [48] - The U.S. "Big and Beautiful" bill has passed the House, which includes adjustments to clean energy tax credits and incentives [49][51] - Recommendations include focusing on household storage and AIDC-related opportunities, with key companies like Sungrow Power Supply and Dewei Technology highlighted [14][39] Lithium Batteries - The report suggests that concerns regarding the lithium battery sector's profitability may be alleviated by the international pricing opportunities presented by Ningde Times' IPO [14][39] - The solid-state battery technology is noted for its rapid industrialization, with key companies such as Ningde Times and Xiamen Tungsten highlighted for investment [14][39] Wind Power - The report indicates that performance concerns in the wind power sector have been largely addressed, with a focus on the acceleration of offshore wind projects [14][39] - Companies such as Tianneng Wind Power and Mingyang Smart Energy are recommended for investment [14][39] Power Equipment - The report highlights the upcoming bidding period for power equipment and the potential for recovery in overseas markets [14][39] - Key recommendations include focusing on companies like State Grid NARI Technology and Mingyang Electric [14][39]

[Table_Title] 海外风电市场突破可期，固态电池产业化推进 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 [Table_Title2] 电力设备与新能源行业周观察 光伏各环节尝试稳价 一方面，传统市场装机维持高位+海外新型市场需求快速释放，全 球光伏装机需求总量仍较为可观，根据 CPIA 预测，2025 年全球 光伏新增装机规模有望达到 531-583GW，乐观情况下同比增速可 达 10%；另一方面，5 月 20 日国家发改委召开新闻发布会，其中 国家发改委政策研究室副主任、委新闻发言人李超表示，国家发 改委针对内卷式竞争问题症结，因业施策、对症下药、标本兼 治，化解重点产业结构性矛盾，促进产业健康发展和升级，我们 认为，应重点关注光伏供给侧变化，具备产能规模、成本控制及 资金储备优势的头部企业有望穿越此轮行业周期。 [Table_Summary] 报告摘要 1.人形机器人 特斯拉发布 Optimus 执行家务任务视频 我们认为，随着机器人进入具身智能阶段，应用场景落地加 快，商业化有望推动人形机器人量产落地；在降本需求的驱动 下，人形机器人核心零部件的国产替 ...

Group 1: Solid-State Battery Summit Overview - The summit will focus on the significant advancements in solid-state battery technology, which is expected to revolutionize various sectors including electric vehicles, energy storage, eVTOL, AI, and consumer electronics [3] - Major domestic companies like BYD and FAW have successfully developed large-capacity solid-state battery cells exceeding 60Ah, indicating a shift from research to practical application [3] - The solid-state battery industry is facing challenges in scaling production, with a need for breakthroughs in consistency, yield rates, production efficiency, and cost [3] Group 2: Sodium Battery Summit Overview - The sodium battery market is approaching a critical point, driven by innovations in materials and applications in energy storage and transportation [10] - Leading companies such as CATL and BYD are spearheading technological advancements in sodium batteries, which are expected to accelerate their application [10] - The sodium battery industry is witnessing rapid development in production capacity, with several companies launching large-scale production lines for key materials [10] Group 3: Event Highlights - The solid-state battery summit will gather over 800 industry leaders from more than 300 companies, facilitating technical exchanges and new product showcases [5] - The sodium battery summit will feature over 100 application enterprises and provide a platform for product launches and industry insights [14] - Both summits will leverage high media exposure and online engagement, reaching over 350,000 users [6][14] Group 4: Agenda Highlights - The solid-state battery summit will cover topics such as the application of solid-state batteries in various scenarios, innovations in materials and equipment, and market trends [7] - The sodium battery summit will focus on the commercialization of sodium batteries, exploring applications in energy storage and transportation, and the competitive landscape between sodium and lithium batteries [13]

Core Viewpoint - The article highlights the advancements and innovations in the new energy equipment sector, particularly focusing on sodium batteries, solid-state batteries, and intelligent manufacturing solutions that enhance efficiency and sustainability in the lithium battery industry [2][3][33]. Group 1: Industry Events - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [2]. - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [3]. Group 2: Key Innovations and Technologies - JiaTuo Intelligent showcased dry electrode technology solutions, including high-reliability composite aluminum current collectors and solid-state battery equipment, aiming to expand its global market presence [4][6]. - XianDao Intelligent presented a comprehensive smart manufacturing solution for solid-state batteries, covering critical processes and achieving significant efficiency improvements [7][9]. - ShangShui Intelligent introduced innovative dry electrode manufacturing equipment with AI interaction capabilities, enhancing the transition from R&D to mass production [11][13]. - HaiMuXing Laser demonstrated a laser welding online detection system that ensures high precision and traceability in the lithium battery manufacturing process [14][16]. - ShiDai GaoKe unveiled a new intelligent baking line that optimizes moisture detection and enhances production efficiency [17][19]. - DeLong Laser focused on laser precision processing technologies, including drying and cleaning solutions that significantly reduce energy consumption and space requirements [20][22]. - QingYan Electronics presented groundbreaking powder film-forming technologies, achieving high efficiency and low pollution in electrode material production [23][25]. - LeiSuo New Materials introduced low-temperature infrared technology that reduces energy consumption by 50% and accelerates production speed by 40% [29][31]. Group 3: Comprehensive Solutions - LiYuanHeng showcased a full-chain digital solution for solid-state battery production, addressing key technical challenges and enhancing energy density and cycle life [33][35]. - BoLuWei highlighted its BGL1500 roller-splitting machine, which integrates rolling and cutting functions, achieving high precision and efficiency in electrode production [37][39]. - The article emphasizes the importance of intelligent production line management systems that enhance yield rates and reduce downtime in the manufacturing process [40].

机构指出，当前工艺设备成熟度不足成为固态电池产业化的主要桎梏之一，掌握核心设备供应能力的厂 商有望受益。 东方证券指出，全固态电池作为最具前景的下一代电池技术之一，获得全产业链的共同关注与合力布 局，方向性与趋势性明确。而当前工艺设备成熟度不足成为固态电池产业化的主要桎梏之一，掌握核心 设备供应能力的厂商有望受益。2025-2026年或为战略配置窗口期，建议关注布局关键设备、与客户紧 密合作或已获得订单/实现交付的设备企业。 华泰证券指出，预计今年是整车和电池厂在固态领域技术快速迭代的一年，固态电池上车进展正在加 速，继续推荐固态电池产业链，相关环节包括：卤化物/聚合物固态电解质、锂金属集流体、电解质 膜、硅基负极、三元正极材料、干电极设备等。 5月23日，固态电池概念股再度拉升，截至发稿，滨海能源5连板，海辰药业20%涨停，英联股份涨停， 奥克股份涨超9%，宁新新材、赛力斯、金龙羽等跟涨。 | 代码 | 名称 | 涨幅� | | --- | --- | --- | | 300584 | 海辰药业 | +20.00% | | 000695 | 滨海能源 | +10.03% | | 002846 | 英联股份 ...

Core Viewpoint - Despite challenges, the global lithium battery market maintains a rapid growth rate of 20% to 30%, with the electrolyte sector entering a critical phase of capacity clearing between 2025 and 2027, leading to an improvement in supply-demand dynamics [1][7]. Industry Overview - The global shipment of lithium-ion battery electrolytes reached 1.662 million tons, a year-on-year increase of 26.7% driven by demand from energy storage batteries [4]. - However, the global electrolyte market size is projected to decline by 21.5% year-on-year in 2024, amounting to 40.98 billion yuan, continuing the downward trend from 2023 due to falling electrolyte prices [4]. Company Positioning - Haike New Source, established in 2002, is recognized as a leading manufacturer of electrolyte solvents, focusing on innovation in new energy battery materials and maintaining a strong market position through an integrated supply chain [7][8]. - The company has a solid foothold in the electrolyte solvent market, supplying five types of lithium battery carbonate solvents and achieving over 40% global market share in 2024, with a 30% sales growth compared to 2023 [8][10]. Product Development - Haike New Source is actively developing new products, including electrolyte additives and lithium salts, to enhance its competitive edge in the lithium battery electrolyte industry [10][12]. - The company emphasizes strict quality management and has received recognition as an excellent supplier from major clients like BYD and Tianci Materials [11]. Technological Innovation - The company invests 4% of its marketing revenue in R&D, employing over 110 research personnel and holding 128 core patents, contributing to its competitive advantage in the market [11][12]. - Haike New Source is focusing on developing high-voltage, high-safety, and green low-cost electrolyte materials, aligning with industry trends [13]. Global Expansion Strategy - With the domestic electrolyte solvent market becoming saturated, Haike New Source is targeting international markets, aiming for a 40% market share by 2025 [14][15]. - The company has established a global presence with eight subsidiaries across Asia, Europe, and North America, enhancing its market influence and product competitiveness [13][14]. Future Outlook - The company plans to accelerate the construction of its high-end battery material production base in Dongying, Shandong, and continue to innovate in product offerings to meet diverse market demands [16].

Core Insights - The solid-state battery technology is making significant advancements, with multiple new products showcased at the 17th Shenzhen International Battery Technology Exchange Conference, indicating a strong push towards commercialization [2] - The Chinese Ministry of Industry and Information Technology has released guidelines to promote the development of standards for solid-state batteries, which is expected to provide policy support for the industry [2] - A report predicts that by 2030, global solid-state battery shipments will reach 614.1 GWh, with a market size of 17.2 billion yuan, and a penetration rate of 10% in the electric vehicle sector [2] Market Performance - There are 49 A-share stocks related to solid-state batteries, with the concept index rising by 5.4% since May, and 10 stocks seeing gains of over 10% [3] - Companies like Xinyu Ren and CATL are actively developing solid-state battery technologies, with CATL expected to begin small-scale production by 2027 [3] - In Q1 of this year, solid-state battery stocks generally reported positive earnings, with 67.35% of companies showing profit growth [3] Institutional Attention - The solid-state battery sector is attracting significant attention from institutional investors, with 19 stocks receiving ratings from five or more agencies, including BYD and CATL [4] - Analysts predict substantial profit growth for several solid-state battery stocks, with companies like Xian Dao Intelligent expected to see a net profit growth rate of 448.52% by 2025 [4] - The industry outlook remains positive, with expectations of increased profitability for solid-state battery concept stocks [4]

固态电池迎来大利好！ 据央视新闻，中国科学院金属研究所沈阳材料科学国家研究中心王春阳研究员联合国际团队近期取得重要突 破，利用原位透射电镜技术首次在纳米尺度揭示了无机固态电解质中的软短路－硬短路转变机制及其背后的析 锂动力学，研究成果5月20日发表在《美国化学会会刊》。 在此利好的加持之下，固态电池板块今日集体大爆发。宁新新材大涨30%，灵鸽科技大涨超20%，领湃科技也 是20%涨停，金龙羽更是直线封板，武汉蓝电、德尔股份、力王股份等涨幅较大。 值得一提的是，锂电龙头宁德时代最近两个交易日表现非常强劲，其港股连续两日大涨，A股今天亦被明显带 动。目前，固态电池板块市值已超4万亿元。 利好来了 手机、电动汽车都依赖锂电池供电，但液态锂电池存在安全隐患，研究人员正在研发更安全的"全固态电池"， 用固态电解质取代液态电解液，同时还能搭配能量密度更高的锂金属负极。然而这种革命性电池面临一个致命 难题——固态电解质会突然短路失效。 中国科学院金属研究所沈阳材料科学国家研究中心王春阳研究员联合国际团队近期取得重要突破，利用原位透 射电镜技术首次在纳米尺度揭示了无机固态电解质中的软短路－硬短路转变机制及其背后的析锂动力学， ...

Group 1 - The A-share market has seen high activity this year, with nearly 80% of quantitative index-enhanced funds outperforming their benchmarks, particularly those tracking small-cap indices like CSI 1000 and CSI 2000 [1] - The overall market activity has favored quantitative strategies, with growth and trading behavior factors contributing significantly to excess returns [1] - Investors are increasingly focusing on the stability of excess returns, prompting index-enhanced products to prioritize stable excess returns while managing risk exposure [1] Group 2 - "Fixed income plus" products are becoming a key focus for public fund institutions, aligning with investors' demand for absolute returns and the need for fund companies to grow their management scale [2] - There is a belief among public fund professionals that equity assets present structural opportunities, while fixed income assets have long-term investment logic, highlighting the value of "fixed income plus" allocations [2] Group 3 - Foreign institutions have recently become bullish on Chinese assets, with firms like Goldman Sachs and UBS raising their target indices for Chinese stocks, indicating a favorable window for investment [3] - Improved expectations for China's economic growth and the potential recovery of A-share company earnings are seen as attractive factors for foreign capital [3] - Ongoing measures to stabilize the market and expectations are expected to enhance the appeal of China's capital market to foreign investors [3] Group 4 - Institutional research activity has surged, with over 500 listed companies attracting various institutional visits since May, particularly in the electronics and machinery sectors [4] - The electronics sector, led by companies like Anji Technology, has seen significant interest, with 241 institutions conducting research, while the machinery sector's Hengda attracted 238 institutions [4] - Institutions are primarily focused on the fundamental performance of listed companies, including business layout, product conditions, and earnings performance [4] Group 5 - Many macro-strategy private equity firms are maintaining a positive net long position in equity assets, favoring Hong Kong internet and dividend-paying stocks due to the challenges of bond investments in a low-interest-rate environment [5] - The low-interest-rate era has made equity assets more appealing, especially with ongoing policy support and increased stock buybacks from listed companies [5] Group 6 - Several high-performing North Exchange theme funds have implemented purchase limits to maintain strategy effectiveness and protect investor interests [6] - Fund companies are also restructuring the performance benchmarks of their North Exchange theme funds and increasing research efforts to navigate the high volatility of the "North Exchange track" [6] Group 7 - The solid-state battery industry is accelerating its commercialization, with multiple companies actively investing in this sector [8] - Recent battery technology exhibitions showcased new solid-state battery products, indicating ongoing technological breakthroughs and a faster industrialization process [8] - A total of 49 A-share companies are involved in the solid-state battery sector, with companies like CATL expressing confidence in achieving small-scale production by 2027 [8] Group 8 - The recent implementation of the "technology board" in the bond market has led to increased participation from various institutions, indicating a rapid advancement in the market [10] - The expansion of the technology bond market is expected to optimize the structure of issuers, maturities, and varieties, enhancing market depth and resilience [10] - The development of the technology bond market presents numerous opportunities for institutional investors, with expected improvements in yield, safety, and liquidity [10] Group 9 - The recent reduction in Loan Prime Rate (LPR) by 10 basis points is expected to have further downward potential in the coming months, as the central bank continues to implement growth-stabilizing policies [11] - The LPR for one year is now at 3%, and for five years or more, it is at 3.5%, reflecting a proactive approach to monetary policy [11] Group 10 - The scale of bank wealth management products has reached a historical high of over 31 trillion yuan, with expectations for continued growth following recent deposit rate cuts by major banks [12] - As of May 20, the total scale of bank wealth management products has reached 31.28 trillion yuan, indicating strong market interest [12] Group 11 - The private equity fund industry is experiencing a trend of "survival of the fittest," with 475 private fund managers deregistering this year, reflecting an acceleration in industry consolidation [13] - This trend is seen as beneficial for optimizing the industry ecosystem and promoting high-quality development, ultimately protecting investors' rights [13]

华西证券研报认为，高性能、高安全性为固态电池的核心性能优势，符合国家对于动力电池的要求。目 前在材料端、电池端以及车企端的共同发力下，固态电池产业化进程不断推进。材料方面，固态电池采 用的固态电解质能兼容更高比容量的正负极材料，如超高镍正极、富锂锰基正极、硅基负极和锂金属负 极等，率先布局固态电池及相关产业链的厂商有望受益于产业化进程加快。 根据前瞻产业研究院发布的《2025年固态电池高质量发展蓝皮书》预测，预计到2030年，全球固态电池 出货量将达到614.1GWh，全固态电池市场规模将达到172亿元。在新能源汽车领域，预计到2030年固态 电池渗透率将达到10%。 据证券时报·数据宝统计，A股布局固态电池的个股共有49只。5月以来，固态电池股普遍表现较好，概 念指数累计上涨5.4%，10股累计涨幅在10%以上，国轩高科、信宇人和德福科技涨幅居前，分别达到 17.28%、16.84%和16.43%。 信宇人日前在投资者调研活动中表示，在固态电池方面，公司干法电极样机已成功试制，正在进行调试 及技术验证。同时，公司也积极与国内头部企业交流干法电极设备技术，共同探索合作研发与应用方 向。未来，将全力推进样机技术 ...