Group 1: Satellite Manufacturing and Launch - A super factory capable of producing 1,000 satellites annually is set to commence operations in Wenchang International Space City, enabling seamless "satellite out of factory and launch" integration [1] - The factory consists of an international satellite advanced manufacturing center and an international star-rocket collaborative research center, making it the largest satellite manufacturing base in Asia [1] Group 2: Commercial Space Launch - The Zhuque-3 rocket successfully entered orbit, marking China's first reusable liquid oxygen-methane launch vehicle, indicating a significant breakthrough in commercial space technology [2] - The successful launch is expected to alleviate the bottleneck in China's commercial space industry and enhance satellite constellation construction [2] Group 3: Energy Sector Outlook - A new cold wave is anticipated to impact electricity consumption positively, with a forecasted temperature drop of 6-10°C across most regions in China [3] - The performance of thermal power companies remains solid, with expectations of high growth and attractive dividend yields despite short-term coal price increases [3] Group 4: Robotics Industry Growth - The humanoid robot sector is experiencing increased demand as it transitions from experimental phases to diverse application scenarios, with significant investments being made [4] - By 2050, the global humanoid robot market is projected to reach 1 billion units, with a potential annual revenue of nearly $5 trillion [4] Group 5: Sulfur Price Surge - Sulfur prices have surged over 300% from under 1,000 yuan/ton to over 4,000 yuan/ton, driven by supply-demand imbalances [5] - The cost increase in sulfur significantly impacts downstream phosphate fertilizer production, with costs rising by approximately 1,500 yuan/ton compared to last year [5] Group 6: Solid-State Battery Development - Solid-state batteries are approaching a critical industrialization breakthrough, with major battery manufacturers expected to enter mass production between 2027 and 2028 [6] - Companies are actively developing specialized equipment for solid-state battery production, indicating a strong focus on advancing this technology [6] Group 7: Semiconductor Market Growth - Global semiconductor sales reached $72.71 billion in October, reflecting a year-on-year growth of 27.2% [7] - The semiconductor market is projected to reach $975 billion by 2026, driven by demand from AI and data centers [7] Group 8: AI Model Development - OpenAI is expected to release GPT-5.2 earlier than planned, indicating competitive pressures in the AI market [9] - The evolution of AI models is driving significant changes in computational infrastructure, with a shift towards "super node" architectures to enhance training efficiency [9]

交易所数据显示，固态电池概念今日盘中震荡走强，利元亨涨超15%，纳科诺尔、先惠技术、德福科 技、铜冠铜箔、万顺新材等个股跟涨。 市场炒作的点在于固态电池产业化进程加速的预期升温。等静压技术作为固态电池规模化生产的核心工 艺之一，其设备技术突破直接关系到固态电池量产可行性，利元亨与国际高压技术巨头的合作，让市场 看到关键设备技术壁垒有望被攻克，固态电池从实验室走向量产的步伐加快，吸引资金布局相关概念 股。 消息面上，近日利元亨与全球高压技术领域的奠基者与领导者瑞典Quintus正式签署战略合作协议。双 方将聚焦固态电池等静压装备的联合开发与深度创新，携手攻克行业技术壁垒，共同推动全球固态电池 产业化进程迈入新阶段。等静压技术对固态电池的能量密度、一致性及安全性起着决定性作用， Quintus拥有超过七十年的高压技术积淀和世界顶尖的等静压解决方案，已向全球45个国家交付1900余 套设备；利元亨则凭借在锂电智能制造领域深厚的工艺理解、研发能力及产线集成经验，为合作注入动 能，此次携手有望加速固态电池量产关键设备的成熟。 受影响板块分析： 固态电池装备制造板块：等静压设备是固态电池规模化生产的核心工艺设备，随着利元 ...

创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数规模最大的ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达59%，固态 电池含量达32%，契合当下市场热点。 （文章来源：每日经济新闻） 展望后市，银河证券指出，固态电池作为锂电终极形态，正迎来产业化关键突破期。政策端工信部专项 支持叠加中期审查落地，产业端头部企业中试线密集投产，2025年半固态电池出货有望超10GWh。技 术上，硫化物复合电解质路线渐成主流，能量密度突破500Wh/kg，解决界面接触难题。产业链方面， 设备端等静压、干法工艺设备率先受益，材料端硅碳负极、硫化物电解质需求激增。预计2026年量产线 建设加速，2027年全固态电池小批量装车，建议重点布局电芯龙头及核心材料、设备供应链。 2025年12月8日，A股三大指数高开。创业板新能源ETF华夏（159368）早盘 ...

| 2026未来产业新材料博览会 | （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能 | | --- | --- | | 源等未来产业共性需求，特设6大展区，其中 | 先进电池与能源材料展区 聚焦 | | 固态电池 | 、钠电池、钙钛矿、液流电池、电容器 等 | | ， 欢迎咨询：18957804107 | | 【DT新材料】 获悉，近日，固态电池产业化进程再按"加速键"。 （1）久功新能源：全固态电池中试线在安吉启动 2025年12月4日上午， 久功（湖州）新能源有限公司 在浙江湖州安吉举行"干法全固态锂金属软包电池"100MWh中试产线开工仪式。 久功新能源采用 "全固态-硫化物-无锂负极-高能正极-干法工艺-一体式复合工艺 "技术路径，专注硫化物全固态锂金属电池的开发和商业应用，提供高安全性与高 能量密度的电芯及系统方案。 中试产线预计2026年第一季度正式投产，设计年产能100MWh，可批量生产8Ah、20Ah、70Ah等多规格电芯，并试制验证108Ah大容量电芯。 （2）纯锂新能源：1GWh固态电池项目环评公示 近日，江西省九江市湖口县人民政府发布湖口纯锂新能源有限公司" 年 ...

锂电池产业链 超配（维持） 锂电池产业链双周报(2025/11/21-2025/12/04) 锂电产业链 12 月预排产环比微增 2025 年 12 月 5 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2025年12月4日，锂电池指数近两周下跌0.44%，跑输沪 深300指数0.04个百分点；锂电池指数本月至今累计上涨1.69%，跑赢沪 深300指数1.25个百分点；锂电池指数年初至今上涨50.47%，跑赢沪深300 指数34.92个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 锂盐：截至2025年12月4日，电池级碳酸锂均价9.41万元/吨，近两周上 涨0.43%；氢氧化锂(LiOH 56.5%)报价7.22万元/吨，近两周价格持稳。 正极材料：磷酸铁锂报价3.91万元/吨，近两周上涨2.62%；NCM523、 NCM622、NCM811分别报价14.80万元/吨、14.65万元/吨、16.60万元/吨， 近两周价格持稳。负极材料：人造石墨负极材料高端、低端分别 ...

晨会纪要（2025/12/05） 编辑人 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/12/05） 宏观及策略研究 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.12.05） 宏观及策略研究 国内外重要会议临近，市场进入等待阶段——A 股市场投资策略周报 证 券 研 究 报 告 晨 会 纪 要 国内外重要会议临近，市场进入等待阶段——A 股市场投资策略周报 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（11 月 28 日-12 月 4 日），重要指数多数收涨；其中，上证综指微幅收涨 0.01%，创业板指收 涨 1.19%；风格层面，沪深 300 收涨 0.69%，中证 500 收涨 0.89%。成交量方面有所缩量，两市统计区间内 成交 8.27 万亿元，日均成交额降至 1. ...

Group 1: Industry Developments - GAC Group announced the completion of its pilot production line for all-solid-state batteries, marking a significant step towards mass manufacturing of automotive-grade solid-state batteries [1] - Chery Automobile showcased its Rhino S all-solid-state battery module in collaboration with Guoxuan High-Tech at the 2025 Global Innovation Conference [1] - Other companies like Funeng Technology and SAIC Group are also advancing in the solid-state battery space, with Funeng's pilot line under construction and SAIC's collaboration with Qingtao Energy expected to yield production by 2026 [1] Group 2: Regulatory Changes - A new mandatory national standard for electric vehicle batteries was established, aiming for "non-flammable, non-explosive" safety requirements, effective from July 1, 2026 [2] - This regulatory shift is expected to drive a profound transformation in the power battery industry, providing a unified evaluation standard for various technological routes [2] Group 3: Safety Concerns - Experts at a roundtable forum expressed caution regarding the safety of solid-state batteries, highlighting the inherent risks associated with energy-dense materials [3] - The investment community raised concerns about the hype surrounding solid-state batteries, emphasizing the importance of safety in the new energy sector [3][4] Group 4: Market Outlook - The large-scale commercialization of solid-state batteries is projected to take 5-8 years, with expectations that they will complement rather than completely replace existing lithium-ion batteries, capturing about 20%-30% of the market [4] - Current capital misallocation in the industry is concerning, with over 30 production lines under construction and investments reaching hundreds of billions, despite unresolved technical challenges [5] Group 5: Technological Innovations - Companies are exploring diverse technological paths to enhance battery safety, including the development of high-strength separators and real-time monitoring systems for chemical reactions within battery cells [5] - The industry is adopting a pragmatic "three-step" strategy to advance solid-state battery technology while maintaining the foundational role of liquid batteries [5] Group 6: Industry Perspective - The proactive exploration of next-generation technologies by companies like GAC reflects a broader trend in the Chinese power battery industry, which is undergoing significant restructuring influenced by new standards and rational investment approaches [6]

新界能源研发团队由名校硕博组成，采用锂金属负极加氧化物电解质技 术，能量密度达 450~550 瓦时/公斤，具备航空级安全性，已建成 450 瓦时/公斤中试线。 公司计划于 2025 年 11 月底至 12 月初建成 2 吉瓦时产能，并通过一航 等头部客户的测试认证，已在机器人、无人机和 eVTOL 等领域实现大 规模交付，并计划进一步扩产。 锂金属固态电池因其高能量密度和高安全性，显著提升飞行器续航（如 一航 226 飞机从 23 分钟提升至 48 分钟，预计今年超 1 小时），并解 决了机器人能量密度问题，拓宽了商业化应用。 新界能源成立于 2020 年，核心技术团队拥有十年研发经验。2023 年 与头部企业签署战略合作协议并建成中试线，2025 年实现多领域大规 模交付，总部位于深圳，并在珠海、美国和华东地区扩展生产和研发。 锂金属固态电池相比传统液态电池，能量密度大幅提升，安全性显著提 高，使用温域更宽，且在高倍率放电方面表现出色，尤其适用于飞行器、 电动汽车等领域。 摘要 锂金属固态电池本质为固体结构，制造和排放更环保，且锂金属材料易 于回收，具有很高再利用价值，为资源循环利用提供可持续方案。 Q& ...

Core Insights - The Ministry of Industry and Information Technology (MIIT) held a high-level meeting on November 28, focusing on the battery industry, highlighting issues like "involutionary competition" and announcing plans for regulatory measures to promote healthy development [1][2][3] - The meeting signals a potential turning point for the entire battery supply chain, moving from price wars to a more collaborative growth model [2][3] Industry Overview - The battery sector has faced challenges over the past two years, including severe overcapacity and price wars, leading to many companies experiencing revenue growth without profit [4] - However, recent changes indicate a shift, with the battery ETF (159755) seeing a 60.7% increase in scale, reaching 15.049 billion yuan in less than three months [4][5] Demand Dynamics - The demand for power batteries is expected to grow significantly, with global sales of new energy vehicles projected to increase by approximately 17% in 2026, driving a 20% rise in battery demand [7][10] - The domestic penetration rate has surpassed 50%, indicating a mature market supported by ongoing policy initiatives [10][11] - The energy storage market is experiencing explosive growth, with the cancellation of mandatory storage requirements and new capacity pricing policies enhancing project economics, leading to expected returns exceeding 6% [12] Supply Side Adjustments - Supply-side behavior is becoming more rational, with companies showing caution in expansion plans after a period of price declines and losses [13][14] - By the second half of 2025, prices for key materials like lithium carbonate and lithium hexafluorophosphate are expected to rebound due to constrained supply growth [15][18] Performance Metrics - The lithium battery industry has seen significant revenue and net profit growth in the first three quarters of 2025, reversing a two-year decline in net profits [22] Technological Advancements - The industrialization of solid-state batteries is accelerating, addressing key issues of safety and energy density, with significant advancements expected by 2027 [23][24][26] - The solid-state battery supply chain presents multiple investment opportunities, particularly in materials and equipment sectors [26] Investment Opportunities - The largest battery ETF (159755) is positioned to capitalize on the industry's turning point, tracking the National New Energy Vehicle Battery Index, which has a high concentration of solid-state battery-related stocks [27][28] - The index includes leading companies like CATL and BYD, which have strong technological capabilities and market positions [31][32] - Valuation metrics for the new energy vehicle battery index indicate reasonable pricing, with a TTM P/E ratio of 31.15 and a high return rate of 58.37% [33] Broader Market Context - The overall performance of the electricity-related industry has been strong, with various ETFs showing significant returns, indicating a favorable environment for investment in the sector [34]

摘要 随着 2027年量产窗口期的临近，冠鸿智能等设备企业的技术突破与产能布局，正为固态电池产业扫清产业化障碍，推动新能源电池行业向更高能 量密度、更优安全性能、更低成本的方向高质量发展。 刚刚落幕的 2025高工锂电年会上，一幅固态电池的商业化图景正在被勾勒。 在新能源汽车续航升级、 eVTOL、储能等新场景的强力驱动下，固态电池技术正从实验室加速迈向规模化落地。 2027年将成为全固态电池商业化元年这一共识正在逐步形成，正成为产业链各环节冲刺的关键节点。 资料来源：公开资料、 GGII整理，2025年7月 从行业发展阶段来看， 2023-2027年为市场应用初期，核心竞争力已从技术性能转向客户开发与成本控制；2027-2040年将进入快速发展期， 2027年后中试线逐步转换为小型生产线，2027/2028-2030年行业将集中建设GWh级产线，为2030年后的高速增长储备产能。 产能建设的提速直接撬动设备板块需求。 GGII在2025固态电池发展蓝皮书中指出，2025-2026年将迎来以半固态电池为主的扩产高峰，其中储能领 域产能有望优先释放 ； 2030年后全固态电池产能将突破数十GWh级别，届时仅设备 ...