2025年9月22日早盘A股三大股指涨跌不一，截至10点54分，创业板新能源ETF华夏（159368）冲高 回落，下跌0.07%，近20日涨超20%。资金面上，创业板新能源ETF华夏（159368）近期持续受到资金 青睐，近5个交易日吸金3.24亿元，近10日吸金5.92亿元。近一月日均成交5009万元，远超同类产品。 业界认为，固态电池市场规模有望快速增长。据中商产业研究院研究显示，2024年中国固态电池出 货量约7GWh，2027和2028年有望达到18GWh和30GWh。固态电池材料需求增量可期，GGII数据表 明，中国固态电池全链条产业规模（含陶瓷电解质、CNT导电剂、硅基负极等）正在快速攀升，材料需 求量将以万吨级、设备投资以百亿级计。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 越来越多的上市公司加大了上游材料领域的布局。近日，创业板新能源ETF华夏（ ...

风光储：荷兰、德国海风招标相关政策积极转向；隆基与晶科就专利纠纷达成和解；新 版多晶硅能耗标准征求意见。 AIDC：Boyd宣布已向超大规模企业交付500万套冷板；台媒报英伟达要求供应商开发微 通道水冷板技术；华为全联接大会分享昇腾芯片后续规划；英伟达与英特尔宣布建立合作关 系；微软宣布再投资超70亿美元数据中心。 锂电：固态电池产业化持续推进。松下能源宣布将致力于生产全固态电池，将在截至 2027年3月的财年内推出其首批新型固态电池样品，旨在开拓机器人及其他设备领域的下一 代电池市场；蜂巢能源开发360Wh/kg半固态电池，搭载低空飞行器，自研工艺突破半固态 量产瓶颈，蜂巢能源成本最优兼容现产线；SK On于近日宣布，已成功建成全固态电池试点 工厂，此举旨在攻克下一代电池核心关键技术，力争在2029年实现商用。我们看好全固态电 池产业化前景，建议关注产业链投资机会。 电网：1）首条多端柔直特高压藏东南-粤港澳开工，总投资532亿元，重申看好Q4特高 压招标提速；2）国网输变电设备四批招标141亿元，同比+16%，前四批累计招标682亿元， 同比+23%，主网建设稳步推进；3）国网计量设备2批招标47亿元，上 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the acceleration of solid-state battery commercialization, driven by new model releases and the upcoming sales peak for new energy vehicles, with expectations for domestic sales to maintain high growth through 2025, boosting demand for batteries and materials [1] - In the photovoltaic sector, the report emphasizes a "anti-involution" strategy as the main investment theme, with rising prices for upstream materials such as silicon, wafers, and batteries, and a focus on the economic viability of photovoltaic power stations [1] - The report notes a high demand for energy storage, with a target of 180 million kilowatts of new energy storage capacity by 2027, suggesting a focus on large-scale integrated storage manufacturers [1] - In the hydrogen energy sector, the report mentions ongoing projects for green liquid fuel technology and the establishment of integrated hydrogen and ammonia projects, indicating potential premium pricing for green fuels in the early stages of development [1] Summary by Sections New Energy Vehicles - The report anticipates continued high growth in domestic new energy vehicle sales, driven by new model releases and seasonal sales peaks, which will increase demand for batteries and materials [1] Photovoltaic Industry - The report maintains that the photovoltaic investment theme is centered around "anti-involution," with rising prices for upstream materials and a focus on the economic aspects of photovoltaic power generation [1] - The report discusses the impact of new national standards on silicon and germanium energy consumption, which may lead to a contraction in upstream capacity [1] Energy Storage - The report outlines a clear target for new energy storage capacity to reach 180 million kilowatts by 2027, indicating sustained high demand in the sector [1] - It suggests focusing on large-scale integrated storage manufacturers due to the expected growth in storage needs [1] Hydrogen Energy - The report highlights the development of green liquid fuel technology and integrated hydrogen projects, indicating a potential for premium pricing in the early stages of the green fuel market [1]

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

9月19日—20日，2025遂宁国际锂电产业大会召开。据报道，工信部将深化供给侧结构性改革，巩固产 业链优势。面向中长期新型电池产业发展趋势，研究编制《"十五五"新型电池产业发展规划》，加强产 业发展统筹规划和系统布局。积极探索区域协调发展模式，引导各地区因地制宜，差异化、特色化开展 锂电池产业规划布局。 业内表示，工信部此次表态不仅明确了国家层面对该产业的战略重视，更释放了防范低水平重复建设、 优化产业布局的清晰信号。 数据显示，2025-2030年全球锂电池需求复合增长率将维持在25%以上，市场规模有望突破1.5万亿元， 在政策与需求的双重驱动下，具备资源优势、技术壁垒和区域协同优势的企业将脱颖而出。 政策上，9月5日，工业和信息化部、国家市场监督管理总局联合印发《电子信息制造业2025—2026年稳 增长行动方案》，明确提出"2025年至2026年，规模以上计算机、通信和其他电子设备制造业增加值平 均增速在7%，加上锂电池、光伏及元器件制造等相关领域后电子信息制造业年均营收增速达到5%以 上"。这一政策为锂电池行业提供了明确的发展目标和政策支持，无疑增强了市场对行业长期发展的信 心。 日前，工信部等八部 ...

Industry Overview - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's (MIIT) commitment to deepening supply-side structural reforms and consolidating the industry's advantages [1] - The global lithium battery demand is expected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size projected to exceed 1.5 trillion yuan [1] Policy Support - The MIIT and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic device manufacturing from 2025 to 2026, which includes lithium batteries [2] - The automotive industry plan aims for approximately 32.3 million vehicle sales in 2025, with around 15.5 million being new energy vehicles, providing a significant market for lithium batteries [2] Market Demand - Current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is expected to create new growth points for the lithium battery sector [2] Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027 [3] - Solid-state batteries have a significantly higher lithium consumption per unit compared to traditional liquid batteries, which will drive structural growth in high-end lithium resource demand [3] Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026 [3] - Companies such as CATL, Yiwei Lithium Energy, and Xinwangda are recommended for their leadership in the battery sector, while materials companies like Tianqi Lithium and Puli Technology are also noted [3] Market Recovery - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, leading to a gradual recovery in market sentiment [4] - The upcoming traditional peak season and cost-reduction measures are expected to stabilize industry profitability and provide upward elasticity [4] Company Developments - Tianqi Lithium has a production capacity of 600 tons of lithium metal and is building an additional 1,000 tons, positioning itself as the second-largest globally [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market [6] - Zhongchu Innovation is experiencing strong demand for its energy storage batteries, with significant improvements in cost-effectiveness and yield rates [7] - CATL is operating at full capacity for both electric vehicle and energy storage system production, with strong demand particularly in overseas markets [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is expected to reach a critical milestone for vehicle installation validation by 2027, but it must overcome three core challenges: materials, processes, and interfaces. The sulfide system faces high costs and mass production difficulties, with long-term reliability yet to be verified. The national plan aims for an energy density of 500Wh/kg by 2030, with AI technology accelerating the breakthrough of industrialization bottlenecks [21][25] - The solid-state battery is transitioning from the laboratory stage to mass production validation, with small-scale vehicle testing expected by the end of 2025 and widespread testing anticipated between 2026 and 2027. Emerging application scenarios such as low-altitude, robotics, and AI are expected to open up market space for solid-state batteries, accelerating industrialization [23] Summary by Sections Industry Overview - The solid-state battery index decreased by 2.1% from September 15 to September 19, 2025, while the cumulative increase for 2025 is 48.5%. The average performance of solid-state battery-related stocks within the statistical scope was -2.2%, with all segments except aluminum-plastic film experiencing declines [4][10][11] Industry Dynamics - At the 2025 Suining International Lithium Battery Conference, experts indicated that solid-state batteries will face critical challenges in material, process, and interface technology by 2027. The sulfide system is particularly challenged by high costs and mass production difficulties [25] Company Developments - Ganfeng Lithium's subsidiary won the first prize at the "Maker China" low-altitude economy competition for its low-altitude aircraft power battery project, achieving an energy density of 320-550Wh/kg [26] - EVE Energy plans to break through solid-state battery production technology by 2026, aiming to launch a high-power, environmentally resistant, and safe solid-state battery [27] - XianDai Intelligent has achieved multiple breakthroughs in solid-state battery core processes and can provide complete solutions for sodium-ion battery manufacturing [28] - SK On has established a pilot factory for solid-state batteries, focusing on sulfide-based solid-state batteries and solid-state lithium metal batteries [30] - Panasonic aims to achieve sample shipments of solid-state batteries by 2026, accelerating the commercialization process [33]

Investment Rating - The industry investment rating is "Strongly Outperform" [2] Core Viewpoints - The capital expenditure of battery manufacturers is recovering, indicating a new round of expansion in lithium battery equipment [2] - From 2024 to 2030, the global demand for power batteries is expected to grow at a CAGR of approximately 25%, while energy storage batteries are projected to grow at a CAGR of about 29% [14][18] - The demand for global power and energy storage batteries is expected to increase from 209 GWh in 2020 to 5,154 GWh by 2030, with a CAGR of 26.5% from 2024 to 2030 [20] Summary by Sections 1.1 Capacity Utilization of CATL - CATL's capacity utilization has recovered to 90% in the first half of 2025, compared to 83%, 70%, and 76% in 2022, 2023, and 2024 respectively [4][6] 1.2 Capital Expenditure of CATL - CATL's capital expenditure has shown a significant recovery since Q4 2024, with H1 2025 reaching 20.2 billion yuan, a year-on-year increase of 46% [7][10] 1.4 Demand Side: Global Power Battery Growth - The global power battery shipment is expected to grow from 182 GWh in 2020 to 3,754 GWh by 2030, with a CAGR of 25.3% from 2024 to 2030 [17] 1.5 Equipment Space for CATL's Expansion - By the end of 2027, CATL is expected to have a capacity gap of approximately 300-600 GWh, corresponding to a value space of 40-70 billion yuan in the equipment sector [22] 1.6 Contract Liabilities of Major Lithium Battery Equipment Companies - The contract liabilities of major lithium battery equipment companies have shown a significant recovery in H1 2025, exceeding previous high points [29] 1.8 Profitability of Equipment Companies - The profitability of major lithium battery equipment companies is in a recovery phase, with net profit margins and gross profit margins showing signs of improvement [38] 1.9 Investment Recommendations - Recommended companies to focus on include Lianying Laser, Yinghe Technology, XianDao Intelligent, Haimeixing, Xianhui Technology, Honggong Technology, and MannsTech [41]

Core Viewpoint - The article highlights the rapid development and commercialization of solid-state batteries, with significant advancements from various companies in the industry, indicating a promising future for electric vehicles and other applications [2][3][4]. Group 1: Company Developments - Panasonic Energy announced its commitment to producing solid-state batteries, aiming for sample shipments by the fiscal year 2026, with a potential 25% increase in battery capacity by 2027 [2]. - Ganfeng Lithium reported ongoing development in solid-state batteries, with applications in electric vehicles and drones, and is accelerating its industrialization process [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) is collaborating with multiple domestic and international battery manufacturers and vehicle companies to advance solid-state battery technology [3]. - A new solid-state battery from Guoxuan High-Tech, featuring a sulfide solid electrolyte and high nickel content, has achieved an energy density of 400 Wh/kg, with positive customer feedback on performance and safety [3]. Group 2: Market Insights - According to CICC, the solid-state battery sector is entering a critical phase of industrialization, with a projected market space of 2.5 billion yuan for solid-state battery equipment by 2027, growing at a CAGR of 122% to reach 27.3 billion yuan by 2030 [4]. - The value of mid-stage equipment in the solid-state battery supply chain is expected to rise to 75%-80%, with new processes like dry electrode and isostatic pressing being key growth drivers [4]. - The commercialization of solid-state batteries is anticipated to follow a "high-end breakthrough, gradual penetration" approach, initially targeting high-value sectors such as consumer electronics and aviation [4].

Investment Rating - The industry investment rating is "Overweight" [1][48]. Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan, with lithium battery storage as the main technology route [3][44]. - The lithium battery index has shown significant growth, outperforming the CSI 300 index by 14.92 percentage points over the past two weeks, with a year-to-date increase of 46.60% [2][11]. - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits for the lithium battery industry chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [3][44]. Summary by Sections Market Review - As of September 18, 2025, the lithium battery index has increased by 17.97% in the last two weeks, outperforming the CSI 300 index by 14.92 percentage points [2][11]. - The lithium battery index has risen by 19.54% this month and 46.60% year-to-date [2][11]. Price Changes in the Lithium Battery Industry Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks [3][24]. - The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [3][24]. - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen slight declines [3][26]. Industry News - The demand for new energy vehicles is expected to peak in September, with retail sales projected at around 1.25 million units, leading to a penetration rate of 58.1%, a historical high [3][39]. - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [3][39]. - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [3][40][42]. Company Announcements - Key companies to watch include CATL, which reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27% [3][45]. - Other notable companies include Yiwei Lithium Energy, which has launched a solid-state battery production base, and Enjie, which is focusing on solid-state battery materials [3][45].