利元亨在中报中披露， 面向头 部车企 的全固态电池整线项目已进入陆续交付阶段， 并与超 20 家客户开展技术交流，推动更多中试线落地。公司在固态电池工艺环节的投入正从研发储备转向产 业化应用。 倒计时60天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 2025年上半年，固态电池产业化进程正在加速。 上半年，国内新增扩产规划已超过 50GWh，计划投资额超150亿元，行业正进入从研发验证迈向 中试和装车测试的关键阶段。 在这一背景下，设备企业的配套情况成为产业观察的关键窗口。 固态电池产业化卡位 从产业角度看，设备的提前落地具有前置效应。电池环节的量产可能要等到 2026年后，但设备投 资往往提前启动。 对于设备商而言，这一阶段的订单承接将影响未来几年在固态 ...

Investment Rating - The industry investment rating is "Overweight" [1] 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. Lithium battery storage remains the primary technology route [43] - The lithium battery index has shown significant growth, with a year-to-date increase of 46.60%, outperforming the CSI 300 index by 32.29 percentage points [10] - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits across the lithium battery supply chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [43] Summary by Sections Market Review - As of September 18, 2025, the lithium battery index rose by 17.97% over the past two weeks, outperforming the CSI 300 index by 14.92 percentage points [10] - The lithium battery index has increased by 19.54% this month and 46.60% year-to-date [10] Price Changes in the Lithium Battery Supply 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. The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [23] - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen price declines of 0.86%, 1.24%, and 0.34%, respectively [25] - The price of electrolyte lithium hexafluorophosphate increased by 0.88% to 57,000 yuan/ton [29] Industry News - The China Passenger Car Association estimates that the retail sales of new energy passenger vehicles in September will reach approximately 1.25 million units, with a penetration rate expected to rise to 58.1%, setting a new historical high [38] - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [38] - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [41][39] Company Announcements - CATL reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% [44] - Enjie Co., Ltd. is focusing on the development of solid-state battery materials and has established a production line for high-purity lithium sulfide [44] - Tianwei Technology has successfully developed a solid-state electrolyte with high ionic conductivity and is now capable of large-scale supply [42]

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals sector, with significant gains in stocks such as Ganfeng Lithium and Tianqi Lithium, driven by rising demand in the solid-state battery market and the overall growth in the electric vehicle sector [1][2] - The Non-Ferrous Metals Industry Index (399395) rose by 2.14%, with Ganfeng Lithium (002460) increasing by 10.00%, and other related stocks also showing substantial gains [1] - The Ministry of Industry and Information Technology announced plans to enhance lithium battery technology innovation and accelerate the development of solid-state batteries and other advanced battery technologies [1] Group 2 - The downstream electric vehicle market is entering a traditional peak season, leading to increased demand for power batteries, while renewable energy and new data centers are driving high growth in energy storage demand [2] - The solid-state battery industry is progressing towards commercialization, creating a certain incremental demand for materials and equipment in the supply chain [2] - The Non-Ferrous Metals Industry Index reflects the overall performance of 50 prominent securities in the non-ferrous metals sector, with the top ten weighted stocks accounting for 50.35% of the index [2]

Core Viewpoint - The battery sector is experiencing fluctuations, with the Battery 50 ETF (159796) showing a slight decline but significant investment interest, indicating strong market engagement and potential growth opportunities in the sector [1][2]. Group 1: Market Performance - As of September 19, the Battery 50 ETF (159796) saw a minor drop of 0.11%, but it gained 86 million shares during the day, pushing its total scale beyond 6 billion yuan, leading its peers significantly [1]. - The China Securities Battery Theme Index (931719) increased by 0.1%, with notable gains from companies like Xian Dao Intelligent (over 4%) and Yiwei Lithium Energy (over 3%), while companies like Sanhua Intelligent Control experienced a significant drop of over 8% [2][3]. Group 2: Key Stocks and Components - The top ten components of the Battery 50 ETF include: - Sungrow Power (14.38%, -1.87%) - CATL (8.22%, +0.66%) - Sanhua Intelligent Control (7.15%, -8.30%) - Yiwei Lithium Energy (6.32%, +3.33%) - Xian Dao Intelligent (4.45%, +4.20%) [4]. - The ETF's index has a high storage content of 24%, significantly benefiting from the storage sub-sector's growth, while solid-state battery content stands at 37%, indicating strong potential for future growth [7]. Group 3: Industry Developments - The 2025 Suining International Lithium Battery Industry Conference emphasized the need for innovation in lithium battery technology, focusing on solid-state batteries, sodium-ion batteries, and fast-charging batteries [4]. - Xian Dao Intelligent announced advancements in solid-state battery production, having achieved multiple technological breakthroughs and successfully delivered equipment to various battery manufacturers [5]. - The solid-state battery industry is projected to see significant growth, with a potential market space of 2.5 billion yuan by 2027, growing at a CAGR of 122% to reach 27.3 billion yuan by 2030 [6].

兴业证券认为，2025年新能源汽车、储能等下游需求稳健增长，由于前期产能扩张过快，行业仍面临供 给过剩格局，部分环节盈利能力已持续承压两年。当前锂电板块部分环节迎来价格筑底回升和扩产放缓 的双重利好，市场悲观预期正逐步消化。随着企业降本增效措施的推进以及下半年传统旺季的到来，行 业盈利已呈现企稳迹象并具备向上弹性。与此同时，固态电池等新技术加速落地，有望重塑行业竞争格 局，具备新技术布局优势的企业或率先迎来反弹。 9月19日，2025遂宁国际锂电产业大会召开。工业和信息化部电子信息司二级巡视员吴国纲在发言中表 示，下一步，将强化锂电池技术创新引领，加快布局前瞻技术，加快固态电池、钠离子电池、全气候电 池、快充电池及关键材料的研发和产业化，突破基于热失控模型的主动安全预警技术，研发高性能阻燃 电池材料、高效绿色灭火材料，构建多维度安全技术体系。 东莞证券认为，锂电池产业链连续两个季度实现净利润同比环比显著增长，业绩拐点确立。下游新能源 汽车市场迎来"金九银十"传统旺季，动力电池需求预期进一步提升；储能端需求维持高增长，锂电池整 体需求迎来旺季。随着"反内卷"持续深化，有望促进落后产能加速出清，有利于拥有技术优势 ...

Core Viewpoint - The solid-state battery sector is emerging as a significant investment opportunity, with companies like Panasonic and QuantumScape making strides in technology and production, potentially transforming the electric vehicle market and driving substantial growth in related stocks [1][2][4]. Industry Developments - Panasonic Energy announced its commitment to producing solid-state batteries, aiming for sample shipments by 2026, which could enhance electric vehicle range by approximately 145 kilometers [1][2]. - Recent advancements in solid-state battery technology have led to increased market activity, with companies like Ganfeng Lithium and Contemporary Amperex Technology Co. (CATL) reporting progress in production and partnerships [3]. - The solid-state battery index has risen by 21.29% since August, indicating a strong market response to recent developments [4]. Market Performance - The stock prices of companies in the solid-state battery sector have surged, with Shanghai Washba increasing nearly threefold and other firms like Defu Technology rising over 190% [5]. - The solid-state battery market is projected to reach a penetration rate of over 30% by 2030, significantly impacting upstream equipment and materials demand [5]. Investment Opportunities - Investment strategies should focus on the solid-state battery supply chain, emphasizing equipment, materials, and application scenarios [6][7]. - The equipment segment is critical, with high capital requirements and order validation driving investment potential, as evidenced by the significant costs associated with solid-state battery production lines [6]. - Material innovations, particularly in solid electrolytes, present substantial investment opportunities, with a focus on sulfide electrolytes due to their higher ionic conductivity [7]. - Application scenarios for solid-state batteries are expected to expand, particularly in high-value sectors such as consumer electronics and electric aviation, as the technology matures [7].

Market Overview - In the recent trading period from September 12 to September 18, major indices showed mixed performance, with the Shanghai Composite Index declining by 1.13% and the ChiNext Index increasing by 1.38% [2] - The trading volume increased, with a total of 12.65 trillion yuan traded, averaging 2.53 trillion yuan per day, which is an increase of 278.79 billion yuan compared to the previous five trading days [2] Economic Data - From January to August, fixed asset investment grew by 0.5% year-on-year, reflecting a marginal decline of 1.1 percentage points [3] - The total retail sales of consumer goods from January to August increased by 4.6% year-on-year, which is a decrease of 0.2 percentage points compared to July [3] Policy Developments - Recently, the Ministry of Commerce and eight other departments issued measures to expand service consumption, proposing 19 measures focused on promoting consumption and expanding domestic demand [3] - The policy measures indicate a proactive approach to stimulate service consumption in light of the need to boost consumer demand [3] International Developments - On September 18, the Federal Reserve lowered the federal funds rate by 25 basis points, bringing the target range to 4.00% to 4.25%, aligning with market expectations [3] - The Fed's forecast for the policy rate in 2025 has been adjusted down to 3.6%, suggesting a potential for an additional 50 basis points of rate cuts within the year, indicating a trend towards further easing of overseas liquidity [3] Investment Strategy - The A-share market is exhibiting strong structural characteristics, with a focus on stabilizing the overall market while the technology-driven sectors are showing active performance [3] - The continuation of liquidity inflow will be crucial for maintaining the current structural market trends [3] Industry Focus - Investment opportunities are identified in the TMT sector due to the promotion of domestic alternatives in computing power and the upcoming peak season for smart terminal releases [4] - Other sectors with potential investment opportunities include pharmaceuticals, power equipment, non-ferrous metals, and machinery, driven by factors such as innovative drug exports, high demand for energy storage, and the anticipated mass production of robots [4]

新能源车需求催化，产业化进程加速。新能源车企加速布局全固态电池路线，多数头部车企预计全固态 电池将在2026年实现装车，2027年进入小批量生产。宁德时代、比亚迪、清陶能源、LGES等均已启动 中试线建设，逐步向百兆瓦-吉瓦级量产导入。 核心设备更迭，前+中段价值量抬升。固态电池取消注液封装工序，引入干法电极、胶框印刷、等静 压、高压化成等关键新工艺。我们判断电池整线价值量由传统锂电的1-2亿元提升至2-3亿元，其中前、 中、后段价值量分别占比约35%/40%/25%。 技术壁垒提升，龙头设备厂具备先发优势。前道干法负极和后道高压化成分容逐步放量，干法正极由于 高镍等正极材料硬度高、脆性强，以及中道等静压设备由于资质壁垒高，仍有待突破。 来源：中金点睛 中金研究 随着全固态电池向产业化导入阶段稳步迈进，设备端作为最先兑现的产业链环节处于"从验证到放量"的 关键窗口期。我们判断：1）车企或于2027年小批量全固态电池装车，我们测算2027年全固态电池设备 增量市场空间或达到25亿元，并有望以122%的CAGR增长至2030年达到273亿元。2）前中段设备价值 量占比升至75%-80%，干法电极、等静压等新工艺所 ...

Core Viewpoint - The solid-state battery industry is entering a critical phase of commercialization, with significant growth potential in equipment demand and technological advancements expected by 2030 [2][4]. Group 1: Market Potential - The incremental market space for solid-state battery equipment is projected to reach 2.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of 122%, potentially reaching 27.3 billion yuan by 2030 [2][4]. - The value proportion of equipment in the front and mid-stages is expected to rise to 75%-80%, with new processes like dry electrode and isostatic pressing being key contributors to this growth [2][4]. Group 2: Technological Advancements - Solid-state batteries offer advantages such as high safety, energy density, and low-temperature performance compared to traditional lithium batteries, with theoretical energy densities exceeding 500 Wh/kg [6][7]. - The transition from liquid to solid electrolytes is marked by the introduction of new manufacturing processes, including dry mixing and isostatic pressing, which enhance the performance and safety of batteries [4][6]. Group 3: Industry Dynamics - Major battery manufacturers, including CATL, BYD, and LGES, are accelerating their solid-state battery development, with many aiming for small-scale production by 2027 [4][10]. - The industry is characterized by a multi-route approach to technology, with sulfide-based solid-state batteries currently leading due to their high ionic conductivity [15][17]. Group 4: Policy Support - The Chinese government has been progressively enhancing policies to support the solid-state battery industry, focusing on standardization and performance specifications from 2022 to 2025 [8][9]. - Key policies include the establishment of performance requirements for solid-state batteries, which will guide the industry's development and ensure safety and efficiency [9][10]. Group 5: Application Scenarios - Solid-state batteries are expected to find applications in electric vehicles, eVTOLs, and humanoid robots, where high energy density and safety are critical [23][25]. - The low-altitude economy is projected to grow significantly, with eVTOLs requiring batteries that meet stringent performance criteria, making solid-state batteries a suitable choice [23][25].

Core Viewpoint - The CEO of Honeycomb Energy, Yang Hongxin, expressed skepticism about the commercialization of solid-state batteries, highlighting significant obstacles in cost control and large-scale manufacturing, indicating that the path to industrialization will be long and gradual rather than a sudden technological revolution [1][10]. Group 1: Current Technology and Production Plans - Honeycomb Energy's first-generation semi-solid state battery with an energy density of 270Wh/kg is on the verge of mass production, with an annual production capacity planned to reach 2.3GWh, and the C-sample production line expected to enter batch setup in November 2025, with formal ramp-up in 2026 [4]. - A higher energy density semi-solid state battery with 360Wh/kg has been sent for sampling to a central enterprise for a low-altitude flying vehicle project, with the first flight expected by the end of the year [5]. Group 2: Strategic Approach - Honeycomb Energy's strategy is based on a clear understanding of the constraints faced by solid-state battery technology, emphasizing a phased "three-step" development strategy: deepening current liquid battery technology, tackling mid-term challenges, and breaking through in the future [12][9]. - The first step focuses on enhancing the competitiveness of existing liquid battery technology, which remains the core profit source for the company, with ongoing improvements in fast-charging performance and energy density [13][15]. Group 3: Market Positioning and Applications - The semi-solid state battery is positioned as a transitional technology that addresses specific pain points of liquid batteries, targeting high-value niche markets such as high-end passenger vehicles and low-altitude economic applications where safety and energy density are critical [16][18]. - Honeycomb Energy believes that the commercial application of semi-solid state batteries will not initially focus on cost-sensitive mass-market vehicles but rather on sectors with stronger cost tolerance [16]. Group 4: Long-term Vision for Solid-State Technology - The company maintains a long-term investment in solid-state battery research while being cautious about short-term industrialization, recognizing that significant scientific and engineering challenges remain before achieving cost-competitive mass production [18][19]. - Honeycomb Energy has developed a unique "electrolyte thermal composite transfer process" that allows for 100% compatibility with existing liquid battery production lines, significantly reducing the barriers to adopting new technology [24][20]. Group 5: Engineering and Manufacturing Innovations - The company has focused on a layered manufacturing approach, utilizing innovations like thermal composite stacking to enhance production efficiency and reliability, which is crucial for the transition to solid-state technology [30][28]. - Honeycomb Energy's commitment to continuous improvement in manufacturing processes is seen as a strategic advantage, ensuring that existing technological assets and manufacturing experience are maximized as the industry evolves [31][32].