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 ...

Core Viewpoint - The solid-state battery sector has gained significant attention and investment, with a notable increase in stock performance, particularly in the first half of the year, driven by technological breakthroughs and market sentiment [2][3]. Industry Progress and Investment Phases - The solid-state battery industry is currently transitioning from pilot production to mass production, with 2027 identified as a critical year for small-scale production [2][3][21]. - Investment opportunities can be categorized into three phases: 1. Concept-driven phase where the sector experiences broad gains [3][23]. 2. Process validation phase focusing on companies with promising technological paths and substantial orders [3][23]. 3. Leader establishment phase where investment should concentrate on companies excelling in technology, cost, and scalability [3][23]. Market Dynamics and Investment Recommendations - The solid-state battery supply chain is expected to see early benefits for equipment manufacturers, followed by material companies as production scales up [4][23]. - Key areas of focus include new equipment for isostatic pressing and dry electrode processes, as well as solid electrolytes and lithium metal anodes [4][23]. Technological Landscape - The main technological routes for solid-state batteries include polymer, oxide, and sulfide, each with distinct advantages depending on application scenarios [10][11]. - The hybrid solid-state battery is anticipated to see commercial application first, with significant potential in electric vehicles and energy storage by 2026 [10][11]. Safety and Performance Considerations - Solid-state batteries theoretically offer enhanced safety due to the absence of flammable liquid electrolytes, but challenges remain in addressing lithium dendrite growth and solid-solid interface issues [13][14]. - The expected energy density for solid-state batteries could reach 500 Wh/kg, representing a 60%-70% improvement over current liquid batteries, making them suitable for high-end applications [12][19]. Industry Advantages in China - China possesses systemic advantages in the solid-state battery sector, including a robust market demand, a complete supply chain, and significant technological accumulation [19][20]. - The country is expected to leverage its large electric vehicle market and established lithium battery industry to accelerate the commercialization of solid-state technologies [19][20]. Market Sentiment and Future Outlook - Recent fluctuations in the solid-state battery sector reflect a cooling of market enthusiasm, despite ongoing technological advancements and production progress [21][22]. - The timeline for mass production and commercialization is projected to extend beyond 2027, requiring continued monitoring of key developments and market conditions [24][25].

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]

证券研究报告 | 2025年11月30日 锂电产业链双周评（11月第3期） 工信部座谈指出规范行业竞争，国内企业持续斩获全球储能订单 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为9.38万元/吨，较两周前上涨0.86万元/吨。相较两周前，三元正极、磷酸铁锂正极、六氟磷酸锂、电解液、湿法隔膜报价均上涨，负 极报价稳定。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用2 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Views - The fourth quarter is expected to be a peak sales season for new energy vehicles, with domestic sales in 2025 projected to maintain high growth, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is expected to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak [1]. - Wind power demand is expected to continue growing, with a focus on wind turbine and offshore wind directions [1]. - Energy storage demand remains robust, with battery cells and integration still in a price increase phase [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term catalyst for energy development, with attention on core suppliers in this area [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 3.59% this week, outperforming the Shanghai Composite Index, which increased by 1.40% [10]. - The power generation equipment sector saw the highest increase at 5.34%, followed by wind power at 4.99% and new energy vehicles at 4.48% [13]. Key Industry Information - NIO reported a record high revenue of 21.79 billion yuan for Q3 2025, a year-on-year increase of 16.7% [25]. - The Ministry of Industry and Information Technology is accelerating targeted policy measures to regulate irrational competition in the battery industry [25]. - LG Chem announced a significant improvement in solid-state battery performance, with a basic capacity increase of approximately 15% and a high-rate discharge capacity increase of about 50% [25]. - As of the end of October, China's cumulative installed power generation capacity reached 3.75 billion kilowatts, a year-on-year increase of 17.3% [25]. Company Developments - Longpan Technology signed a supplementary agreement with Chuangneng New Energy, with a total sales amount exceeding 45 billion yuan [27]. - JinkoSolar expects global energy storage installation demand to exceed 400 GWh next year, with a compound annual growth rate of over 30% until 2030 [28].

Core Viewpoint - The article discusses the acquisition plan of Enjie Co., a leading company in the lithium battery separator industry, which is planning to acquire 100% equity of Zhongke Hualian and raise matching funds, leading to a temporary suspension of its stock trading due to uncertainties surrounding the transaction [1][3]. Company Summary - Enjie Co. is recognized as a global leader in the lithium battery separator industry, maintaining the largest market share for seven consecutive years, with a projected market share retention into the first half of 2025 [4]. - The company reported a revenue of 3.78 billion yuan for Q3 2025, marking a year-on-year increase of 40.98%, while the net profit attributable to shareholders saw a significant decline of 95.55% [4]. - Enjie Co. has a robust order book and high capacity utilization, with stable growth in demand and orders from downstream customers, particularly in the energy storage sector [6]. Industry Summary - The lithium battery sector has seen a surge in activity, with the lithium battery index rising over 60% since April 9, driven by explosive energy storage demand and accelerated solid-state battery industrialization [1]. - The Ministry of Industry and Information Technology (MIIT) held a meeting to discuss the competitive order in the power and energy storage battery industry, emphasizing the need for high-quality development and addressing challenges such as irrational competition [7]. - Analysts predict that targeted policies may emerge to stabilize prices within the lithium battery supply chain, with expectations of a return to a "reasonable range" for prices [2][8]. - The demand for lithium batteries is projected to grow by 30% in 2026, while supply growth is expected to lag behind, potentially leading to continued supply-demand tightness across various segments of the industry [8].

-广告- 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~ 本文来源： 研一新材料 五年磨砺，再立标杆 ， 助力 全 固态电池 商业化 " 全固态电池被誉为下一代电池技术的"制高点"，而硫化物固态电解质因其超高的离子电导率、低弹性 模量等天然优势，成为行业公认的主流技术路线。然而，受制于材料对水分敏感度高、制造成本高昂等 瓶颈，其低成本规模化量产是一项世界性难题。 " 近日，深圳市研一新材料有限责任公司（以下简称 " 研一 " ）正式宣布， 其自主研发的硫化物固态电解 质已实现大批量稳定生产，首条产线设计产能达 500 吨 / 年， 标志着我国在全固态电池核心材料领域实 现从技术突破迈向商业化供应的关键一跃。 核心突破 系统性破解量产难题 自 2020 年起步，研一构建了固态电池材料开发平台，持续投入硫化物固态电解质及其关键原材料的工艺 攻关，通过多轮迭代创新，目前在成本控制与综合性能上已达到量产要求，并成功实现一次性规模化试 产。其突破主要体现在四个方面： 突破一 结构改性攻克稳定性难题 硫化物电解质对空气中的水分极度敏感，这是其大规模生产和应用面临的最大工程障碍。 ...

● 本报记者 赵中昊 11月28日，A股市场低开震荡。截至收盘，上证指数涨0.34%报3888.60点，深证成指涨0.85%报12984.08 点，创业板指涨0.70%报3052.59点。盘面上，午后市场交投清淡，电池板块午后再度上冲，Wind锂电 池正极指数大涨超3%。 业内人士认为，电池板块良好的基本面与持续的技术创新有望对其强势股价形成坚实支撑。消息面上， 固态电池因其高安全性和高能量密度等核心优势，正迎来产业化加速。随着多家企业量产时间表相继公 布及技术瓶颈持续突破，曾被视作"遥远未来"的固态电池正加速驶入产业化快车道，产业链投资机遇凸 显。 电池行业催化不断 Wind数据显示，11月28日，Wind锂电池正极概念板块大涨3.41%报2874.83点，其成分股多数冲高。其 中，万润新能涨16.88%，电池正极材料龙头湖南裕能涨11.01%，丰元股份涨停（涨10.01%）。概念板 块中，涨幅超5%的还有天力锂能（涨5.72%）、厦门钨业（涨5.68%)、安达科技（涨5.31%）、湘潭电 化（涨5.21%）和五矿新能（涨5.13%）。 政策面上，11月28日，工业和信息化部组织召开动力和储能电池行业制造业 ...