9月16日晚，广州工控集团旗下A股上市公司孚能科技（代码：688567）发布公告显示，9月15日，公司 参加了广州工控集团上市公司2025年半年度集体投资者会议。会上公司表示，计划于今年底完成全固态 电池的交付。计划首批交付电池为公司第一代硫化物全固态电池，能量密度达400Wh/kg。 孚能科技在公告中披露，在半固态电池领域，公司已获得广汽、东风、三一重卡、一汽解放等整车企业 客户项目定点，并与美国某头部eVTOL客户、小鹏汇天、上海时的、沃飞长空、零重力等低空经济领 域客户进行深度合作，同时已与多家头部人形机器人客户、全球头部物流无人机客户接洽需求并实现送 样。 全固态电池的研发及产业化方面，孚能科技称，公司全固态电池整体进度已经由实验室走向中试生产交 付阶段，目前正加快推进0.2GWh的硫化物全固态电池中试线的建设工作，并计划于今年底完成全固态 电池的交付。 产品迭代方面，孚能科技称，2025年推出并即将交付第一代硫化物全固态电池，采用高镍三元正极与高 硅负极，能量密度达400Wh/kg。2026年将推出第二代硫化物全固态电池，目前已完成技术开发，正极 材料升级至富锂锰基/高镍正极，采用锂金属负极，能量密 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The mechanical industry is experiencing a recovery in demand, particularly in the engineering machinery sector, driven by significant projects such as the construction of the Yarlung Tsangpo River hydropower project, which is expected to generate substantial new demand for engineering machinery [14][15] - The humanoid robot sector is poised for a breakthrough in 2025, with mass production expected to drive down costs and enhance data collection capabilities, thus promoting wider adoption [6] - Liquid cooling technology is becoming increasingly important due to the rising power consumption of chips, with a projected increase in the adoption of liquid cooling systems in data centers [7][8] Summary by Relevant Sections Humanoid Robots - Significant investments in humanoid robotics have been made, including a nearly 1 billion yuan A+ round financing for a startup focused on embodied intelligence [4] - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with expectations of overcoming data scarcity issues [6] Liquid Cooling - Innovations in liquid cooling technology are being driven by the need for efficient thermal management in high-performance chips, with a notable shift towards liquid cooling systems in new data centers [7][8] Engineering Machinery - The engineering machinery sector is benefiting from the commencement of major infrastructure projects, with domestic sales of excavators showing a year-on-year increase of 14.8% in August 2025 [15] - The report highlights the potential for continued growth in the engineering machinery sector due to policy support and the ongoing internationalization and electrification trends [15] Robotics and Automation - The report notes a significant increase in the sales of various types of forklifts, with a year-on-year growth of 14.4% in July 2025, indicating a robust market for automated solutions [16] - The penetration rate of unmanned forklifts is expected to rise significantly, with a projected 39.3% increase in sales in 2025 [16] Semiconductor Equipment - The report discusses the acceleration of domestic substitution for semiconductor equipment due to geopolitical tensions and trade restrictions, emphasizing the importance of local manufacturers [18][19] New Energy Equipment - The report highlights advancements in battery technology, including the introduction of solid-state batteries, which are expected to revolutionize the energy storage market [21][22]

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

太平洋近日发布机械行业周报：本期（9月8日-9月12日），沪深300上涨1.4%，机械板 块上涨2.1%，在所有一级行业中排名14。细分行业看，激光加工设备涨幅最大，上涨 7.3%；工程机械涨幅最小，上涨0.3%。近日工业和信息化部、市场监督管理总局印发《电 子信息制造业2025—2026年稳增长行动方案》，提出通过国家重点研发计划相关领域重点专 项，支持全固态电池等前沿技术方向基础研究。 以下为研究报告摘要： 报告摘要 行情回顾 本期（9月8日-9月12日），沪深300上涨1.4%，机械板块上涨2.1%，在所有一级行业中 排名14。细分行业看，激光加工设备涨幅最大，上涨7.3%；工程机械涨幅最小，上涨 0.3%。 本周观点 固态电池产业化持续推进，利好设备端需求。 近期固态电池产业化进程持续推进，政策端，近日工业和信息化部、市场监督管理总局 印发《电子信息制造业2025—2026年稳增长行动方案》，提出通过国家重点研发计划相关领 域重点专项，支持全固态电池等前沿技术方向基础研究。产业端，固态电池技术在持续突 破，多家电池头部企业明确量产计划，如：1）宁德时代计划于2027年小批量生产全固态。 2）国轩高科表 ...

事 锂电池产业链 超配（维持） 8 月电池销量同比延续快速增长 锂电池产业链跟踪点评 2025 年 9 月 15 日 分析师：黄秀瑜（SAC 执业证书编号：S0340512090001） 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 件 点 评 事件： 2025 年 8 月新能源汽车产销量及电池产销量数据公布。 点评： 8月新能源汽车产销同比延续快速增长。根据中汽协数据，2025年8月新能源汽车产销分别为139.1万 辆和139.5万辆，同比分别增长27.4%和26.8%，环比分别增长11.91%和10.54%。其中，纯电动销量90.8 万辆，同比增长40.5%，环比增长11.96%；插电式混动销量48.7万辆，同比增长7.5%，环比增长7.98%。 1-8月新能源汽车产销分别为962.5万辆和962万辆，同比分别增长37.3%和36.7%。其中，纯电动销量 615.8万辆，同比增长46.1%；插电式混动销量346万辆，同比增长22.8%。8月新能源汽车渗透率48.8%， 环比上升0.1pct；1-8月渗透率45.5%。8月新能源汽车出口22.4万辆，同比增长1倍，环比下降0.6% ...

9月11日至14日，2025（第二十一届）中国汽车产业发展（泰达）国际论坛（以下简称"泰达汽车论坛"）在天津滨海新区举办。本届泰达汽车论 坛围绕"增动能 启新篇 向全球"的年度主题，邀请行业嘉宾展开深入研讨。 期间，在"绿色化新方案：固态电池产业化与下一代电池技术布局"专题论坛中，来自研究机构、行业组织、企业等方面的嘉宾畅谈技术发展趋势，寻找 关键技术突破口，从各自视角提出现实路径，并发布了智库共识。该论坛由中国汽车动力电池产业创新联盟秘书长许艳华主持。 中国汽车技术研究中心有限公司首席科学家王芳表示，目前动力电池常见的基本上有三大类，第一类是液态电池，第二类是固液混合电池，第三类是全 固态电池。现在装车的电池，基本上都是液态或固液混合的，固液混合的也被称为半固体电池。王芳谈到，从动力电池的现状和产业的发展看，行业创新基 本有三个方面，一是工艺的创新，就是在现有的电池体系的基础上，通过工艺、材料到整个系统集成的工艺的创新。二是体系上的创新。三是产业的创新， 也就是在新一轮产业革命变革的大背景下，通过多方面的努力去赋能产业的创新。当前，动力电池迈向全固态电池的趋势下，更需要以创新去应对新的挑 战。 "无论是液态 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ "宁王"动了！ 周一早盘，A股"最劲"非宁德时代莫属。宁德时代A股涨超14%，创历史新高。其H股大涨近9%，也创下 历史新高。电池板块亦因此大幅拉升，板块涨幅一度超5%。 分析人士认为，主要有四大利好驱动： 一是，今早，中国汽车工业协会发布汽车整车企业供应商账款支付规范倡议。 二是，福建周末发布《关于加快福建经济社会发展全面绿色转型的行动方案》。 三是，9月12日发改委、能源局印发《新型储能规模化建设专项行动方案（2025—2027年）》的通知， 叠加近期储能大会召开。 四是，工信部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》，提出2025年力 争实现全年汽车销量3230万辆左右，其中新能源汽车销量1550万辆左右。 "宁王"爆发 在其他硬科技大跌之际，宁王爆发了。其A股早盘一度涨超14%，其H股亦大涨近9%。 | DURETS | | | 资金流向 · 12核心内参 | 个股风云 ▼ | 分析师指数 | | 条件选股 | 高级选股 | | | 机构增分 | 热点追击 | ...

三是，9月12日发改委、能源局印发《新型储能规模化建设专项行动方案（2025—2027年）》的通知，叠加近期储能大会召 开。 四是，工信部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》，提出2025年力争实现全年汽车销量 3230万辆左右，其中新能源汽车销量1550万辆左右。 "宁王"爆发 在其他硬科技大跌之际，宁王爆发了。其A股早盘一度涨超14%，其H股亦大涨近9%。 "宁王"动了！ 周一早盘，A股"最劲"非宁德时代莫属。宁德时代A股涨超14%，创历史新高。其H股大涨近9%，也创下历史新高。电池板块 亦因此大幅拉升，板块涨幅一度超5%。 分析人士认为，主要有四大利好驱动： 一是，今早，中国汽车工业协会发布汽车整车企业供应商账款支付规范倡议。 二是，福建周末发布《关于加快福建经济社会发展全面绿色转型的行动方案》。 首先，中国汽车工业协会15日发布《汽车整车企业供应商账款支付规范倡议》，围绕订单确认、交付与验收、支付与结算、 合同期限等关键环节，对整车企业与供应商企业采购合同中相关内容作出规范倡议。 倡议明确，甲（整车企业）乙（供应商 企业）双方通过采购订单确认订货日期等事项；乙方应按采 ...

Core Viewpoint - Recent influx of capital into the battery sector has significantly boosted market enthusiasm, with the largest battery-themed ETF surpassing 10 billion yuan in scale, reflecting strong investor confidence in the battery industry's value [1][2]. Group 1: Market Dynamics - The battery ETF (159755) has seen substantial capital inflows, with a maximum single-day net purchase exceeding 1.5 billion yuan, and its latest scale reaching 10.127 billion yuan, making it the first battery-themed fund to exceed this threshold [1]. - The continuous capital inflow indicates confidence in the battery industry's investment value, driven by favorable policies and technological advancements [1]. Group 2: Policy and Industry Support - Government policies have provided strong momentum for the battery sector, including incentives for new energy vehicles and infrastructure development, which have further unlocked consumer potential [1]. - The Ministry of Industry and Information Technology aims to cultivate 3 to 5 global leading enterprises by 2027, providing clear direction for industry development [1]. - The gradual implementation of "anti-involution" policies is expected to rationalize competition and improve the overall profitability environment for the battery supply chain [1]. Group 3: Technological Advancements - Technological breakthroughs, particularly in solid-state battery industrialization, are key drivers of the current market trend, with solid-state batteries offering energy densities of up to 500 Wh/kg [2]. - Major domestic manufacturers, including BYD and CATL, have announced mass production timelines, transitioning from technology validation to large-scale application [2]. - Predictions indicate that solid-state battery shipments in China will reach a turning point by 2027, with a compound annual growth rate of 44% from 2024 to 2028, indicating significant growth potential [2]. Group 4: Market Demand and Ecosystem - The demand for batteries is expected to remain robust, with projections of over 16 million new energy vehicles sold in China by 2025 and rapid growth in the energy storage market, with a forecasted 130% year-on-year increase in new energy storage installations in 2024 [2]. - China's battery industry has established a complete ecosystem, with over 70% of global shipments of key materials such as cathodes, anodes, electrolytes, and separators, further expanding growth opportunities in overseas markets [2]. Group 5: Investment Opportunities - The battery ETF (159755) tracks the National Securities New Energy Vehicle Battery Index, with 58.7% of its components being solid-state battery-related stocks, indicating a strong focus on the solid-state battery supply chain [3]. - The index has seen an 81.26% increase over the past year, with a price-to-earnings ratio of 30.3, suggesting a favorable valuation [3]. - The market outlook is positive for companies involved in solid-state batteries and key materials and equipment, as these areas are expected to have significant market potential in various applications [3].

Group 1 - The solid-state battery index increased by 2.6% from September 8 to September 12, with a cumulative increase of 51.7% expected by 2025, while the CSI 300 index rose by 14.9% during the same period [1][3] - Average increase of 2.5% was observed among solid-state battery-related stocks, with significant gains in the battery supply chain, particularly in cathodes and electrolytes (+5.6%) and conductive agents (+3.9%) [1][3] - Enjie Co., Ltd. announced the completion of small-scale production capacity for high-purity lithium sulfide and the establishment of a 10-ton solid electrolyte production line, which is now operational and capable of shipping [2][3] Group 2 - Haimeixing successfully delivered dry-process equipment that reduces costs by over 15%, and has received a 4 billion yuan order for 2GWh solid-state battery production equipment, marking a significant milestone in the industry [2] - Recent tests of the Mercedes EQS equipped with solid-state batteries demonstrated a range of 137 kilometers remaining after a 1205-kilometer journey, setting a new record for the Vision EQXX concept car [2] - The solid-state battery sector is transitioning from laboratory testing to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027 [2] Group 3 - The top five gainers in the solid-state battery sector included Tianji Co. (+28.8%), *ST Weir (+27.6%), Xiamen Tungsten (+26.8%), Enjie Co. (+16.8%), and Jinyinhai (+16.1%) [3] - The five largest decliners were Jinlongyu (-11.1%), Zhongke Electric (-10.6%), Changyang Technology (-8.9%), Haichen Pharmaceutical (-7.6%), and Funeng Technology (-7.0%) [4]