Group 1: ETF Performance - Multiple battery-related ETFs, including Lithium Battery ETF and Battery ETF, have seen gains exceeding 3% [1][3] - The Lithium Battery ETF reported a daily increase of 3.98% and a year-to-date increase of 50.00% [3] - Other notable ETFs include Battery ETF Jia Shi with a 3.90% daily increase and a 52.47% year-to-date increase [3] Group 2: Industry Insights - Morgan Stanley's report indicates that CATL's industry leadership has strengthened, particularly in the European electric vehicle battery market [5] - The report highlights that smaller competitors are struggling in the energy storage sector, while CATL's valuation is considered attractive compared to peers [5] - In August, China's domestic power battery installation volume continued to grow, reaching a record high of 1.995 million retail sales in the passenger car market, up 4.6% year-on-year [5] Group 3: Battery Installation and Export Data - In August, China's power battery installation volume was 62.5 GWh, with a year-on-year increase of 32.4% [6] - Lithium iron phosphate battery installations accounted for 82.5% of the total, with a significant increase of 47.3% year-on-year [6] - Battery exports in August totaled 22.6 GWh, with power battery exports reaching 15.1 GWh, representing 66.6% of total exports [6] Group 4: Energy Storage Market Growth - The energy storage battery shipment volume saw significant growth in the first half of 2025, with global shipments reaching 240.2 GWh, a year-on-year increase of 106.1% [7] - Major battery companies are initiating new rounds of capacity expansion due to strong demand in the energy storage sector [7] - The solid-state battery technology is progressing towards mass production, with emerging applications in low-altitude flight and robotics [7][8] Group 5: Future Outlook - Financial analysts expect solid-state batteries to become a key development direction due to their advantages in safety and energy density [8] - Several automakers plan to adopt all-solid-state batteries around 2027, indicating an acceleration in the industry's commercialization process [8] - Companies involved in solid-state battery production and key materials are anticipated to benefit from this trend [8]

交银国际发表报告指，8月内地动力电池装车量延续增长，出口维持稳健。8月内地动力电池装车量 62.5GWh，按年增32.4%，按月增11.9%。中国电池出口维持稳健，当月合计出口22.6GWh，按年增 23.9%，按月跌2.6%，合计出口占当月销量16.8%。该行表示，固态电池正逐步从实验室走向量产验证 阶段，同时，低空飞行、机器人和AI等新兴场景正在为固态电池打开新的市场空间，加速产业化落 地，建议关注固态电池产业化进度及其带来的投资机会。 ...

交银国际研究 每日晨报 2025 年 9 月 15 日 今日焦点 | 新能源行业 | | --- | | 新型储能规模化建设专项行动方案印发，储能 | | 需求保持强劲 | | 文昊, CPA bob.wen@bocomgroup.com | 上半年储能电池出货量增长显著，头部电池企业启动新一轮扩产。2025 年储能行业需求强劲，InfoLink 数据显示，1H25 全球储能市场电芯累计 出货 240.2 GWh，同比+106.1%。1H25 多数企业储能收入增速显著，其 中中创新航/亿纬锂能的储能业务收入同比+109.7%/+32.5%。头部电池企 业开启新一轮产能扩张，例如中创新航在常州、成都、厦门和葡萄牙启 动项目建设，有望在 2026 年迎来产能集中释放。 本 月 电 池 行 业 股 价 涨 幅 显 著 ； 关 注 固 态 电 池 产 业 化 进 展 。 本 月 （2025/8/11–2025/9/11），宁德时代/亿纬锂能/国轩高科/中创新航股 价分别上涨+22.4%/+63.4%/+61.7%/+35.6%，触及我们最新的目标价，符合 我们此前判断，主要驱动力来自储能订单的持续高景气，以及部分企业 ...

Group 1 - The core point of the news is the significant increase in the stock price of CATL, driven by an upward revision of the company's 2026 demand guidance to 1100 GWh, reflecting a year-on-year increase of 46% [1] - CATL's production capacity is currently under pressure, with the company accelerating expansion plans to meet demand, expecting a solid capacity of 900 GWh by the end of 2025 and an additional 200-300 GWh in 2026 [1][2] - The company has provided a reliable growth forecast of 25-30%, which exceeds the market's current expectation of 20% growth, indicating a strong potential for achieving a production target of 900 GWh [1][2] Group 2 - The reasons for the upward revision include strong growth in the power sector and significantly higher-than-expected demand for energy storage, with a conservative estimate of 700 GWh output in 2025 and 900 GWh in 2026 [2] - The National Development and Reform Commission and the National Energy Administration have issued a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, which is expected to drive direct investment of approximately 250 billion yuan [2] - The solid-state battery industry is entering a phase of accelerated development, with expectations for mass production by 2027, benefiting the entire supply chain including battery manufacturing and key materials [3][4]

Group 1 - The battery ETF managed by Jiashi has a liquidity turnover of 3.89% and a transaction volume of 47.08 million yuan, with an average daily transaction of 162 million yuan over the past week as of September 12 [3] - The latest scale of the Jiashi battery ETF reached 1.162 billion yuan, with a net inflow of 317 million yuan over three out of the last five trading days [3] - The Jiashi battery ETF has seen a net value increase of 80.55% over the past year, with the highest monthly return since inception being 31.11% and an average monthly return of 8.13% [3] Group 2 - The Ministry of Industry and Information Technology and seven other departments issued a plan aiming for approximately 32.3 million vehicle sales in 2025, with a target of 15.5 million new energy vehicles, representing a 20% year-on-year growth [3] - Solid-state battery technology is gaining attention as lithium battery equipment companies report their semi-annual results, indicating a significant acceleration in the industrialization process of solid-state batteries [4] - The top ten weighted stocks in the China Battery Theme Index account for 53.03% of the index, with major companies including Yangguang Power, Ningde Times, and Sanhua Intelligent Control [4][6] Group 3 - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [7]

"近期，固态电池板块大涨，市场热度高涨，仿佛固态电池一夜之间就要走进千家万户。然而，固态电 池真正走向产业化应用，仍有技术、制造、工艺等多道难题待破解，距离真正商业化量产仍有很大差 距。"9月14日，有电池企业负责人在2025中国汽车产业发展(泰达)国际论坛上一针见血地指出固态电池 发展现状。 中国证券报记者调研了解到，国内固态电池正沿着多元技术路线协同发展，半固态电池已实现装车应 用，多家企业的全固态电池中试线正加快建设，并明确了量产时间线。材料成本控制仍是实现全固态电 池量产的关键挑战。短期内，液态锂电池的基本盘仍然稳固。有受访专家表示，固态电池有望率先在低 空飞行器等新兴领域得到真正商业化应用。 ● 本报记者李嫒嫒 产业热度攀升 加速固态电池布局已成为国内外竞争的焦点，是全球电池产业竞争的新赛道。 "全固态电池采用固态电解质替代现有的电解液，从根本上消除电芯燃爆风险，具备高比能和高安全 性，被行业视为未来发展的重要方向。"中汽新能电池科技有限公司副总经理于长虹表示。 "目前行业固态电池处于固液混合状态即半固态电池，液态含量比例约7%-8%。"东风汽车集团有限公司 副总工程师、战略规划部总经理杨彦鼎对记者 ...

● 本报记者 李嫒嫒 产业热度攀升 "近期，固态电池板块大涨，市场热度高涨，仿佛固态电池一夜之间就要走进千家万户。然而，固态电 池真正走向产业化应用，仍有技术、制造、工艺等多道难题待破解，距离真正商业化量产仍有很大差 距。"9月14日，有电池企业负责人在2025中国汽车产业发展（泰达）国际论坛上一针见血地指出固态电 池发展现状。 中国证券报记者调研了解到，国内固态电池正沿着多元技术路线协同发展，半固态电池已实现装车应 用，多家企业的全固态电池中试线正加快建设，并明确了量产时间线。材料成本控制仍是实现全固态电 池量产的关键挑战。短期内，液态锂电池的基本盘仍然稳固。有受访专家表示，固态电池有望率先在低 空飞行器等新兴领域得到真正商业化应用。 加速固态电池布局已成为国内外竞争的焦点，是全球电池产业竞争的新赛道。 "全固态电池采用固态电解质替代现有的电解液，从根本上消除电芯燃爆风险，具备高比能和高安全 性，被行业视为未来发展的重要方向。"中汽新能电池科技有限公司副总经理于长虹表示。 "目前行业固态电池处于固液混合状态即半固态电池，液态含量比例约7%-8%。"东风汽车集团有限公司 副总工程师、战略规划部总经理杨彦鼎对记 ...

Group 1 - Solid-state batteries are emerging as a key technology in the new energy sector, offering high energy density and safety advantages, thus accelerating their industrialization process [1][2][3] - Current liquid lithium-ion batteries face limitations in energy density, with a maximum of approximately 300Wh/kg, while the industry aims for over 350Wh/kg by 2025 and 400Wh/kg by 2030 [1][14] - The safety issues of liquid batteries are highlighted by a 32% increase in self-ignition rates for new energy vehicles in Q1 2023, with an average of 8 vehicles catching fire daily [2][15] Group 2 - Solid-state batteries can significantly enhance energy density by using lithium metal as an anode and solid electrolytes that can withstand higher voltages [2][22] - The global solid-state battery market is projected to grow from approximately 1GWh in 2023 to 3.3GWh in 2024, and further to 614.1GWh by 2030 [7][35] - In China, the solid-state battery market is expected to expand from around 1 billion yuan in 2023 to 17 billion yuan in 2024, and exceed 200 billion yuan by 2030 [7][35] Group 3 - The solid-state battery technology can be categorized into semi-solid and all-solid batteries, with semi-solid batteries currently leading in industrialization due to their lower electrolyte content [3][29] - Major global players in the solid-state battery sector include Solid Power and QuantumScape in the US, and Toyota and Panasonic in Japan, while Chinese companies like CATL and Guoxuan High-Tech are also making significant advancements [3][4][30] - The core competitiveness of solid-state batteries lies in breakthroughs in electrolyte technology, with polymer, oxide, and sulfide electrolytes being the main types under development [4][41] Group 4 - Interface performance is critical for solid-state battery efficiency, with various modification techniques being explored to enhance contact and reduce resistance [6][41] - The solid-state battery supply chain is similar to that of liquid batteries, with a focus on material costs, which constitute a significant portion of overall expenses [39][41] - The solid-state battery industry is witnessing increased investment and research, with numerous companies and research institutions actively pursuing advancements in this technology [30][39]

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [2][17]. Core Insights - The battery industry has seen significant growth in energy storage battery shipments in the first half of 2025, with a year-on-year increase of 106.1%, and is expected to reach a total shipment of 460.0 GWh for the year [4]. - The report highlights the strong demand for energy storage batteries and the commencement of new capacity expansions by leading battery companies, driven by robust orders [4]. - The solid-state battery sector is gaining attention as it progresses towards industrialization, with companies like Yiwei Lithium Energy and Guoxuan High-Tech making advancements in production [4]. Summary by Sections Industry Performance - In August 2025, the total installed capacity of power batteries in China reached 62.5 GWh, marking a year-on-year increase of 32.4% [4]. - The market share of lithium iron phosphate batteries remains high, accounting for 82.5% of the total installed capacity [4]. Company Performance - Ningde Times led the power battery installation with 26.5 GWh in August 2025, holding a market share of 42.4% [14]. - Yiwei Lithium Energy and Guoxuan High-Tech also showed strong performance, with significant increases in their energy storage business revenues [4]. Market Trends - The report notes a notable increase in stock prices for key battery companies, driven by sustained high demand for energy storage orders and advancements in solid-state battery technology [4]. - The solid-state battery market is expected to open new opportunities in emerging applications such as low-altitude flight and robotics [4].

Core Viewpoint - The solid-state battery sector is gaining significant attention in the capital market as a key direction for technological upgrades in high-end manufacturing, with a notable increase in stock performance and fund values [1]. Investment Performance - As of September 12, the solid-state battery sector has seen a rise of over 17% in the past month, with several stocks such as Yinghe Technology, Shanshan Co., and Baili Technology hitting the daily limit [1]. - Funds heavily invested in the solid-state battery field have also experienced substantial gains, with the Yuanxin Yongfeng High-end Manufacturing A fund's net value increasing by over 33% as of September 11 [1]. Industry Outlook - The lithium battery industry is currently in a bottoming phase, with the solid-state battery's industrialization process approaching. The profitability of the supply chain is expected to confirm a bottom recovery by the third quarter of 2024 [1]. - The solid-state battery sector is projected to enter a critical pilot testing phase in 2025, with mass production anticipated in 2026 [1]. - The sector is seen as having significant growth potential and long-term investment value, benefiting from national policy support and being at a crucial juncture for global energy transition and technological self-innovation [1].