新兴领域应用加速拓展 ——2025年9月，亿纬锂能（300014）"龙泉二号"全固态电池成功下线，主要面向人形机器人、低空飞 行器以及AI等高端装备应用领域。 商业化逐步推进 ——行业预计到2030年前后，全固态电池将完成中试验证和小批量装车应用。宁德时代（300750）表 示，公司全固态电池2027年有望实现小批量生产。 ● 本报记者李嫒嫒 中试产线加快建成 ——2025年11月，国内首条大容量全固态电池中试产线正式建成并投产，具备60Ah以上车规级全固态 电池规模量产条件。国轩高科（002074）的全固态电池"金石电池"正处于中试阶段。 材料体系爆发式突破 ——贝特瑞开发了首款匹配全固态电池的锂碳复合负极材料；容百科技开发出适配于硫化物全固态电池 的8系高镍正极和9系高镍正极材料；蜂巢能源2025年年底将完成10Ah级全固态电芯体系开发，能量密 度达400Wh/kg。 市场规模前景广阔 ——据高工产研(GGII)测算，2035年全球锂电池总出货量将达10TWh级别，其中固态电池渗透率有望达 到5%-10%。 ...

A05·焦点 ——固态电池商业化破局开启全球竞速 ...

为解决这一问题，研究团队采用喷雾再结晶技术，将电解质溶液喷成细小液滴，使溶剂蒸发过程中形成均匀的球形颗粒。该工艺相比现有方法，大幅减少了颗粒 尺寸偏差，同时改善了电解质与电极之间的附着力 。 【DT新材料】 获悉， LG化学 近日宣布，其已开发出一项核心工艺技术—— 喷雾再结晶（Spray Recrystallization），可显著提升全固态电池的性能。 这项成果由 LG化学下一代材料研究中心与汉阳大学能源工程系宋泰燮教授团队联合完成，并已发表于国际能源材料期刊《Advanced Energy Materials》。 全固态电池以固体电解质替代传统锂离子电池的液态电解质，具备更高的结构稳定性和能量密度。然而， 当固体电解质颗粒尺寸不均时，电池内部微小间隙会导 致性能下降，这一直是全固态电池商业化的主要障碍。 研究显示，使用这种均匀颗粒的电池，其基本容量相比以往提升约15%，高速率放电能力提高约50%。高速率放电能力是高功率电子设备应用的关键指标，这意 味着新技术不仅提升了电池性能，还为高功率应用场景提供了有力支持。 LG化学 定位为全球领先的材料研发中心，专注于正极材料、隔膜以及前沿固体电解质等"上游"核心 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a revenue of 10.114 billion yuan for Q3 2025, representing a year-on-year increase of 20.68% but a quarter-on-quarter decline of 2.17% [2][4]. - The net profit attributable to the parent company reached 2.167 billion yuan, showing a significant year-on-year growth of 1,434.42% and a quarter-on-quarter increase of 714.52% [2][4]. - The non-recurring net profit was 0.013 billion yuan, which is a year-on-year increase of 54.19% but a quarter-on-quarter decline of 78.54% [2][4]. Financial Performance - The gross profit margin for Q3 2025 was 17.6%, which is an increase of 2.8 percentage points compared to the previous quarter, indicating a recovery towards previous high profitability levels [9]. - Financial expenses amounted to 420 million yuan, with a significant portion attributed to exchange losses [9]. - Fair value changes resulted in a profit of 2.417 billion yuan, primarily due to the company's early holdings in Chery Automobile's Hong Kong listing [9]. Product and Business Development - The company is accelerating the launch of new products and businesses, including: 1. The introduction of the G Yuan solid-state battery with an energy density of 300 Wh/kg and the first experimental line for the "Jinshi" all-solid-state battery [9]. 2. The global launch of the LMFP supercharging cell "Qichen II" with an energy density of 240 Wh/kg and 5C fast charging technology [9]. 3. The release of the "G Series Super Heavy Truck Standard Box" with a single package capacity of 116 kWh and 3,000 cycles with "zero degradation" [9]. 4. The launch of the "Qianyuan Smart Storage 20MWh Energy Storage Battery System" [9]. Market Outlook - The company is expected to achieve product and customer structure upgrades in the domestic power market, enhancing market share and profitability through partnerships with B-class vehicle customers [9]. - The company is actively promoting capacity layout in overseas markets, with future growth anticipated from its bases in the United States, Czech Republic, and Morocco [9].

受外围影响，避险资产同样吸金。Wind数据显示，上海金ETF（518600）单日获资金净买入1.45亿元， 其已连续4个交易日获资金净买入，最新规模达38.2亿元，年内回报达49.71%。拉长周期看，上海金 ETF（518600）在过去3个完整自然年度（2022-2024）收益分别为8.41%、15.36%、26.63%，展示较好 避险属性。 展望后市，华泰证券策略团队认为，近期A股受到宏观不确定性影响进入缩量震荡阶段，短期市场变数 仍存，但从市场情绪指标来看，量化策略及全市场的赚钱效应指标已回落至中性区间。考虑到资金"抄 底"意愿仍存，投资者情绪回调幅度或相对有限，调整仍是配置机会。在此背景下，投资者仓位可适度 向"哑铃配置"迁移。一方面，在政策及交易因素叠加催化下，科技或仍为短期市场主线，恒生科技、A 股算力、机器人等方向的低位标的或是市场主要配置方向；另一方面，考虑到后续可能出现的外部不确 定性，具备防御性的红利板块或仍有配置机会。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布， ...

Core Viewpoint - There is a significant divergence in the industry regarding the commercialization timeline of solid-state batteries, with some experts predicting production by 2027-2030, while others express skepticism about achieving this timeline [1][2][3]. Group 1: Expert Opinions - Professor Ai Xinping from Wuhan University expresses skepticism about the optimistic predictions for solid-state battery mass production, suggesting it may be later than 2027 [1]. - Xu Xiaoxiong from Southern University of Science and Technology believes that mass production could start around 2028, indicating a more optimistic outlook [1]. - Zhu Xingbao, Chief Scientist at Guoxuan High-Tech, argues that the current technological challenges make commercial viability before 2030 unlikely [2]. Group 2: Industry Developments - Changan Automobile's Vice President, Deng Chenghao, states that they expect to demonstrate solid-state battery applications in vehicles by 2027, with small-scale production following in 2030 [3]. - Domestic companies generally plan for small-batch production of solid-state batteries around 2027, with large-scale production anticipated post-2030 [2]. Group 3: Technical Challenges - Zhu Xingbao highlights significant industrialization bottlenecks, including low yield rates and high production costs, particularly for the sulfide and halide mixed-use routes [2]. - Zhang Jiujun, an academician, emphasizes that while solid-state batteries theoretically offer higher safety and energy density, these claims have yet to be substantiated [5]. - Ren Dongsheng from Tsinghua University acknowledges the challenges in achieving absolute safety for high-energy-density solid-state batteries, despite their potential advantages [6]. Group 4: Market Performance - Solid-state battery concept stocks have seen a significant rise, with the solid-state battery index increasing by 19.55% in the last 20 days and over 75% year-to-date as of November 14 [1].

Core Viewpoint - The commercialization of solid-state batteries is facing significant challenges, and the timeline for widespread adoption is likely optimistic, with realistic expectations set for post-2030 [1][2]. Group 1: Industry Challenges - Current solid-state battery technology is not fully mature, with technical bottlenecks, cost considerations, and market acceptance being key factors hindering rapid commercialization [1][2]. - The production processes and equipment for solid-state batteries differ fundamentally from those of lithium-ion batteries, making the transition costly and complex [2]. - The competition among various material systems for the electrolyte layer (oxide, sulfide, polymer) presents a challenge in determining the most viable technology route [2]. Group 2: Commercialization Path - Solid-state batteries are expected to first find commercial applications in high-demand sectors such as aviation and robotics, where energy density and safety are critical, before expanding into electric vehicles and energy storage [2]. - The global market for solid-state batteries is projected to exceed 206 GWh by 2030 and grow to over 740 GWh by 2035, indicating a significant shift towards large-scale applications [3]. Group 3: Strategic Importance - Solid-state batteries represent a strategic competitive advantage in the next generation of power batteries, with their revolutionary benefits in energy density, safety, and temperature adaptability [3]. - The development of solid-state batteries is crucial for maintaining leadership in the smart connected new energy vehicle industry and has broad applications in aerospace and defense sectors [3]. Group 4: China's Market Advantage - China, as the largest market for new energy vehicles, offers substantial application scenarios and market demand for solid-state batteries, driving innovation and attracting global attention [4]. - Domestic battery companies are increasing R&D investments in solid-state technology, achieving breakthroughs in key areas, and benefiting from a rich landscape of application scenarios [4]. - The future will see coexistence between solid-state and liquid batteries, with both technologies optimizing for their respective applications, particularly in the Chinese market [4].

Core Insights - The 2025 World Power Battery Conference highlighted the dual focus on "scale expansion" and "quality upgrade" in the power battery industry, emphasizing the need for technological innovation and international cooperation to drive high-quality development [1] Industry Growth - China's power battery production has seen significant growth, increasing from 83.4 GWh in 2020 to over 1000 GWh by 2024, representing a more than tenfold increase in four years [2] - The industry is becoming more concentrated, with Chinese companies accounting for 60% of the top ten global power battery manufacturers, collectively holding over 60% market share [2] Technological Advancements - In the first three quarters of this year, the cumulative installed capacity reached 493.9 GWh, marking a 42.5% year-on-year increase [3] - Key technological improvements include a 30% reduction in battery cell costs, a 40% increase in lifespan, and a more than threefold increase in charging speed [3] - Solid-state battery research has made significant progress, with some companies completing small-scale testing and vehicle integration [3] Future Projections - The Chinese market is expected to reach 1200 GWh in 2023 and 3000 GWh by 2030, with global capacity projected to hit 4800 GWh [3] - Solid-state batteries are anticipated to enter small-scale demonstration phases by 2027, with gradual commercialization expected post-2030 [3] Industry Challenges and Opportunities - Experts suggest that while solid-state batteries are a promising direction, challenges such as low ionic conductivity and interface stability need to be addressed before widespread commercialization [4] - The potential of liquid lithium batteries remains untapped, with companies like Guoxuan High-Tech committed to further development [5] International Collaboration - The industry aims to deepen international cooperation and actively participate in the formulation of global standards to enhance China's influence in the power battery sector [6] - The focus is not only on exporting products but also on promoting the entire renewable energy solution ecosystem [6] Emerging Markets - The low-altitude economy is viewed as a significant opportunity for power batteries, with potential applications in high-end electric vehicles and eVTOLs [7] - The integration of AI in product development and manufacturing processes is seen as essential for future advancements in the industry [7]

Core Insights - The 2025 World Power Battery Conference highlighted the simultaneous "scale expansion" and "quality upgrade" of the power battery industry, emphasizing the need for technological innovation, enhanced competitiveness, and green development [1] Industry Growth - China's power battery production has surged from 83.4 GWh in 2020 to over 1000 GWh in 2024, marking a growth of over 10 times in four years [2] - In the global ranking of power battery installation volume, Chinese companies account for 60% of the top ten, with a combined market share exceeding 60% [2] Technological Advancements - In the first three quarters of this year, the cumulative installation volume reached 493.9 GWh, a year-on-year increase of 42.5% [3] - The average range of pure electric passenger vehicles is nearing 500 kilometers, with battery costs reduced by 30%, lifespan increased by 40%, and charging speed improved by over three times [3] - Solid-state battery research has made significant progress, with some companies completing small-scale testing and installation [3] Future Projections - The Chinese market is expected to reach 1200 GWh this year and 3000 GWh by 2030, while the global market is projected to hit 4800 GWh [3] - Solid-state batteries are anticipated to enter small-scale demonstration phases by 2027 and gradually commercialize after 2030 [3] Industry Challenges and Opportunities - Experts suggest that while solid-state batteries are a key future direction, challenges such as low ionic conductivity and interface stability need to be addressed [4] - The potential of liquid lithium batteries remains untapped, with companies like Guoxuan High-Tech continuing to focus on this area [5] International Collaboration - The industry aims to deepen international cooperation and actively participate in the formulation of international standards to enhance China's influence in the power battery sector [5][6] - The concept of "going global" encompasses not only product sales but also the export of entire renewable energy solutions [6] Emerging Markets - The low-altitude economy is viewed as a promising area for power batteries, with potential applications in high-end electric vehicles and eVTOLs [7] - The integration of AI into product development, manufacturing, and safety monitoring is seen as essential for future advancements [7]

Core Viewpoint - Solid-state batteries are gaining significant attention in the market, with many companies announcing advancements and plans for mass production, but industry experts caution that true commercialization will take time and patience [2][3][7]. Industry Developments - Numerous automotive and battery companies, including Chery Automobile and Guoxuan High-Tech, have recently announced new solid-state battery developments or plans for pilot production lines [2][4]. - The solid-state battery sector has seen a surge in activity, with companies like Aoxin Technology and Huizhou Huasheng announcing plans for production lines and capacity expansion [4][6]. Technological Advancements - Tsinghua University and the Chinese Academy of Sciences have made breakthroughs in solid-state battery materials, enhancing safety, energy density, and lifespan [3]. - Companies like XINWANDA and Guoxuan High-Tech have reported high energy densities for their solid-state batteries, with XINWANDA achieving 400Wh/kg and Guoxuan High-Tech reaching 600Wh/kg [4][9]. Market Trends - The solid-state battery sector has experienced a dramatic increase in stock prices, with the sector index rising from 1200 points in April to 2426 points by October, indicating strong investor interest [6]. - Many lesser-known companies are entering the solid-state battery market, with significant investments being made in production facilities [6]. Expert Opinions - Industry experts express skepticism about the rapid commercialization of solid-state batteries, emphasizing that many claims are misleading and that the technology remains largely in the experimental phase [3][7]. - Leading battery manufacturers like CATL and BYD maintain a cautious stance, predicting that mass production of solid-state batteries may not occur until 2027 or later [7][8]. Challenges and Limitations - Solid-state batteries face significant technical challenges, including slow charge/discharge rates and high production costs, which hinder their commercialization [10][12]. - The current production yield for solid-state batteries is low, with laboratory yields at 60%-70% and pilot line yields dropping to 40%-50% [13]. Financial Performance - Companies involved in solid-state battery development, such as Guoxuan High-Tech and Aoxin Technology, have reported mixed financial results, with some experiencing significant losses despite high revenue growth [16][17]. - The financial health of these companies raises questions about their ability to sustain solid-state battery development without substantial external funding [16][17].