Core Viewpoint - A transformative change is accelerating in the new energy sector, particularly with the advancement of solid-state batteries, which are expected to significantly enhance electric vehicle range and safety [1][2]. Group 1: Technological Iteration - The evolution from liquid to solid-state batteries marks a critical turning point, with solid-state batteries offering multiple performance advantages over traditional lithium-ion batteries [3][4]. - Solid-state batteries utilize solid electrolytes instead of liquid ones, eliminating flammability risks and enhancing energy density, with potential energy densities reaching 400-500 Wh/kg compared to the current maximum of about 300 Wh/kg for liquid batteries [5]. Group 2: Industry Progress - The industrialization path for solid-state batteries is clear, transitioning from semi-solid to fully solid-state solutions, with semi-solid batteries currently in production [6][7]. - By 2025, semi-solid batteries are expected to be mass-produced, with a projected demand of 45 GWh and a market size of 5.4 billion yuan [7]. - Full-scale production of solid-state batteries is anticipated around 2030, with significant advancements expected in technology by 2025 [8][10]. Group 3: Market Space - The solid-state battery market is projected to grow significantly, with an estimated market size of approximately 8.6 billion yuan by 2025 and over 100 billion yuan by 2030, reflecting a compound annual growth rate exceeding 70% [14]. - Key application areas include high-end electric vehicles, energy storage, consumer electronics, and humanoid robots, which require improved safety and energy efficiency [14]. Group 4: Investment Strategy - Investors are advised to align with the industrialization timeline and strategically invest in leading companies within the solid-state battery supply chain, particularly those focusing on core materials and innovative manufacturing processes [18]. - Equipment manufacturers that adapt to new production techniques for solid-state batteries are also expected to gain a competitive edge [18]. Group 5: Investment Tools - For retail investors, mutual funds focusing on the solid-state battery sector are recommended as a viable investment approach, with several funds specifically targeting companies involved in this emerging technology [19][20].

Core Viewpoint - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate vehicle integration, indicating a strengthening trend in the solid-state battery market [1][2]. Investment Recommendations - Solid-state batteries are expected to become a key development direction for high-performance batteries due to their advantages in safety and energy density, with significant market potential in consumer batteries, new energy vehicles, and low-altitude applications. Companies that are proactively investing in solid-state batteries and key materials and equipment are viewed positively [2]. - The safety and performance improvements of solid-state batteries are driven by both policy and demand. Compared to mainstream liquid lithium batteries, solid-state batteries utilize non-flammable solid electrolytes, reducing the need for flammable organic electrolyte solvents, and can be paired with higher activity materials, significantly enhancing energy density. The Chinese government plans to invest approximately 6 billion yuan in solid-state battery research and development, involving major companies like CATL and BYD [2][3]. Market Dynamics - The solid-state battery market has transitioned from being demand-driven to technology-driven. Before 2024, the focus was on semi-solid batteries, which faced challenges due to high costs and limited market acceptance. However, the demand for aviation-grade lithium batteries in the low-altitude economy is expected to drive the semi-solid battery market's growth [3]. - In November 2024, significant advancements in sulfide technology patents and increased R&D investments in all-solid-state batteries by major companies like CATL have garnered market attention, leading to a systematic rise in the new energy lithium battery sector [3]. Future Outlook - The solid-state battery industry is expected to see an upward trend in market conditions, with the gradual release of semi-solid demand and the potential for all-solid-state products to demonstrate vehicle integration. The oxide solid electrolyte is currently the most mature technology, and the commercial viability of semi-solid batteries is being realized with competitive pricing [4]. - The urgency for R&D in all-solid-state batteries is highlighted by the production planning timelines set by various automotive and battery companies for 2027, indicating a strong push towards commercialization [4].

Core Viewpoint - Sulfide solid electrolytes are expected to become the mainstream choice for all-solid-state batteries, with lithium sulfide as the core raw material, indicating a vast potential market space that has attracted numerous companies to invest in this area [1][2]. Summary by Relevant Sections Sulfide Solid-State Batteries - Sulfide solid-state batteries are seen as the core direction for future battery technology due to their high ionic conductivity, safety, and energy density advantages [1]. - Lithium sulfide is identified as the key raw material, with its market space expected to explode alongside the rise of all-solid-state batteries [1]. Preparation Methods for Lithium Sulfide - The mainstream preparation methods for lithium sulfide are categorized into three types: solid-phase method, liquid-phase method, and gas-phase method [2]. - The solid-phase method is suitable for large-scale production but has drawbacks such as high energy consumption and lower product purity [2]. - The liquid-phase method addresses some issues of the solid-phase method, offering higher purity and better results, but faces challenges in achieving stable batch production at scale [2]. - The gas-phase CVD method is suitable for producing high-purity and high-uniformity lithium sulfide [2]. - Overall, various preparation methods have their advantages and disadvantages, indicating a diverse and competitive landscape [2]. Industry Trends - Numerous companies are entering the lithium sulfide research and development space, leading to breakthroughs in process innovation, production line implementation, and performance validation [2]. - The industry is moving towards a phase of accelerated supply scale for lithium sulfide [2].