过去几年，全球锂电池需求持续超预期，2025年由于头部企业产能不足，开始出现订单外溢，25年下半 年二三线厂商也连续开始供不应求。从25年开始，主要锂电池企业均开始了新一轮大规模的产能扩张， 据不完全统计，2026年锂电预计新增扩产接近1TWH，创历史新高。近期头部锂电厂商陆续开启设备招 标，目前已能看到数百GWh的头部厂商订单，后续预计还有百GWh规模的订单。 智通财经APP获悉，招商证券发布研报称，2025年主要锂电池公司开始了新一轮资本开支，当前本轮扩 张进入加速阶段，2026年capex投入有望创历史新高。微观来看，锂电设备公司合同负债、新增订单数 据均持续向好，预计后续会有较强的经营表现。同时，固态电池的研发有进展，研发重心开始转向设备 端降本增效，2026年全固态电池量产线的建设也开始提上日程，有望给锂电设备厂商带来新增量和机 会。 招商证券主要观点如下： 锂电池产业本来扩产进入加速阶段 关注先导智能(300450.SZ)、先惠技术(688155.SH)、联赢激光(688518.SH)、海目星(688559.SH)、德龙激 光(688170.SH)、ST逸飞(688646.SH)、赢合科技(300 ...

Group 1 - The lithium battery sector is experiencing a new growth cycle, with major manufacturers starting large-scale equipment tenders and receiving hundreds of GWh in orders, indicating a strong demand outlook [1] - By 2026, the total new lithium battery production capacity is expected to exceed 1 TWh, with many equipment manufacturers anticipating record-high new orders [1] - Major manufacturers are securing substantial orders for materials and new production capacities, mirroring strategies from the 2020-2021 period, with expectations of significant demand growth over the next few years [1] Group 2 - CATL is expected to enhance its market share in the lithium battery sector by 2026, particularly in the energy storage segment, following the resolution of its capacity bottlenecks [2] - The profitability of the entire supply chain is anticipated to improve amid rising prices in the upstream market, with market expectations for CATL's 2026 performance likely to be revised upwards [2] - The current cycle of capital expenditure (capex) is expected to benefit lithium battery equipment manufacturers, locking in high growth for the next 2-3 years, while solid-state battery research will advance significantly by 2026 [2] Group 3 - The CSI Sub-Industry Chemical Theme Index (000813) has shown strong performance, with significant increases in stocks such as Guangdong Hongda, Wanhua Chemical, and Tianqi Lithium [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 45.31% of the index, indicating a concentrated investment in key players [3]

Group 1 - The company is continuously increasing its R&D expenses in relevant areas [1] - The research project on solid-state lithium-ion batteries has achieved its expected research goals and is ready for conclusion [1] - The production of semi-solid energy storage cells is still under verification [1]

绿色智行方面表示，"2023年6月实施的'固态电池联合实验室建设项目'已取得一定的研究成果，现需 对这部分研究成果进行放大性测试，验证其是否具备量产的可能性。" 也就是说， 吉利的60Ah固态电池已处于"放大性测试"阶段。 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：综合整理 吉利斥资7100万元加码固态电池研发，近期在产业化布局上动作频频。 据"吉利招标"信息12月9日发布的招标公告，除对2026–2027年度固态电池电芯研发物料启动招标 外，其旗下浙江绿色智行科创有限公司的" 固态电池及关键材料工艺放大验证项目 "也进入环评阶段。 根据宁波前湾新区生态环境局11月6日受理的环评文件， 该项目总投资7100万元 ，旨在对前期实验 室成果进行放大测试，验证电池的稳定性、阻抗及寿命等性能，为规模化生产铺路。项目计划生产两类 电池：60Ah电池年产量1000个，单重0.52kg；＜1Ah电池年产量3600个，单重0.002kg。 END 会议主办：鑫椤资讯 会议时间：2026年3月19-20日 会议地点：江苏·常州 会议咨询： 13248122922(微信 ...

Core Viewpoint - The lithium battery industry is entering an upward cycle centered around lithium iron phosphate (LFP) batteries, driven by strong demand in both the power and energy storage markets, with LFP models accounting for over 80% of new energy vehicle sales and registrations [2]. Industry Overview - The demand for LFP batteries is expected to exceed 1.3 TWh in China by the end of the year, with the demand for cathode materials projected to surpass 3.5 million tons [2]. - The expansion of production capacity among LFP material manufacturers is crucial for entering the supply chain of leading battery companies, with scale becoming a key competitive factor [2][3]. Company Focus: Fengyuan Lithium Energy - Fengyuan Lithium Energy, a Shandong-based LFP material company, secured a three-year long-term supply agreement with BYD, which aims to sell 5.5 million vehicles by 2025, indicating significant upstream material demand [3]. - The company has aggressively expanded its production capacity from 10,000 tons in 2021 to a target of 300,000 tons by the end of 2024, demonstrating a commitment to meeting future demand despite industry challenges [3][11]. Production and Technology Strategy - Fengyuan is focusing on mid-to-high-end LFP demand and has invested in versatile equipment to prepare for future product iterations, ensuring that production capabilities align with market advancements [4][10]. - The company has successfully achieved mass production of its fourth-generation LFP batteries, which offer an 8-10% increase in energy density compared to third-generation products, catering to high-voltage platforms and large-capacity energy storage needs [5][14]. Market Dynamics and Competitive Landscape - The current industry cycle is characterized by more rational expansion compared to previous cycles, with companies avoiding reckless competition and focusing on sustainable growth [6][7]. - The competitive barriers in the LFP market are primarily based on technological advancement, production scale, and cost efficiency, with a focus on maintaining a healthy competitive environment [9][10]. Future Outlook - Fengyuan's strategy includes targeting both leading companies and niche market leaders, with a strong emphasis on the energy storage market as a key growth driver [15]. - The company plans to complete its LFP production capacity of 300,000 tons by the end of the year and is also investing in solid-state battery materials, indicating a forward-looking approach to innovation and market demands [16][17].

Group 1: Solid-State Battery Development - The semi-solid state battery has passed customer testing and received orders [2] - Key materials such as oxide electrolytes, ionic conductor membranes, and silicon-based anodes have completed customer sampling and evaluations [2] - The solid-state battery and its key materials have not yet formed stable long-term revenue, thus not significantly impacting overall company performance [2] Group 2: Production Base Progress - The Huizhou solid-state battery materials project production base is still under construction, with no completion date provided [3] - Investors are advised to monitor company announcements for updates on the construction progress [3] Group 3: Investor Communication - The online investor communication was conducted through a text-based format on the "Investor Relations Interactive Platform" [2] - The event did not involve any undisclosed significant information [3]

Core Viewpoint - The company has made progress in the development of solid-state batteries, specifically in the preparation of kilogram-level sulfide electrolyte precursors and electrolyte samples [2] Group 1 - The company has completed the preparation of kilogram-level sulfide electrolyte precursors and electrolyte samples [2] - The company is currently conducting testing and optimization work on the solid-state electrolyte [2] - Investors are encouraged to follow the company's information disclosure for more specific updates [2]

Core Insights - LLZTO (Lithium Lanthanum Zirconium Oxide) is identified as a key material for solid-state batteries, maintaining exceptionally low temperatures during operation, which positions it as an ideal candidate for next-generation rechargeable batteries [1][2] - A recent study from the University of California, Riverside, reveals the reason behind LLZTO's low thermal conductivity, which is crucial for developing safer and higher energy density lithium batteries [1] Group 1: Material Properties - LLZTO is a ceramic material that serves as a solid electrolyte, offering higher energy density while significantly reducing the risks of overheating and fire [1] - The thermal conductivity of LLZTO is measured at only 1.59 watts per meter per Kelvin, approximately 1/250th that of copper, indicating that low thermal conductivity is an inherent property of the material [1] Group 2: Research Findings - The research utilized the floating zone method to grow LLZTO single crystals, which reflect the intrinsic properties of the material [1] - The study found that the presence of numerous optical phonon modes in LLZTO leads to interactions that scatter the primary heat-carrying acoustic phonons, thereby impeding thermal conduction [2] Group 3: Implications for Battery Safety - Understanding how LLZTO naturally hinders heat flow is vital for managing internal temperature changes in solid-state batteries and preventing safety risks [2] - This discovery offers new insights for atomic-level thermal regulation, aiding in predicting internal temperature distribution and improving thermal management for safer and higher-performance batteries [2]

Core Viewpoint - The solid-state battery sector in China is experiencing significant advancements, with various automotive and battery companies forming strategic partnerships to enhance research and development efforts [1][2][4]. Group 1: Company Collaborations - Funeng Technology is collaborating with Jiangling Motors on solid-state battery development, with their pilot production line under steady construction [2][3]. - Chery Automobile is working with Guoxuan High-Tech to develop the Rhino S solid-state battery, which is expected to complete vehicle installation validation by 2027 [2][3]. - The partnership between Chery and Guoxuan has been ongoing since 2012, focusing on the application of new energy products [3]. Group 2: Technological Advancements - The Rhino S solid-state battery features a high energy density of 600 Wh/kg, with a projected range of 1200 to 1300 kilometers [2]. - Funeng's new battery solution aims to enhance the safety, lightweight design, and cost-effectiveness of electric vehicles, contributing to longer ranges and more spacious interiors [2][3]. Group 3: Industry Trends - Major automotive companies are increasingly partnering with battery manufacturers to share the financial burden and technical expertise required for solid-state battery development [4][5]. - The trend indicates a shift towards collaborative models where automotive firms provide funding and platforms, while battery companies deliver core technologies [4][5]. Group 4: Market Position and Future Outlook - The solid-state battery market is expected to see significant production milestones, with companies like Qingtai Energy planning to achieve mass production by 2026 [4][5]. - Contemporary Amperex Technology Co., Ltd. (CATL) is taking a cautious approach to solid-state battery commercialization, anticipating small-scale production by 2027 and larger-scale production by 2030 [6].

Core Insights - LLZTO (Lithium Lanthanum Zirconium Oxide) is identified as a key material for solid-state batteries, maintaining exceptionally low temperatures during operation, making it an ideal candidate for next-generation rechargeable batteries [1][2] - A recent study from the University of California, Riverside, published in the journal PRX Energy, reveals the reasons behind LLZTO's low thermal conductivity, which is crucial for developing safer and higher energy density lithium batteries [1] Group 1 - LLZTO is a ceramic material that serves as a solid electrolyte, providing higher energy density while significantly reducing the risks of overheating and fire [1] - The thermal conductivity of LLZTO is measured at only 1.59 W/m·K, approximately 1/250th that of copper, indicating that low thermal conductivity is an inherent property of the material [1] - The research utilized floating zone method to grow LLZTO single crystals, which reflect the intrinsic properties of the material [1] Group 2 - The study found that the presence of numerous optical phonon modes in LLZTO leads to interactions that scatter the primary heat-conducting acoustic phonons, thereby hindering thermal conduction [2] - LLZTO exhibits significant "anharmonicity," which relates to the degree of deviation of atomic vibrations from ideal states, associated with the movement of mobile ions within the material [2] - Understanding how LLZTO naturally impedes heat flow is essential for managing internal temperature variations in solid-state batteries, thereby enhancing safety and performance [2]