Core Insights - The A-share market experienced a strong upward trend today, with all three major indices rising, led by the ChiNext Index, while brokerage stocks rebounded strongly and both the new energy and non-ferrous metal sectors surged [5][9]. Market Performance - The Shanghai Composite Index rose by 0.90%, the Shenzhen Component increased by 2.05%, and the ChiNext Index climbed by 2.74%. The Shanghai 50 Index was up by 1.09%, the CSI 300 Index increased by 1.54%, the STAR 50 Index rose by 1.35%, and the CSI 1000 Index saw a 1.36% increase. The total market turnover reached 2.18 trillion yuan, with 3,574 stocks rising across the market [9][5]. Sector Performance - On September 29, 2025, the leading sectors in the A-share market included comprehensive finance (+4.65%), metal materials and mining (+3.42%), and power and new energy equipment (+3.12%). Conversely, coal (-0.83%), banking (-0.48%), and social services (-0.14%) saw declines. In terms of concepts, lithium battery electrolyte (+7.69%), stock trading software (+6.77%), lithium battery anode (+5.82%), and lithium iron phosphate batteries (+4.99%) led the gains, while cultivated diamonds, superhard materials, coal mining, and poultry industries faced declines [9][5]. Market Drivers - The market's upward movement was driven by several factors, including the "New Energy Storage Scale Construction Special Action Plan," which aims for over 180 million kilowatts of new energy storage capacity by 2027, potentially driving an investment of approximately 250 billion yuan. Additionally, advancements in solid-state battery polymer electrolytes by Tsinghua University's Zhang Qiang team contributed to the surge in new energy sectors. The central bank's emphasis on utilizing securities, funds, and insurance company swaps, along with stock repurchase loans, also supported market stability [9][5]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, advocating for holding positions through the holiday and anticipating a favorable October market. The focus remains on technology as a key theme, with expectations for more incremental policies following the 20th Central Committee's Fourth Plenary Session. The report reiterates the views from the "Source of Living Water - 2025 A-share Annual Investment Strategy" and "China Asset Revaluation Trio - 2025 A-share Mid-term Investment Strategy," suggesting that the key macroeconomic clue for 2025 is "the liquidity of currency," with a gradual recovery in the fundamentals expected to lead to a bull market [9][5]. Investment Direction - The report suggests continued focus on the technology sector and value-oriented investments that are gradually bottoming out. Specific areas of interest include: 1. Technology growth sectors, particularly "Double Innovation" and the Hang Seng Technology Index, as well as lithium batteries, military industry, and Hong Kong internet stocks. 2. Value sectors, focusing on industries with consecutive increases in revenue growth and gross margin over the past two quarters, such as fiberglass, cement, paper, fine chemicals, oil services, and medical services. 3. In the medium to long term, attention should be given to the non-bank sector within the slow bull market context [9][5].

Core Viewpoint - Chinese scientists have made significant progress in the field of solid-state battery polymer electrolytes, providing new ideas and technical support for the development of practical high-safety, high-energy-density solid-state lithium batteries [1][2]. Group 1: Research Progress - A team led by Professor Zhang Qiang from Tsinghua University has developed a new strategy called "rich anion solvation structure" to address two major challenges in solid-state batteries: poor interfacial contact due to rigid solid-solid materials and the difficulty of electrolytes to coexist in extreme chemical environments under wide voltage windows [2]. - The team successfully created a new type of fluorinated polyether electrolyte using thermally initiated in-situ polymerization technology, which significantly enhances the physical contact and ionic conductivity at the solid-state interface, improving the high-voltage performance and interfacial stability of lithium batteries [2]. Group 2: Performance and Safety - The polymer battery assembled with this electrolyte demonstrated a series of excellent electrochemical properties, achieving an energy density of 604 Wh/kg under 1 MPa external pressure, which far exceeds current commercial batteries [2]. - The battery successfully passed safety tests, including needle penetration and exposure to a 120°C heat box for 6 hours without any combustion or explosion, showcasing its superior safety performance [2].

Core Insights - The rapid development of electric vehicles, electric aircraft, and humanoid robots has created a pressing demand for battery devices that combine high energy density and excellent safety performance [1][2] - A research team led by Professor Zhang Qiang from Tsinghua University has made significant progress in the field of lithium battery polymer electrolytes, providing new ideas and technical support for the development of practical high-safety, high-energy-density solid-state lithium batteries [1][2] Group 1: Solid-State Battery Development - Solid-state batteries are widely regarded as an important development direction for the next generation of secondary lithium batteries, particularly those using lithium-rich manganese-based layered oxides as cathode materials, which show the potential to exceed an energy density of 600Wh/kg [2] - Current challenges in solid-state battery applications include poor interface contact due to rigid solid-solid material interactions and the difficulty of electrolytes to coexist with high-voltage cathodes and highly reducing anodes in extreme chemical environments [2][3] Group 2: New Electrolyte Strategy - The research team proposed a new strategy called "rich anion solvation structure" and successfully developed a novel fluorinated polyether electrolyte, which enhances the physical contact and ionic conductivity of the solid-state interface, significantly improving the high-voltage performance and interface stability of lithium batteries [2][3] Group 3: Performance and Safety Testing - The polymer battery assembled with the new electrolyte demonstrated a series of excellent electrochemical properties, achieving an energy density of 604Wh/kg under 1MPa external pressure, surpassing current commercial batteries [3] - The battery successfully passed safety tests, including puncture and thermal stability tests at 120 degrees Celsius for 6 hours, without any incidents of combustion or explosion, showcasing outstanding safety performance [3]