Core Viewpoint - The Chinese lithium battery industry is experiencing a resurgence after a downturn, with significant capital market activities indicating a renewed expansion cycle and competitive landscape in the upstream equipment sector [3][4][5]. Group 1: Market Dynamics - Key leading indicators, such as capital expenditures from major battery manufacturers like CATL, have shown strong recovery signals, with quarterly capital expenditures returning to over 10 billion RMB [4]. - Total capital expenditures in the lithium battery sector have rapidly rebounded since Q2 2024, driven by a recovery in downstream demand, particularly in the energy storage battery market [5]. - The Chinese lithium battery equipment market is projected to recover from 66 billion RMB in 2024 to 85 billion RMB by 2027, with the global slurry feeding equipment market expected to grow at a compound annual growth rate of approximately 26% from 2025 to 2027, reaching 9 billion RMB [5]. Group 2: Competitive Landscape - The market concentration in the slurry feeding equipment sector has increased significantly, with the top three companies' market share rising from less than 60% to over 70% within a year [5]. - Liqi Intelligent has achieved a market share of 43% in the lithium battery slurry feeding system market, leading the industry [6]. - Honggong Technology and Shangshui Intelligent hold approximately 15% and 13% market shares, respectively, indicating a trend where downstream battery manufacturers prefer suppliers with strong technical capabilities and stable product performance [6]. Group 3: Strategic Differentiation - Liqi Intelligent focuses on "extreme specialization" in the slurry mixing process, gaining recognition from global clients such as CATL and BYD [7]. - Honggong Technology adopts a strategy of "upstream integration," extending its business to the production of anode and cathode materials to build integrated advantages [7]. - Shangshui Intelligent is pursuing a "downstream extension" strategy, expanding its product line to include subsequent processes like coating and rolling, providing a more comprehensive solution [7]. Group 4: Future Outlook - The recent wave of IPOs among these companies is driven by the need to secure funding for the next generation of battery technologies, particularly solid-state batteries [8][9]. - The transition from traditional wet processes to new dry processes presents significant technical challenges, and the companies are investing heavily in these areas to maintain competitive advantages [8]. - The reliance on a concentrated customer base, particularly major players like CATL and BYD, poses potential risks to business stability [8].

Investment Rating - The report maintains a "Strong Buy" rating for the power equipment industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - Solid-state batteries offer significant advantages over traditional liquid lithium batteries, including higher safety and energy density, marking a crucial direction for the lithium battery industry's upgrade. With national policy support and accelerated corporate layouts, solid-state batteries are entering a rapid development phase, with a broad market space anticipated in the future. Solid-state battery equipment, being part of the upstream segment of the lithium battery supply chain, is expected to benefit first during the mass production process [1][2]. Summary by Sections Conventional Lithium Battery Equipment - The value distribution of conventional lithium battery equipment is heavily weighted towards the front and middle segments, with coating and winding machines being the core equipment. The market share of front, middle, and back-end equipment in China is 44.05%, 35.71%, and 20.24% respectively, with coating machines accounting for about 75% of the front-end equipment value and winding machines for 70% of the middle segment [2][15]. Solid-State Battery Equipment - The differences between solid-state battery equipment and conventional lithium battery equipment are concentrated in the front and middle segments. The front-end involves dry electrode technology, which is expected to be applied, with roller press equipment being critical. The middle segment is suitable for stacking processes, with isostatic presses playing a significant role [2][18]. Front-End Equipment - The dry electrode process is a new electrode preparation technology that offers low cost, high efficiency, and environmental benefits. It eliminates the use of organic solvents, reducing risks of side reactions with solid electrolytes and enhancing compatibility. The dry electrode process consists of four main steps: dry mixing, dry coating, rolling, and cutting, with rolling being crucial for the performance of the electrode sheets [3][28]. Middle-End Equipment - Solid-state batteries face "solid-solid" interface issues that affect performance. The introduction of isostatic presses is expected to enhance material density and address interface gaps and impedance issues. The stacking assembly process is more compatible with solid-state batteries, which may lead to increased penetration of stacking machines in production lines [4][22]. Back-End Equipment - The back-end processes for solid-state batteries are similar to those for conventional lithium batteries, primarily requiring upgrades in equipment performance parameters. High-voltage formation and capacity testing machines are anticipated to replace conventional liquid injection machines [8][26]. Investment Recommendations - The acceleration of solid-state battery industrialization is expected to boost demand for equipment as downstream battery manufacturers increase investments. Key segments for equipment upgrades include the front-end dry electrode process and the middle-end isostatic presses. Companies with leading technology and comprehensive layouts in these core segments are recommended for investment [9][24].

Core Viewpoint - The solid-state battery industry is experiencing rapid development driven by technological advancements and increasing application demands, particularly in energy storage and new energy vehicles [2][3][4]. Group 1: Industry Trends - The solid-state battery market is seeing significant growth, with over 450 GWh of planned capacity and more than 280 related companies in China as of April 2025 [4][8]. - Energy storage is currently the largest application market for solid-state batteries, with a notable increase in the penetration rate of phosphate iron lithium semi-solid batteries [2][4]. - The demand for solid-state batteries is expanding into new sectors such as drones, eVTOL aircraft, robotics, and commercial vehicles, indicating a diversification of application scenarios [2][10]. Group 2: Future Projections - New energy vehicles are expected to become the most significant application area for solid-state batteries, with projections indicating that domestic shipments of solid-state batteries will exceed 10 GWh by 2025 and potentially reach over 70 GWh by 2030 [3][9]. - The period from 2025 to 2026 is anticipated to be a peak for capacity construction, with energy storage expected to be the first to release capacity [9]. Group 3: Technological Developments - Different technological routes are being pursued, with semi-solid battery companies focusing on cost reduction and market share, while all-solid-state battery technology is transitioning from laboratory to market validation [6][12]. - Challenges such as solid-solid contact issues and the need for diverse solid-state electrolyte materials are being addressed through innovative approaches like in-situ solidification and hybrid electrolyte strategies [12][13][21]. Group 4: Equipment and Manufacturing - Companies are developing advanced manufacturing processes, such as dry electrode technology, to enhance the performance and reduce costs of solid-state batteries [15][23]. - The establishment of automated production lines and collaboration with equipment manufacturers are key strategies for scaling up production capabilities [23][24].

Core Viewpoint - The article highlights the significance of battery technology in the energy transition, emphasizing the role of Chinese companies like Huzhong Group in advancing dry electrode manufacturing processes for next-generation batteries, particularly solid-state batteries [1][4]. Group 1: Event and Product Launch - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) will take place from May 15-17, 2025, at the Shenzhen International Convention and Exhibition Center, where Huzhong Group will showcase new products [1]. - Huzhong Group will present its self-developed dry electrode core technology, demonstrating its deep commitment to key equipment and application solutions [3]. Group 2: Dry Electrode Technology - Huzhong Group's subsidiary, Huzhong Micro-Nano Technology, has extensively explored dry electrode technology, developing a mature "process package" to assist battery cell manufacturers [4]. - The dry electrode process is a solvent-free lithium-ion battery electrode manufacturing technology that simplifies processes, reduces costs, and enhances battery performance, making it a key technology for next-generation batteries, especially solid-state batteries [4]. - The advantages of dry electrodes become more pronounced with the rise of solid-state battery technology, particularly when using organic solvent-sensitive electrolytes like sulfides, where wet processes can lead to side reactions [4]. Group 3: Product Details - Huzhong Group will introduce several key products at the exhibition, including the HS-3DFM-01 fiberization mixer, HS-4RCC-350L four-roller film rolling composite machine, HS-LDPLC low dew point experimental chamber, and an omnidirectional film-making machine, providing comprehensive solutions for solid-state battery R&D teams [5][6][7]. - The HS-3DFM-01 fiberization mixer utilizes motor-driven three-dimensional motion and specially designed blades to achieve efficient and uniform mixing of raw materials, ensuring optimal fiberization of PTFE [5]. - The HS-4RCC-350L machine is designed for the preparation and rolling of electrode (electrolyte) films, with a maximum speed of 20M/min and a maximum output speed of 15M/min [6]. - The HS-LDPLC low dew point experimental chamber is tailored for solid-state battery experimental platforms, maintaining a dew point of ≤ -60°C [7]. Group 4: Strategic Collaborations and Future Outlook - Huzhong Group has established a strategic cooperation agreement with Zhongke Gonen to advance the industrialization of solid-state batteries, focusing on the development of the sulfide all-solid-state battery market [13]. - The solid-state battery technology is expected to transition from small-scale trials to pilot lines and eventually to full market adoption, with major automotive and battery manufacturers targeting 2027 as a key year for mass production [13]. - Huzhong Group aims to stay at the forefront of technology and market trends, integrating new energy and new material technologies to provide efficient and energy-saving solutions for customers [13].

据起点研究院（SPIR）预测，今年全球对圆柱电池需求将达到新高，具体为：新能源汽车领域 93.2GWh、电动三轮车及低速四轮车3.1GWh、电动工具23.7GWh、储能16.8GWh、两轮车 7.1GWh、清洁电器5.3GWh、平衡车3.2GWh、3C需求14.4GWh，新能源汽车/储能/两轮 车/电动工具将会是今年圆柱电池重点发力领域。 大圆柱电池方面，按照电芯只数统计宁德时代出货量第一，第二为亿纬锂能，然后是朗泰通、 鹏辉能源、多氟多，大圆柱电池TOP10所占市场份额为96.9%，行业集中度极高。 如按照GWh单位数统计，亿纬锂能出货量位列第一，第二是多氟多，然后是宁德时代、鹏辉能 源、国轩高科，值得注意的是，多氟多尽管只数排名第四，但该公司所生产的60/46/40系列 容量大，导致排名直接超过宁德时代。 起点研究院（SPIR）数据显示，大圆柱电池在2024年出货22.3GWh，占圆柱电池整体 14.7%。随着大圆柱电池技术成熟，出货份额将持续上升。 01 两大 "绝招"助力放量 去年大圆柱电池无疑是与固态电池并行的爆火概念，特斯拉的工艺突破以及去年9月宣布第1亿 颗4680电池正式下线，在此之前一周松下 ...

海内外电动工具、两轮车、户储等市场的爆发，带动圆柱电池持续升温。其中，备受瞩目的46系大圆柱电池被视为锂电产业链的重构者，是电 池企业争先布局量产的产品之一。 无独中国企业，一直专注于圆柱电池的日韩电池企业也开始深入布局大圆柱电池领域。 LG新能源中国公众号平台发布，3月5日韩国2025年国际电池展在首尔开幕举办，公司现场展示了其最新的电池解决方案——新一代46系列圆 柱形电池。 不同于日韩企业的连续难产，国内的46系电池量产进度更快，其中亿纬锂能等企业已经装车。但值得注意的是，国内外工艺存在较大区别，比 如LG新能源4680电池主要采用干法工艺，与特斯拉一致，这也是LG新能源多次难产的主要原因之一。 干法电极工艺，被业内认为有望颠覆传统的电池生产模式。在传统工艺中，电池制造通常采用湿法，涉及将活性材料与有机溶剂混合制成浆 料，再涂覆于金属箔上形成电极，并需在高温烘箱中干燥。然而，干法电极工艺则完全摒弃了这一繁琐步骤，直接使用固体粉末来制备电极， 无需溶剂和干燥过程，从而大大降低了生产成本、节省了时间，并减少了制造所需的空间。据LG新能源估计，采用干法电极工艺可以降低电池 制造成本高达17%至30%。 据悉， ...

圆柱电池市场的爆发背后有着多重驱动因素。近日，起点锂电采访了 中比新能源研究院院长尚 随军 ，与其就圆柱电池行业的发展进行了深度交流。尚随军表示，圆柱电池市场的爆发主要得 益于以下三个因素：1.圆柱电池pack灵活性高，应用场景广泛，在50Ah以下的电池竞争格局 中，圆柱电池凭借其模块化设计和易于集成的特点，占据了重要地位；2.海外电动工具市场和 国内两轮车换电市场的兴起也让圆柱电池需求持续攀升，带来新的增长空间；3、户外电源等 小型储能市场的快速发展，也带动了圆柱电池放量。 2024年，押注圆柱电池赛道的中比新能源交出了一份亮眼的成绩单，前三季度电池板块营收约 1.13亿美元，同比增长约18.4%；毛利率34.3%，同比增长15.2%。 业绩大幅增长的背后，是中比新能源深耕的圆柱电池市场逆势上涨。根据起点研究院（SPIR） 发布的2024中国圆柱电池TOP20排行榜显示，2024年全球圆柱电池出货达到151.2GWh，同比 增长24%。这一增长主要得益于国内30-34系列、40系列、60系列等大圆柱电池市场份额的快 速扩张，推动了整体市场规模的提升。 中比新能源凭借其32140大圆柱电池的卓越表现，年度 出 ...