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]

Core Viewpoint - The company plans to invest 201 million RMB in the construction of an intelligent computing liquid cooling R&D center and battery thermal management system production base in Chongqing's Jiangbei District [1] Investment Details - The investment will be funded through the company's own capital and self-raised funds [1] - The total investment amount is 201 million RMB [1] Market and Product Development - The company has made breakthroughs and deliveries with key clients in both intelligent computing liquid cooling and battery system thermal management [1] - Upon completion, the project will significantly enhance the company's production capacity for intelligent computing liquid cooling and battery system components [1] - The company has developed and validated core products that meet the flexible deployment and operational needs of data centers and battery systems [1] Future Capabilities - The new facility will provide customized liquid cooling solutions for high-heat chips such as AI computing servers, GPUs, and CPUs [1] - The project will enable rapid iteration and large-scale delivery capabilities [1]

每经AI快讯，10月27日，溯联股份（301397）(301397.SZ)公告称，公司拟与重庆市江北区人民政府签 署《投资协议》，以自有资金及自筹资金在重庆市江北区投资2.01亿元，建设智能算力液冷研发中心及 电池热管理系统研发生产基地。 ...

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - **Gross profit outlook**: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - **Top five customers**: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - **Battery business**: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - **Data liquid cooling business**: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - **Other business expansion**: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - **Business similarity**: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].

Core Viewpoint - The rapid development of the electric vehicle industry is accompanied by safety concerns, particularly regarding battery thermal runaway, which is primarily caused by high temperatures and overcharging. Advanced battery thermal management systems are essential for ensuring safety [1]. Group 1: Battery Thermal Management Systems - The design phase of battery thermal management systems is critical, requiring simulations to ensure uniform cooling across all cells and complete sealing to prevent liquid contact with cells [1]. - Common issues arise from client-provided module and cell designs, leading to ineffective thermal management, particularly in corner cells due to design flaws [1]. - Safety in battery thermal management relies on design, materials, and technological innovation, with design being the most significant factor, especially under high load conditions [1]. Group 2: New National Standards - In March, the Ministry of Industry and Information Technology released new safety requirements for electric vehicle batteries, mandating that batteries must not catch fire or explode, with new tests for bottom impact and fast charging cycles to be implemented by July 2026 [2]. - This new standard is expected to drive companies to redesign battery pack structures and thermal management systems, promoting high-quality development in the industry and potentially leading to a "stronger gets stronger" market dynamic [2]. Group 3: Material Selection and Cost Implications - The new national standard will not affect existing solutions but will require the selection of appropriate materials, with changes in the chemical composition of thermal management circuit liquids [3]. - For lower temperature requirements, cheaper materials are sufficient, but higher performance materials will increase costs, with immersion cooling systems potentially costing about 25% more than traditional systems [3]. Group 4: Industry Response and Opportunities - Several battery companies, including BYD, Xinwanda, Guoxuan High-Tech, and CATL, have announced that their products meet or exceed the new national standards [4]. - The new standards are expected to promote safety upgrades in the battery industry, leading to optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4]. - Solid-state batteries, viewed as the next generation of technology with higher safety performance, require more efficient thermal management designs due to the low thermal conductivity of solid electrolytes, with material costs for thermal management systems being 10% to 15% higher [4].

Group 1 - The new national standard for electric vehicle batteries requires companies to redesign battery pack structures and thermal management systems to enhance safety and performance [1][2] - The standard, which will be implemented in July 2026, mandates that batteries must not catch fire or explode under internal short circuit conditions, marking it as the strictest battery safety regulation to date [2] - Industry experts believe that the new standard will accelerate high-quality development in the sector, potentially leading to a "stronger survive" market dynamic [2] Group 2 - Companies like BYD, Xinwanda, Guoxuan High-Tech, and CATL have announced that their products meet or exceed the new standard requirements [4] - The new standard is expected to promote safety upgrades in the battery industry, driving optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4] - Solid-state batteries, viewed as the next generation of advanced technology, require more efficient thermal management designs due to their lower thermal conductivity, with material costs for thermal management systems expected to increase by 10% to 15% [4]

Core Viewpoint - 3M showcases its innovative automotive materials solutions at the 2025 Shanghai Auto Show, emphasizing its commitment to electric, intelligent, and sustainable automotive trends [1][3]. Group 1: Automotive Industry Trends - The automotive industry is undergoing significant transformations towards electrification, intelligence, and sustainability, with 3M positioning itself as a key player in this evolution [3][4]. - The introduction of the GB38031-2025 standard for electric vehicle battery safety marks a critical development in the industry, emphasizing the need for enhanced safety measures [4]. Group 2: 3M's Innovations and Solutions - 3M presents advanced materials for battery thermal management, focusing on enhancing battery safety, extending range, and improving energy efficiency [3][5]. - The company offers various solutions, including thermal interface materials and fire-resistant insulation, to address battery safety concerns [5][6]. Group 3: Strategic Collaborations - 3M has formed a strategic partnership with Fuyao Glass to explore multifunctional automotive glass solutions, integrating safety, comfort, and energy efficiency [6][7]. - The company emphasizes the importance of local supply chain development in China, aiming to respond quickly to market demands through collaboration with local manufacturers [6][9]. Group 4: R&D and Market Focus - 3M is expanding its R&D capabilities in China, recognizing the market as a hub for automotive innovation and a launchpad for new products [6][9]. - The company aims to leverage its global technology platform to develop innovative solutions tailored for both local and global markets [9].