固态电池的发展趋势主要围绕高安全性和高能量密度展开。当前，全固态电池 的技术路线聚焦于硫化物，目标是实现比能量 400 瓦时每千克以上、循环寿命 1,000 次以上的性能指标，并计划在 2027 年实现轿车的小批量装车，到 2030 年实现规模化量产。硫化物电解质因其在室温下具有最高的理论电导率， 同时兼具优异的机械性能和延展性，被视为理想的固态电解质材料。 硫化锂制备工艺多样，包括还原法、液相复分解法、水合肼法、高温反 应法等，各有优缺点。还原法如金股份，液相复分解法如华晟锂电，水 合肼法如天启力，高温反应法如容百科技，液相反应法如海辰药业。 投资建议关注工艺独特、产品性能突出的企业，以及后续量产及降本潜 力大的方案。同时，需观察一体化与非一体化布局对产业链联动性的影 响，目前尚无明确优劣之分。 固态电池产业面临量产不及预期、降本不及预期及路线竞争风险。大规 模制备仍存材料与工艺难点，需持续观察降本路线效果，并关注氧化物 与聚合物等成熟路线的竞争。 硫化物深度：全固态主力路线，产业化进程提速 20250825 摘要 硫化物电解质因其高室温电导率、优异机械性能和延展性被视为理想固 态电解质，但空气稳定性差、电 ...

Summary of Solid-State Battery Industry Research Update Industry Overview - The solid-state battery industry is experiencing significant advancements, particularly in the development of sulfide solid-state batteries, which are favored for their superior conductivity compared to oxide alternatives. Major companies like CATL and BYD are actively pursuing the sulfide route, accelerating product launches and industry progress [1][5][7]. Key Points Cost Reduction Potential - Solid-state batteries have substantial cost reduction potential by utilizing higher voltage platforms and higher capacity electrode materials. For instance, CATL's next-generation solid-state battery may achieve 500 Wh/kg, which could reduce material consumption by 60% compared to current lithium iron phosphate batteries [2][5]. Market Trends - The solid-state battery technology is transitioning from pilot to mass production, with automotive-grade batteries reaching a 60 Ah application state, indicating readiness for road testing and commercial production. CATL and BYD are expected to undergo mid-term assessments by the Ministry of Industry and Information Technology and the Ministry of Finance in September 2025 [1][8]. Sulfide Electrolyte Development - The sulfide electrolyte technology is rapidly evolving, with several companies showcasing products with conductivity nearing that of liquid electrolytes. Companies like Ruigu New Materials, Yuyuan Tianci, and Solid State Technology are leading in this field, with a 300 kg production line already operational [1][9][10]. Production Techniques - Various production techniques for sulfide electrolytes are being explored, including liquid-phase, solid-phase, carbothermal reduction, and CVD methods. The CVD method, used by Xiamen Tungsten New Energy, is noted for its potential to achieve low-cost production [1][11]. Equipment Market - Key players in the solid-state battery equipment market include Honggong Technology and Nacronor, focusing on material automation processing and rolling equipment, respectively. Investment in solid-state battery sectors should prioritize sulfide electrolyte materials and related equipment [3][12]. Investment Recommendations - Investment opportunities should focus on companies involved in sulfide electrolyte materials and related equipment, such as Xiamen Tungsten New Energy, Guanghua Technology, and Yuyuan New Materials, which show significant growth potential and reasonable valuations [3][13][14]. Industry Challenges - Smaller battery companies face challenges in leveraging solid-state technology due to strict electrochemical laws, making it difficult to achieve breakthroughs without substantial technological advancements [4]. Future Outlook - The solid-state battery industry is currently transitioning from small-scale trials to mid-scale production, with expectations for increased product output and capacity expansion in the coming year [15]. Notable Company Developments - Xiamen Tungsten is expected to achieve significant performance improvements in its lithium cobalt oxide products, while Yuyuan New Materials has made rapid advancements in high-purity lithium sulfide production, collaborating closely with major clients like CATL and Huawei [21][22][23]. Emerging Players - Companies like Sanxiang New Materials in the halide electrolyte sector are also showing promise, with significant growth expected in the coming years if breakthroughs are achieved [24][25]. Conclusion - The solid-state battery industry is poised for rapid growth, driven by advancements in sulfide technology and increasing investments in production capabilities. Key players are well-positioned to capitalize on these trends, making it a compelling area for investment.