光启技术 20251116 摘要 固态电池市场受政策、企业研发和技术突破驱动，如工信部研发专项、 上汽智己 L6 搭载半固态电池、宁德时代扩充研发团队及华为固态电池专 利等，全固态电池大会进一步强化了市场关注。 宁德时代计划 2027 年小批量生产固态电池，2030 年大规模生产，并 声称其在全固态电池研究和产业化上处于全球领先地位，换电体系可灵 活兼容未来发展。 国轩高科金石全固态电池首条实验线贯通，设计产能 0.2GWh，自主开 发率达 100%，质量频率超 90%，并规划 12GWh 准固态产线，样车行 驶里程超 1 万公里，目前处于中试量产阶段，启动 2GWh 量产线设计。 清陶能源与上汽集团合作，预计 2026 年量产全固态样车，计划 2027 年第一季度实现整车量产。 解决固体界面接触难题主要通过界面工程改性、材料和工艺突破。等静 压设备通过增大压力减少孔隙，提高界面接触，提升循环寿命。推荐关 注荣旗科技和西矿股份，以及纳克诺尔、科新机电等企业。 Q&A 目前固态电池板块的整体情况如何？ 工信部去年（2024 年）启动了 60 亿人民币的固态电池研发专项，今年 （2025 年）年底将进入中期验收阶 ...

目前固态电池板块的整体情况如何？ 光启技术 20251116 摘要 固态电池市场受政策、企业研发和技术突破驱动，如工信部研发专项、 上汽智己 L6 搭载半固态电池、宁德时代扩充研发团队及华为固态电池专 利等，全固态电池大会进一步强化了市场关注。 宁德时代计划 2027 年小批量生产固态电池，2030 年大规模生产，并 声称其在全固态电池研究和产业化上处于全球领先地位，换电体系可灵 活兼容未来发展。 国轩高科金石全固态电池首条实验线贯通，设计产能 0.2GWh，自主开 发率达 100%，质量频率超 90%，并规划 12GWh 准固态产线，样车行 驶里程超 1 万公里，目前处于中试量产阶段，启动 2GWh 量产线设计。 清陶能源与上汽集团合作，预计 2026 年量产全固态样车，计划 2027 年第一季度实现整车量产。 解决固体界面接触难题主要通过界面工程改性、材料和工艺突破。等静 压设备通过增大压力减少孔隙，提高界面接触，提升循环寿命。推荐关 注荣旗科技和西矿股份，以及纳克诺尔、科新机电等企业。 Q&A 固体界面接触难题主要通过界面工程改性、材料端和工艺端突破来解决。在工 艺端，通过等静压设备增大压力以减少孔隙， ...

继 嘉元科技 近400亿采购之后， 宁德时代 又"绑定"一家上游材料商。 点击阅读 ： 涉固态电池！宁德时代， 660 亿采购大单 【DT新材料】 获悉， 11月16日， 容百科技 发布公告称，公司成为 宁德时代 钠离子电池正极粉料第一供应商，并于其签约 《合作协议》，有效期至2029年12月 31日，双方将在电池和材料领域的市场、战略、商务、技术、产品开发、供应链等方面开展全面的深度合作，具体包括： （1） 宁德时代与容百科技将建立 高层互访机制 ，就未来业务发展目标和业务规划进行探讨与分享，促进双方业务合作的开展。 （2） 容百科技作为宁德时代的钠离子电池正极粉料第一供应商，将根据宁德时代的目标和规划，全方位制定匹配性的开发计划和生产经营计划。容百科技 将从产 能、产品开发、供应链开发等方面，制定更为具体的计划，使宁德时代在响应速度、产品质量和成本方面具备行业竞争力 ，助力双方在动力、储能及数码等终端市 场取得更大的市场份额。 （3） 在产品长期供应合作方面，容百科技的钠离子电池正极材料技术、质量、成本、交付及服务，需要满足宁德时代的相关要求，而宁德时代承诺每年从容百科 技的采购量， 不低于其总采购量的6 ...

证券研究报告 电力设备 | 电池 北交所|公司点评报告 hyzqdatemark 2025 年 11 月 16 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 11 | | 日 | 13 | | 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 37.12 | | | | | | | | 一 年 低 | 内 | / | 最 | | | | | | | 高 | | 最 | | | （元） | | | | | | | | | | | | | 39.88/16.39 | | 总市值（百万元） | | | | | | | | | | | | | 41,846.81 | | 流通市值（百万元） | | | | | | | ...

2022年1月，容百科技公告称，与宁德时代签订战略合作暨长期供货协议，根据协议约定，宁德时代预计在2022年向容百科技采购高镍三 元正极材料数量约为10万吨；2023年至2025年底，宁德时代将容百科技作为其三元正极粉料第一供应商，并向容百科技采购不低于一定比 例的高镍三元正极材料。 新能源行业又现大单合作。容百科技今日公告与宁德时代签署合作协议，根据协议， 宁德时代将容百科技列为钠电正极粉料第一供应商， 并承诺每年向容百科技采购比例不低于总采购量的60%。 协议中提到，如果宁德时代当年采购量达到50万吨及以上，容百科技将给予更优惠的价格。 这份协议自签署日起生效，有效期至2029年12月31日。协议到期前3个月，双方如无异议，自动续约。 这份合作协议是两家企业从三元锂电池到钠电池的合作升级。自2022年成为宁德时代三元正极材料供应商后，容百科技此次再度携手宁德 时代，将合作领域拓展至更具成本优势的钠电池材料。 钠电正极材料是容百科技近年来着力布局的领域。容百科技在今日公告中称，"公司纳电正极产品开发具有领先优势，各项性能参数、工艺 稳定性和成本控制等综合指标表现突出，在动力、储能、启停电源等领域已在国内外头 ...

Group 1 - Rongbai Technology signed a cooperation agreement with CATL, becoming its primary supplier of sodium battery cathode materials, with a commitment to supply at least 60% of CATL's total procurement volume if annual purchases exceed 500,000 tons [3] - Meihe Co., Ltd.'s controlling shareholder and chairman Wang Jinping is under investigation and has been placed under detention, with the general manager Zhang Kaixu taking over the chairman's responsibilities [4] - Fudan Microelectronics announced that Guosheng Investment plans to acquire 12.99% of its shares from Fuxin Fangao, making Guosheng the largest shareholder post-transfer [5] Group 2 - Guolian Minsheng received approval from the China Securities Regulatory Commission for its stock option market-making business [6] - Luoping Zinc Electric's subsidiary has received approval to resume production at the Jinpo lead-zinc mine, having met safety and operational requirements [7] - Heshun Petroleum's actual controller and associates plan to transfer 6% of the company's shares through an agreement, maintaining control post-transfer [8] Group 3 - Furi Co., Ltd. stated that there are currently no expansion plans for its new energy sector, amid stock price volatility and potential irrational speculation [9] - Joyoung Co., Ltd. clarified that it operates in the small home appliance sector and does not engage in food and beverage product development or sales [10] - Huaxia Happiness reported abnormal stock trading but confirmed no undisclosed significant matters aside from its pre-restructuring announcement [11] Group 4 - Zhongsheng Pharmaceutical is advancing several clinical trials for its innovative drugs, but the outcomes remain uncertain [12] - Pingtan Development noted that its stock price has risen sharply without significant changes in fundamentals, indicating potential market overreaction [13] Group 5 - Chahua Co., Ltd. announced that a major shareholder plans to reduce its stake by up to 3% within three months [14] - Qianli Technology's major shareholder intends to reduce its stake by up to 2% through a private placement [15] - Gaoling Information's shareholders plan to collectively reduce their holdings by up to 1.5% due to funding needs [16] Group 6 - Guochuang High-tech's major shareholder plans to reduce its stake by up to 1% within three months [17] - China Aluminum's director plans to reduce his stake by a minimal amount of 0.00034% due to personal funding needs [18] - Shikong Technology plans to reduce up to 0.29% of its repurchased shares [19] Group 7 - Xinong Co., Ltd.'s vice president plans to reduce his stake by up to 0.1925% due to personal funding needs [20] - Yifeng Pharmacy's vice presidents plan to collectively reduce their holdings by up to 213,900 shares [21] Group 8 - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid, with an estimated total bid amount of approximately 168.12 million yuan [22]

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has evolved from a "testing ground" to a main battleground for specialized and innovative enterprises, with 282 listed companies and a total market capitalization of 900.835 billion yuan as of November 14, 2025 [2][12][14] - Among the listed companies, 254 are classified as specialized and innovative "little giants," accounting for 90.07% of the total, with 152 being national-level little giants [2][33] - The report identifies key industry chains within the BSE, including smart connected new energy vehicles, hydrogen energy, new materials, innovative pharmaceuticals, and artificial intelligence [2][38] Group 2 - The BSE's market performance shows a decline in the North BSE 50 index, which reported 1,514.20 points, with a TTM PE ratio of 71.80X, while the specialized and innovative index reported 2,500.55 points with a TTM PE of 80.59X [3][62][66] - The average market capitalization of BSE companies is lower than that of the ChiNext and STAR Market, with the average market cap at 31.94 million yuan compared to 126.11 million yuan and 175.43 million yuan respectively [22][23] - The report notes that the liquidity of the BSE has improved, with the turnover rate now higher than that of the STAR Market and slightly above the ChiNext [41][42][47] Group 3 - The report indicates that the IPO review process is active, with two companies approved and three pending approval, reflecting a steady increase in the number of companies entering the market [3][28] - The report emphasizes the growing interest from public funds in the BSE, with 39 public institutions investing in BSE stocks by mid-2025, marking a significant increase in both the number of institutions and the amount invested [45][46] - The BSE is expected to enhance its index system and introduce the North BSE 50 ETF, which could further improve liquidity and attract more institutional investors [50][51]

Core Viewpoint - The focus of the industry is shifting back to "traditional" liquid batteries, particularly lithium iron phosphate (LFP) batteries, despite the anticipated breakthroughs in solid-state battery technology. This shift is driven by the need for immediate profitability and the growing demand for energy storage solutions, which LFP batteries can effectively meet [1][9]. Group 1: Solid-State Battery Developments - The solid-state battery sector has seen significant stock price increases for companies like Sandi Intelligent and Yiwei Lithium Energy, indicating a market reevaluation [1]. - At the 2025 World Power Battery Conference, industry leaders discussed the challenges and timelines for solid-state battery commercialization, with estimates ranging from 2027 for small-scale demonstrations to 2035 for widespread adoption [6][11]. - Industry experts caution against overhyping minor advancements in solid-state technology, emphasizing the need for a realistic timeline and a conducive environment for research and development [4][5]. Group 2: Liquid Battery Resurgence - The LFP battery technology, which has been around for about 20 years, is experiencing renewed interest due to its cost-effectiveness and maturity in the market [3][9]. - LFP batteries are noted for their high safety, low cost, and long cycle life, making them suitable for current energy storage demands [9][12]. - The market for LFP batteries is projected to grow significantly, with estimates indicating that by 2024, LFP will account for over 80% of the combined power and storage applications [12]. Group 3: Industry Dynamics and Future Outlook - The recent actions of leading companies like CATL signal a strategic focus on both solid-state and LFP technologies, indicating a balanced approach to innovation and market needs [10][11]. - The energy storage market is expected to reach a trillion-yuan scale, driven by the increasing demand for new energy storage solutions [12]. - The industry is witnessing a shift in focus from solid-state to liquid batteries, as the latter continues to meet immediate market needs effectively [1][12].

证券日报网讯 11月16日晚间，容百科技发布公告称，公司与宁德时代签署了《合作协议》，宁德时代 将容百科技作为其钠电正极粉料第一供应商。根据协议，宁德时代承诺每年从公司采购不低于其总采购 量的60%，当年采购量达到50万吨及以上时，公司将通过降本给予对方更优惠的价格。 （编辑 王江浩） ...

11月13日晚间，宁德时代（300750.SZ，03750.HK）发布公告称，第三大股东黄世霖拟转让4563万股， 占总股本比例为1%，按照最新收盘价转让这部分股权价值达184亿元，即使按最低价格"打七折"测算， 也依然价值过百亿元；宁德时代称，黄世霖转让所持股权的原因为自身资金需求。 对此，有业内人士认为，因为有半年限售期，预计此次即将接盘的机构跟黄世霖之间有比较激烈的博 弈，短期对宁德时代股价、甚至是固态电池板块造成一定冲击，但考虑到电池行业前景依然看好，可能 短期可能出现"黄金坑"，不过也要考虑2026年开始新能源汽车恢复购置税对行业的长期影响。 最低七折转让，接盘者有半年锁定期 "周一卖不卖宁德时代？"这个周末，基金经理们都在加班加点讨论这个话题。 2022年1月11日到6月1日，黄世霖就已经通过大宗交易方式多次减持宁德时代，按照前复权价格计算， 2022年上半年宁德时代股价在180元到330元之间波动。 业界观点存在争议 业内人士预期，这一次宁德时代股价会出现明显波动，会不会形成一个"黄金坑"？在业内人士看来则存 在争议。 慧研智投科技有限公司投资顾问李谦对第一财经记者称，宁德时代股价的运行取决于新 ...