Core Viewpoint - The electric vehicle (EV) industry is experiencing significant growth, with revised sales expectations for 2025 and beyond, driven by strong domestic and international demand [2][3]. Electric Vehicle Sales - In September, major domestic automakers sold 967,000 EVs, representing a month-on-month increase of 21% and a year-on-year increase of 39%, aligning with expectations [2][3]. - Cumulative sales reached 7.19 million units, with an annual forecast of approximately 16.5 million units, reflecting a year-on-year growth of 25%-30% [2][3]. - Exports are expected to reach 2.3 million units, marking an 85% increase, while commercial vehicle sales are projected at 850,000 units, nearly a 60% year-on-year increase [2][3]. - In Europe, sales in September for nine major countries totaled 313,000 units, with a significant month-on-month increase of 35% and a year-on-year increase of 30%, leading to an upward revision of the annual sales forecast to 3.8-4 million units [2][3]. Energy Storage - Domestic energy storage demand has exceeded expectations, with local governments implementing capacity price compensation after the cancellation of mandatory storage requirements, leading to a projected 51% growth in 2025 [3]. - In the U.S., pre-project installations ahead of the OBBB execution are expected to drive a 62% growth in 2025, while Europe and emerging markets are anticipated to see 1-2 times growth [3]. - Global energy storage battery shipments are expected to reach 551 GWh in 2025, a 70% year-on-year increase, with a forecast of 40% growth to 773 GWh in 2026 [3]. Solid-State Technology - The fourth quarter is expected to see a concentration of catalysts for solid-state technology, with advancements in materials that enhance energy density and solve interface contact issues [4]. - The Chinese Academy of Sciences has developed a new polymer-based electrolyte that could significantly impact solid-state battery production [4]. Investment Recommendations - The battery sector is expected to thrive, with companies like CATL, Yiwei Lithium Energy, and others being highlighted for potential growth [5]. - Material leaders such as Keda Technology and others are also recommended for investment, alongside lithium carbonate producers anticipating price rebounds [5]. - The solid-state sector is projected to benefit from upcoming catalysts, with companies like Xiamen Tungsten and others being favored for investment [5].

Market Overview - U.S. stock futures were higher, with Dow futures gaining over 100 points on Thursday [1] Company-Specific Movements - Satellogic Inc. (NASDAQ:SATL) shares fell 13.1% to $3.60 in pre-market trading following a proposed public offering [1] - American Battery Technology Company (NASDAQ:ABAT) shares dipped 23.9% to $6.81 after the DOE terminated a grant [3] - Hyperfine, Inc. (NASDAQ:HYPR) shares decreased 14.1% to $1.89 due to preliminary third-quarter revenue results falling below estimates and a proposed public offering [3] - Omeros Corporation (NASDAQ:OMER) shares declined 9.2% to $9.45 after a significant 154% increase the previous day following Novo Nordisk's acquisition of its global rights to Zaltenibart [3] - Hewlett Packard Enterprise Company (NYSE:HPE) tumbled 8.6% to $22.85 despite reporting record revenue driven by AI demand, as restructuring costs compressed profit margins [3] - NIO Inc. (NYSE:NIO) fell 8.5% to $6.24 in pre-market trading [3] - Inventiva S.A. (NASDAQ:IVA) declined 7.5% to $5.06 after a 10% gain the previous day [3] - Bitfarms Ltd. (NASDAQ:BITF) fell 4.6% to $6.17 after announcing a $300 million convertible senior notes offering [3] - Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.8% to $53.66 following CEO Subodh K. Kulkarni's sale of 1,000,000 shares, raising concerns about leadership commitment [3] - Datavault AI Inc. (NASDAQ:DVLT) slipped 4.8% to $2.00 in pre-market trading [3]

Group 1: Solid-State Battery Breakthroughs - Solid-state batteries are identified as the core technology direction for next-generation lithium batteries, with significant application prospects in new energy vehicles and low-altitude economy [1] - Chinese scientists have successfully overcome critical challenges in all-solid-state lithium batteries, enabling performance upgrades that could allow a 100 kg battery to support over 1000 km of range, compared to the previous maximum of 500 km [1][3] - The advancements involve three key technologies that improve the interface between the solid electrolyte and lithium metal anode, addressing the contact issues that hinder battery efficiency [3][5] Group 2: Key Technological Innovations - The first breakthrough involves the development of "iodine ions" as a special adhesive that fills gaps at the interface, enhancing the contact between the electrode and electrolyte [5] - The second innovation is a "flexible transformation technique" that uses polymer materials to create a robust framework for the electrolyte, allowing it to withstand significant deformation while improving lithium-ion mobility and storage capacity by 86% [5] - The third advancement is the "fluorine reinforcement" technique, which enhances the electrolyte's resistance to high voltage, ensuring safety and performance under extreme conditions [5] Group 3: Wind Power Installation Vessel - The "Nordic Wind" vessel, the world's first full direct current wind power installation ship with a lifting capacity exceeding 3000 tons, has been delivered, filling a technological gap in the market [7][9] - This vessel features a length of 146 meters and a maximum displacement of 56,000 tons, equipped with a 3200-ton main hoist and capable of operating in harsh conditions [9] - The carbon emissions for installing wind power equipment with this vessel are only 30% of those from traditional AC supply vessels, significantly reducing the environmental impact [11] Group 4: International Standards Development - Since the "14th Five-Year Plan," China has actively participated in and led the formulation of over 1000 international standards, contributing to sustainable global economic and technological development [12][18] - The establishment of new international standards in key areas such as new energy and photovoltaic technology has streamlined communication and accelerated research and development processes across the industry [16] - The total number of international standards led by China has reached 2032, nearly doubling the number from the previous five-year period [18]

Core Insights - Chinese scientists have successfully overcome key challenges in all-solid-state lithium batteries, enabling a significant upgrade in performance, with potential range exceeding 1000 kilometers compared to the previous maximum of 500 kilometers for 100 kg batteries [2] Group 1: Breakthrough Technologies - The first breakthrough involves a "special glue" called iodine ions developed by a research team from the Chinese Academy of Sciences, which helps improve the interface between the electrode and electrolyte, enhancing battery efficiency [3] - The second breakthrough is a "flexible transformation" technique from the Chinese Academy of Sciences' Institute of Metal Research, where polymer materials create a flexible framework for the electrolyte, allowing it to withstand over 20,000 bends and enhancing energy storage capacity by 86% [3] - The third breakthrough comes from Tsinghua University, which uses fluorinated polyether materials to reinforce the electrolyte, ensuring safety and performance under high voltage and temperature conditions [3]

Core Insights - JD.com is actively recruiting for its automotive division, with multiple positions offering annual salaries exceeding one million yuan [1] - The company has announced a collaboration with GAC Group and CATL to launch a new vehicle called "National Good Car," set to be exclusively sold on JD.com starting November 9 [1] - The anticipated price range for the new vehicle is between 100,000 and 120,000 yuan, featuring a battery from CATL [1] Recruitment Details - The highest salary for a position in the retail division's algorithm role can reach 1.23 million yuan, with a monthly salary range of 35,000 to 65,000 yuan across 19 pay periods [1] - The automotive procurement and sales head position offers a salary exceeding 1.1 million yuan, requiring 5 to 10 years of relevant experience and knowledge of automotive parts procurement and supply chain management [1] Product Launch Information - The new vehicle, designed specifically for JD.com users, will include features such as rechargeable and swappable batteries [1] - The launch coincides with the JD.com Double Eleven shopping festival, indicating a strategic timing for market entry [1]

Group 1 - JD Group and Changan Automobile signed a strategic cooperation agreement to establish a comprehensive strategic partnership in Beijing [1] - Changan Automobile's five brands, including Avita, Deep Blue, Changan Qiyuan, Changan Automobile, and Changan Kaicheng, will collaborate with JD Group's retail and logistics sectors [1] - Future collaboration will focus on smart logistics vehicles and the design and development of new energy autonomous vehicles [3] Group 2 - JD Group and CATL signed a strategic cooperation agreement to enhance collaboration in various fields, including battery consumption market services, green logistics, and supply chain digitalization [3] - The partnership aims to promote green and low-carbon transformation in the industry and upgrade supply chain operations [3] - On November 14, JD, GAC Group, and CATL announced a collaboration to launch a new vehicle exclusively on JD's platform during the Double Eleven shopping festival, featuring a battery-swapping model [5]

Summary of Key Takeaways from ZE Conference on Battery Value Chain Industry Overview - **Industry Focus**: Battery materials, specifically related to Energy Storage Systems (ESS) and Electric Vehicle (EV) batteries - **Key Participants**: ZE Consulting, China Futures, and various industry contacts Core Insights - **ESS Demand Growth**: - Industry consensus indicates a rising demand for ESS batteries to compensate for slowing EV battery demand in 2026 - Demand growth forecasts for 2026 vary significantly among experts, ranging from **18% YoY** (China Futures) to **40% YoY** (ZE) [1][2] - ZE predicts global ESS production will reach **1000 GWh** in 2026, up from **600 GWh** in 2025, representing a **60%+ YoY growth** [1][2] - **Lithium Carbonate Demand**: - If ZE's forecast holds, it implies an incremental demand of **500 kt+** for lithium carbonate, potentially leading to a quicker turnaround in lithium supply-demand dynamics [2] - Experts see limited downside risk for lithium average selling prices (ASP), although policy uncertainties regarding mining licenses may introduce volatility [2] - **LFP Cathode Utilization**: - Expected increase in utilization rates for LFP cathodes by **8 percentage points YoY** in 2026, with a range of **70%-80%** [3] - Current loss-making status among LFP cathode manufacturers is deemed unsustainable, with potential for a deficit in 2027 if demand growth continues to outpace supply [5] Investment Implications - **Positive Outlook**: The overall positive sentiment from the ZE Conference aligns with a bullish outlook on the upcoming battery price up-cycle [6] - **Investment Recommendations**: - Continued support for companies such as **CATL**, **EVE**, **CALB**, and **Hunan Yuneng** is suggested based on strong demand forecasts and production pipelines [6] Risks to Consider - **Key Risks**: - Weaker-than-expected battery demand - Research and development challenges - Strong competition and operational execution issues - Customer concentration and litigation risks [8][10][14][16] Company Valuations - **CALB Group Co Ltd**: Target price set at **HK$33.40**, based on a **2026E P/E of 20.6x** [7] - **CATL**: Valued at **HK$621/share** based on a **17.3x 2025E EV/EBITDA** [9][11] - **Eve Energy**: Target price of **Rmb93.9/share**, using a sum-of-the-parts approach [12] - **Hunan Yuneng**: Valued at **Rmb57.9/share** based on a **14.4x 2026E EV/EBITDA** [15] Conclusion - The battery materials industry is poised for significant growth, particularly in the ESS segment, with varying demand forecasts indicating a robust market. However, potential risks and challenges remain that could impact the overall outlook and company valuations.

中科院物理所研发阴离子调控技术解决固态电池界面问题，中国企业亮相北美电池展展示固态电池全链 条技术 （1）技术进展：近日，中科院物理所黄学杰团队联合华中科技大学、宁波材料所，在硫化物电解质中 引入碘离子调控技术。碘离子在电场作用下迁移形成富碘界面层，实现电极与电解质自主修复接触，无 需外部加压装置。原型电池经数百次循环后性能稳定，相关成果发表于《自然·可持续发展》。（2）项 目进展：10月9日，太蓝新能源全固态电池研发及产业化项目在湖北潜江开工，总投资15亿元，规划建 设两座电芯车间及PACK车间。10月9日，天铁科技联合杭州萧山创投基金、经开基金，出资3.015亿元 投资欣界能源，建设10GWh锂金属固态电池工厂。（3）行业合作：近日，丰田汽车与住友金属矿山达 成合作，共同研发纯电动汽车用全固态电池正极材料，重点解决硫化物电解质与正极界面稳定性问题。 丰田重申计划2027-2028年推出搭载全固态电池的纯电动车型。我们认为当前固态电池正逐步从实验室 阶段到量产验证阶段发展，预计2025年底小批量装车试验，2026-2027年普遍装车试验，此外，低空、 机器人、AI等新兴应用场景打开固态电池市场空间，产业化落 ...

Summary of Contemporary Amperex Technology Co. Ltd. (CATL) Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (300750.SZ) - **Industry**: China Energy & Chemicals - **Market Cap**: Rmb1,743,315 million - **Current Share Price**: Rmb381.95 - **Price Target**: Rmb490.00, implying a 28% upside Key Points Earnings Preview - **3Q Earnings Expectation**: Anticipated net profit of Rmb18.8 billion, which is 2% above consensus estimates [15] - **Battery Volume Growth**: Expected to increase by more than 15% quarter-over-quarter (QoQ) in 3Q [1][15] - **Margins**: Margins will be influenced by product mix changes, particularly with e-trucks, lower-end electric passenger vehicles (ePVs), and domestic energy storage systems (ESS) [1][15] Shipment and Sales Insights - **Sales Recognition**: Typically, 85-90% of shipments are recognized as sales [3] - **ESS Deployment**: Strong ESS shipments are expected in 3Q due to projects under construction [6] Market Dynamics - **Electric Truck Penetration**: The penetration rate for electric light-duty trucks in China reached 11.4% as of August 2025, indicating robust growth in the sector [8] - **Heavy-Duty Truck Sales**: Electric heavy-duty truck sales saw approximately 150% year-over-year growth in 3Q25, although the penetration rate remained flat at 26% [18] Financial Metrics - **Revenue Projections**: Expected revenue growth from Rmb362,013 million in 2024 to Rmb624,481 million by 2027 [12] - **EBITDA Growth**: Projected EBITDA to rise from Rmb79,515 million in 2024 to Rmb144,324 million by 2027 [12] - **Earnings Per Share (EPS)**: Expected EPS growth from Rmb11.55 in 2024 to Rmb23.75 by 2027 [12] Risks and Opportunities - **Upside Risks**: Faster-than-expected EV penetration, lower geopolitical risks, and better-than-expected margins could enhance performance [26] - **Downside Risks**: Weaker EV penetration, potential competition from other battery manufacturers, and geopolitical risks could negatively impact the company [26][27] Valuation Methodology - **Valuation Approach**: Utilizes an EV/EBITDA multiple of 17x for 2026E EBITDA, suggesting a P/E of 25x for 2026E [22] Analyst Ratings - **Stock Rating**: Overweight, indicating expected performance to exceed the average total return of the industry [12][41] Conclusion Contemporary Amperex Technology Co. Ltd. is positioned for significant growth in the upcoming quarters, driven by increased battery volume and strong market demand for electric vehicles and energy storage systems. However, the company faces potential risks from market competition and geopolitical factors that could impact its margins and overall performance.

Summary of China Battery Market Conference Call Industry Overview - The report focuses on the **China battery market**, particularly the export data and price expectations for batteries as of August 2025 [5][66]. Key Points and Arguments Battery Export Data - **Total battery exports** (including consumer batteries and Battery Energy Storage Systems (BESS)) increased by **45% year-over-year (YoY)** in August 2025 and **67% YoY** in the first eight months of 2025 [5][75]. - **Export breakdown**: - **United States**: 21% of total export volume in 8M25, with a **28% YoY** increase, but a **60% month-over-month (MoM)** decline back to May levels [5]. - **Europe**: 36% of total export volume in 8M25, with a **65% YoY** increase and a **24% MoM** increase in August 2025. The growth is attributed to both Electric Vehicle (EV) battery demand and emerging demand for Energy Storage Systems (ESS) [5]. - **Rest of the World (RoW)**: 42% of total export volume in 8M25, with a **99% YoY** increase, contributing approximately **107 GWh** of exports [5]. Price Expectations - There is **caution regarding sustained price increases** in the battery market despite short-term tightness. Seasonal strengths in Q4 2025 may lead to temporary price rebounds, but a sustainable price hike is deemed unlikely due to expected seasonal weakness in Q1 2026 [5]. - A **sensitivity analysis** indicates that a **10% price hike** could result in a **30%-60% earnings upside** in 2026E. Companies like **Gotion, CALB, and EVE Energy** are noted to be more sensitive to battery price hikes [5]. Market Dynamics - The **30%-80% rally** in share prices over the past 60 trading days is believed to have already priced in **2%-5% battery Average Selling Price (ASP)** hikes for 2026E [5]. - The **battery supply chain** shows varied utilization trends across different components, with notable increases in separator and electrolyte prices [8][37]. Company Performance - **CATL, BYD, and CALB** are highlighted as key players in the domestic battery installation market, with varying month-over-month growth rates [54][56]. - **Sales volume** for major companies in August 2025 shows significant YoY growth, with **BTR** at **44.1 kt** (+62% YoY) and **Shanshan** at **46.2 kt** (+40% YoY) [60]. Additional Insights - The **European BEV market** saw a **25% YoY sales growth** in the first half of 2025, which is a significant driver for battery imports from China [5]. - Emerging markets with high solar installation percentages, such as the **Netherlands, Bulgaria, and Greece**, are increasingly importing batteries despite limited EV production [5]. Conclusion - The China battery market is experiencing robust growth in exports, particularly to Europe and the RoW, driven by both EV and ESS demand. However, expectations for sustained price increases are tempered by anticipated seasonal fluctuations and a balanced supply-demand dynamic. Key players are positioned to benefit from potential price hikes, but market conditions will require careful monitoring.