Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The price of lithium carbonate is expected to fluctuate downward in the short - term. The active promotion of the resumption of production at the Zhuxiwo lithium mine weakens the supply contraction expectation. It is recommended to go short at high prices [2]. 3. Summary by Relevant Content Market Data - **Futures Prices**: On September 9, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, consecutive - three, and other contracts of lithium carbonate futures all decreased compared to the previous day. For example, the near - month contract closed at 72,820 yuan/ton, a decrease of 2,440 yuan compared to September 8 [2]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures on September 9 was 591,675 lots, a decrease of 190,712 lots; the open interest was 351,340 lots, a decrease of 12,797 lots [2]. - **Inventory**: The registered warehouse receipts were 38,101 tons, an increase of 650 tons. The social inventory decreased, with smelters reducing inventory and downstream and others increasing inventory [2]. - **Spot Prices**: The average prices of some lithium - related products remained stable, while the average price of lithium spodumene concentrate increased slightly, and the prices of lithium mica remained unchanged. For example, the average price of lithium spodumene concentrate (6%, CIF China) was 879 US dollars/ton, an increase of 3 US dollars [2]. Industry News - **Zhuxiwo Lithium Mine**: On the morning of September 9, Ningde Times' subsidiary held a meeting to promote the resumption of production at the Zhuxiwo lithium mine. The progress of the mining license approval is smooth, and it is expected to resume production soon [2]. - **Chilean Cooperation**: Chilean state - owned copper miner Codelco and SQM are expected to reach a partnership to mine lithium from the Atacama salt flats. The agreement still needs anti - monopoly approval, including from Chinese regulators [2]. Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, with the production of lithium carbonate from different raw materials rising slightly [2]. - **Downstream Demand**: Last week, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the production of lithium manganate increased, and the production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, 3C shipments were average, and the production schedule of energy - storage batteries increased in September [2].

Market Overview - On September 10, major A-share indices collectively rose, with the Shanghai Composite Index up 0.13% to 3812 points, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 1.27% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.98 trillion yuan, a decrease of 140.4 billion yuan compared to the previous trading day [1] Sector Performance Oil and Gas - The oil and gas extraction sector showed strong performance, with Tongyuan Petroleum rising nearly 15% and Zhun Oil shares hitting the daily limit [4] - Other notable gainers included Zhongman Petroleum, Beiken Energy, and Shouhua Gas, all of which also saw significant increases [4] Communication Services - The communication services sector strengthened, driven by the launch of the iPhone Air in partnership with China Unicom, leading to a surge in stocks like Erli San and China Unicom, which rose over 5% [7][9] - Other companies in this sector, such as Sanwei Communication and Jida Communication, also experienced gains [7] Tourism and Hospitality - The tourism sector saw a rise, with companies like Caesar Travel and Tianfu Culture hitting the daily limit, supported by a significant increase in travel demand for the upcoming "Eleventh" holiday [9][11] - Data indicated a 130% year-on-year increase in travel numbers and over 120% growth in GMV during this period [11] Gaming - The gaming sector was active, with Giant Network hitting the daily limit and other companies like Xinghui Entertainment and Kunlun Wanwei also seeing gains [12] - A report from招商证券 indicated that the gaming industry is expected to continue its growth trajectory, supported by policy backing and an increase in game approvals [14] CPO Sector - The CPO sector rebounded, with stocks like Jiayuan Technology and Dongshan Precision hitting the daily limit, alongside significant gains from other companies [14] Battery and Photovoltaic Equipment - The battery sector faced declines, with Tianhong Lithium Battery dropping over 9% and other companies like Lingpai Technology and Changhong Energy also experiencing losses [19][20] - The photovoltaic equipment sector also saw a downturn, with stocks like Shangneng Electric and Daqo New Energy declining significantly [21][22] Future Outlook - Zhongyuan Securities anticipates a steady upward trend in the market in the short term, emphasizing the need to monitor policy, capital flow, and external market changes [23]

Group 1 - The core viewpoint is that Hunan Desay Energy Storage is currently operating at a loss, despite reaching full production capacity [2] - Desay Battery (000049.SZ) indicated on the investor interaction platform that it is still in a loss-making state [2] - The company reported a net loss of 177 million yuan in the first half of 2025 [2]

Group 1 - The company has confirmed that its gel separators produced by its subsidiary can be applied in semi-solid and solid-state battery fields and has achieved mass delivery [2] - The company's subsidiary is also producing Prussian blue cathode materials that can be used in the manufacturing of solid-state/sodium-ion batteries [2] - The company is actively promoting cooperation with downstream sodium-ion battery enterprises to establish demonstration project collaborations [2]

Core Viewpoint - Desay Battery (000049.SZ) is currently not engaged in the consumer cell business, focusing instead on consumer lithium battery power management systems and packaging integration [1] Group 1 - The company primarily operates in the consumer battery sector through power management systems and packaging integration [1] - There is no current involvement in the consumer cell business by the company [1]

报道说，包机于当地时间10日上午10时左右从仁川机场出发。在佐治亚州被捕的韩企韩籍员工预计将于 当地时间10日下午乘包机返回韩国。 美国联邦官员5日说，移民执法人员4日在佐治亚州针对韩国现代汽车集团和LG新能源公司合作经营的 一家电池工厂及相关承包商的突击执法行动中，抓捕475名没有合法身份的人。据韩国外交部门核实， LG新能源以及合作企业员工等300多名韩国公民被美方拘留。 据韩国媒体报道，为接回在美被捕的韩企韩籍员工，大韩航空一架包机10日从韩国仁川机场出发，飞往 美国佐治亚州亚特兰大国际机场。 （文章来源：新华网） ...

Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, which utilizes non-flammable solid electrolytes to enhance safety and reduce risks of short circuits and combustion [1][3][4]. Key Points and Arguments 1. **Safety and Performance**: Solid-state batteries significantly improve safety by suppressing lithium dendrite growth, which is a common issue in traditional liquid batteries [1][3]. 2. **Dry Process Advantages**: The dry process in solid-state battery production eliminates solvents, avoiding side reactions associated with wet processes, making it particularly suitable for moisture-sensitive all-solid sulfide routes [1][5]. 3. **Technological Breakthroughs**: Key technologies in dry process fiberization equipment include binder nanofiberization, nano-level grinding, and integrated coating head and membrane preparation, which require high precision in pressure, temperature, and accuracy [1][6]. 4. **High-Pressure Formation Equipment**: The backend process of solid-state batteries necessitates high-pressure formation equipment to ensure tight interfaces and avoid gas bubbles that can hinder lithium ion conduction [1][13]. 5. **Market Leaders**: Leading companies in the dry electrode forming equipment sector include Naknor and Mannesmann, which have developed composite machines and secured contracts with major battery manufacturers [1][8]. Additional Important Content 1. **Production Process Differences**: Solid-state batteries are transitioning from traditional winding processes to stacking processes, which optimize interface contact and reduce interface resistance, enhancing overall performance [1][10]. 2. **Industry Growth Projections**: Major manufacturers like BYD, CATL, and Guoxuan High-Tech are ramping up production with pilot lines, with expectations to achieve mass production by 2027 [2][14]. 3. **Equipment Demand Surge**: The equipment sector is expected to benefit first from the solid-state battery industry's growth, with significant demand for specialized equipment during the pilot phase [15]. 4. **Investment Risks**: Investors should be aware of risks such as slower-than-expected technological advancements and increased industry competition, which could impact order stability [19]. 5. **Investment Opportunities**: Recommended companies for investment include those with technological breakthroughs in core equipment, such as Naknor, Mannesmann, and leading firms with strong order visibility [20]. Conclusion The solid-state battery industry is poised for significant growth, driven by technological advancements and increasing production capabilities. The equipment sector is expected to see early benefits, with a focus on companies that can navigate the technological and competitive landscape effectively.

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **semi-solid battery** industry, with significant advancements expected in commercialization from 2025 to 2027, particularly from leading companies like BYD, Guoxuan High-Tech, Yiwei Lithium Energy, and XINWANDA [1][2][5]. Core Insights and Arguments - **Commercialization Timeline**: Full solid-state sulfide batteries are expected to undergo batch vehicle testing by 2027, while semi-solid batteries will see product breakthroughs and production scaling from 2025 to 2027 [1][2]. - **Energy Density Improvements**: Current mainstream oxide polymer batteries achieve energy densities of 350 Wh/kg, which can exceed 450 Wh/kg with lithium metal anodes. New Energy has achieved 500 Wh/kg [1][4]. - **Technical Bottlenecks**: Challenges such as interface contact and flow issues in oxide and polymer systems can be addressed through quasi-solid electrolyte technology and the addition of ionic liquids [1][6]. - **Market Applications**: Semi-solid batteries have already made commercial progress in various fields, including 3C electronics, low-altitude drones, robotics, commercial vehicles, and passenger cars, with more applications expected by late 2025 to 2026 [1][8]. Key Players and Their Strategies - **Leading Companies**: Major players like BYD, Guoxuan High-Tech, Yiwei Lithium Energy, and XINWANDA are actively investing in semi-solid battery technology and have clear plans for vehicle integration and mass production [2][5]. - **Starship Energy**: This company leads in the oxide lithium metal anode semi-solid battery sector, achieving energy densities over 500 Wh/kg and collaborating with high-end clients [3][12][13]. - **Hai Moxing**: The company is experiencing a business turnaround with a significant increase in orders, expecting to reduce losses in Q3 and potentially turn profitable in Q4 [15]. Additional Important Insights - **Technological Advantages**: Semi-solid or quasi-solid oxide polymer technology enhances conductivity and safety, with solutions for low room temperature conductivity through the introduction of plasticizers or UV light [9]. - **Investment Opportunities**: While full solid-state sulfide remains a core investment focus, semi-solid batteries are also seen as having substantial potential, warranting investor attention [16]. - **Future Projections**: The semi-solid battery market is anticipated to see large-scale applications by 2026 and significant industrial results by 2029-2030, driven by technological iterations and cost reductions [12]. Conclusion - The semi-solid battery sector is poised for rapid growth and commercialization, with leading companies making significant strides in technology and market applications. Investors are encouraged to monitor developments in this space for potential opportunities.

Group 1 - The core viewpoint of the news is that Zhengli New Energy (3677.HK) has seen a significant increase in stock price due to its inclusion in the Hong Kong Stock Connect, which is expected to attract more mainland capital and enhance liquidity and valuation levels [1][3] - Zhengli New Energy specializes in the research, production, and manufacturing of lithium-ion power batteries and energy storage batteries [1] - The company reported impressive financial results for the first half of the year, achieving revenue of 3.172 billion yuan, a year-on-year increase of over 71.9%, with a gross margin of 17.9% and a net profit of 220 million yuan, marking a turnaround from a loss [1] Group 2 - During the reporting period, the company shipped 7.83 GWh of power batteries, with passenger vehicle shipments reaching 7.63 GWh, reflecting a year-on-year growth of 110.77% [1] - In June, the company's passenger vehicle power battery shipments ranked 6th in the market [1]

Core Viewpoint - The company believes that the commercialization of all-solid-state batteries will take a considerable amount of time due to technical challenges and cost disadvantages compared to existing liquid lithium batteries [2] Group 1: Company Plans and Measures - The company has established a 10-ton production line for sulfide solid electrolytes, which is now capable of supplying products [2] - The company will continue to invest in research and development, actively explore market opportunities, and deepen cooperation and technical exchanges with customers to promote industry technological advancement [2] Group 2: Industry Insights - All-solid-state batteries are expected to find applications in niche areas such as aerospace, where performance requirements are high and price sensitivity is low [2] - The company anticipates that all-solid-state batteries will coexist with liquid and semi-solid batteries in the long term [2]