Group 1 - The core point of the article is that XianDao Intelligent (300450) announced a significant stock price increase of 103.21% over the past 10 trading days, attributed to heightened market interest in the solid-state battery sector [1] - The company has conducted a self-examination and noted that the core progress of its solid-state battery equipment business has been detailed in previous regular reports [1] - The company emphasizes that the global solid-state battery industry is still in the stages of technological iteration and industrial preparation, and has not yet entered a large-scale mass production phase, indicating uncertainty in the advancement of its related business [1]

（文章来源：每日经济新闻） 曼恩斯特（301325.SZ）9月10日在投资者互动平台表示，在固态电池领域，公司基于干湿法双线布局策 略，已积累较丰富的前段技术储备及验证数据，其中在新型陶瓷材料、双螺杆高效分散、超薄湿法涂 层、活性物质与固态电解质双层共涂等技术均有一定创新性和优势。今年，公司多款固态电池设备，已 陆续发往客户现场，包含干法及湿法相关前段设备，调试验证效果取得客户认可。 每经AI快讯，有投资者在投资者互动平台提问：公司在固态电池领域有那些布局？ ...

格隆汇9月10日丨海目星(688559.SH)在投资者互动平台表示，公司在固态电池设备领域属于自主可控， 不仅拥有知识产权，还有庞大的研发技术团队，支持固态相关技术的研发、测试、量产上市及售后服 务。责任编辑：钟离 ...

Group 1 - The company has made significant progress in the solid-state battery equipment sector, leveraging a dual-line strategy of dry and wet processes [1] - The company has accumulated substantial front-end technology reserves and validation data in the solid-state battery field, showcasing innovations in new ceramic materials, efficient dispersion with twin-screw technology, ultra-thin wet coating, and dual-layer co-coating of active materials and solid electrolytes [1] - Several solid-state battery equipment models have been delivered to customer sites this year, including both dry and wet front-end equipment, with successful debugging and validation results that have gained customer recognition [1]

Core Viewpoint - The company, HaiMuxing, is a pioneer in the solid-state battery equipment sector, simultaneously developing two technological routes: "lithium metal anode + oxide electrolyte" and "silicon-carbon anode + sulfide electrolyte" [1] Group 1: Technological Development - The company possesses intellectual property and a large R&D team to support the development, testing, mass production, and after-sales service of solid-state battery technologies [1] - It has successfully established a complete process for the mass production of lithium metal solid-state batteries and received orders for 2 GWh of production equipment valued at 400 million yuan, marking the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] Group 2: Equipment and Production - In the sulfide all-solid-state battery route, the company has achieved comprehensive coverage of key manufacturing equipment, including solid-state electrode preparation, solid-state electrolyte film preparation, and bare cell assembly [1] - The company has made several technological breakthroughs in core processes and has provided pilot line equipment for sulfide solid-state batteries to several leading global new energy technology companies, with the equipment receiving high recognition from customers and being shipped in succession [1]

Core Viewpoint - The solid-state battery equipment sector is witnessing significant growth, with companies like Liyuanheng and XianDao Intelligent achieving substantial stock price increases following the release of a government action plan supporting advanced technologies, including solid-state batteries [1][7]. Group 1: Company Performance - Liyuanheng's stock price surged by 20% on September 5, with a trading volume of 1.717 billion yuan, indicating strong market activity and demand [2][3]. - XianDao Intelligent also experienced a 20% increase in stock price, with a total trading volume of 16.1 billion yuan, reflecting high investor interest [4][5]. - Both companies have successfully delivered solid-state battery equipment, positioning them as key players in the emerging market [1][8]. Group 2: Market Dynamics - The recent government action plan emphasizes the importance of solid-state battery technology and aims to enhance the supply chain's resilience and safety [7]. - Institutional investors show mixed sentiments, with some aggressively buying shares while others are taking profits or reallocating their portfolios [6]. - Foreign investment is notable, with major international firms like Goldman Sachs, UBS, and Morgan Stanley participating in the buying of Liyuanheng shares [2][3].

Core Viewpoint - The company, Haosen Intelligent (688529.SH), currently has no orders for solid-state battery equipment but is actively developing its technology and market presence [1] Group 1: Company Status - The company has not received any orders for solid-state battery equipment at this time [1] - It has made progress in process equipment and technology reserves, indicating readiness for future production [1] - The company possesses planning and technical capabilities for module PACK mass production lines [1] Group 2: Market Development - The company is actively engaged in market development efforts to secure orders [1] - Specific updates regarding order acquisition will be disclosed in the company's temporary announcements and regular reports [1]

Investment Rating - The report recommends focusing on solid-state battery equipment suppliers, particularly highlighting "XianDao Intelligent" as a key investment opportunity, while also suggesting attention to "LiYuanHeng," "NaKeNuoEr," "ChuanXi Machine," "BaoTou KeFa," and overseas leader "Quintus" [4]. Core Insights - Isostatic pressing technology has a wide range of applications across various industries, including aerospace, medical, automotive, and electronics, and has been validated over 70 years [2][12]. - Isostatic pressing can effectively address the solid-solid interface contact issues in solid-state batteries, enhancing density and improving component contact effects, which is crucial for achieving high energy density and stability [3][31]. - The current bottlenecks for isostatic pressing equipment in solid-state battery production include safety concerns and limited production capacity, which can be mitigated through design optimizations and automation [4][59]. Summary by Sections 1. Application of Isostatic Pressing Equipment - Isostatic pressing technology is categorized into cold, warm, and hot types, each with specific temperature and pressure requirements, impacting production efficiency and cost [17][20]. - Warm isostatic pressing is identified as the optimal process for solid-state battery densification, balancing interface density improvement and cost-effectiveness [3][39]. 2. Isostatic Pressing for Solid-State Batteries - The introduction of isostatic pressing in solid-state battery production is essential for achieving the required density and improving ion conductivity, with potential performance enhancements of over 30% in ionic conductivity and a 20% reduction in internal resistance [31][54]. - The report estimates that the value of isostatic pressing equipment in solid-state battery production lines could reach approximately 2.9 billion yuan by 2029 [3][54]. 3. Key Companies - The report highlights several key players in the isostatic pressing equipment market, including traditional manufacturers like Quintus and domestic companies such as ChuanXi Machine and BaoTou KeFa, which are advancing their technology for solid-state battery applications [4][45]. 4. Investment Recommendations - The report emphasizes the importance of investing in companies that are actively developing isostatic pressing technology for solid-state batteries, particularly those that are integrating automation and optimizing production processes [4][47].

Group 1: Company Insights - The company Liyuanheng anticipates that the domestic power battery equipment market will experience structured growth over the next 1-2 years, with incremental space primarily coming from the equipment upgrades and iterations demanded by leading battery manufacturers, as well as the need for new production equipment [1] - The company aims to enhance its competitiveness through research and development, global operations, and the establishment of a service network, while also focusing on the synergistic development of consumer and power battery businesses [1] - A major client strategy has improved the company's operational quality and financial performance, including an increase in gross margin and a decrease in expense ratio [1] - The company will continue to promote refined management and efficient operations, focusing on next-generation continuous production isostatic equipment and collaborating with battery material companies and cell manufacturers for technical breakthroughs [1] - The mass production of solid-state batteries faces several technical challenges that need to be addressed, including issues related to the process route, electrode and electrolyte composite technology, glue frame printing and packaging, and high-voltage formation [1] - The company's competitive advantage is based on the accumulation of technical standards, the depth of cooperation with clients, and the trust established through technical validation [1] - The decrease in period expenses is attributed to improved operational efficiency and organizational optimization, with plans to enhance client fund management, project operation, and capital turnover efficiency, while optimizing research and development strategies and focusing on core clients and flagship products [1] Group 2: Industry Overview - The overall market for power battery equipment is expected to evolve, driven by the demands of leading manufacturers for updated and innovative production technologies [1]

Core Viewpoint - The recent surge in the delivery of dry electrode equipment for next-generation battery manufacturing indicates a significant acceleration in the industrialization process of high-energy-density batteries, particularly solid-state batteries [4][10]. Group 1: Equipment Deliveries - Multiple domestic and international equipment companies have recently delivered dry electrode equipment, marking a transition from research validation to production line implementation [3]. - Li Yuanheng announced the delivery of a complete solid-state battery production line, including dry electrode equipment, to a leading domestic company [4]. - Qingyan Electronics and Qingyan Nako successfully delivered high-speed wide-format dry electrode equipment to a major domestic automotive company [5]. - LiCAP Technologies in the U.S. has completed the acceptance testing of its 300 MWh roll-to-roll production line, producing self-supporting positive electrode films [6]. Group 2: Technological Advancements - Qingyan Electronics' equipment can achieve a dual-sided composite film speed of 80 m/min for the negative electrode and 50 m/min for the positive electrode, with plans to increase the width to 1.2 meters [5]. - The dry electrode process eliminates solvent coating, drying, and recovery steps, significantly reducing energy consumption and manufacturing costs while avoiding solvent residue issues [7]. - The core technology of dry electrode production, fiberization equipment, accounts for over 30% of the equipment cost and faces challenges in achieving uniform powder mixing and mechanical strength [8]. Group 3: Future Prospects - The recent deliveries of solid-state battery equipment extend beyond dry electrodes, with Huacai Technology delivering core front-end equipment to a solid-state battery company [9]. - Huacai's equipment addresses the challenge of achieving uniform mixing of solid electrolytes and active materials, indicating advancements in the field [9]. - The overall trend of equipment deliveries suggests that the development of next-generation batteries is moving from laboratory settings to pilot lines and engineering validation, paving the way for mass production [10].