Core Viewpoint - The solid-state battery scientific issues have been resolved and the current focus is on engineering challenges, aiming for commercialization by 2030 with small-scale production expected in 2027 [2][6] Group 1: Industry Progress - The solid-state battery product development is progressing well, with commercialization considerations focusing on cost [2][6] - The supply chain is expected to mature in 3-5 years, with a target for commercial viability by 2030 [2][6] Group 2: Equipment and Technology - Leading companies in the solid-state battery equipment sector include Xian Dao Intelligent (整线), Hong Gong Technology (混料&纤维化), and Na Ke Nuo Er (辊压), which are well-positioned to benefit from the rising demand for upstream equipment [3][4] - The PTFE fiberization method is anticipated to become the mainstream solution for dry film formation, requiring higher equipment performance in terms of pressure, precision, and uniformity [3][4] Group 3: Equipment Challenges - The isostatic pressing process presents significant technical challenges, requiring ultra-high pressures of 500-600 MPa, which raises safety concerns [4] - Companies like AVIC's subsidiary Chuanxi Machinery are leading in isostatic equipment, while Xian Dao Intelligent and Na Ke Nuo Er are accelerating their investments in this area [4] Group 4: Investment Recommendations - Key recommendations include Xian Dao Intelligent (整线), Lian Ying Laser (激光焊接), and Hang Ke Technology (化成分容) as solid-state battery equipment suppliers [6] - Other companies to watch include Hong Gong Technology (前道设备龙头), Ying He Technology (干/湿法电极), and Li Yuan Heng (整线供应商) among others [6]

Core Viewpoint - The lithium battery equipment industry is gradually emerging from its bottom phase, with solid-state batteries expected to achieve commercial application by 2027, leading the equipment sector [1] Group 1: Industry Trends - Since September 2024, the operating rates of leading domestic battery manufacturers have shown improvement [1] - From 2025 onwards, leading lithium battery equipment companies continue to receive overseas orders, with significant domestic recovery expected, leading to potential upward adjustments for the entire year [1] Group 2: Solid-State Battery Developments - Recent catalysts for solid-state batteries include successful technological advancements by overseas companies such as Quantum Scape and Solid Power, which have seen their stock prices reach new highs, attracting significant attention from the capital market [1] - The release of the "Solid-State Battery Determination Method" in May 2025 has established industry standards, while the revised safety requirements for electric vehicle batteries have strengthened safety protocols, laying a solid foundation for the development of the solid-state battery industry [1] Group 3: Investment Opportunities - The gradual establishment of pilot lines for solid-state batteries by leading manufacturers and the mid-term acceptance of the solid-state battery special project by the Ministry of Industry and Information Technology indicate that the solid-state battery equipment industry is likely to benefit first [1] - Companies to watch include Xianlead Intelligent (300450), Xianhui Technology, and Haimeixing, as well as Eastway Technology and Jiao Cheng Ultrasonic, which focus on composite current collector equipment [1]