Core Insights - The intrinsic safety and all-scenario application of power batteries are becoming focal points in the global new energy industry, especially in emerging fields like eVTOL and humanoid robots, where battery safety has evolved from a basic requirement to a decisive factor for industry development [2]. Industry Events - The 2025 Gaogong Lithium Battery Annual Conference and 15th Anniversary Celebration will be held from November 18 to 20 at the JW Marriott Hotel in Qianhai, Shenzhen [3]. - Dr. Jiang Weiran, Vice President of R&D and Overseas Business at Funeng Technology, has confirmed attendance and will share insights on soft-pack battery technology at the conference [4]. Company Developments - Funeng Technology, a leader in soft-pack batteries, has developed battery solutions covering high-end passenger vehicles, eVTOL, and robotics, leveraging the unique advantages of soft-pack batteries [6]. - In the low-altitude economy sector, Funeng has mass-produced a 285Wh/kg eVTOL battery that has undergone over 10,000 flight cycle tests and has received FAA aviation safety certification. The battery has demonstrated safety in 100% SOC puncture tests, showing no smoke, fire, or explosion [6]. - Funeng Technology is pursuing a dual development strategy for solid-state battery technology, focusing on both all-solid and semi-solid state batteries [7]. - The company has reported progress in developing all-solid-state batteries with an energy density of 400-500Wh/kg, with plans to deliver small batches of 60Ah sulfide all-solid-state batteries to strategic partners by the end of 2025. Funeng is one of the early domestic companies to initiate research in the oxide/polymer system, adhering to a high-nickel ternary positive electrode route and enhancing energy density through negative electrode mixing technology [8]. Conference Highlights - Attendees can look forward to Dr. Jiang Weiran's presentation at the Gaogong Lithium Battery Annual Conference, which will explore future paths for innovation in power battery technology. The event will also feature a 15th Anniversary Celebration, the Gaogong Golden Ball Award ceremony, the release of a blue paper, and special sessions focused on core industry topics, providing a platform for in-depth communication and collaboration among participants [9].

Industry News - The "Regulations on Planning, Construction, and Operation Management of Oil and Gas Infrastructure" will take effect on January 1, 2026, encouraging the research and development of key technologies and materials in the oil and gas sector, as well as the application of advanced information technologies like AI for digital and intelligent infrastructure development [2] - The National Bureau of Statistics reported that in October 2025, the production of major energy sources showed steady growth, with coal production at 397 million tons (up 1.5% year-on-year), crude oil production at 18.064 million tons (up 1.7%), and natural gas production at 217 billion cubic meters (up 6.3%) [3] - The State Administration for Market Regulation has implemented 1,724 quality enhancement projects in the battery industry since 2024, addressing 18,254 quality issues [3] - The Three Gorges follow-up work plan is expected to meet its goals by the end of this year, with an investment of 12.38 billion yuan allocated for 7,561 projects [3] - The interconnection project between Jiangsu and Anhui provinces' power grids has been officially launched, enhancing regional grid resilience for winter power supply [4] - In Guangxi, the marketized electricity from renewable sources has exceeded 50 billion kilowatt-hours, reaching 52.688 billion kilowatt-hours, which is 2.39 times that of the same period last year [4] - Jiangxi province ranks second in the country for the number of voluntary emission reduction projects related to afforestation carbon sinks, with a forest area of 155 million acres and a forest coverage rate that remains among the highest in the nation [4] - China's first LNG dual-fuel car carrier, "NOCC PACIFIC," has been completed, marking a significant breakthrough in the construction of ships for transporting new energy vehicles [5] International News - The European Parliament approved a legally binding target to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels, supporting flexibility measures for member states to meet their reduction tasks [6] - The International Energy Agency predicts a surplus of over 4 million barrels of oil per day in the coming years due to increased production and slowing demand growth [6] - Iran's Revolutionary Guard has seized an oil tanker in the Persian Gulf, which was carrying 30,000 tons of petrochemical products [6] Corporate News - Daqing Oilfield has commenced its winter natural gas supply, marking the start of gas delivery to the Beijing-Tianjin-Hebei region [7]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials supports one generation of industry," highlighting the foundational role of the new materials industry in supporting other sectors [5][12]. Summary by Relevant Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [6]. - A breakthrough in flexible electronics was reported, with a team from Nanjing University achieving a quantum efficiency of over 45% for tandem perovskite LEDs, setting a new world record [23]. 2. Aerospace Sector - Key areas of interest include PI films, precision ceramics, and carbon fibers [10]. 3. New Energy Sector - The upcoming "15th Five-Year" special plan for power batteries aims to promote the development of new battery industries. Recent data indicates that the energy density of battery cells has exceeded 300 Wh/kg, with rapid charging capabilities and average ranges exceeding 500 km [12]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services [13]. 5. Energy Conservation and Environmental Protection Sector - Key areas include adsorption resins, membrane materials, and biodegradable plastics [15]. Industry Rating and Investment Strategy - The new materials sector is catalyzed by downstream application sectors, gradually entering a prosperous cycle, thus maintaining a "Recommended" rating for the new materials industry [16].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - In October, the market share of new energy vehicles (NEVs) exceeded 50% for the first time, with a projected high growth in domestic NEV sales expected to continue into 2025, driving demand for batteries and materials [1][2]. - The price of lithium hexafluorophosphate continues to rise, indicating potential recovery in profitability for related companies in the power battery supply chain [1]. - The photovoltaic (PV) sector is focused on a "reverse involution" strategy, with future component pricing dependent on terminal installation demand and profitability of PV power plants [1][2]. - Wind power demand in China is expected to grow steadily, with recommendations to focus on wind turbine and offshore wind sectors [1]. - Energy storage remains in a high-demand phase, with prices for energy storage cells and integration still on the rise [1]. - Hydrogen energy is anticipated to see increased demand for green hydrogen, with a focus on downstream applications and the evolving relationship between green electricity, hydrogen, and green fuels [1]. - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to monitor core suppliers in this sector [1]. Summary by Sections New Energy Vehicles - In October, NEV sales reached 1.715 million units, a year-on-year increase of 20%, marking a market share surpassing 50% for the first time [2][24]. - Cumulative domestic power battery installation from January to October reached 578.0 GWh, a year-on-year increase of 42.4% [2][24]. Photovoltaic Sector - The report emphasizes the importance of maintaining a "reverse involution" strategy, with ongoing discussions about storage policies and their implementation [1][24]. - The price of silicon materials remains stable, with a focus on terminal demand influencing market prices [15][19]. Wind Power - Continuous growth in wind power demand is anticipated, with a focus on wind turbine and offshore wind sectors [1]. Energy Storage - The energy storage sector is experiencing high demand, with ongoing price increases for energy storage cells and integration [1]. Hydrogen Energy - The report suggests that the substitution of electricity with hydrogen will open up demand for green hydrogen, with a focus on enhancing penetration rates of hydrogen-based energy applications [1]. Nuclear Fusion - Nuclear fusion is identified as a future energy development direction, with recommendations to focus on core suppliers in this area [1].

Core Insights - The global advanced technology forum on power batteries was successfully held in Yibin, focusing on cutting-edge technological breakthroughs and key challenges in the power battery sector, recognized as a "technical barometer" for global power battery development [1] - The forum attracted over 600 experts and representatives from various sectors, including battery manufacturing, automotive, materials, and research institutions, facilitating in-depth discussions on the latest technological advancements and core issues in next-generation batteries [1] Industry Trends - The competition in the battery industry is shifting from "engineering optimization" to "deep water of technological innovation," with core challenges now centered on breakthroughs in energy density, safety, fast charging performance, and resource constraints [5] - The lithium iron phosphate battery is expected to capture 80% of the market share by 2025, with the penetration rate of new energy vehicles nearing 50% [7] - The demand for batteries is projected to grow fourfold by 2030 and twelvefold by 2035, indicating significant growth potential in the industry [7] Technological Innovations - The oCVD/iCVD technology presented at the forum enhances the structural stability and electrochemical performance of high-nickel ternary battery materials through polymer coating [9] - The development of halide electrolytes shows better compatibility with cathodes compared to sulfides and oxides, but faces challenges in ionic conductivity, cost control, and electrode interface stability [10] - A new approach for solid-state battery interface issues involves "dynamic interface repair with dual ionic conductors," providing a pathway for low-pressure operation [10] Standardization and Engineering Challenges - The solid-state battery technology is becoming a new focus of global industrial competition, yet it still faces multiple challenges in materials, interfaces, and engineering [10] - Engineering challenges for sulfide solid-state batteries include material compatibility, electrolyte film formation, and interface design, necessitating a deep integration of materials, processes, and equipment innovation [11] Knowledge Sharing and Collaboration - A significant report on "Global Patent Analysis and Strategy for Solid-State Batteries" was released, focusing on the role of intellectual property in the development of next-generation batteries [13] - The forum served as a high-end communication platform, promoting deep connections between technological viewpoints and practical experiences, supporting the high-quality development of China's new energy industry [13]

11月14日晚间，动力电池龙头宁德时代发布公告，公司重要股东、联合创始人黄世霖因自身资金需求， 拟通过询价转让方式出让公司4563.24万股股份，占公司总股本的1%。以宁德时代14日收盘价404.12元 计算，这笔交易对应的市值约184.4亿元。 公告详细说明了本次转让的定价机制。转让价格下限将由出让方与本次转让的协调人中金公司共同商 定，原则上不低于发送认购邀请书之日前20个交易日公司股票均价的70%。最终转让价格将根据"价格 优先、数量优先、时间优先"的原则，通过询价过程确定。 公告显示，黄世霖目前直接持有公司10.21%的股份（4.66亿股），其中超2.59亿股是首发前股份。本次 转让股份数量约占其个人所持股份的9.79%。 SFC 此次转让的关键细节，让市场打消了"减持砸盘"的担忧：这并非二级市场直接抛售，而是通过询价转让 向合格投资者定向交易，且受让方需锁定股份6个月。公告明确，受让方为具备定价能力和风险承受能 力的机构投资者，整个过程由中金公司组织实施，不涉及散户交易的集中竞价或大宗交易。 来源丨上海证券报 作为宁德时代的核心创始人之一，黄世霖与董事长曾毓群的渊源堪称"创业范本"：两人是高中同学， ...

11月14日晚间，动力电池龙头宁德时代发布公告，公司重要股东、联合创始人黄世霖因自身资 金需求，拟通过询价转让方式出让公司4563.24万股股份，占公司总股本的1%。 以宁德时代 14日收盘价404.12元计算，这笔交易对应的市值约184.4亿元。 公告详细说明了本次转让的定价机制。转让价格下限将由出让方与本次转让的协调人中金公司 共同商定，原则上不低于发送认购邀请书之日前20个交易日公司股票均价的70%。最终转让价 格将根据"价格优先、数量优先、时间优先"的原则，通过询价过程确定。 公告显示，黄世霖目前直接持有公司10.21%的股份（4.66亿股），其中超2.59亿股是首发前股 份。本次转让股份数量约占其个人所持股份的9.79%。 此次转让的关键细节，让市场打消了"减持砸盘"的担忧：这并非二级市场直接抛售，而是通过 询价转让向合格投资者定向交易，且受让方需锁定股份6个月。公告明确，受让方为具备定价 能力和风险承受能力的机构投资者，整个过程由中金公司组织实施，不涉及散户交易的集中竞 价或大宗交易。 作为宁德时代的核心创始人之一，黄世霖与董事长曾毓群的渊源堪称"创业范本"：两人是高中 同学，共同创办宁德时代。 ...

Core Viewpoint - The power battery industry is at a crossroads with diverse technological routes emerging, while also facing new opportunities for growth in strategic emerging industries such as new energy and materials [3][4]. Technological Development - The power battery technology landscape is characterized by various routes including liquid, semi-solid, and solid-state batteries, with high energy density and safety being the consensus goals [2][3]. - Innovations in battery technology are ongoing, such as enhancing the molecular structure of lithium batteries to reduce energy loss and improve lifespan [4][5]. Industry Ecology - The industry is preparing for large-scale retirement of power batteries, with projections indicating that by 2025 and 2030, the volume of waste batteries will reach 370,000 tons and 1,060,000 tons respectively [6]. - Policies are being developed to improve battery recycling, including the establishment of comprehensive recycling systems and standards for easy disassembly and recycling [6][8]. AI Empowerment - AI is increasingly penetrating every segment of the power battery industry, transitioning research and development from a trial-and-error approach to a data-driven model [7][8]. - New AI-driven systems for electrolyte discovery and battery performance testing are enhancing the efficiency and quality of battery development [7][8]. Industry Expansion - The power battery sector is expanding beyond electric vehicles into new applications such as electric boats and low-altitude aircraft, with significant market potential anticipated [9]. - The market for eVTOLs is projected to reach 220,000 units by 2030, with a corresponding battery market size of 100 billion yuan [9]. Challenges Ahead - Despite the promising developments, the industry faces challenges in achieving high safety standards and technological innovations necessary for broader application scenarios [10].

Core Insights - The export of power batteries has become a significant aspect of China's manufacturing presence abroad, with the "new three items" (electric vehicles, lithium batteries, and photovoltaics) emerging as new export pillars, contributing over 900 billion yuan in total exports in the first three quarters of the year, with lithium batteries alone accounting for nearly 400 billion yuan [1][2] - The cumulative export of power and other batteries reached 228.1 GWh from January to October this year, marking a year-on-year increase of 43.9%, with power batteries making up 148.5 GWh, or 65.1% of total exports, and a year-on-year growth of 37.2% [2][3] - The introduction of the EU's new battery regulation, which mandates compliance with strict recycling and carbon footprint reporting requirements, poses significant challenges for Chinese battery manufacturers in maintaining competitiveness in the global market [1][4][6] Export Performance - In the first ten months of this year, the cumulative export of ternary lithium batteries was 87.2 GWh, a year-on-year increase of 25.9%, while phosphate iron lithium batteries reached 60.3 GWh, with a remarkable growth of 58.7% [3] - The export market shows a different distribution compared to the domestic market, with a 40-60 split in favor of ternary lithium batteries overseas, contrasting with the 80-20 split seen domestically [3] Regulatory Challenges - The EU's new battery law requires a "battery passport" for exported batteries, detailing the manufacturer, material composition, carbon footprint, and supply chain information, effective from 2027 [1][4] - The law sets ambitious recycling targets, including a 90% recovery rate for cobalt, copper, lead, and nickel by the end of 2027, and 50% for lithium, with further increases by 2031 [5] Recycling and Compliance - The need for a robust recycling and compliance system is emphasized, as the current recycling network for Chinese companies abroad is still in its infancy, facing challenges such as limited recovery channels and insufficient local operational experience [5][6] - Industry experts suggest that collaboration among upstream and downstream enterprises is essential for developing a comprehensive battery recycling system and compliance innovation [8] Strategic Recommendations - Recommendations include establishing a national battery recycling platform, creating a national battery bank for lifecycle management, and developing a national data center to support carbon footprint tracking and lifecycle management [8] - The industry is encouraged to enhance the integration of carbon footprint databases and promote international recognition of standards to improve competitiveness in the global market [6][8]

Core Insights - The domestic power battery installation volume reached 578.0 GWh from January to October, representing a year-on-year growth of 42.4% [1] - The market shows a clear "80-20" pattern, with lithium iron phosphate batteries accounting for 81.3% of the total installation volume, while ternary lithium batteries have decreased to 18.6% [1] - The growth of lithium iron phosphate batteries is attributed to their lower cost and better safety, making them suitable for mid-range electric vehicles, while ternary lithium batteries are more suited for high-end models due to their higher energy density [1][6] Market Performance - In October, the domestic power battery installation volume was 84.1 GWh, with lithium iron phosphate batteries making up 80.3% and ternary lithium batteries 19.7% [2] - From January to October, the production and sales of new energy vehicles reached 13.015 million and 12.943 million units, respectively, with year-on-year growth of 33.1% and 32.7% [3] - The average battery capacity for new energy vehicles was 53.0 kWh, with pure electric vehicles accounting for 81.5% of the installation volume [3] Technological Advancements - The rise of lithium iron phosphate batteries is not coincidental; their core characteristics of safety, economy, and reliability align with the current demand for cost-effective solutions in the new energy vehicle sector [4] - Recent innovations in battery structure have significantly improved the energy density of lithium iron phosphate batteries, enabling a range of over 600 kilometers [4][5] - The advancement of fast-charging technology has greatly enhanced the charging efficiency of lithium iron phosphate batteries, addressing key user concerns [5] Competitive Landscape - The ongoing price competition in the industry has made manufacturers sensitive to battery costs, positioning lithium iron phosphate batteries as a crucial option for maintaining profit margins [6] - Ternary lithium batteries continue to have a market presence, focusing on high-performance, long-range high-end models and specific niche markets [6] - Both lithium iron phosphate and ternary lithium batteries are essential for different sectors, with the former excelling in chemical energy storage and the latter being more suitable for applications requiring high energy density and power characteristics [6]