Investment Ratings - Electric Equipment New Energy: Buy (Maintain) [1] - Public Utilities: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Insights - The report maintains a positive outlook on investment opportunities in wind power, virtual power plants, nuclear fusion, and solid-state batteries, highlighting the potential for significant advancements and investments in these areas [3][4]. - The European Union's initiative to develop a fusion energy strategy is expected to enhance Europe's leadership in the ITER project and attract social investment, indicating a competitive edge in fusion technology development [3]. - The market remains focused on the "Document 136" and "Green Electricity Direct Connection," with a noted decline in overall electricity prices, particularly in photovoltaic sectors, while wind power prices remain stable [3]. Summary by Sections Electric Equipment New Energy - The report emphasizes the importance of high-quality assets in the context of "Document 136," recommending investments in wind power, virtual power plants, and energy storage [3][4]. - The wind power sector is expected to see a recovery in sales and profit margins due to improved output curves and the restructuring of new energy installation logic [4]. Public Utilities - The report notes stable coal prices, with domestic coal prices remaining unchanged at 618 CNY/ton as of June 13, 2025, while imported coal prices have slightly decreased [37]. - The focus on energy storage systems is highlighted, with several significant projects and tenders in the pipeline, indicating robust growth potential in this area [36]. Environmental Protection - The report suggests that the market may continue to speculate on controllable nuclear fusion and solid-state batteries, with a focus on domestic experimental projects and technological advancements in these fields [4]. - The report also indicates that the energy storage market is experiencing high growth, particularly in Europe and Southeast Asia, with a recommendation to monitor monthly data for household storage [4].

Investment Rating - The report maintains a positive outlook on the wind power sector, particularly for domestic companies capable of securing orders from the Philippines' 3.3GW offshore wind project and the domestic wind turbine market [2][7]. Core Insights - The report highlights the strong demand for wind power and solar energy, with specific attention to the Philippines' offshore wind project and the ongoing developments in the domestic wind turbine market. It also emphasizes the importance of technological innovation and differentiation in the solar and energy storage sectors [2][7][4]. Wind Power - The Philippines has initiated a 3.3GW offshore wind project tender, requiring project delivery between 2028-2030, which is significantly shorter than typical overseas project timelines. This presents opportunities for domestic wind turbine, foundation, and submarine cable companies to secure related orders [2][7]. - The average bidding price for the 5.XMW wind turbine model in the 2.5GW land wind turbine procurement by State Power Investment Corporation increased by 17% compared to March, indicating a positive trend for profitability in the turbine segment [2][7]. Solar & Energy Storage - The SNEC exhibition showcased strong attendance, but the demand outlook remains stable with companies prioritizing risk control amid overcapacity and ongoing profitability pressures. The focus has shifted from technical debates to micro-innovations and exploring new application scenarios for differentiation [2][7]. - The report projects that by 2025, the domestic energy storage market will see an addition of 54GW/150GWh, reflecting a year-on-year growth of 24%/37% [2][7]. Electric Grid - The report notes a significant increase in the number of bidding packages for the State Grid's 2025 transmission and transformation projects, with a total of 579 packages, marking a 58-package increase from previous rounds [3][10]. - The Hami-Chongqing ultra-high voltage direct current project has commenced operations, with additional projects expected to be approved for construction in the coming months, indicating a robust outlook for companies involved in ultra-high voltage projects [3][10]. New Energy Vehicles - The report indicates a decline in local subsidies for electric vehicles, leading to a pessimistic sentiment regarding overall vehicle demand. However, it suggests that the impact of subsidy reductions may vary by region and emphasizes the need to monitor actual sales data [12][17]. - The report highlights the launch of the Xiaopeng G7, a new electric SUV, and notes that the vehicle's pre-sale performance has exceeded expectations, although pricing adjustments may be necessary upon official launch [12][17]. Hydrogen and Fuel Cells - The National Energy Administration has initiated hydrogen energy pilot projects, aiming to accelerate the commercialization of hydrogen technologies across various applications [3][17]. - The report notes a decline in production and sales of fuel cell vehicles, indicating that the industry still requires substantial policy support to achieve stable growth [3][17]. Lithium Batteries - The report emphasizes the nearing commercialization of composite current collectors and solid-state batteries, with significant advancements expected in the third quarter [4][22]. - The rising copper prices are increasing the cost share of copper foil in batteries, making it a critical area for cost reduction in battery materials [4][22].

菲律宾3.3GW海风项目招标；国电投陆风机组开标价格继续走强；上海SNEC展期间多家企业 公布叠层及常规光伏电池/组件效率新纪录、新产品；美国储能集成商Powin提交破产申请。 电网： 25年国网输变电项目第三次变电设备招标；哈密—重庆特高压直流工程投产送电；湖北电力 现货市场转正。 新能源车&锂电： 小鹏G7正式开启预售；多地宣布暂停地方以旧换新补贴；吉利汽车召开雷神电混2.0发布会； Northvolt停止一个工厂的电池生产；宁德时代发布587储能专用电芯；亿纬锂能拟赴港上市。 氢能与燃料电池： 能源局发布《国家能源局综合司关于组织开展能源领域氢能试点工作的通知》；国家氢燃料 电池汽车质量检验检测中心正式投用；河南鼓励绿氢参与电力市场，严禁以绿色甲醇名义违 规建设煤制甲醇；厦门规划2027年氢能产值突破百亿，氢车规模超300辆。 核心周观点 + 本周重要事件 新能源： 风电 菲律宾3.3GW海风项目招标,要求2028-2030年完成项目交付，开发周期远短于正常海外海风项目，看 好国内交付能力更强的国内风机、基础、海缆企业获取相关订单；文船重工宣布完成第一批Inch Cape单桩生产，项目基础、海缆交付有望 ...

| 2起点锂电 全球领先的锂电产业智库 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 台 | 务 内 容 | 周陵 | 라 | | | | | | 品牌服务 | 政府服务 | 资本服务 | 研究 咨询 | | | | | | IPO | | | | | | | | | 论坛 展会 | 走 660 | 数据 调研 | | | | | | | 研究 | | | | | | | | | 服务 | | | | | | | | | 规划 | | | | | | | | | 招商 服务 | 报告 | 咨询 | 报告 | | | | | | 暖点 | 会员 服务 | 品牌 唯位 | 泰安 | 昌客 | 政府 | 是 别 | 报 顾问 | | 合作 咨询 邱先生 189 3802 3176 | | | | | | | | 6月10日，德方纳米披露，公司控股子公司深圳市德方创域新能源科技有限公司（以下简称"德方创域"）以增资扩股的方式引进战略投资者国 信资本有限责任公司、成都产投先进制造产业股权投资基金合伙企业（有限合伙）、四川省天府芯云 ...

Core Viewpoint - The article discusses the advancements and future directions in solid-state battery technology, highlighting the importance of solid electrolytes and the ongoing research and development efforts by various companies in the industry [5][6][22]. Group 1: Solid-State Battery Developments - Solid-state batteries are recognized as a crucial direction for the continued development of lithium batteries, with significant attention from society and support from national policies [5]. - Current projects aim to develop high-energy-density solid-state lithium batteries with energy densities of 350Wh/kg (single cell) and 260Wh/kg (system) [5]. - Innovations in solid electrolyte materials have achieved a conductivity of 10mS/cm and energy densities reaching 369.93Wh/kg, with ongoing large-capacity battery cycle tests [5]. Group 2: Research and Innovations - Research teams are combining ionic liquids with traditional organic electrolytes to enhance charging performance at high rates [6]. - New composite solid-state electrolytes with high ionic conductivity (0.78mS/cm) and excellent mechanical properties are being developed [6]. - Companies are focusing on improving the stability and cost-effectiveness of solid-state batteries while enhancing energy density from 300Wh/kg to over 500Wh/kg [10]. Group 3: Safety and Production Techniques - Companies like Zhongke Solid Energy are implementing in-situ polymerization techniques for safer solid-state battery production, achieving significant safety performance in tests [11]. - Innovations in manufacturing processes, such as the use of advanced rolling technologies, are being adopted to enhance the production of solid-state battery components [15]. - The development of high-performance solid electrolytes and battery designs aims to eliminate leakage risks and improve energy density for safer energy solutions [11][18]. Group 4: Market Trends and Future Outlook - The solid-state battery industry is expected to enter a new phase starting in 2025, with a focus on material innovation rather than price competition [22]. - Companies are exploring the use of metal-organic frameworks (MOFs) to enhance lithium-ion conduction and improve battery performance [22]. - A clear roadmap for engineering and mass production of solid-state batteries is being established, with significant production capacity planned for the coming years [19].

Core Insights - The article highlights the acceleration of electrification in various sectors, with China's electrification penetration rate surpassing 50%, driving a new industrial cycle in the lithium battery industry [2] - It emphasizes the collaborative development of power and energy storage industries, which are crucial for regional energy transformation and achieving carbon neutrality goals [2] - The lithium battery industry is undergoing structural adjustments, with core material prices rebounding and a stabilization in cell prices, leading to an optimization of supply and demand within the industry [2] - The application of new materials and processes is accelerating, with differentiated performance in power and energy storage batteries, driven by market demands [2] Industry Development - Changzhou is positioned for significant breakthroughs in the new energy sector, leveraging its strong foundation and development potential to become a leading base for the global new energy industry [3] - The summit will gather over 300 influential companies and 1,000 industry leaders for technical exchanges and new product showcases, highlighting the importance of collaboration in the lithium battery supply chain [5] Summit Highlights - The summit will feature a series of key discussions on topics such as the restructuring of the industry chain and the development of all-scenario electrification products [6] - Notable sessions include insights on next-generation battery technologies and the market applications of semi-solid batteries, showcasing the competitive landscape of the lithium battery sector [6][7]

Core Viewpoint - The global expansion of Chinese lithium battery companies has entered a new phase characterized by "capacity landing" since 2025, focusing on establishing overseas production bases to drive a systematic global layout across the entire industry chain [1][7]. Group 1: Industry Trends - The trend of "capacity landing" is particularly evident in Southeast Asia, with Indonesia serving as a clear example, highlighted by the successful production of a 30,000-ton lithium iron phosphate (LFP) factory by Longpan Technology [1][2]. - Longpan's new five-year supply agreement worth over 5 billion RMB with battery manufacturer EVE Energy reflects the recognition of its established production capacity [2]. - The establishment of local production capabilities for key materials such as cathodes and separators in Southeast Asia marks the initial formation of industry collaboration [4]. Group 2: European Expansion - The lithium battery layout in Europe is accelerating, with companies like Tianci Materials planning to invest approximately 2 billion RMB in Morocco to build an integrated base for electrolyte and key raw materials [4][6]. - Hungary is emerging as a lithium battery industry hub, with companies like Tian Technology and Kunlun New Materials planning significant investments in production facilities [5]. Group 3: Market Dynamics - The shift from "announcement" to "landing" in 2025 is driven by the demand from downstream battery manufacturers, which are entering a capacity release phase [7]. - The competitive environment in the domestic market, particularly in the cathode materials sector, has led to a decline in average gross margins to around 3%, pushing companies to seek new profit growth points overseas [8]. Group 4: Strategic Collaborations - Wanhu Chemical's strategy in Europe illustrates a mature approach, transitioning from technical cooperation to becoming a core supplier for European battery manufacturers [9][10]. - The successful signing of new overseas orders by equipment manufacturers like Haimeixing Laser indicates a robust demand for established equipment in overseas battery factories, ensuring construction speed and production efficiency [11]. Group 5: Industry Ecosystem - A highly efficient lithium battery industry cluster is forming in regions like Southeast Asia and Hungary, characterized by close collaboration between battery manufacturers and local material suppliers [12]. - The comprehensive output of technology, standards, management, and ecosystem from Chinese enterprises signifies a shift in the global lithium battery landscape, moving beyond mere capital outflow and capacity replication [12].

Core Viewpoint - The solid-state battery technology is a crucial direction for the continuous development of lithium batteries, receiving significant attention from society and supported by national policies, particularly the "14th Five-Year Plan" [8][12]. Group 1: Solid-State Battery Developments - Solid-state batteries are being developed with a target energy density of over 350Wh/kg for single cells and 260Wh/kg for system energy density, with applications in extreme environments [8]. - Current advancements include solid electrolyte materials with conductivity reaching 10mS/cm and energy density of 369.93Wh/kg, with ongoing large-capacity battery cycle tests [8]. - Research is focusing on improving ionic conductivity and mechanical properties of composite solid-state electrolytes, with room temperature ionic conductivity reaching 0.78mS/cm [9]. - Sulfide solid-state batteries are expected to increase energy density from 300Wh/kg to over 500Wh/kg by 2027, with a shift in research focus towards air stability and cost control [12]. Group 2: Safety and Production Innovations - The "quasi-solid" battery solution from Zhongtian Energy demonstrates excellent safety features, passing rigorous tests without fire or explosion, and aims to eliminate liquid leakage risks in future designs [13]. - Dazhu Lithium's focus on prototype equipment development and core module breakthroughs aims to enhance production yield, which currently stands at 60%-70% in labs and 40%-50% in pilot lines [16]. - The introduction of advanced rolling technologies by Boluwei has improved the production of dry electrodes and solid electrolyte membranes, achieving high precision and uniformity [17][19]. Group 3: Material Innovations - Xinyuan Materials has developed multi-layer solutions for solid electrolyte membranes, enhancing performance and safety in high-energy density battery designs [21]. - Yili Technology has achieved a room temperature ionic conductivity of over 17mS/cm for sulfide solid-state electrolytes, with a leading energy density of 474Wh/kg for their 20Ah solid-state cells [22]. - BlueTing New Energy is focusing on material innovation rather than price competition, introducing MOF materials to enhance lithium-ion conduction and improve battery performance [24].

Core Viewpoint - The article discusses the transformation of the lithium battery industry towards a new phase characterized by "capacity landing" since 2025, emphasizing the establishment of localized production capabilities in Southeast Asia and Europe, driven by the demand from downstream battery manufacturers [3][10][15]. Group 1: Industry Trends - The globalization of Chinese lithium battery companies has entered a new stage focused on establishing overseas production bases, particularly in Southeast Asia, with Indonesia serving as a key example [3]. - Dragon Power Technology's lithium iron phosphate (LFP) factory in Indonesia, with a capacity of 30,000 tons, has successfully commenced production, marking a significant milestone in localizing supply chains [3][4]. - The establishment of long-term supply agreements, such as the five-year contract worth over 5 billion RMB with Yiwei Lithium Energy, highlights the recognition of the value of localized production [4]. Group 2: Regional Developments - In Malaysia, Yiwei Lithium Energy's first overseas factory began production in January, and another project by Xingyuan Material is set to launch in June, indicating a trend of local production capabilities for key lithium battery materials [7]. - European expansion is also accelerating, with companies like Tianci Materials planning a 2 billion RMB investment in Morocco for an integrated base producing 150,000 tons of electrolyte and key raw materials [9]. - Hungary is emerging as a lithium battery industry hub, with significant investments from membrane manufacturers and other key players [8]. Group 3: Market Dynamics - The shift from "announcement" to "landing" in 2025 is driven by the need for efficient local supply chains to support the new capacities being released by battery manufacturers like CATL and Yiwei Lithium Energy [10]. - The competitive environment in the domestic market, particularly in the cathode materials sector, has led to a decline in average gross margins, pushing companies to seek new profit growth points overseas [11][12]. - Companies like Wanhua Chemical are strategically positioning themselves in Europe, transitioning from technology partners to core suppliers in the supply chain [13]. Group 4: Ecosystem Development - The integration of equipment suppliers, such as Haimeixing Laser, into the global supply chain is crucial for ensuring the efficiency and consistency of overseas production [14]. - The formation of efficient lithium battery industry clusters in regions like Southeast Asia and Hungary allows for rapid response to supply needs and fosters innovation through close collaboration [15]. - The article concludes that the globalization of the lithium battery industry is evolving beyond mere capital outflow and capacity replication to encompass comprehensive technology, standards, management, and ecosystem exports [15].

Group 1 - The 18th High-tech Lithium Battery Industry Summit focuses on the restructuring of the industry chain and the resonance of full-scene applications [1] - The 2025 High-tech New Energy Materials Industry Conference emphasizes the role of AI and new materials in leading energy transformation [2] - The events are organized by High-tech Lithium Battery, High-tech Energy Storage, and High-tech Industry Research Institute (GGII) [3][4] Group 2 - The 2025 High-tech New Energy Materials Industry Conference is scheduled for June 25-26, 2025, at the Marriott Hotel in Jintan, Changzhou [3] - The subsequent conference will take place on July 8-9, 2025, in Qionglai, Chengdu, China [4]