2025首届硫化物全固态电池国际峰会暨展览会 SSBA全固态电池联盟成立大会 时间： 2025年11月6-8日 地点：广州 一 活动背景与意义 1、 硫化物全固态电池技术发展现状分析 能量密度快速提升 : 硫化物全固态电池能量密度预计从 2025年的350Wh/kg提升至2030年的500Wh/kg，年均复合增长率达7.4%，显著高于液态锂 电池进步速度。 商业化节奏加速 : 关键节点 2026年实现规模化生产（原计划2027年），反映技术突破超预期（如电解质电导率>10 mS/cm、界面稳定性提升）。 中日技术路线趋同 : 中日企业均聚焦硫化物路线，中国 2024年专利申请量达日本三倍，但日本在基础专利仍占全球40%，显示产业化竞争白热化。 政策驱动明确 : 国内设定 2027年装车节点，企业进度普遍提前半年（如60Ah电芯2025年下线），验证政策与市场双轮驱动效应。 2、 技术商业化突破的核心价值 供应链安全重构 ： 硫化锂本土化生产可降低对日韩原材料的依赖，缓解当前 99.9%纯度产品高达200万元/吨的价格压力，推动电解质成本向100美 元/kg目标迈进。 终端应用场景拓展： 高安全性（针刺测试不起 ...

Group 1 - Shanghai Municipal Government issued measures to support enterprises in enhancing basic research and high-quality development [4][5] - Hainan Provincial Government released a three-year action plan to accelerate the construction of a modern industrial system with distinctive advantages [4] - Shanghai Science and Technology Committee introduced management measures for the "Explorer Program" to encourage enterprises to invest in basic research [4] Group 2 - AI agent concept gained traction with several companies experiencing significant stock price increases following the certification of an AI customer service agent [9] - The global first organic solvent testing standard for footwear was officially released, addressing a critical global issue [6] - The electric vehicle industry is witnessing advancements with the announcement of the world's first mass-produced semi-solid battery vehicle [14][15] Group 3 - The innovative drug sector remains active, with several companies experiencing stock price surges due to strategic partnerships and clinical trial advancements [12][13] - Public fund issuance continues to rise, with 36 new funds launched this week, marking a 5.88% increase from the previous week [26] - Foreign investment in A-shares is increasing, with four stocks having over 24% of their shares held by foreign investors [27]

Group 1: Artificial Intelligence - Ant Financial's AI customer service agent passed the evaluation by the China Academy of Information and Communications Technology, achieving a 4+ level, marking it as the first in the industry to do so [1] - CITIC Securities noted that AI large models are evolving towards greater efficiency and reliability, with a significant increase in reasoning model demand expected to drive computational power needs [1] - The AI gaming sector is projected to see substantial growth, with the global mobile and PC game market expected to exceed $120 billion by 2028 [3] - OpenAI is set to launch the GPT-5 model, which integrates multiple technologies to handle text, code, images, and tool calls in a unified system [4][8] Group 2: Solid-State Batteries - SAIC confirmed that the new MG4 electric hatchback will be the world's first mass-produced electric vehicle equipped with semi-solid-state batteries, set to debut on August 5 [2] - Dongfeng's solid-state battery is expected to achieve a density of 350Wh/kg and a range exceeding 1000KM by 2026 [2] - The solid-state battery market is anticipated to reach over 300 billion yuan by 2030, with a compound annual growth rate of 78% from 2025 to 2030 [2] Group 3: Photovoltaic Glass - The price of single-layer coated photovoltaic glass has increased to 10.5-11.0 yuan per square meter, with some companies quoting as high as 11.5 yuan due to strong order volumes [5] - The Ministry of Industry and Information Technology has raised the new order price for photovoltaic glass to 11 yuan per square meter, indicating a trend towards price recovery [5] Group 4: Genetically Modified Organisms - A research team discovered a key regulatory gene in rice that can lead to the development of higher quality and more storage-resistant rice varieties [6] - The application of genetically modified technology is seen as crucial for food security and addressing climate challenges, with significant government support for its commercialization [6] Group 5: HIV Vaccine Development - China's first clinical trial for an HIV vaccine using a modified smallpox virus has shown promising safety and immune response results [7] - The global HIV vaccine market is projected to exceed $50 billion by 2030, with China expected to capture over 30% of this market share [7] Group 6: SaaS Industry - OpenAI's GPT-5 is expected to revolutionize the SaaS industry, moving competition from feature stacking to deeper technological integration [8] - The enterprise service sector is likely to be one of the first areas to benefit from the deployment of GPT-5 [8]

Market Performance - A-shares experienced a significant rebound on August 4, with the Shanghai Composite Index rising by 0.66%, the Shenzhen Component Index increasing by 0.46%, and the ChiNext Index up by 0.5% [2] - A total of 3,877 stocks rose, with 69 stocks hitting the daily limit up, while 1,312 stocks declined [3][4] Sector Highlights - The military industry sector saw a strong performance, with stocks such as Beifang Changlong, Aileda, and Changcheng Military Industry hitting the daily limit up [5] - Robot concept stocks also surged, with Zhejiang Rongtai and Wuzhou Xinchun among those reaching the daily limit up [6][7] - Solid-state battery concept stocks experienced a rise, with Shanghai Xiba hitting a new high [8] Downward Trends - Retail stocks faced adjustments, with Dalian Friendship and Maoye Commercial hitting the daily limit down [9] Influencing Factors - The expectation of interest rate cuts in the U.S. following weak employment data has bolstered market confidence, with over 80% probability of a rate cut in September [10][11] - The appreciation of the Renminbi against the U.S. dollar has also contributed to market stability, with the MSCI Emerging Markets Currency Index rising by 0.5% [12][13] - Positive news from various sectors, including advancements in HIV vaccine research and government support for enterprises in foundational research, has further boosted market sentiment [15]

市场全天低开后震荡反弹，三大指数小幅上涨。截至收盘，沪指涨0.66%，深成指涨0.46%，创业板指涨0.5%。盘面上，市场热点较为杂乱，个股涨多跌 少，全市场超3800只个股上涨。 从板块来看，军工股再度爆发，北方长龙等20余股涨停。 机器人概念股震荡走强，浙江荣泰等涨停。 固态电池概念股表现活跃，上海洗霸涨停再创历史新高。 板块方面，军工、贵金属、人形机器人、商业航天等板块涨幅居前，保险、影视、光伏、零食等板块跌幅居前。 沪深两市全天成交额1.5万亿，较上个交易日缩量998亿。个股方面，西藏天路全天成交额69.63亿元居首，中际旭创、宁德时代、胜宏科技、新易盛的成交额 均在60亿元以上。 | 沪深A股 | | | 泸深指数 沪深板块 综合排名 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深A股 | 上证A股 深证A股 | 创业板 | 科创板 风险警示 | | | | | | | | | | 代码 | 名称 | | | - 张福 - - - 最新价 - | | | ...

Group 1 - Solid-state battery concept stocks experienced significant gains, with Jinghua New Materials (603683) rising by 9.13%, reaching a historical high, and several other companies also seeing increases of over 5% [1] - SAIC Group's MG brand is set to pre-sell its new pure electric model MG4 equipped with a semi-solid-state battery on August 5, featuring a 5% electrolyte content, enhanced safety, and a range of 537 kilometers under CLTC conditions [1] - CITIC Securities believes this marks a breakthrough for solid-state batteries in downstream applications, indicating a growing demand from end customers [1] Group 2 - The solid-state battery industry is transitioning from the "technical verification stage" to the "scale-up stage," driven by industry maturity, policy guidance, and market expectations [2] - CATL announced its first clear timeline for mass production of solid-state batteries, targeting small-scale production by 2027, with commercial production expected around 2030 [2] - BYD also aims for small-scale production of solid-state batteries by 2027, with plans for large-scale deployment post-2030 [2] Group 3 - Several companies in the solid-state battery supply chain have reported advancements, with Guangdong Daoshi Technology (300409) actively developing core materials and collaborating with downstream manufacturers [3] - Yunnan Enjie New Materials has established a presence in the all-solid-state battery sector, focusing on lithium sulfide and solid electrolyte development [3] - Greeenmei (002340) has achieved small-scale production certification for its high-nickel ternary precursor materials and is advancing solid-state battery precursor materials to the shipping stage [3]

2025 年 08 月 04 日 沪深300 及创业板指数近1年走势 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 环保 0.884 传媒 0.817 轻工制造 0.652 计算机 0.604 电力设备 0.537 数据来源：聚源 昨日涨跌幅后五行业 行业名称 涨跌幅(%) 石油石化 -1.791 国防军工 -1.468 钢铁 -1.257 通信 -1.057 综合 -0.958 数据来源：聚源 开源晨会 0804 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】就业市场走弱，通胀成为美联储降息关键掣肘——美国 7 月非农就 业数据点评-20250802 【宏观经济】PMI 供需均放缓，"反内卷"提振价格——兼评国家生育补贴和 7 月 PMI 数据-20250801 【策略】坚守自我，科技为先——投资策略周报-20250803 【金融工程】港股量化：7 月组合超额 6.8%，8 月增配价值——金融工程定期 -20250802 【金融工程】PCB 板块的资金行为监测——金融工程定期-20250801 【金融 ...

Group 1: Photovoltaics - The Ministry of Industry and Information Technology issued a notice on the energy-saving inspection tasks for the polysilicon industry for 2025, aiming to reduce the burden on enterprises [1] - Silicon wafer prices continued to rise, with an average increase of approximately 0.1 yuan per piece, driven by rising raw material costs and increased downstream orders [1] - Citic Securities indicated that the photovoltaic industry is a core area for addressing issues of homogenization and overcapacity, with potential for price recovery and profit restoration as the industry returns to orderly competition [1] Group 2: Robotics - The 2025 World Robot Conference will be held in Beijing from August 8 to 12, featuring over 1,500 exhibits from more than 200 domestic and international robot companies, with nearly double the number of new products launched compared to last year [2] - Huaxi Securities noted that humanoid robots are on the verge of commercial explosion, driven by policy support, technological maturity, and increasing demand, with the global market expected to exceed $150 billion by 2035 [2] Group 3: Nuclear Fusion - Helion Energy announced the commencement of site construction for its first controllable nuclear fusion power plant, marking a significant step towards the commercialization of nuclear fusion technology [3] - Nuclear fusion is viewed as a key to achieving "energy freedom," providing a clean and virtually limitless energy source with minimal carbon emissions [3] Group 4: Brain Science - Zhejiang University unveiled the Darwin Monkey, a new generation of neuromorphic brain-like computer, featuring over 2 billion pulse neurons and a power consumption of approximately 2000 watts [4] - Brain-like computing is positioned as a frontier field at the intersection of artificial intelligence and neuroscience, with potential for commercialization in specific areas within 3-5 years [4] Group 5: Solid-State Batteries - SAIC confirmed that the new MG4 electric hatchback will be the world's first mass-produced electric vehicle equipped with a semi-solid-state battery, featuring a 70kWh battery with an energy density of 180 Wh/kg and a range of 537 kilometers [5] - The semi-solid-state battery shows improved performance in low temperatures compared to traditional lithium iron phosphate batteries [5] Group 6: Smart Factories - The Ministry of Industry and Information Technology released a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to achieve a maturity level of two or above by 2027 [6] - The smart factory market surpassed 1 trillion yuan in 2022, with significant penetration in automotive and electronics sectors, and is expected to expand further with the integration of AI and other new technologies [6] Group 7: Gold Market - Gold prices surged due to changes in U.S. tariff policies and disappointing employment data, with spot gold reaching $3362.64 per ounce, up 2.22% [6] - The market anticipates a potential interest rate cut by the Federal Reserve in November, further enhancing gold's appeal as a safe-haven asset amid ongoing geopolitical tensions [6] Group 8: Macro and Industry News - The People's Bank of China emphasized support for stable capital market operations and financing for technology-driven SMEs [7] - The Ministry of Industry and Information Technology and other departments issued a digital transformation plan for the machinery industry [7] - The 2025 World Robot Expo will feature the largest number of humanoid robot manufacturers in similar events [7]

Quantitative Models and Construction Methods 1. Model Name: Timing System Model - **Model Construction Idea**: The model uses the distance between the short-term moving average (20-day) and the long-term moving average (120-day) of the WIND All A Index to determine the market trend[2][9] - **Model Construction Process**: - Calculate the 20-day moving average and the 120-day moving average of the WIND All A Index - Compute the percentage difference between the two moving averages: $ \text{Distance} = \frac{\text{20-day MA} - \text{120-day MA}}{\text{120-day MA}} \times 100\% $ - If the absolute value of the distance is greater than 3% and the short-term moving average is above the long-term moving average, the market is in an upward trend[2][9] - **Model Evaluation**: The model effectively identifies upward market trends and provides actionable signals for investors[2][9] 2. Model Name: Industry Allocation Model - **Model Construction Idea**: This model identifies medium-term industry allocation opportunities by focusing on sectors with potential for recovery or growth[2][9] - **Model Construction Process**: - Analyze industry-specific factors such as valuation, growth potential, and market sentiment - Recommend sectors like "distressed reversal" industries, Hong Kong innovative pharmaceuticals, Hang Seng dividend low-volatility sectors, and securities for medium-term allocation[2][9] - **Model Evaluation**: The model provides clear guidance for sector rotation and captures medium-term opportunities in specific industries[2][9] 3. Model Name: TWO BETA Model - **Model Construction Idea**: This model focuses on identifying high-growth sectors in the technology domain[2][9] - **Model Construction Process**: - Analyze beta factors related to technology sectors - Recommend sectors such as solid-state batteries, robotics, and military industries based on their growth potential and market trends[2][9] - **Model Evaluation**: The model is effective in capturing high-growth opportunities in the technology sector[2][9] --- Model Backtesting Results 1. Timing System Model - **Key Metrics**: - Moving average distance: 6.06% (absolute value > 3%, indicating an upward trend)[2][9] - WIND All A Index trendline: 5480 points[2][9] - Profitability effect: 1.45% (positive, indicating sustained market inflows)[2][9] 2. Industry Allocation Model - **Key Metrics**: - Recommended sectors: distressed reversal industries, Hong Kong innovative pharmaceuticals, Hang Seng dividend low-volatility sectors, and securities[2][9] 3. TWO BETA Model - **Key Metrics**: - Recommended sectors: solid-state batteries, robotics, and military industries[2][9] --- Quantitative Factors and Construction Methods 1. Factor Name: Profitability Effect - **Factor Construction Idea**: Measures the market's ability to generate positive returns, serving as a key indicator for market sentiment and fund inflows[2][9] - **Factor Construction Process**: - Calculate the profitability effect as a percentage value - Positive values indicate favorable market conditions for sustained fund inflows[2][9] - **Factor Evaluation**: The factor is a reliable indicator of market sentiment and a useful tool for timing investment decisions[2][9] --- Factor Backtesting Results 1. Profitability Effect - **Key Metrics**: - Profitability effect value: 1.45% (positive, indicating favorable market conditions)[2][9]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].