Core Viewpoint - The 18th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2026) will be held from May 13 to 15, 2026, focusing on global collaboration and high-quality development in the battery industry [1][3]. Industry Overview - CIBF2026 is expected to attract over 3,000 exhibitors and cover an exhibition area of 280,000 square meters, featuring leading companies such as CATL, BYD, and others [3]. - The event aims to shift the industry focus from scale competition to value competition, promoting high-quality development [1][3]. Forum and Activities - High-level forums will be held during the event, including discussions on advanced battery technologies and next-generation battery technologies for electric aviation, attracting over 2,000 industry experts and representatives [5]. - The forums will facilitate sharing of successful experiences and guide resources towards high-value areas, addressing the issue of low-price competition [5]. Technological Innovations - CIBF2026 will showcase cutting-edge technologies such as solid-state batteries, sodium-ion batteries, and lithium-metal batteries, along with key materials and automated production equipment [7]. - The exhibition will present a comprehensive view of the entire industry chain, from material research to recycling, accelerating the transition of technologies from laboratory to large-scale industrialization [7]. Global Market and Compliance - The event aims to create a collaborative ecosystem across the entire industry chain, serving as a connector for international cooperation, with an expected attendance of over 350,000 professional visitors from more than 50 countries [9][10]. - Special international exhibition areas will address compliance challenges posed by new regulations in the EU and the US, facilitating the entry of Chinese brands into international markets [10]. Industry Growth and Challenges - In the first 11 months of 2025, China's power and other battery production and sales reached 1,468.8 GWh and 1,412.5 GWh, respectively, with year-on-year growth exceeding 50% [10]. - The battery export volume reached 260.3 GWh, a 44.2% increase, while the export of Chinese brand new energy vehicles grew by 139%, indicating strong global demand for Chinese new energy products [11]. Strategic Importance - CIBF2026 is viewed as a barometer and accelerator for the global new energy industry, exploring the vast market potential brought by national strategies for large-scale development of new energy storage [11]. - The event is expected to enhance industry concentration and resource utilization efficiency in the short term, while promoting a healthy and sustainable new industry pattern in the long term [11].

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery sector is expected to show growth momentum after 2026, driven by major manufacturers' tenders and automotive road tests, with clearer technical solutions and cost reduction paths, supported by policies from the Ministry of Industry and Information Technology [1][3] - The commercialization of hybrid solid-liquid batteries is progressing positively, with companies like Delong and Hongqi collaborating, and Jinlongyu planning to establish a 2GWh production line targeting clients in drones and energy storage [1][4] - Pure solid-state batteries are currently focused on road testing and detection, with an emphasis on the demand expansion and value enhancement of materials such as lithium sulfide and lithium metal anodes [1][4] Key Developments - The solid-state battery sector has transitioned from speculative trading to policy-driven growth since Q2 2025, forming a more certain market space [3] - Significant developments include the Ministry of Industry and Information Technology emphasizing breakthroughs in solid-state battery technology in its 14th Five-Year Plan, and advancements in electrolyte technology reducing costs by over 95% [3] - Major automotive manufacturers are advancing high-energy products testing, and lithium sulfide production capacity is ramping up, clarifying technical and cost pathways [3] Commercialization Progress - The commercialization of hybrid solid-state batteries is expected to become clearer in 2026, with companies like Delong and Jinlongyu making significant strides [4] - The lithium sulfide supply chain has seen multiple companies establish production lines exceeding 100 tons, entering cost reduction phases [4] Electrolyte Development - The electrolyte segment has seen several companies establish production lines exceeding 100 tons, with traditional lithium battery leaders also exploring this area [5] - This segment is viewed as having significant potential for investment, given its value-doubling materials and alignment with long-term solid-state battery development [5] Anode-Free Solutions - Anode-free solutions are gaining attention, with companies like Zhongyin Technology and Hailiang collaborating with major clients to reserve production capacity [6] - The low-cost solutions being developed by the team from the University of Science and Technology of China may present investment opportunities [7] Material Segments to Watch - Other material segments worth monitoring include cathode materials, aluminum-plastic films, and nickel-iron current collectors, which are expected to gain traction during the new technology iteration cycle [8] - Companies like Shanghai Xiba and Xiamen Tungsten New Energy are well-positioned in the lithium sulfide sector, and those with strong client relationships, such as Guoci Dangsheng, are also recommended for investment [8] Industry Expansion Forecast - The lithium battery industry's expansion forecast for 2026 is significantly higher than previous estimates, with actual production expected to exceed 1,000GWh, up from earlier predictions of around 700GWh for 2025 [9] Equipment Company Performance - Lithium battery equipment companies are currently experiencing full order books, with many increasing their workforce to meet demand [10] - Some companies are raising prepayment and shipping ratios, with some orders reaching 70% to 80% prepayment, indicating high industry prosperity [10][11] Impact on Traditional Lithium Equipment Companies - The development of solid-state batteries presents valuation enhancement opportunities for traditional lithium equipment companies, which are involved in the construction of solid-state pilot lines [12] - Key segments include complete lines, dry processes, and isostatic pressing, with companies like Xian Dao Intelligent and Naco showing strong performance [12][13] Future Outlook for Equipment Companies - By 2026, it is expected that most lithium equipment companies will see increases in both order volume and net profit, with solid-state technology advancements likely to further enhance valuations [14]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully delivered dry electrode equipment for space power-related institutions, enabling technological innovation in solid-state battery laboratories [5] - The company is positioned as a leader in dry electrode technology and equipment, with significant experience and has provided equipment to numerous domestic and international battery and vehicle manufacturers [5] - The establishment of a regional headquarters in Hainan aims to enhance global strategic layout and the solid-state battery laboratory is expected to accelerate technological innovation [5] Financial Performance - The company's projected net profit for 2025-2027 is estimated at 99 million, 159 million, and 230 million yuan respectively, with corresponding P/E ratios of 115, 72, and 50 times [5][7] - Revenue for 2025 is expected to be 946 million yuan, with a year-on-year growth rate of -10.16%, followed by a recovery with 28.90% growth in 2026 and 27.02% in 2027 [7] - The company anticipates maintaining its leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields [5]

Core Viewpoint - Honeycomb Energy has unveiled its complete technical roadmap and mass production plan for semi-solid-state batteries, showcasing advancements in solid electrolyte preparation and high-entropy cathode materials during its sixth Battery Day event [1]. Manufacturing Process - Honeycomb Energy has pioneered the "solid electrolyte transfer technology," which consists of electrolyte membrane transfer and gradient hot-pressing processes. This technology allows solid electrolyte coatings to cover electrode sheets and is compatible with existing liquid battery production lines, thus controlling manufacturing costs and lowering mass production thresholds [2]. - The semi-solid-state architecture has improved the self-heating temperature (T1) of the battery cells by 8°C and the thermal runaway initiation temperature (T2) by 5°C, increasing the safety buffer time by 10%. This technology reduces the probability of thermal runaway by 25% and stabilizes the thermal runaway process even under extreme conditions, leading to a 20% reduction in overall system protection costs [2]. Material Improvements - The introduction of solid coatings effectively cuts off micro-short circuit paths between the anode and cathode, significantly resisting foreign object punctures and microscopic defects in the separator. Market statistics indicate that this improvement has reduced the pressure difference defect rate by 18.5%, mitigating range degradation issues caused by pressure differences [3]. - Honeycomb Energy has made progress in "multi-element synergistic high-entropy cathode materials," enhancing thermal stability by increasing the DSC exothermic peak by 5°C through low-cost fast ion conductor in-situ coating technology. Additionally, high-entropy doping technology with multiple high-valent transition metal elements has improved high-temperature cycle life by 20% [4]. - In the anode material sector, Honeycomb Energy has introduced "interface-controlled anode composite" technology. The three-dimensional silicon-carbon precursor carbon doping technology has improved electronic conductivity by 20% and reduced material expansion by 20%. Surface modification technology for graphite has significantly increased the lithium-ion diffusion coefficient by 50%, further reducing material expansion by 5% [5]. - The company has developed "ultra-high lithium flux electrolyte technology," which employs weak coordination/small molecule composite solvents, resulting in an 18% reduction in electrolyte viscosity and a 15% improvement in cell charging capability. Additionally, a dynamic self-adaptive passivation film has successfully increased cell cycle life by 15% and reduced gas generation by 40% [6]. Product Development and Mass Production - Honeycomb Energy has planned three generations of semi-solid-state batteries: - The first generation, a high-nickel semi-solid-state battery, has completed development and achieved small-scale production with an energy density of 270 Wh/kg, already used in a European passenger car brand [7]. - The second generation, also a high-nickel semi-solid-state battery, has an energy density of 342 Wh/kg and is aimed at the low-altitude aircraft sector, having completed installation test flights [7]. - The medium-nickel semi-solid-state battery, targeting the mid-to-high-end passenger car market, has an energy density of 245 Wh/kg and is scheduled for mass production in October 2026 [7]. - Additionally, Honeycomb Energy has introduced the Longscale Armor 3.0 technology, which achieves thermal-electric separation based on square battery shapes, compatible with CTC (Cell to Chassis) and CTB (Cell to Body) integration designs. The integrated semi-solid-state technology is planned for initial customer platform deployment and mass production delivery in the first quarter of 2027 [8].

Core Viewpoint - The company, Ningde Times, claims that its technologies in condensed matter and solid-state batteries are at the leading level in the industry, and it is actively promoting the new energy transition across multiple industries, including aviation, to support global energy transformation and carbon neutrality goals [1] Group 1 - The company is focusing on high energy density battery technologies, specifically condensed matter and solid-state batteries, which are considered industry-leading [1] - The company is engaged in advancing the new energy transition in various sectors, including aviation [1] - The initiatives are aimed at contributing to global energy transformation and achieving carbon neutrality objectives [1]

证券日报网讯 1月14日，振华科技（000733）在互动平台回答投资者提问时表示，公司旗下东莞市振华 新能源科技有限公司主要从事锂离子电池研制、生产、销售业务，正在积极推进固态电池产品研发。 ...

中高端市场的溢价，究竟由什么来支撑？ 2026年新国 补， 打响 新能源汽车市场结构优化的 "第一枪"。 具体来看， 2026国补围绕"以旧换新"规定了报废更新、置换更新等不同梯度补贴方案。最大变动在于由"定额补贴"转向"按新车售价比例"，这意味新 车购入价决定了补贴下限。 通过倒推，在报废、置换基础上购买 15万元以上的乘用车型，才能有望拿到定格补贴， 低价车补贴缩水，中高端市场将成为 2026主战场。 这一变动，无疑是对价格战内卷的正面回应，也为 2026年新能源乘用车高质量、高价值发展定下了基调。 对于主机厂而言，发展中高端车型，实现品 牌溢价、价值升级已是大势所趋。 2025年全年新能源乘用车销量预计超过1600万辆，其零售渗透率在多个月份实现了60%的突破，正大步向70%迈进。 新能源乘用车发展已进入深度调整周期，未来增量何在？过去两年，低价内卷严重透支了 10万以下新能源车市场。 随着国家反内卷政策持续加码，行 业竞争焦点已从价格转向结构优化、价值提升、边界扩展。 在这一轮结构性重排中，电池企业是否站在正确的价格带与技术方向上，开始直接决定其未 来三年的增长弹性。 主力价格带 对电池企业而言，价格 ...

（编辑 丛可心） 证券日报网讯 1月14日，紫建电子在互动平台回答投资者提问时表示，公司越南工厂的主要经营范围如 下：新能源锂电池原材料、高能锂电池及相关产品的研发、生产、销售；新能源锂电池的技术转让，新 能源锂电池制造、其他电池设计、研发、制造、销售；检测设备的开发、生产、销售；货物进出口。 ...

Core Viewpoint - CATL has opened a comprehensive new energy service experience center in Saudi Arabia, marking a significant expansion into the Middle East market, which aligns with Saudi Arabia's Vision 2030 goals for vehicle electrification and carbon emission reduction [2][9]. Group 1: New Service Center Launch - CATL's after-sales service brand "Ningjia Service" has opened in Saudi Arabia, covering an area of approximately 7,000 square meters and offering various after-sales services for passenger cars, commercial vehicles, and energy storage systems [2]. - The center will also provide future services for sodium battery products and has established a partnership with Fast For Service to jointly operate in Saudi Arabia [2][3]. - Currently, Ningjia Service has established operations in 75 countries/regions with 1,200 service stations and nearly 10,000 professionals [2]. Group 2: Major Energy Storage Project - CATL has secured a significant contract for the RTC project in the UAE, which is the world's largest solar and electrochemical energy storage project, with a total storage capacity of 19 GWh and an investment of $6 billion (approximately 42 billion RMB) [5]. - The project requires a continuous output of 1 GW of electricity daily and involves other key suppliers like Jinko Solar and JA Solar, with construction led by China Power Construction and India's Larsen & Toubro [5][9]. - This project has disrupted the previous dominance of other players in the Middle East's new energy sector, leading to a surge in domestic storage orders [5]. Group 3: Market Opportunities and Challenges - The opening of the service center and the RTC project signifies a recovery in the energy storage market, with a shift towards large-scale storage projects, presenting opportunities for leading battery and storage system integration companies [9]. - The Middle East market is seen as a new frontier for Chinese companies, with ambitious energy transition goals set by countries like Saudi Arabia and the UAE, including a planned 48 GWh of storage installations by 2030 in Saudi Arabia [9][10]. - However, challenges such as local content requirements, geopolitical instability, and the need for strong local partnerships are critical for successful operations in the region [10].

Group 1 - The core viewpoint of the article highlights the explosive growth of the large cylindrical battery and all-tab technology market, with a projected increase of over 15% in China's cylindrical battery shipments by 2025, and a growth rate exceeding 40% for large cylindrical batteries [3] - Major companies in the large cylindrical battery sector, such as EVE Energy, Molicel, and others, are expected to face supply shortages due to high demand, indicating a robust market outlook for 2026 [3] - The integration of advanced technologies like all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries is anticipated to create new growth points and market opportunities [3] Group 2 - The event, titled "2026 (Second) Qidian Lithium Battery Cylindrical Battery Technology Forum and Top 20 Rankings Release," is organized by Qidian Lithium Battery and Qidian Research Institute (SPIR), and is set to take place on April 10, 2026, in Shenzhen [6][3] - The forum will feature discussions on cutting-edge technologies, applications, and innovations in cylindrical batteries, including high-power cylindrical battery technology and next-generation large cylindrical battery development [7][8] - A comprehensive competitive ranking of the top 20 cylindrical battery companies will be published, covering key aspects such as battery cells, equipment, and materials, serving as a reference for industry procurement [3][8] Group 3 - The agenda includes various specialized sessions focusing on cylindrical battery technology, new materials, and manufacturing processes, with opportunities for industry leaders to engage in roundtable discussions on market trends and challenges [7][8] - Notable participating companies include EVE Energy, CATL, BYD, and various others from the cylindrical battery supply chain, indicating a strong industry presence at the forum [10] - The event aims to foster collaboration and innovation within the cylindrical battery sector, addressing critical issues such as cost-performance balance and the speed of industrialization for new materials [8][9]