2025 起点固态电池行业年会 暨固态电池金鼎奖颁奖典礼 首届硫化物全固态电池国际峰会议程 时间： 2025年11月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 ...

Market Overview - The A-share market rebounded this week, with five out of nine major indices reaching new highs, indicating that the two-week period of volatility is likely over [1] - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, and CSI 500 Index all set new highs, suggesting a potential end to market fluctuations [1][5] Key Events - The Ministry of Commerce has initiated an anti-dumping investigation into imported simulation chips from the United States, which is seen as a positive development for the domestic chip sector [7][8] - The upcoming Federal Reserve meeting on September 18 is anticipated to be a significant event for global capital markets, with expectations of a potential interest rate cut [5][9] Sector Analysis - The semiconductor sector is expected to benefit from the anti-dumping investigation, with the involvement of major funds like the National Integrated Circuit Industry Investment Fund [8] - The market is currently experiencing a shift towards low-core assets, particularly in the food and beverage sectors, which may see a rebound if the Federal Reserve cuts interest rates [12][13] - The AI hardware sector is facing volatility, with some stocks experiencing declines due to negative news, while second-tier stocks in this category are showing potential for upward movement [12][13] Investment Strategy - The market outlook suggests a cautious yet optimistic approach, with an emphasis on observing individual stock performance before making investment decisions, particularly in the semiconductor and AI hardware sectors [8][12] - Investors are advised to focus on sectors that may benefit from the Federal Reserve's potential interest rate cut, including low-core assets and innovative pharmaceuticals [13]

编者荐语： 本周A股市场机器人板块表现活跃。消息面上，宇树科技披露上市计划，并披露营收结构与未来业务展望。同时国内智元等头部机器人公司加速资本化， 小米、赛力斯等主机厂或发布人形机器人新品。 以下文章来源于申万宏源证券上海分公司 ，作者王臻斌 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 本周 A股市场机器人板块表现活跃。 消息面上， 宇树科技披露上市计划 ， 并披露营收结构与未来业务展望 。 同时国内 智元等头部机器 人 公司 加速资本化，小米、赛力斯等主机厂或发布人形机器人新品 。 特斯拉 近期 在其官方账号上发布 "宏图计划第四篇章" ， 并且 开 通 Tesla AI官方微博，展示人形机器人 图 文 。 市场预计特斯拉将 从电动汽车和能源全面转向人工智能和机器人领域 ， 特斯拉 人形机 器人量产预期得以维持 。 在对 机器人板块中长期发展 趋势看好的背景下，短期消息面刺激使本周初 相关上市公司股价表现活跃 。 近阶段市场 另一亮点是 固态电池 板块。固态电池 行业 近期海内外多家巨头的技术路线逐渐清晰。在行业政策 ...

Market Overview - The market experienced fluctuations with the ChiNext Index initially dropping over 1% but later rebounding to close up 0.68% [2] - The Shanghai Composite Index fell by 0.04%, while the Shenzhen Component Index rose by 0.45% [2] - Over 3,500 stocks in the market rose, with a total trading volume of 2.34 trillion yuan, an increase of 64 billion yuan from the previous trading day [2][3] Stock Performance - Individual stock sentiment has improved, with the number of rising stocks increasing to over 3,600 from fewer than 2,000 in previous days [3] - The number of stocks hitting the daily limit up reached 88, indicating a revival in the limit-up trend [4][15] Sector Performance - The robotics, internet e-commerce, and logistics sectors showed strong gains, while the pork, non-ferrous metals, and film sectors faced declines [2][17] - The humanoid robot sector saw over 20 stocks rise by more than 10% [17] Technology Sector Insights - The "cold king" Cambrian Technology saw fluctuations, initially dropping but later rising nearly 6% before closing lower [9][11] - The technology sector, particularly stocks like Shenghong Technology and Cambrian Technology, showed significant trading volumes and year-to-date gains [13] Future Market Expectations - Market participants are awaiting significant events, including potential interest rate cuts by the Federal Reserve, which could influence A-share pricing [8][20] - Analysts predict a long-term upward trend in the robotics industry, driven by domestic and international market resonance, with a focus on key supply chain companies [20]

Market Overview - The market showed a slight recovery with the three major indices closing up, and a total trading volume of 2.3 trillion yuan, slightly higher than the previous trading day [1] - Over 3,600 stocks rose, with notable gains in the robotics industry chain, driven by government support for AI integration in toys [1] - The brokerage sector saw significant movement, with leading stocks like Chuangxin Securities nearing a limit-up [1][2] Sector Performance - The computer equipment, general equipment, and internet e-commerce sectors attracted significant capital inflow, with stocks like Huasheng Tiancai and Zhongke Shuguang leading the net inflow [3] - The logistics and unified market concepts led the gains, with multiple stocks hitting the limit-up [1] - The real estate, consumer electronics, and various financial sectors also showed positive performance [1] Notable Events - The successful launch of a satellite internet technology test satellite marks a significant achievement in China's space endeavors [4] - Policies to promote the construction of a "15-minute convenient living circle" in cities are set to be introduced, focusing on enhancing community services [5] - A framework cooperation agreement was signed between Yushutech and State Grid Hangzhou Power Supply, aiming to deepen collaboration in AI applications within the power sector [6] Future Outlook - Guojin Securities suggests that A-shares are approaching a third round of revaluation, recommending investors to focus on high-dividend assets, technology sectors, and unique structural opportunities in China's transformation [7][8] - Galaxy Securities highlights the ongoing advancement of AI applications, particularly in the gaming industry, which is expected to maintain high prosperity [9] - CITIC Securities anticipates rapid growth in the domestic energy storage sector, driven by new pricing mechanisms and the potential for enhanced profitability [10]

Core Viewpoint - The A-share market's robotics sector has shown active performance this week, with companies like Yushu Technology revealing their listing plans and revenue structures, while major domestic robotics firms accelerate their capitalization efforts [1][7]. Market Overview - The A-share market has seen a rotation in technology stocks, with AI, robotics, and solid-state battery sectors experiencing fluctuations, while financial and consumer sectors are undergoing consolidation [6]. - The robotics sector has been particularly vibrant, with Yushu Technology announcing its listing plans and revenue outlook, and major players like Xiaomi and Seres potentially launching humanoid robot products [7]. - Tesla has released its "Fourth Chapter of the Macro Plan" and opened an official Weibo account for Tesla AI, showcasing humanoid robots, indicating a shift towards AI and robotics from electric vehicles and energy [7]. - The solid-state battery sector is gaining attention due to clearer technological routes from major global players, with favorable policies and successful product launches accelerating commercialization [7]. - The AI sector has rebounded significantly, driven by expectations of substantial growth in cloud revenue powered by AI in the coming years, with Oracle's stock surging nearly 30% [8]. Market Outlook - Following a period of adjustment since late August, the trading volume in the Shanghai and Shenzhen markets has decreased, but there are still significant opportunities in technology stocks represented by AI, semiconductors, and solid-state batteries [10]. - The consumer and dividend sectors, which have also undergone adjustments, are expected to present certain opportunities for investors [10].

Core Viewpoint - The A-share market experienced a sudden decline, with significant drops in the non-ferrous metals sector, particularly in rare earth permanent magnets, despite positive market catalysts [1][3][5]. Group 1: Market Performance - On Tuesday morning, the A-share market saw a sharp drop, with the Shanghai Composite Index down 0.10%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.32% [1]. - The non-ferrous metals sector, particularly the rare earth permanent magnet index, saw a decline of over 3% during the session, with major stocks like China Rare Earth and Jinko Solar dropping more than 5% [3]. - High-position blue-chip stocks also faced profit-taking, with stocks like Ningde Times and Muyuan Foods experiencing declines of over 1% and 4%, respectively [3]. Group 2: Market Drivers - Despite favorable news such as easing US-China trade tensions and expectations of a US interest rate cut, the A-share market still faced downward pressure [5]. - Analysts suggest that the market adjustment is likely due to profit-taking in high-position stocks, as sectors like optical modules and solid-state batteries have seen significant gains recently [6][8]. Group 3: Future Outlook - The adjustment in the equity market may present opportunities, as the risk appetite in the bond market remains stable, and the narrative driving the recent stock market rise has not fundamentally changed [8]. - Analysts predict that the upcoming period may resemble the market conditions of 2016-2017, driven by fundamental improvements in prices, profits, and inventory levels [8]. - Economic data for August indicates a mixed picture, with industrial production growth at 5.2% and service sector growth at 5.6%, suggesting GDP growth remains around 5% [9].

Core Viewpoint - The global stock indices mostly rose this week, with the Asia-Pacific market leading the gains, particularly the Hong Kong Hang Seng Technology Index which surged by 5.3%. The A-share market exhibited a V-shaped trend, with significant trading volume fluctuations, indicating a recovery in investor risk appetite and continued net buying of financing funds [1] Market Overview - The A-share "slow bull" market continues in September, with high-growth sectors being the preferred choice. The consensus in the market is that the Federal Reserve will lower interest rates in September, and the progress of Sino-U.S. negotiations will be a key factor influencing global risk appetite. The current bull market in A-shares is supported by strong policies aimed at stabilizing the stock market and abundant potential incremental funds from residents [1][2] Key Focus Areas 1. **U.S. Economic Indicators**: The U.S. August CPI rose by 2.9% year-on-year, and the core CPI increased by 3.1%, aligning with expectations. The PPI rose by 2.6% year-on-year but fell by 0.1% month-on-month, marking the first decline in four months. The U.S. added fewer non-farm jobs than expected in August, with an increasing unemployment rate, indicating a slowdown in the job market. The market anticipates three rate cuts by the Fed this year, each by 25 basis points [1][2] 2. **Sino-U.S. Negotiations**: Scheduled talks from September 14 to 17 in Spain will address U.S. tariffs, export controls, and other trade issues. The outcomes of these discussions are expected to significantly impact global risk appetite [2] 3. **AI Industry Developments**: Major tech companies have committed to increasing investments in AI, with Oracle and OpenAI announcing a large-scale partnership. This has positively influenced stock prices in the AI sector, suggesting a resurgence in technology stocks. A-share investors should focus on opportunities in the AI sector, particularly in computing power and downstream applications [2][3] Earnings Expectations - The overall revenue for A-shares (excluding financials and oil) is projected to grow by 0.46% year-on-year in the first half of 2025, while net profit is expected to increase by 2.43%, indicating a bottoming phase for A-share earnings. High-growth sectors such as TMT, manufacturing, and pharmaceuticals are expected to maintain strong performance [3] Sector Allocation - The focus should be on high-growth sectors that are likely to benefit from valuation premiums during the bull market, including solid-state batteries, energy storage, innovative pharmaceuticals, AI applications, and humanoid robots. New consumption areas like IP economy and heated tobacco products are also highlighted. Additionally, the Hong Kong market may benefit from foreign investment and capital inflows due to the Fed's rate cuts [3]

Group 1: Key Insights on Small Giants - The concept of "Key Small Giants" aims to promote a group of exemplary small and medium enterprises with significant growth and innovation advantages, receiving additional support from central finance [4][5] - As of June 2025, 137 companies from the first batch of Key Small Giants have been listed on A-shares, raising over 120 billion yuan in total [5] - Key Small Giants exhibit stronger innovation capabilities and growth potential, with R&D expenses accounting for 8.93% of revenue in 2024, surpassing the averages of other small giants and A-share companies [5] Group 2: Retail Sector Performance - In August 2025, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4%, indicating steady growth in social consumption [10] - The jewelry sector performed particularly well, with gold and silver jewelry sales increasing by 16.8% year-on-year in August [11] - Online retail sales for the first eight months of 2025 reached 99,828 billion yuan, growing by 9.6%, while physical retail growth showed signs of slowing down [12] Group 3: Real Estate Market Trends - From January to August 2025, the total sales area of commercial housing decreased by 4.7% year-on-year, with a significant drop in sales in August [15][16] - The real estate development investment for the same period was 6.03 trillion yuan, down 12.9% year-on-year, indicating a continued decline in investment sentiment [18] - The sales recovery in first-tier cities is expected to improve in September, driven by increased promotional efforts from real estate companies [19] Group 4: Electronics Industry Developments - Major storage manufacturers have announced production cuts, with Micron reducing output by 10% and Samsung by 15%, leading to a significant increase in NAND Flash and DRAM prices [20][21] - The global DRAM market is expected to see a comprehensive price increase due to the transition to higher-margin products and reduced supply of older technologies [21] - AI capital investments are driving demand for enterprise storage, with significant spending from major tech companies [22][23] Group 5: Automotive Industry Highlights - Chery Automobile has passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone for the company [27] - In the first eight months of 2025, China's automobile production and sales both exceeded 20 million units, with new energy vehicles accounting for 45.5% of total new car sales [27] - The demand for high-end luxury vehicles is expected to exceed expectations, with recommendations for companies like Jianghuai Automobile and Sailis [29] Group 6: Media and Gaming Sector Insights - The gaming industry continues to thrive, with new game releases and strong performance in both domestic and international markets [30] - AI applications in media are rapidly evolving, with significant advancements in model iterations and commercial applications [31] - The gaming sector is expected to maintain high growth, driven by continuous demand and new supply [30]

Market Overview - The A-share market experienced a rebound last week (September 8-12, 2025), with the Shanghai Composite Index rising by 1.52%, the Shenzhen Component Index by 2.65%, the Sci-Tech 50 by 5.48%, and the ChiNext Index by 2.10% [3][17] - The average daily trading volume in A-shares was 2.33 trillion yuan, showing a decrease compared to the previous week [3][17] - The technology growth sector was boosted by optimistic guidance from Oracle's earnings, leading to a recovery in market sentiment [3][17] Sector Analysis AI Computing - Within the AI sector, several sub-sectors remain at relatively low levels due to limited short-term catalysts and insufficient bullish narratives [4][19] - Potential future catalysts include technological breakthroughs or new standout products, which could significantly enhance investment returns in areas like storage and AI applications [4][19] Solid-State Batteries - The solid-state battery sector is characterized by a combination of demand-driven and technology-driven growth [20] - The market is expected to see increased activity as leading companies disclose advancements in solid-state products, particularly for use in electric vehicles [20] Fund Market Dynamics - In the first half of 2025, the top 100 fund distribution institutions reported a total equity and non-cash asset scale of 5.14 trillion yuan and 10.20 trillion yuan, respectively, reflecting growth of 6% and 7% since the beginning of the year [21][22] - The growth in the fund market is heavily concentrated in passive investment products, while active fund scales have seen limited growth due to client redemption behaviors [21][22] Active Equity Fund Index Performance - The Active Equity Fund Index rose by 2.41% last week, achieving a cumulative excess return of 12.88% since inception [6] - The Growth Stock Fund Index saw a weekly increase of 3.75%, with a cumulative excess return of 15.78% since inception [9][34] - The Technology Stock Fund Index increased by 3.55%, with a cumulative excess return of 19.94% since inception [12][43]