Core Viewpoint - The solid-state battery industry is experiencing a clear trend towards lithium sulfide (Li₂S) as the mainstream choice for solid electrolytes, with a focus shifting from technology routes to the support of key materials [3][6]. Group 1: Industry Trends - The competition among various technology routes, such as all-solid-state versus semi-solid-state batteries, is converging, with major automakers and battery manufacturers aligning towards lithium sulfide [3][4]. - Major automakers like Toyota, Honda, and Nissan are adopting lithium sulfide technology, while battery manufacturers such as CATL and BYD are also investing in this direction [4]. Group 2: Chemical Properties of Lithium Sulfide - Lithium sulfide (Li₂S) is gaining attention due to its favorable chemical properties, which allow for efficient lithium ion migration, making it suitable for solid-state electrolytes [6][9]. - The main types of lithium sulfide electrolytes include binary and ternary sulfides, with ternary sulfides like Li₁₀MP₂S₁₂ and Li₆PS₅X being more mainstream [7]. Group 3: Cost Considerations - The current price of battery-grade lithium sulfide is approximately 1940 RMB/kg (around 200,000 RMB/ton), which is significantly lower than lithium carbonate and lithium hexafluorophosphate [10][14]. - Lithium sulfide accounts for 70%-82% of the manufacturing cost of solid electrolytes, making it a critical variable in determining overall material costs [14][16]. Group 4: Challenges in Production - The production of lithium sulfide is complex and requires stringent conditions, making it more expensive compared to other lithium compounds like lithium carbonate [18][19]. - The current global production capacity for battery-grade lithium sulfide is still at the kiloton level, while lithium carbonate production is at the megaton level, leading to cost and efficiency challenges [19]. Group 5: Industry Development Timeline - The solid-state battery industry is at a pivotal moment, with significant advancements expected by 2027, as major companies prepare for mass production [23][24]. - Companies like Toyota and major chemical firms are planning to launch mass-produced solid-state battery vehicles by 2027, highlighting the urgency for upstream material supply [23][24].

Group 1 - The A-share market closed for 2025 with the Shanghai Composite Index rising by 0.09%, marking an 11-day winning streak and an annual increase of 18.41%, the highest in 10 years [1] - The Shenzhen Component Index fell by 0.58% but recorded an annual gain of 29.87%, while the ChiNext Index decreased by 1.23% with an impressive annual rise of 49.57% [1] - The STAR 50 Index saw an annual increase of 35.92%, and the North Exchange 50 Index rose by 38.8% for the year [1] Group 2 - Various sectors such as computing hardware, non-ferrous metals, banking, battery supply chain, innovative pharmaceuticals, commercial aerospace, and robotics contributed to the Shanghai Composite Index reaching above 4000 points during the year [1] - The CPO Index had the largest gain among concept indices, increasing over 180% cumulatively [1] - In the ETF market, the commercial aerospace sector continued its upward trend, with multiple satellite ETFs rising over 7%, while the low-altitude economy sector also performed well with gains of 4.6% [1] Group 3 - In terms of annual performance, AI hardware and non-ferrous themed ETFs showed remarkable results, with the Guotai Fund Communication ETF, the Fortune Fund Communication Equipment ETF, and the Guotai Fund Mining ETF rising by 125.81%, 121.37%, and 106.11% respectively [2] - The AI hardware sector experienced a pullback, with the Growth ETF and the Double Innovation ETF both declining by 2% [2] - The energy storage battery sector also faced a downturn, with the energy storage battery ETF dropping by 1.97% [2]

Core Insights - The article discusses the significant developments in the Hong Kong capital market, highlighting its resurgence as a global IPO leader in 2025, with a total fundraising amount exceeding 280 billion HKD, led by CATL's record IPO of 41 billion HKD [3][12]. Group 1: Hong Kong IPO Market - In 2025, Hong Kong's IPO market saw over 110 listings, raising more than 280 billion HKD, reclaiming its position as the top global IPO fundraising market [12]. - The average daily trading volume in the spot market exceeded 230 billion HKD, marking a 43% year-on-year increase and setting a historical high, showcasing Hong Kong's vitality as an international financial center [3][12]. Group 2: Digital Asset Development - On June 26, 2025, Hong Kong released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aimed at optimizing legal and regulatory frameworks, expanding tokenized product categories, and promoting cross-industry collaboration [13]. - The declaration signifies a shift from regulatory framework construction to deep ecological integration, with the goal of establishing Hong Kong as a trusted, innovation-driven global digital asset hub [13]. - On May 21, 2025, the Hong Kong Legislative Council passed the "Stablecoin Ordinance," which took effect on August 1, making Hong Kong one of the first jurisdictions to establish a comprehensive regulatory framework for stablecoins [14]. Group 3: Future Outlook - The company aims to leverage Hong Kong's unique advantages in financial innovation, focusing on "Web 3.0 and digital asset investment" as a strategic direction for growth [14]. - Plans are in place to build a "Shanghai + Hong Kong" operational network, embracing "Web 3.0" and deepening the "DAO" organizational industry chain, with a vision for sustainable growth over the next 40 years [15].

(责任编辑：田云绯) 中国经济网北京12月31日讯 A股三大指数今日涨跌不一。截至收盘，上证综指报3968.84点，涨幅0.09%， 成交额8295.12亿元；深证成指报13525.02点，跌幅0.58%，成交额12156.30亿元；创业板指报3203.17点，跌幅 1.23%，成交额5436.92亿元。 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） = 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 军工电子 | 2.60 | 2748.97 | 714.66 | 19.62 | 54 | 7 | | 2 | 机场航运 | 2.54 | 1528.46 | 78.85 | 11.55 | 11 | N | | ന | 文化传媒 | 2.18 | 3908.25 | 446.42 | 54.71 | 75 | ਰੇ | | ব | 教育 | 1.76 | 729.33 | 46.46 | 0.99 | 14 | 2 | | 5 | 幸工装备 | 1.6 ...

每经AI快讯，12月31日，A股2025年收官，截至收盘，沪指涨0.09%，录得11连阳，全年收涨18.41%， 创10年新高；深成指跌0.58%，全年收涨29.87%；创业板指跌1.23%，全年大涨49.57%。科创50指数全 年涨35.92%，北证50指数全年涨38.8%。纵观全年，算力硬件、有色金属、银行、电池产业链、创新 药、商业航天、机器人等多个板块轮动推动沪指一度站上4000点。同花顺问财数据显示，今年涨幅前三 个股分别为上纬新材、天普股份、N蘅东光。展望2026年，据新华财经，机构普遍对A股市场持积极预 期。多数机构认为，国内外增量资金入市、企业盈利修复、政策端加码等多重因素有望支撑A股市场后 续表现，2026年A股迈向"慢牛"。 责任编辑：石秀珍 SF183 每经AI快讯，12月31日，A股2025年收官，截至收盘，沪指涨0.09%，录得11连阳，全年收涨18.41%， 创10年新高；深成指跌0.58%，全年收涨29.87%；创业板指跌1.23%，全年大涨49.57%。科创50指数全 年涨35.92%，北证50指数全年涨38.8%。纵观全年，算力硬件、有色金属、银行、电池产业链、创新 药、商业 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：普沃思环保科技无锡有限公司 注：文中提到的方案和文字版权归普沃思所有，方案已申请专利 1 硫化氢高低浓度 目前，全固态硫化物体系电池生产过程中产生的硫化氢（ H₂S）气体 主要分类两大类： 高浓度硫化氢和低浓度硫化氢。 其中， 高浓度硫化氢源于众多 工艺单元，浓度偏高，大约在 10ppm左右，甚至更高 ； 低浓度硫化氢源于空间扩散，浓度大约 1-5ppm（硫化氢浓度数据来源于现有工艺反馈，数据 需要生产工艺优化后同步更新）。 2 传统方案：从源头抑制 目前 业界 (实验室或小型中试线） 普遍采用惰性气体保护系统，并搭配超低露点与超高密封性的阀门、管道和密封件。其核心机理是从 "抑制产生"入 手。该方法在实验、手套箱及小试阶段尚可适用，运行成本与初投资也可接受。 然而，规模化生产代价太大，很难大规模推广应用，难以满足全固态电 池规模化产业验证。 当前，全固态电池产业化路径已基本明确，多家企业计划于 2027年实现小批量装车，标志着该技术将正式迈向规模化应用。 业内人士分析认为， 2025–2026年 是 中试生 ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 31 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：海外云厂商 资本开支高增长，电力设备需求高企》 2025-12-30 《光储行业跟踪：11 月国内光伏装机同比增 长，双玻组件价格小幅上涨》2025-12-30 《锂电行业跟踪：动力和储能电池需求旺盛， 储能电芯和系统均价上涨》2025-12-30 《2026 年电新行业策略报告：新能源基本业务 向上+国家战略安全资产赋能有望成为最强主 线》2025-12-30 盛，锂电材料价格回升》2025-12-23 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——固态电池行业深度报告 材料和工艺设备体系革新，固态电池产 业化加速 强于大市 投资要点： 固态电池电解质固态化是核心，具有能量密度和安全性优势，体型的硫化物全固态电池是趋 ...

Core Viewpoint - The release of the first national standard for solid-state batteries in China marks a significant milestone in the industry's development, establishing clear definitions and high thresholds for key performance indicators, which is expected to facilitate the industrialization of solid-state battery technology [1][6]. Group 1: Definition and Standards - The new standard categorizes batteries into three types: liquid batteries, hybrid solid-liquid batteries, and solid-state batteries, eliminating the previously used term "semi-solid battery" [2]. - A critical performance indicator set by the new standard is that the weight loss rate of solid-state batteries must not exceed 0.5%, a significant tightening from the previous requirement of less than 1% [2][6]. - The standard aims to clarify the market and promote genuine technological innovation, thereby purging the market of "pseudo-solid" products [6]. Group 2: International Competition and Market Dynamics - The standard categorizes solid-state batteries based on electrolyte types and ion conduction types, which is expected to enhance China's competitive edge in the global solid-state battery technology race [4]. - The establishment of the national standard is seen as a strategic move to unify domestic technical interfaces and gain a voice in international regulations [4]. - Capital investment in the solid-state battery sector is increasing, with significant funding events indicating strong market recognition of this technology [5]. Group 3: Industry Impact and Investment Opportunities - Major companies are actively pursuing funding and investments to support the transition from laboratory to large-scale production of solid-state batteries [5]. - The market has seen a surge in institutional interest, with 22 solid-state battery concept stocks receiving institutional research in the fourth quarter [5]. - Companies with substantial technological reserves in core electrolyte routes and those achieving significant production capabilities are expected to benefit from the "Matthew effect" in the upcoming industrial wave [6].

Group 1 - The core viewpoint of the article is that the introduction of the new national subsidy policy in mainland China for 2026 will alleviate market concerns regarding the sustainability of subsidies for electric passenger vehicles, ensuring continued growth in the electric vehicle battery industry [1] - The new subsidy policy links the subsidy amount to vehicle prices, differing from the fixed subsidy of 2025, but maintains similar subsidy caps and eligible vehicle models [1] - The continuation of subsidies is expected to secure high single-digit growth for the electric vehicle battery industry in 2026, with strong performance in electric trucks and energy storage systems further enhancing industry profitability [1] Group 2 - If strong demand leads to sustained increases in battery material prices, the company believes that CATL (宁德时代) will be able to pass on cost pressures through pricing strategies [1] - The target price for CATL's A-shares is set at 490 RMB, with an "overweight" rating, positioning it as a top choice in the industry [1]

Group 1 - The core viewpoint of the article is that the introduction of the "national subsidy" policy in mainland China in 2026 will link subsidy amounts to vehicle prices, differing from the fixed subsidy of 2025, but the subsidy cap and covered vehicle models will remain largely unchanged [1] - The continuation of subsidies for electric passenger vehicles is expected to ensure high single-digit growth in the electric vehicle battery industry in 2026 [1] - Strong performance in electric trucks and energy storage systems is anticipated to further enhance industry profitability [1] Group 2 - If strong demand leads to a sustained increase in battery material prices, the company believes that CATL will be able to pass on cost pressures through pricing strategies [1] - The target price for CATL's A-shares is set at 490 yuan, with an "overweight" rating, positioning it as the industry favorite [1]