China’s battery storage sector is also benefiting from a rebound by the local markets thanks to policy support by Beijing. China’s National Energy Administration recently unveiled a plan to mobilize 250 billion yuan (~$32 billion) in new investment to build 180 gigawatts of new energy storage capacity by 2027. Lately, Chinese companies that operate in the energy storage space have been posting robust growth as fundamentals continue to improve. During the first half of 2025, 47 of 55 listed companies in the ...

Group 1 - The core viewpoint of the article emphasizes the importance of timely and relevant research reports in identifying investment opportunities and risks in the market [1] - The power semiconductor sector shows clear signals of a bottoming cycle, with A-share companies experiencing nearly 20% revenue growth and a recovery in gross margins [1] - Institutional insights suggest that changes in the supply landscape are catalyzing an earlier-than-expected price increase cycle, reinforcing the recovery logic in the sector [1] Group 2 - The article highlights the rapid establishment of pilot lines for solid-state batteries, indicating a growing opportunity for investment [1] - Besides battery equipment manufacturers, two new energy ETFs are identified as potential low-position investment opportunities [1]

Core Viewpoint - The solid-state battery concept is gaining momentum, with several stocks, including Haike New Energy and Kewell, rising over 10% following Chery Automobile's announcement of technological breakthroughs in the solid-state battery industry chain [1] Group 1: Market Reaction - Solid-state battery stocks experienced significant gains, with Haike New Energy, Kewell, Huasheng Lithium Battery, and Zhuhai Guanyu all rising over 10% [1] - Other companies such as Boliview, Xiangtan Electric, Guoxuan High-Tech, and Zhongke Electric also showed notable increases in stock prices [1] Group 2: Technological Advancements - On October 18, Chery Automobile announced at the 2025 Chery Global Innovation Conference that it has achieved a full industry chain technology breakthrough in solid-state batteries [1] - Chery showcased the Rhino S all-solid-state battery module, which is expected to enhance the range of electric vehicles to 1200-1300 kilometers after installation [1]

CATL’s premium in Hong Kong over its mainland-listed shares is narrowing ahead of third-quarter results, signaling growing caution among global investors toward the battery giant https://t.co/7J6CV2yvk9 ...

Summary of the Conference Call on China Battery Materials Industry Overview - The report focuses on the **China Battery Supply Chain**, particularly the **Energy Storage System (ESS)** battery demand, which is experiencing significant growth [1] Key Insights - **Production Pipeline Growth**: The top-5 battery manufacturers are expected to see an **11% month-over-month (MoM)** increase in production in October 2025, marking the first double-digit MoM increment of the year [1] - **Battery Types Performance**: - **NCM (Nickel Cobalt Manganese) batteries** are projected to increase by **3% MoM** - **LFP (Lithium Iron Phosphate) batteries** are forecasted to surge by **14% MoM** [1] - **Downstream Demand**: The strong demand for ESS is driving the production pipeline for battery materials, which is expected to rise by **4-8% MoM** [1] Company Highlights - **Top Picks in Supply Chain**: The report identifies **CATL, EVE, CALB, and Hunan Yuneng** as the top companies in the battery materials supply chain [1] Financial Valuations - **CALB Group Co Ltd**: - Target price set at **HK$33.40** based on a **2026E P/E of 20.6x** - Concerns regarding lower gross profit margins compared to peers may affect valuation visibility [11] - **CATL**: - Valued at **HK$621/share** based on a **17.3x 2025E EV/EBITDA** - Target price implies **36.6x 2025E P/E** and **27.9x 2026E P/E** [13] - **Eve Energy**: - Target price set at **Rmb93.9/share** using a sum-of-the-parts approach, with a focus on battery business valuation at **15.3x 2026E EV/EBITDA** [16] - **Hunan Yuneng New Energy Battery Material**: - Valued at **Rmb57.9/share** based on a **14.4x 2026E EV/EBITDA** [19] Risks Identified - **General Risks**: - Weaker-than-expected battery demand - R&D challenges - Strong competition and operational challenges - Customer concentration and litigation risks [12][14][18][20] Additional Insights - The report emphasizes the importance of monitoring the **global ESS demand**, which is expected to continue influencing the battery materials market positively [1] - The production forecasts for various components of battery manufacturing, including cathodes, anodes, and electrolytes, are also projected to see increases of **8% MoM**, **5% MoM**, and **6% MoM**, respectively [5][10][7]

Core Viewpoint - The article discusses the adjustment in battery supply for certain models of the Zhijie brand, switching from Zhongxin Innovation's battery to CATL's 82 kWh battery to expedite vehicle delivery and ensure customers benefit from tax incentives [1] Group 1 - Due to insufficient production capacity from Zhongxin Innovation, Zhijie models will now utilize CATL's 82 kWh battery, which is a mix of ternary lithium-ion and lithium iron manganese [1] - Both battery brands meet Huawei's "Whale" battery platform standards in terms of performance, lifespan, and functionality, with warranty policies remaining consistent [1] - The switch to CATL's battery is aimed at accelerating vehicle delivery and allowing users to take advantage of the national purchase tax reduction policy, which is a decrease of 30,000 yuan this year and 15,000 yuan next year [1] Group 2 - It is noted that the cost of CATL's battery cells is higher than that of Zhongxin Innovation, but the vehicle pricing will remain unchanged [1]

Core Viewpoint - The electric vehicle (EV) industry is experiencing significant growth, with revised sales expectations for 2025 and beyond, driven by strong domestic and international demand [2][3]. Electric Vehicle Sales - In September, major domestic automakers sold 967,000 EVs, representing a month-on-month increase of 21% and a year-on-year increase of 39%, aligning with expectations [2][3]. - Cumulative sales reached 7.19 million units, with an annual forecast of approximately 16.5 million units, reflecting a year-on-year growth of 25%-30% [2][3]. - Exports are expected to reach 2.3 million units, marking an 85% increase, while commercial vehicle sales are projected at 850,000 units, nearly a 60% year-on-year increase [2][3]. - In Europe, sales in September for nine major countries totaled 313,000 units, with a significant month-on-month increase of 35% and a year-on-year increase of 30%, leading to an upward revision of the annual sales forecast to 3.8-4 million units [2][3]. Energy Storage - Domestic energy storage demand has exceeded expectations, with local governments implementing capacity price compensation after the cancellation of mandatory storage requirements, leading to a projected 51% growth in 2025 [3]. - In the U.S., pre-project installations ahead of the OBBB execution are expected to drive a 62% growth in 2025, while Europe and emerging markets are anticipated to see 1-2 times growth [3]. - Global energy storage battery shipments are expected to reach 551 GWh in 2025, a 70% year-on-year increase, with a forecast of 40% growth to 773 GWh in 2026 [3]. Solid-State Technology - The fourth quarter is expected to see a concentration of catalysts for solid-state technology, with advancements in materials that enhance energy density and solve interface contact issues [4]. - The Chinese Academy of Sciences has developed a new polymer-based electrolyte that could significantly impact solid-state battery production [4]. Investment Recommendations - The battery sector is expected to thrive, with companies like CATL, Yiwei Lithium Energy, and others being highlighted for potential growth [5]. - Material leaders such as Keda Technology and others are also recommended for investment, alongside lithium carbonate producers anticipating price rebounds [5]. - The solid-state sector is projected to benefit from upcoming catalysts, with companies like Xiamen Tungsten and others being favored for investment [5].

Market Overview - U.S. stock futures were higher, with Dow futures gaining over 100 points on Thursday [1] Company-Specific Movements - Satellogic Inc. (NASDAQ:SATL) shares fell 13.1% to $3.60 in pre-market trading following a proposed public offering [1] - American Battery Technology Company (NASDAQ:ABAT) shares dipped 23.9% to $6.81 after the DOE terminated a grant [3] - Hyperfine, Inc. (NASDAQ:HYPR) shares decreased 14.1% to $1.89 due to preliminary third-quarter revenue results falling below estimates and a proposed public offering [3] - Omeros Corporation (NASDAQ:OMER) shares declined 9.2% to $9.45 after a significant 154% increase the previous day following Novo Nordisk's acquisition of its global rights to Zaltenibart [3] - Hewlett Packard Enterprise Company (NYSE:HPE) tumbled 8.6% to $22.85 despite reporting record revenue driven by AI demand, as restructuring costs compressed profit margins [3] - NIO Inc. (NYSE:NIO) fell 8.5% to $6.24 in pre-market trading [3] - Inventiva S.A. (NASDAQ:IVA) declined 7.5% to $5.06 after a 10% gain the previous day [3] - Bitfarms Ltd. (NASDAQ:BITF) fell 4.6% to $6.17 after announcing a $300 million convertible senior notes offering [3] - Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.8% to $53.66 following CEO Subodh K. Kulkarni's sale of 1,000,000 shares, raising concerns about leadership commitment [3] - Datavault AI Inc. (NASDAQ:DVLT) slipped 4.8% to $2.00 in pre-market trading [3]

Group 1: Solid-State Battery Breakthroughs - Solid-state batteries are identified as the core technology direction for next-generation lithium batteries, with significant application prospects in new energy vehicles and low-altitude economy [1] - Chinese scientists have successfully overcome critical challenges in all-solid-state lithium batteries, enabling performance upgrades that could allow a 100 kg battery to support over 1000 km of range, compared to the previous maximum of 500 km [1][3] - The advancements involve three key technologies that improve the interface between the solid electrolyte and lithium metal anode, addressing the contact issues that hinder battery efficiency [3][5] Group 2: Key Technological Innovations - The first breakthrough involves the development of "iodine ions" as a special adhesive that fills gaps at the interface, enhancing the contact between the electrode and electrolyte [5] - The second innovation is a "flexible transformation technique" that uses polymer materials to create a robust framework for the electrolyte, allowing it to withstand significant deformation while improving lithium-ion mobility and storage capacity by 86% [5] - The third advancement is the "fluorine reinforcement" technique, which enhances the electrolyte's resistance to high voltage, ensuring safety and performance under extreme conditions [5] Group 3: Wind Power Installation Vessel - The "Nordic Wind" vessel, the world's first full direct current wind power installation ship with a lifting capacity exceeding 3000 tons, has been delivered, filling a technological gap in the market [7][9] - This vessel features a length of 146 meters and a maximum displacement of 56,000 tons, equipped with a 3200-ton main hoist and capable of operating in harsh conditions [9] - The carbon emissions for installing wind power equipment with this vessel are only 30% of those from traditional AC supply vessels, significantly reducing the environmental impact [11] Group 4: International Standards Development - Since the "14th Five-Year Plan," China has actively participated in and led the formulation of over 1000 international standards, contributing to sustainable global economic and technological development [12][18] - The establishment of new international standards in key areas such as new energy and photovoltaic technology has streamlined communication and accelerated research and development processes across the industry [16] - The total number of international standards led by China has reached 2032, nearly doubling the number from the previous five-year period [18]

第一是中国科学院物理研究所联合多家单位的科研团队开发的"特殊胶水"——碘离 子。在电池工作时，碘离子像"交通警察"，顺着电场跑到电极和电解质的接口处。主 动吸引通行的锂离子过来，像流沙一样，哪里有小缝隙、小孔洞，就自动流过去填 满。通过一番缝缝补补，电极和电解质能自己贴得严严实实，从而突破了全固态电池 走向实用的最大瓶颈。 第二是中国科学院金属研究所的"柔性变身术"。科学家用聚合材料给电解质打造了一 副"骨架"，让电池像升级版保鲜膜一样抗拉耐拽。弯折2万次、拧成麻花状都完好无 损，完全不怕日常形变。同时，在柔性骨架中加入一些"化学小零件"，它们有的能让 锂离子跑得更快，有的能额外"抓"住更多锂离子，直接让电池储电能力提升86%。 第三是清华大学的"氟力加固"。科研团队用含氟聚醚材料改造电解质，氟的"耐高压本 事"极强，电极表面的"氟化物保护壳"，能够防止高电压"击穿"电解质。这项技术在满 电状态下经过针刺测试、120℃高温箱测试都不会爆炸，可以确保安全与续航"双在 线"。 未来已来，固态电池的硬核技术突破，正在把新能源出行的"未来"变成"现实"。 tes w now 点击下载中国基金报客户端 ■ 中国基金报内 ...