股票研究 /[Table_Date] 2025.10.22 电动重卡市场驶入增长快车道 [Table_Industry] 动力锂电 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 李依雯(研究助理) | 021-23183948 | liyiwen@gtht.com | S0880125042249 | [Table_Report] 相关报告 动力锂电《再读固态电池投资机会》2025.09.11 动力锂电《再读固态电池投资机会》2025.08.29 动力锂电《固态电池正负极&集流体发展方向》 2025.08.26 动力锂电《上汽半固态装车 10 万级，半/全固态 或情绪联动》2025.07.26 动力锂电《海外固态电池进展积极，产品性能持 续突破》2025.07.08 本 ...

Fixed Income Research - The bond market may have completed a "five-wave" cycle and is now entering an adjustment phase, with historical data suggesting that the decline from the peak could be around 30%-35% of the previous gains [1][3][30] Coal Mining Research - The fundamental reason for the frequent global electricity shortages is the rapid growth in electricity demand, while structural bottlenecks on the supply side remain unresolved. Traditional energy sources, particularly coal-fired power, will continue to be the ballast of the global electricity system in the medium to long term [5][7][8] - Global electricity demand is expected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by deep electrification in the industrial sector, rapid expansion of data centers driven by artificial intelligence, and increased extreme weather events due to global climate change [6][7] Power Equipment and New Energy Research - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate their capabilities. Continuous advancements in the industry are expected to enhance the trend of solid-state battery markets [9][10][11] - The solid-state battery market has transitioned from being demand-driven to being driven by new technologies, with significant developments expected in various fields, including consumer batteries and electric vehicles [12][13]

Group 1 - The establishment of a joint venture between WoFei ChangKong and WoLong Electric Drive focuses on the development of electric propulsion power systems, which is expected to accelerate the commercialization of the low-altitude economy [2][3][21] - The joint venture, Zhejiang Longfei Electric Drive Technology Co., Ltd., will develop high-performance motors and electric drive systems for tilt-rotor eVTOL aircraft, addressing high thrust demands during vertical takeoff and efficient energy conversion during cruise [3][21] - The collaboration is anticipated to integrate both parties' technologies and market resources, creating a "power solution" that can be reused in the low-altitude economy sector [3][21] Group 2 - The cooperation between power system companies and eVTOL manufacturers is expected to accelerate core technology research and development, enhancing the synergy within the low-altitude economy industry chain [4][21] - The low-altitude economy encompasses various sectors, including low-altitude infrastructure, aircraft manufacturing, and operational support, with the aircraft manufacturing segment facing significant technical barriers and receiving strong policy support for eVTOL technology development [4][21] - The value proportion of the power system and avionics control system in eVTOL aircraft is relatively high, indicating that these segments are likely to benefit significantly from the ongoing developments [4][21] Group 3 - The solid-state battery industrialization process is accelerating, with several automotive companies, including BMW and Mercedes-Benz, beginning road tests of vehicles equipped with solid-state batteries [7][8][9] - The energy density of the new solid-state batteries is reported to be as high as 450Wh/kg, with some manufacturers planning to achieve mass production by 2027 [8][9] - Companies like Ningde Times and Guoxuan High-Tech are leading the development of solid-state batteries, with plans for small-scale production and delivery of high-energy-density batteries in the coming years [9][10] Group 4 - The solid-state battery supply chain is progressing well, with companies like BETTERRY and Xiamen Tungsten New Energy making advancements in key materials for solid-state batteries [10] - The market for solid-state batteries is expected to grow significantly, driven by the increasing demand for high-performance energy storage solutions in electric vehicles [9][10] - The competitive landscape in the lithium battery sector is intensifying as companies race to secure their positions in the solid-state battery market [9][10]