证券研究报告 2025年10月10日 分析师 孙潇雅 SAC执业证书编号：S1110520080009 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 行业报告： 行业深度研究 固态电池设备的瓶颈-等静压 电力设备 作者： 摘要 等静压设备核心评判指标 1、核心作用： 固-固界面致密化是全固态电池性能提升&量产的核心瓶颈，等静压技术可以用于改善全固态电池固固界面接触问题。 对于固态电池而言，等静压技术可以有效消除电芯内部的空隙，提升电芯内组件界面之间的接触效果，进而增强导电 性，提高能量密度，并减少运行期间的体积变化。 2、核心指标： 1）冷等静压机：对粉末施加100-630MPa的压力，在常温下工作，无需加热装置。 2）温等静压机：工作温度一般不超过500℃，压强范围可达300MPa左右。 3）热等静压机：向制品施加各向同等压力（100~200MPa）的同时利用加热炉对制品施加1000~2200℃的高温。 头部公司的最新进展 1、纳科诺尔：1）2025 年，重点布局固态电池核心设备领域，包括干法电极、锂带压延、电解质成膜、转印、复合 及等静压等关键技 ...

9月30日，杭可科技涨5.22%，截至发稿，报37.48元/股，成交2.34亿元，换手率1.06%，总市值226.26亿 元。 格林碳中和主题混合A（015856）成立日期2023年1月18日，最新规模340.78万。今年以来收益 66.56%，同类排名410/8167；近一年收益101.66%，同类排名266/8010；成立以来收益66.91%。 格林碳中和主题混合A（015856）基金经理为刘赞。 截至发稿，刘赞累计任职时间2年321天，现任基金资产总规模3.84亿元，任职期间最佳基金回报 80.86%， 任职期间最差基金回报0.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，浙江杭可科技股份有限公司位于浙江省杭州市萧山经济技术开发区桥南区块高新十一路77 号,浙江省杭州市萧山经济开发区高新六路298号，成立日期2011年11月21日，上市日期2019年7月22 日，公司主营业务涉及各类可充电电池,特别是锂离子电池生产线后处理系 ...

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

Group 1 - The core point of the news is that Hangke Technology's stock price dropped by 5.43% to 36.08 CNY per share, with a trading volume of 554 million CNY and a turnover rate of 2.43%, resulting in a total market capitalization of 21.78 billion CNY [1] - Hangke Technology, established on November 21, 2011, and listed on July 22, 2019, specializes in the design, research and development, production, and sales of various rechargeable batteries, particularly lithium-ion battery production line post-processing systems [1] - The company's main business revenue composition includes 70.17% from charging and discharging equipment, 28.54% from other equipment, 0.83% from accessories, and 0.47% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Europe Fund has a significant position in Hangke Technology, with the China Europe Small Cap Growth Mixed A Fund holding 149,900 shares, accounting for 0.57% of the fund's net value, ranking as the sixth-largest holding [2] - The China Europe Small Cap Growth Mixed A Fund has a current scale of 199 million CNY and has achieved a year-to-date return of 53.64%, ranking 992 out of 8171 in its category, and a one-year return of 106.93%, ranking 418 out of 8004 [2] - The fund manager, Qian Yating, has a tenure of 3 years and 329 days, with the fund's total asset scale at 2.377 billion CNY, achieving a best return of 58.45% during the tenure [3]

Industry News - The China Nonferrous Metals Industry Association opposes "involution" competition in the copper smelting industry, emphasizing that it harms national and industry interests and deviates from high-quality development goals [1] - The Ministry of Commerce of China has added three US companies to the unreliable entity list and three others to the export control list, prohibiting them from engaging in import and export activities related to China [2] - The Ministry of Commerce calls for countries to jointly oppose unilateralism and protectionism, stressing that third-party interests should not be sacrificed due to coercion from others [2] - The total scale of public funds in China has surpassed 36 trillion yuan, marking the fifth historical high this year, with significant growth in stock and mixed funds [3] Company News - The stock of Upwind New Materials will be suspended for verification after rising over 1800% this year, marking its second suspension since a change in control was disclosed [4] - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Battery [4] - Jingfeng Mingyuan has entered mass production of its second-generation DrMos chips, which have been adopted by multiple clients, driving business growth [5] - Pingmei Shenma Group is undergoing a strategic restructuring, which will not significantly impact Pingmei Co.'s operations [5] - Lvtian Machinery clarifies that it has no relationship or business cooperation with Zhuhai Lvtian Machinery Co., Ltd. [6] - Xiamen International Trade holds a 0.67% stake in Mohr Thread through its investment fund [7] - Yuexiu Capital confirms that Mohr Thread is one of its investment projects, with no significant impact on current operating performance [8] - Dazhihui announces a share swap with Xiangcai Co., with a swap price of 9.53 yuan per share for Dazhihui [9] - Putailai has delivered dry and solid-state battery equipment to major domestic and international clients [10] - Hailunzhe's investment in Suzhou Yisheng Robotics is expected to positively impact future performance due to increased demand from Apple [11] - Hanyu Pharmaceutical plans to raise up to 968 million yuan for the development of semaglutide and other projects [12] - Tianen Kang's subsidiary has received approval for clinical trials of a new drug for rosacea, a first in the domestic market [12] - Baili Tianheng's innovative drug has been included in the list of breakthrough therapies by the National Medical Products Administration [13]

Group 1: Industry Overview - The report from Industrial Securities suggests focusing on leading battery equipment companies and solid-state battery equipment suppliers as the industry evolves [1] - By 2025, the demand for new energy vehicles and energy storage is expected to grow steadily, although the industry faces an oversupply situation due to previous rapid capacity expansion [1] - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, which are positive developments for the market [1] Group 2: Solid-State Battery Development - The commercialization of solid-state batteries is anticipated to accelerate by 2025, offering advantages such as high energy density and superior safety [2] - Solid-state batteries are expected to gradually replace existing liquid lithium batteries in various applications, including new energy vehicles and energy storage, while also opening new markets like low-altitude, robotics, and data centers [2] - The supply chain for solid-state batteries is expected to see collaborative breakthroughs across various segments, with advancements in materials and production processes leading to significant cost reductions [2] Group 3: Equipment and Technology - The transition to solid-state batteries will require significant changes in equipment, particularly in the dry electrode processes and solid electrolyte pressing equipment [2] - The demand for high-pressure formation equipment is expected to increase due to the higher pressure requirements in the formation stage of solid-state batteries compared to liquid batteries [2]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decisions, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - A company has successfully established a complete production process for solid-state batteries and received orders for production equipment worth several hundred million yuan, indicating a deep investment in lithium metal and sulfide technology routes [1] - Another company is leveraging eSIM digital identity security technology to expand its presence in the Internet of Vehicles and consumer electronics, with significant supply increases in consumer-grade, industrial-grade, and automotive-grade products [1]

Core Viewpoint - The company, HaiMuxing (688559.SH), emphasizes its strong capabilities in the solid-state battery equipment sector, highlighting its independent control over technology and significant research and development resources [1] Group 1 - The company possesses intellectual property rights in the solid-state battery equipment field [1] - A large research and development technical team supports the development, testing, mass production, and after-sales service of solid-state related technologies [1]

9月10日，杭可科技涨5.14%，截至发稿，报41.10元/股，成交12.01亿元，换手率5.02%，总市值248.11 亿元。 资料显示，浙江杭可科技股份有限公司位于浙江省杭州市萧山经济技术开发区桥南区块高新十一路77 号,浙江省杭州市萧山经济开发区高新六路298号，成立日期2011年11月21日，上市日期2019年7月22 日，公司主营业务涉及各类可充电电池,特别是锂离子电池生产线后处理系统的设计、研发、生产与销 售。主营业务收入构成为：充放电设备70.17%，其他设备28.54%，配件0.83%，其他0.47%。 责任编辑：小浪快报 格林碳中和主题混合A（015856）成立日期2023年1月18日，最新规模340.78万。今年以来收益 65.46%，同类排名243/8177；近一年收益129.34%，同类排名103/7982；成立以来收益65.81%。 格林碳中和主题混合A（015856）基金经理为刘赞。 截至发稿，刘赞累计任职时间2年301天，现任基金资产总规模3.84亿元，任职期间最佳基金回报 81.21%， 任职期间最差基金回报23.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动 ...

Group 1 - The core viewpoint of the news is that the solid-state battery concept stocks in the A-share market have collectively strengthened, with significant price increases observed in various companies [1][2] - Companies such as Lijia Technology saw a rise of 22.73%, while Zhongwei Co. increased by 11.89%, indicating strong market interest and investor confidence in solid-state battery technology [2] - The total market capitalization of Lijia Technology is 2.617 billion, and Zhongwei Co. has a market cap of 40.7 billion, reflecting their substantial presence in the market [2] Group 2 - Recent reports indicate a surge in orders for solid-state battery production equipment, with total new and existing orders exceeding 30 billion, representing a year-on-year increase of 70% to 80% [2][3] - Financial analysis suggests that since 2025, breakthroughs in solid-state battery technology have accelerated, with multiple automotive companies planning to adopt all-solid-state batteries around 2027, indicating a faster industrialization process [3] - The ongoing establishment of pilot production lines and the restart of lithium battery expansion cycles are expected to improve the fundamentals of equipment companies, suggesting a positive outlook for the industry [3]