Core Viewpoint - The lithium battery market is entering a "big explosion" era driven by diverse application scenarios, with significant growth expected in both traditional and emerging sectors over the next decade [1][12]. Industry Overview - The lithium battery industry is projected to enter a TWh-level growth phase, with stable growth in the electric vehicle and energy storage markets, while emerging fields like low-altitude economy and robotics are expected to create a strategic market worth billions [1]. - Structural differentiation in market demand is reshaping the technological evolution path, focusing on energy density and ultra-fast charging in the power sector, while energy storage aims to overcome cycling decay challenges [1][12]. Material Innovation - Material innovation is breaking the boundaries between laboratory and mass production, with advancements such as nickel content in ternary materials exceeding 90%, and silicon-based anode expansion suppression solutions entering mass production verification [3]. - Leading companies are establishing competitive barriers through a rhythm of "pre-research generation, mass production generation, and reserve generation," directly influencing the distribution of market dividends [3][4]. Key Players - **Inlian Composite Fluid**: Recently launched new products aimed at addressing range anxiety, increasing energy density, and developing next-generation solid-state batteries, with plans for significant production line expansions [5][6]. - **Putailai**: This anode material giant is addressing market differentiation with enhanced artificial graphite anodes and improved natural graphite products for energy storage, while also pursuing solid-state battery collaborations [7][8]. - **Weilan New Energy**: Valued at over 15 billion, Weilan is exploring three technical routes for solid-state batteries, achieving significant milestones in energy density and cross-scenario technology migration [9][10]. Strategic Implications - The development trajectories of these companies align with the evolving demands of the lithium battery industry, with Inlian addressing basic material performance, Putailai overcoming system integration bottlenecks, and Weilan exploring ultimate form possibilities [11]. - The progression from material innovation to form revolution is reshaping the technological pyramid of the TWh era, with each breakthrough redefining industry rules [12].

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [5]. Core Viewpoints - The peak production period for organic silicon has passed, and companies are collaborating to reduce output, leading to a potential price recovery from the bottom [1]. - Domestic organic silicon DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [1]. - As of March 19, 2025, the average market price for organic silicon was 14,500 CNY/ton, reflecting an 11.5% increase since the beginning of the year, although profit margins remain negative [1]. - The demand for organic silicon is steadily growing, with a CAGR of approximately 10.7% from 2020 to 2024, driven primarily by the construction and electronics sectors [3]. - The report suggests that the limited new supply and increasing demand will likely stabilize and improve the pricing and profitability of organic silicon products [1][3]. Summary by Sections Section 1: Industry Overview - The organic silicon industry is experiencing a supply reduction due to increased maintenance and repairs among producers, with 182,000 tons of capacity under maintenance as of February 19, 2025 [2]. - The inventory levels of organic silicon DMC are stable, with a slight increase since September 2024, but still within the median range of the past three years [2]. Section 2: Demand and Applications - The apparent consumption of organic silicon DMC in China rose from 1.21 million tons in 2020 to 1.82 million tons in 2024, with significant growth in exports at a CAGR of 22.5% during the same period [3]. - Key application areas for organic silicon include construction and electronics, which account for 25% and 23% of consumption, respectively [3]. - The report highlights the potential for growth in high-end construction sealants and materials for photovoltaic and electric vehicle sectors, driven by policy support and technological advancements [3]. Section 3: Investment Recommendations - The report recommends focusing on companies in the organic silicon production sector such as Hoshine Silicon Industry, Xingfa Group, and New安股份, as well as application companies like Ruifeng New Materials and Silica宝科技 [3].