Investment Rating - The report maintains a "Recommended" rating for the solid-state battery equipment sector, indicating an expectation of significant growth in the coming months [1]. Core Insights - The solid-state battery industry has achieved a milestone with the delivery of full solid-state production lines by Li Yuanheng, marking a rapid development in China's solid-state battery production capacity [7]. - The electric power equipment and new energy sector saw a weekly increase of 2.68%, outperforming the CSI 300 index by 1.86 percentage points [8]. - The report highlights a positive outlook for the electric vehicle sector, driven by the end of inventory reduction and anticipated growth in both European and domestic markets [4]. Summary by Sections Solid-State Battery Progress - The first engineering samples from a GWh-level solid-state battery production line developed by Anhui Anwa New Energy have successfully rolled off the production line, with a design capacity of 1.25 GWh [7]. - The number of GWh-level solid-state battery production lines in China is expected to increase to seven, with over 30 pilot lines in development [7]. Market Performance Review - The electric new energy sector ranked 10th among 30 industry sectors, with a 2.68% increase, while the CSI 300 index rose by 0.82% during the same period [8]. - The top-performing sub-sectors included solar energy (7.95%), fuel cells (2.99%), and distribution equipment (2.58%) [8]. New Energy Vehicle Industry Tracking - Lithium battery supply chain prices showed mixed trends, with battery-grade lithium carbonate increasing by 2.26% to 63,400 CNY/ton, while nickel sulfate decreased by 2.11% [29]. - Key announcements from listed companies included performance forecasts and stock reduction disclosures, indicating ongoing activity in the sector [41]. Valuation Situation - As of July 11, 2025, the electric new energy sector's valuation stood at 62x, significantly higher than the CSI 300's 13x, with specific segments like electric motors and energy storage showing even higher valuations [19]. - Notable companies in the sector include CATL, with a market cap of 124.91 billion CNY and a projected PE ratio of 22.8x for 2023 [28].

Battery - Tianpeng Power announced the launch of the world's first mass-produced solid-state cylindrical battery with an energy density of 350Wh/kg, utilizing revolutionary materials and structural design [2] Materials - Mingtai Aluminum plans to enter the new energy battery materials sector, focusing on high-end, green, and intelligent strategies to enhance profit margins through high-value-added products [4] - Shanghai Xiba intends to bid for the lithium sulfide business assets of Yuyuan New Materials, which are crucial for producing sulfide solid electrolytes [6][8] - Huayou Cobalt expects a net profit increase of 55.62% to 67.59% for the first half of the year, projecting profits between 2.6 billion to 2.8 billion yuan [10] - Yinglian Co. anticipates a staggering net profit growth of 360.57% to 460.70%, with expected profits between 23 million to 28 million yuan [12] - Taihe New Materials has recently begun trial production of its commercialized aramid separator products for lithium batteries [13] Equipment - Liyuanheng has started delivering full solid-state battery production line equipment to leading domestic clients, marking a significant step in the industrialization of solid-state batteries [18] Listing - Tianqi Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategic layout [15][16]