新华社北京10月11日电 《参考消息》近日刊发文章《共建规则 织链成网 中国—东盟合作为区域经济提 供稳定性》。全文如下： 中国与东盟各国人士穿梭于展馆和会场，人工智能（AI）机器人迎宾互动，参展商与采购者热烈交 流……60个国家3200余家企业参展，近百场经贸对话与投资活动密集举行，日前在广西南宁举行的第22 届中国—东盟博览会、中国—东盟商务与投资峰会，再次成为区域合作的焦点。 22载春秋，这场与中国—东盟自贸区相伴相长的国际经贸盛会，始终着力助推中国与东盟国家全方位交 流合作，为构建更为紧密的中国—东盟命运共同体注入澎湃动力。 3.0版自贸区聚焦共建规则 北部湾畔，巨轮穿梭，桥吊起舞。在广西钦州港码头，巨型桥吊在自动化系统的精准控制下高效装卸货 物，呈现出一派现代化港口的繁忙景象。不远处，西部陆海新通道铁海联运班列整装待发，车厢里满载 着柬埔寨大米、泰国香水椰等特色东盟产品，飞驰运往中国西部省份。 距钦州港200公里外的友谊关口岸，跨境贸易同样热火朝天。满载东盟特色水果、农副产品与中国的电 子配件、大型设备等货物的车辆往来不息，实现了"双向奔赴"。 为促进区域经济发展，中国和东盟国家于2002年正式启动 ...

Core Viewpoint - Guoxuan High-Tech (002074.SZ) reported significant growth in both net profit and operating cash flow for the first half of 2025, with a notable increase in revenue and market share in the power battery sector [1][3]. Financial Performance - The company achieved operating revenue of 19.394 billion yuan, a year-on-year increase of 15.48% [1]. - Net profit attributable to shareholders reached 367 million yuan, up 35.22% year-on-year, while the non-recurring net profit was 72.87 million yuan, growing by 48.53% [1]. Market Position - Guoxuan High-Tech's global market share for power battery installations rose to 3.6%, with domestic market share increasing to 5.18%, ranking fourth in the industry [1][3]. - The gap with the third-ranked company, Zhongxin Hang, has narrowed to less than 1.5 percentage points [3]. Business Segments - Power battery revenue was 14.034 billion yuan, reflecting a year-on-year growth of 19.94% [3]. - Energy storage battery revenue reached 4.562 billion yuan, with a year-on-year increase of 5.14% [3]. R&D and Production Capacity - The company invested 1.382 billion yuan in R&D during the first half of 2025, a 13.34% increase from the previous year [5]. - Guoxuan High-Tech is advancing its solid-state battery technology, with plans for a 2GWh production line and a 12GWh quasi-solid-state battery production line [1][6]. Investment Plans - The company announced plans to invest up to 4 billion yuan in two new battery manufacturing bases, one in Nanjing and another in Wuhu, each with a capacity of 20GWh [2]. Strategic Initiatives - Guoxuan High-Tech is exploring the small power battery sector, aiming to tap into a market with significant growth potential [4].

Core Insights - The company Guoxuan High-Tech reported strong growth in its 2025 semi-annual report, with significant increases in net profit and operating cash flow, alongside a continuous rise in market share for power batteries and steady progress in its internationalization strategy [2][3]. Financial Performance - In the reporting period, Guoxuan High-Tech achieved operating revenue of 19.394 billion yuan, a year-on-year increase of 15.48%, with power battery revenue growing by 19.9% [2][3]. - The company recorded a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year, and a non-recurring net profit growth of 48.53% [2][3]. - The second quarter revenue reached 10.338 billion yuan, marking the first time the company surpassed the 10 billion yuan mark in Q2 [3]. Market Position and Strategy - The company's international revenue accounted for 33% of total revenue, reflecting a 1.9 percentage point increase compared to the end of 2024, indicating a successful internationalization strategy [3]. - Guoxuan High-Tech's power battery market share increased to 5.18% in China, ranking fourth, with a global market share of 3.6%, up 1 percentage point year-on-year [4]. Product Development and Innovation - The company invested 1.382 billion yuan in R&D during the first half of the year, a 13.34% increase from the previous year, focusing on solid-state and quasi-solid-state battery technologies [6]. - The first solid-state experimental line has been completed, with a design capacity of 0.2 GWh and a high yield rate of 90% [6]. - Guoxuan High-Tech is also advancing into the small power battery market, aiming to capture a significant share of the projected trillion-yuan market [5].

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is currently focused on the development of sulfide all-solid-state batteries, which are considered the ultimate technology path due to their high ionic conductivity and theoretical safety. However, mass production timelines remain uncertain, with CATL estimating maturity by 2030, facing practical application challenges [1][3][6]. Key Points and Arguments - **Technology Path Uncertainty**: The core issue in solid-state battery technology research is determining the appropriate technology route, categorized by material selection (sulfide, polymer, oxide) and electrolyte content (all-solid, quasi-solid, semi-solid, gel) [2][6]. - **Market Trends**: The solid-state battery market has been gaining momentum since October 2024, initially focusing on sulfide electrolytes, then expanding to oxides, polymers, and new anode materials. Recent trends have included semi-solid companies like Qingtai and Weilan [1][10][11]. - **Investment Opportunities**: Certain technologies, such as dry-process anodes and lithium metal batteries, are seen as deterministic investment opportunities regardless of the final technology route adopted [4][9]. - **Historical Lessons from Photovoltaics**: The decline of HJT technology in the photovoltaic sector serves as a cautionary tale, indicating that even theoretically sound technologies may not succeed in practical applications [5]. Emerging Technologies - **Semi-Solid and Quasi-Solid Batteries**: These technologies may become mainstream by gradually reducing liquid electrolyte content. They have shown breakthroughs in energy density and safety, aligning with new national standards set to be implemented in 2026 [1][12][18]. - **Electrolyte Types**: - **Sulfide Electrolytes**: Offer the highest ionic conductivity but face production challenges, including safety concerns and high costs [17]. - **Oxide Electrolytes**: Known for high ionic conductivity and are being developed by companies like Qingtai Energy and Weilan New Energy [16]. - **Polymer Electrolytes**: While stable, they have lower ionic conductivity, but modifications are being made to enhance their performance [15]. Production and Manufacturing Insights - **Production Processes**: Solid-state battery production involves three main stages: electrode preparation, cell assembly, and formation/testing. The introduction of dry-process electrodes is a significant change, offering advantages in cost and performance [23][24]. - **Manufacturing Differences**: Full solid-state and semi-solid batteries differ in manufacturing processes, particularly in the elimination of traditional separators and liquid injection in full solid-state production [25]. Company Developments - **Key Players**: Companies like Nacknor, Changyang Technology, and Guanghua Technology are making strides in dry-process technology and solid-state battery production. Nacknor has established partnerships for R&D and is focusing on small-scale production [27]. - **Market Dynamics**: The lithium metal market is seeing progress, with companies overcoming previous technical barriers, as evidenced by Tian Tie Technology securing a significant order for lithium metal battery production [22]. Conclusion - The solid-state battery industry is at a critical juncture, with various technologies vying for dominance. The path forward will depend on which companies can achieve mass production and profitability first, with a focus on semi-solid and quasi-solid technologies showing potential for mainstream adoption [8][18].

Core Viewpoint - The article highlights the growing significance of low-voltage lithium batteries in the automotive industry, particularly focusing on the advancements and market positioning of Zhuhai Guanyu, which has secured multiple contracts with major automotive manufacturers for low-voltage battery supply [2][3]. Group 1: Low-Voltage Lithium Battery Overview - Low-voltage lithium batteries are defined as those with a voltage below 3.0V, offering advantages such as safety, lightweight, and cost-effectiveness compared to standard 3.7V batteries [5]. - These batteries are increasingly used in electric vehicles (EVs) to replace lead-acid batteries, particularly for functions like start-stop systems, lighting, and electronic control units [5][7]. Group 2: Zhuhai Guanyu's Market Position - Zhuhai Guanyu has established itself as a leading supplier in the low-voltage lithium battery sector, having received orders from numerous automotive companies including General Motors, Jaguar Land Rover, and NIO [3][7]. - The company reported an auxiliary battery installation of nearly 900,000 sets in 2024, positioning it within the top tier of the industry [7]. Group 3: Technological Advancements - Zhuhai Guanyu's low-voltage lithium batteries feature three key advantages: wide temperature range (-40°C to 85°C), compact design with over 60% reduction in size and weight, and a dual supply chain system for efficient delivery [7][8]. - The company is the first to commercialize 48V low-voltage lithium batteries, which significantly reduce fuel consumption and enhance energy recovery efficiency [7][8]. Group 4: Project Developments - The company is expanding its production capacity, with a significant project in Malaysia involving an investment of approximately 2 billion RMB, aimed at enhancing global customer response and delivery capabilities [10]. - Zhuhai Guanyu is also advancing in solid-state battery technology, having established a new experimental line for all-solid-state lithium batteries [10][11]. - The company plans to complete its Doumen project by November this year, which will introduce multiple fully automated production lines [10].

Core Viewpoint - The article emphasizes the investment value of solid-state batteries and the low-altitude economy, highlighting advancements in quasi-solid-state batteries and full solid-state batteries, as well as the company's comprehensive global layout in the industry [1]. Group 1: Solid-State Battery Developments - Quasi-solid-state batteries have been installed in vehicles, while full solid-state batteries are undergoing road tests [1]. - The company ranks fourth in battery installations in China and collaborates with leading enterprises to develop eVTOL (electric Vertical Take-Off and Landing) power battery solutions [1]. Group 2: Industry Positioning - The company has achieved a full industry chain and global layout, indicating a strong competitive position in the solid-state battery market [1].

Summary of Guoxuan High-Tech Conference Call Company Overview - Guoxuan High-Tech focuses on solid-state battery technology, including sulfide, oxide, and halide routes, with a mix of self-researched and supply chain-sourced materials. The company has established a 0.2 GWh pilot line in 2025 and plans to launch a 2 GWh production line by mid-2026, aiming for small-scale production by 2027 and full marketization by 2030 [2][6][36]. Key Points and Arguments Solid-State Battery Technology - The solid-state battery technology route includes sulfide electrolytes, which have high ionic conductivity and are suitable for battery performance. Guoxuan also explores oxide and halide routes [3]. - Sulfide solid-state battery cell costs are currently high, but there is significant potential for cost reduction due to the abundance of raw materials [4]. - The initial application fields for solid-state batteries may include high-end automotive, vertical take-off and landing aircraft, and humanoid robots, which are less sensitive to costs [7]. Production and Sales Forecast - In 2024, Guoxuan shipped 63 GWh of liquid lithium batteries, with 64% for power and 34% for energy storage. The company expects to reach 100 GWh in 2025, having completed approximately 20 GWh in Q1 2025 [2][8][9]. - The company aims to enhance battery power and high-temperature performance by customizing anode and cathode materials, improving consistency and yield while reducing costs [2][10]. Competitive Advantages - Guoxuan's choice of sulfide as an electrolyte material significantly enhances battery performance compared to competitors using oxide or polymer electrolytes [10]. - The company has developed a production process suitable for mass production, which improves product consistency and reduces costs [10]. Challenges and Solutions - The transition to full solid-state battery production faces challenges in material systems and manufacturing technology, requiring significant equipment modifications and optimization of production parameters [5][18]. - The domestic supply of lithium sulfide, a key raw material for solid-state batteries, is currently insufficient for large-scale applications, but the demand is not yet high enough to strain supply [20]. Future Outlook - Guoxuan's semi-solid-state battery technology is expected to be prioritized for industrialization due to its relative maturity and potential for higher energy density and safety [13]. - The company is actively working on optimizing production lines for semi-solid-state batteries and aims to meet market demands efficiently [21][32]. Technical Innovations - The company has made significant progress in solid-state battery technology, with plans for small-scale production lines and ongoing road tests for semi-solid-state technology [36]. - The verification cycle for semi-solid-state batteries is lengthy, involving multiple testing phases to ensure safety and performance [23]. Market Positioning - Full solid-state batteries are expected to be initially applied in high-end vehicles, which can accommodate higher costs [31]. - Guoxuan is in discussions with several core customers regarding the development of new vehicle models, indicating a proactive approach to market needs [35]. Additional Important Information - The production cost of solid-state batteries is influenced by material costs, particularly lithium sulfide, and the efficiency of manufacturing processes [28]. - The company is exploring various production techniques, including dry and wet processes, to optimize battery manufacturing [27][30]. This summary encapsulates the key insights from Guoxuan High-Tech's conference call, highlighting the company's strategic direction, technological advancements, and market positioning in the solid-state battery sector.

今年以来，固态电池相关概念股股价水涨船高，其背后固然有资本炒作的成分，但更为重要的是，固态电池产业进程明显提速。 但多位行业内技术大牛对此持保守态度，例如曾毓群表示："用数字1到9表示成熟度，当前行业最高水平只到了4左右，处于器件样品实验验证 阶段。" 这也意味着，固态电池距离大规模产业化还有很长的路要走，因为欧阳明高院士和比亚迪孙华军也没有松口说固态电池何时能大规模量产。 曾毓群认为，研发全固态电池的关键在于对材料和化学体系，其中最难的就是固固界面问题。 全固态电池量产第一大难点：固固界面接触难题 由于取消了电解液，固态电池的电解质与界面是直接的固体接触，而固液接触是以浸润形式充分贴合，固体界面接触则很难充分贴合，因为面 积小导致界面接触阻抗高，锂离子通道减少和应力堆积问题显现。 01 电解液和电极的化学性质不同，导致相互接触后可能会发生化学反应，这在金属锂负极和电解质界面尤为常见。电池充放电过程中，锂离子在 负极表面不均匀沉积会形成锂枝晶，随着充放电过程的循环进行，锂枝晶逐渐延伸刺破隔膜导致电池的短路，带来严重的安全隐患。 界面抗阻问题也是固固界面一个需要攻克的点，锂金属负极体积变化和正极颗粒破碎，会导致 ...