Investment Rating - The investment rating for the industry is "Positive" [3] Core Viewpoints - The release of new products and technologies by CATL marks a significant advancement in the fast-charging battery sector, with the introduction of the second-generation Shenzhou supercharging battery capable of 800 km range and peak 12C fast charging [4][14] - The industry is entering a "fast charging parity" phase, where charging efficiency is crucial for increasing the penetration rate of new energy vehicles in China [15][20] - The demand for high-pressure dense lithium iron phosphate materials is expected to grow due to the fast-charging trend, although the current public charging infrastructure is insufficient to support the widespread adoption of peak 12C fast charging [21][24] Summary by Sections New Products and Technologies - CATL introduced four new products: 1. Second-generation Shenzhou supercharging battery with 800 km range and peak 12C fast charging [4][14] 2. Sodium new 24V heavy truck start-stop integrated battery, operational at -40℃ with an 8-year lifespan, set for mass production in June 2025 [4][29] 3. Sodium new passenger vehicle power battery, the world's first large-scale production sodium-ion battery, with a pure electric range exceeding 500 km, planned for mass production in December 2025 [4][6] 4. Xiaoyao dual-core battery system, allowing cross-system and cross-voltage operations [4][6] Industry Trends - The fast-charging technology has reached a breakthrough at the battery level, with subsequent improvements in charging efficiency primarily dependent on the enhancement of charging infrastructure and grid compatibility [21][24] - The penetration rate of new energy vehicles in China is expected to reach 47.6% by 2024, with charging efficiency being a key factor in this growth [20][21] - The current public charging infrastructure is inadequate for the demands of peak 12C fast charging, necessitating significant upgrades [24] Sodium Battery Developments - The performance of CATL's sodium new passenger vehicle power battery is comparable to lithium iron phosphate batteries, with an energy density of 175 Wh/kg and a cycle life exceeding 10,000 cycles [30][32] - The current cost of sodium batteries is higher than lithium batteries, primarily due to the high cost of hard carbon and the lack of a scaled supply chain [32][30] - The sodium battery is expected to find niche applications in the market once cost reductions are achieved through scaling [32]

宁德时代 还 强调，第二代神行电池在全温域、全 SOC （剩余电量）区间均能提供强劲动力，即 使在亏电状态下仍具备 830kW 的输出功率；在零下 10℃ 低温亏电的严苛环境下，依然能满足百 公里加速的动力需求。 为实现上述性能，该电池采用了多项技术革新。 其中 正极应用了碳包覆纳米超导技术。负极则改进为超晶石墨，通过精准设计石墨表面的亚埃米级 传导颗粒，大幅提升锂离子嵌入速度并降低电阻。 摘要 动力电池从"参数推动"进入"需求引领"时代。 今日， 宁德时代在其首次科技日上，发布了一系列旨在巩固其行业领导地位的新型电池产品与技 术。 发布重点包括第二代神行超充电池、 " 钠新 " 钠离子电池系列、自生成负极技术， 以及整合了以 上创新的 全新的 " 双核 " 电池架构。 二代神行：兼顾 800 公里续航与 12C 超充 宁德时代 首先推出 第二代神行超充电池 。 基于磷酸铁锂化学体系 ， 二代神行 电池可提供 800 公里续航里程， 同时 支持高达 12C 的峰值充电倍率，对应 1.3MW 的充电功率，实现 5 分钟补 能 520 公里。 这一性能指标超过了比亚迪于 3 月初发布的第二代刀片电池，后者宣称支持 ...

Core Viewpoint - The article emphasizes that the development of power batteries has transitioned from being driven by parameters to being led by demand, marking a new era in the industry [19]. Group 1: New Battery Products and Technologies - CATL launched several new battery products and technologies at its first Technology Day, including the second-generation Shensheng supercharging battery, "Sodium New" sodium-ion battery series, self-generating negative electrode technology, and a new "Dual-Core" battery architecture [2][19]. - The second-generation Shensheng supercharging battery offers a range of 800 kilometers and supports a peak charging rate of 12C, allowing for a 520-kilometer charge in just 5 minutes [3][5]. - The sodium-ion battery series has an energy density of 175Wh/kg and can operate in extreme temperatures from -40°C to 70°C, maintaining 90% usable capacity at -40°C [9]. Group 2: Technical Innovations - The second-generation Shensheng battery incorporates several technological innovations, including carbon-coated nano-superconducting technology for the positive electrode and ultra-crystalline graphite for the negative electrode, significantly enhancing lithium-ion insertion speed and reducing resistance [6][7]. - The self-generating negative electrode technology improves ion conduction speed by two orders of magnitude and reduces active ion consumption rate by nearly 90%, enhancing battery storage performance by 300% [11][12]. Group 3: Dual-Core Architecture - The "Dual-Core" architecture integrates different chemical systems within a single battery system, featuring a main energy zone for daily or fast charging needs and an extended energy zone utilizing self-generating negative electrode technology for high energy density and long range [13][14]. - This architecture includes five core functional features aimed at enhancing system performance, reliability, and safety, such as independent energy units and thermal management capabilities [15][16][17]. Group 4: Market Implications and Future Prospects - The multi-core technology signifies a shift in the power battery development landscape, moving towards deep customization without compromising on range, low-temperature performance, lifespan, safety, or fast charging [19]. - The application of multi-core technology is expected to accelerate the industrialization of new energy solutions across various sectors, including electric buses, heavy trucks, aircraft, ships, and commercial energy storage [20].