全固态电池产业链呈哑铃型结构，上游材料与下游应用价值占比高，中游制造与设备是量产关键， 2026—2030年为 产品技术突破和商用化 验证关键 窗口期，核心驱动在 全固态电池材料技术 突破、 工艺和设备创新 、 下游应用验证和突破。 全固态电池产业链正从技术验证向量产过渡，上游看电解质与硅 /锂负极突破，中游看干法电极与等静压设备升级，下游看车企与储能客户 绑定。2026—202 8 年 固液电池（ 半固态 /准固态） 规模化将带动产业链爆发， 20 28-2035 年 之间 全固态 有望逐步 商业化 （ 取决于关键材料 和工艺技术突破进程） ，重塑新能源产业格局。 全固态电池产业链 由以下环节构成： 上游（高价值 ·高壁垒）→中游（工艺变革·良率关键）→下游（需求驱动·场景分化）配套支撑体系 （标准/检测/回收/研发/投融资）贯穿全链条 ； 核心结构：哑铃型（上游材料 +设备、下游应用价值占比高，中游制造为枢纽） ； 核心逻辑：技 术突破 →工艺成熟→场景落地→成本下探→规模化扩张 。 | 全国态电池上游关键材料 | | | | | --- | --- | --- | --- | | 正报材料 | 负报材料 ...

Group 1: Restructuring and Financial Strategy - The company has terminated its restructuring plan due to failure to reach consensus on commercial terms amid changing market conditions [3] - The company will not plan any major asset restructuring within one month following the termination announcement, as per regulatory guidelines [5] - The company aims to optimize its debt structure and expand financing channels to address high debt levels, primarily from shareholder loans [2][3] Group 2: Project Development and Production Capacity - The company has made progress on its 200,000-ton anode material project, with 18,000 tons of graphitization completed and 50,000 tons at the front end [3] - The company expects to complete the main construction of its projects by the end of the year and begin trial production in the first quarter of the following year [4] - Current finished product capacity stands at 40,000 tons, with an additional 40,000 tons under construction expected to be operational by Q2 next year [5] Group 3: Market and Pricing Outlook - The average selling price for the first three quarters was 10,000 yuan per ton, with expectations for significant changes in Q4 [4] - The company is focusing on cost reduction and efficiency improvement to enhance profitability as production capacity is released [4] - The company is actively exploring the potential of silicon-carbon anode materials for high-performance lithium batteries and solid-state batteries [5]

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [2] Domestic Financial Market - The Shanghai Composite Index closed at 3997.56, down by 0.25%, while the Shenzhen Component Index closed at 13404.06, down by 0.36% [4] Industry Latest Developments - New evaporative cooling technology is expected to address NVIDIA's heat dissipation challenges, with related stocks including Invec (002837) and Shenling Environment (301018) [8] - China has released the world's first intelligent multimodal large model for deep-sea habitat, with related stocks including Hailanxin (300065) and Zhongke Xingtu (688568) [8] - A new industry sector is emerging with China's upcoming global debut of space tourism projects, related stocks include Tanshihua (300005) and Fenghuo Electronics (000561) [8] Focus on Listed Companies - Lens Technology (300433) has achieved comprehensive technology coverage in the AI edge sector and can rapidly transfer its technology from consumer electronics to new fields like automotive and robotics [10] - DaviTech (300331) plans to acquire a 51% stake in Changzhou Weipu Semiconductor Equipment Co., Ltd. for 510 million yuan [10] - Shanshan Co., Ltd. (600884) is developing negative electrode materials for solid-state batteries, with some products undergoing multiple rounds of testing at customer sites [10] Market Review and Outlook - On November 7, the total trading volume in the two markets was 199.91 billion yuan, with 2033 stocks rising and 2953 falling. The net capital outflow was 60.42 billion yuan, with a decrease in trading volume of 56.2 billion yuan compared to the previous day [12] - The three major indices opened slightly lower and showed weak fluctuations, with the small-cap stocks performing relatively stronger than large-cap stocks [12] - Market hotspots included significant capital inflows into battery, fluorochemical, and photovoltaic sectors, while sectors like reducers and AI saw capital outflows [12] - The report suggests that the market will continue to oscillate around the 4000-point mark, with a focus on mid-cap stocks showing performance strength compared to large and small-cap stocks [13] - There is an increasing recognition of price increase logic in the market, particularly in sectors like lithium hexafluorophosphate, storage chips, and photovoltaic polysilicon, which are expected to maintain attention [13]

Core Viewpoint - The solid-state battery anode materials are primarily silicon-based and lithium metal anodes, with silicon-based anodes currently advancing faster in industrialization. The development of lithium metal anodes is slower compared to silicon-based anodes. Solid-state electrolytes offer wider electrochemical windows and higher chemical stability, which can effectively suppress lithium dendrite formation, indicating a short to medium-term trend towards silicon-based anodes in solid-state batteries, with future iterations expected for lithium metal anodes [2][10]. Summary by Sections Anode Materials Overview - The main types of solid-state battery anode materials are silicon-based and lithium metal anodes, with silicon-based anodes showing faster industrialization progress. Lithium metal anodes have high capacity and low electrochemical potential, potentially achieving energy densities above 400 Wh/kg when paired with suitable battery designs [2][10]. Advantages and Disadvantages of Anode Materials - **Graphite**: Good stability and long cycle life, but low energy density and weak fast charging capabilities [3]. - **Silicon-based Anodes**: High energy density and abundant resources, but significant volume expansion, short cycle life, and high costs [3]. - **Metal Aluminum**: High energy density and fast charging advantages, but can produce lithium dendrites [3]. Current Trends in Silicon-based Anodes - Silicon-carbon anodes are currently the preferred choice for solid-state batteries, offering high energy density, safety, and system compatibility. With over 30% silicon content in solid-state batteries, energy density can exceed 500 Wh/kg [5][6]. Safety and Compatibility - Silicon-based anodes have a lower lithium embedding potential of approximately 0.5V, reducing the likelihood of lithium plating during fast charging and preventing dendrite penetration that could cause short circuits. The mechanical modulus of solid electrolytes can buffer the volume changes of silicon-based materials, reducing interfacial resistance and enhancing battery performance [6]. Industry Players and Developments - Numerous companies are emerging in the silicon-based anode market, including established players like BetterRay, Sanyuan, and Puli, which have rapid verification and marketization speeds. New entrants like Tianmu Xian Dao and He Chuang Energy are also making strides [6][7]. Industrialization Progress of Silicon-based Anodes - Companies like BetterRay and Sanyuan are advancing their production capabilities, with BetterRay expected to achieve mass supply by 2025 and Sanyuan completing trial production by the end of 2024. Other companies are also establishing production lines and expanding capacities [7][8]. Lithium Metal Anode Potential - Lithium metal anodes have significant potential in solid-state batteries due to their low density, low chemical potential, and high specific capacity. However, challenges such as lithium dendrite growth need to be addressed for commercial viability. Companies like Ganfeng Lithium and Ningde Times are already working on lithium metal anode-based solid-state batteries [10][11].