星源材质（300568.SZ）10月9日在投资者互动平台表示，针对固态电池，公司做了较为全面的布局。固 态电解质材料方面，公司参股的新源邦已经拥有氧化物电解质百吨级产能和十吨级出货，硫化物电解质 预计2025年有吨级出货。在固态电解质膜方面，公司分别开发了氧化物复合型和聚合物复合型固态电解 质膜，可以提升半固态电池的循环并降低阻抗，显著提升安全性；用于高镍三元体系的半固态电池，可 助力通过160℃热箱测试和针刺试验，极大提高电池的安全性。在刚性骨架膜方面，公司分别开发了高 强度耐热型复合骨架膜、高孔隙率型骨架膜和高耐热型大孔骨架膜等类型，可用于生产刚柔并济型聚合 物全固态电池、有机-无机复合型全固态电池、硫化物全固态电池等，可获得全固态电池的高能量密度 和本征安全性，还可提升全固态电池的装配效率，进一步优化其机械安全性和热安全性。公司高度关注 电池领域前沿材料的研发与应用，将加大固态电池领域的研发投入和市场开发。相关产品都已陆续向头 部电池企业送样。 每经AI快讯，有投资者在投资者互动平台提问：请问公司在固态电池方面有哪些相关技术储备，在全 固态电池领域有无建树？ （记者 王瀚黎） ...

从量产前景看，氧化物与聚合物因工艺成熟有望率先量产；硫化物虽具能量密度优势，但仍面临硫化氢 抑制、界面优化及高纯原料制备等技术瓶颈。这种差异化进展决定了固态电池产业将呈现"多元并行、 渐进落地"的发展格局，既保障短期商业化确定性，又为长期技术迭代留出空间。 在汤戈看来，技术与商业化的联动正重塑固态电池投资逻辑——从技术愿景转向量产与应用导向的务实 评估。半固态电池在主流车型的渗透，既传递了市场需求信号，又为全固态技术发展积累了工艺数据与 供应链经验。 证券时报记者 赵梦桥 近期，创业板行情由芯片半导体和锂电池两大主力"承包"，宁德时代更是股价创下近四年来新高，固态 电池频出的产业利好是促使锂电池板块"老树发新芽"的重要原因，Wind数据显示，固态电池指数8月以 来已经上涨23.31%，今年累计涨幅已超过50%。 经过多年探索，固态电池的发展路径与材料体系的脉络已经基本确定，作为过渡产品，当前准固态、半 固态的实际装车能力已得到产业认证，并为投资价值提供了现实支撑。"今年新能源行业整体见底回 升，锂电池行业中固态电池相当于第二增长曲线，从现在时点看具有持续性，也符合我们均值回归的投 资策略。"方正富邦基金基金经 ...

Core Viewpoint - The company Xinzhou Bang (300037) has established a solid-state electrolyte material research, testing, and production platform through its subsidiary Shenzhen Xinyuanbang Technology Co., Ltd. [1] Group 1 - The oxide electrolyte has reached the stage of mass production and sales [1] - Other types of electrolyte technologies are also being developed and produced [1] - The company is actively planning future production capacity based on customer demand [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 7.838 billion yuan in H1 2025, representing a year-on-year growth of 11.36%. However, the net profit attributable to shareholders decreased by 2.88% to 479 million yuan. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.189 billion yuan, 1.671 billion yuan, and 2.002 billion yuan respectively, with corresponding EPS of 1.05 yuan, 1.48 yuan, and 1.78 yuan. The current stock price corresponds to P/E ratios of 25.6, 18.2, and 15.2 for the respective years [5][6] Financial Performance - In H1 2025, the company generated 6.279 billion yuan in revenue from anode materials, with sales exceeding 260,000 tons, a year-on-year increase of 32.83%. The gross margin for anode materials was 25.59%. Revenue from cathode materials was 1.418 billion yuan, with sales exceeding 10,000 tons, a year-on-year increase of 4.30%, and a gross margin of 11.70%, up by 5.72 percentage points [6][7] - The company has established anode material production capacity of 575,000 tons per year and cathode material production capacity of 73,000 tons per year. The overseas base in Indonesia has completed the first phase of an 80,000-ton anode material project, with the second phase under construction. Additionally, the company is advancing projects in Morocco for cathode and anode materials with capacities of 50,000 tons and 60,000 tons per year respectively [6][7] Product Development - The company has made breakthroughs in solid-state and semi-solid-state battery materials, developing the industry's first lithium-carbon composite anode material compatible with solid-state batteries, which has received technical recognition from customers. The sulfide solid electrolyte product has achieved a particle size below 500nm, meeting customer application requirements for ionic conductivity and cycle performance. The oxide electrolyte product has secured orders in the hundred-ton range, with matching cell installation capacity exceeding 1GWh [7] - The newly developed CVD silicon-carbon products have entered the pilot testing stage and have been recognized by several major global power customers, with mass production and shipment expected in 2025. The company has also launched a comprehensive solution for solid-state battery materials, introducing the "Beian FLEX series" semi-solid-state battery core materials and the "Beian GUARD series" solid-state battery core materials [7]

Core Viewpoint - The core change in solid-state batteries compared to liquid batteries lies in the use of solid electrolytes instead of liquid electrolytes and separators, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] Summary by Category Solid Electrolyte Types - The most mature industrial applications of solid electrolytes are the sulfide and oxide routes, with sulfide electrolytes having the highest ionic conductivity and the largest capacity layout among downstream enterprises [1] - The future development potential of sulfide electrolytes is significant, and companies that are early adopters of lithium sulfide with certain technological advantages are recommended for attention [1] - Oxide electrolytes have moderate ionic conductivity but better stability, leading to accelerated industrialization progress, suggesting that companies with diversified oxide electrolyte layouts and certain cost advantages in the supply chain should be monitored [1]

Market Overview - Major indices in China opened lower, with the Shanghai Composite Index down 0.28%, Shenzhen Component down 0.61%, and ChiNext down 1.14%, particularly affected by declines in sectors such as computing hardware, CPO, liquid metal, and fiberglass [1] - The Shanghai Composite Index closed at 3716.68, with a decrease of 0.28% and a trading volume of 83.47 billion [2] - The Shenzhen Component Index closed at 11749.99, down 0.61%, with a trading volume of 122.32 billion [2] - The NASDAQ and S&P 500 indices in the US showed mixed results, with the NASDAQ down 1.46% and the S&P 500 down 0.59%, indicating a cautious market ahead of the Federal Reserve Chairman's speech [3] Industry Insights - The embodied robotics cable industry is experiencing rapid growth, with leading manufacturers beginning to recognize the importance of cable mechanical properties and lifespan, suggesting a high market potential and opportunities for domestic cable manufacturers [4] - The Chinese automotive market showed resilience in July, with new energy vehicle penetration rates reaching historical highs, driven by strong end-user demand and the potential reintroduction of replacement subsidies [5] - The vaccine industry is seeing a decline in overall batch approvals, but certain products like rabies and HPV vaccines are experiencing growth, with several new vaccines expected to contribute to revenue in the latter half of 2025 [6] - The solid-state battery industry is advancing, with a focus on solid electrolytes that enhance battery performance metrics; companies with early investments in lithium sulfide and those with cost advantages in oxide electrolytes are recommended for attention [7]

Core Viewpoint - The report from Guojin Securities indicates that the acceleration of solid-state battery industrialization will benefit upstream core materials, particularly solid electrolytes which replace liquid electrolytes and separators in traditional batteries [1] Group 1: Solid-State Battery Technology - The core change in solid-state batteries is the use of solid electrolytes, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] - Among the solid electrolyte routes, sulfide and oxide are the most mature, with sulfide electrolytes showing the highest ionic conductivity and the largest capacity layout among downstream enterprises, indicating the greatest future development potential [1] Group 2: Investment Recommendations - Companies that are early adopters in the sulfide lithium sector and possess technological advantages are recommended for investment [1] - For oxide electrolytes, which have moderate ionic conductivity but better stability, companies that have diversified their oxide electrolyte layouts and possess cost advantages in the industrial chain are also recommended for attention [1]

Core Viewpoint - The core change in solid-state batteries compared to liquid batteries lies in the use of solid electrolytes instead of liquid electrolytes and separators, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] Summary by Category Solid Electrolyte Types - The most mature industrial applications of solid electrolytes are based on sulfide and oxide routes, with sulfide electrolytes exhibiting the highest ionic conductivity and the largest capacity layout among downstream enterprises [1] - Sulfide lithium is identified as the core raw material in the sulfide route, suggesting a focus on companies that are early adopters of sulfide lithium and possess certain technological advantages [1] - Oxide electrolytes have moderate ionic conductivity but better stability, leading to accelerated industrialization progress, indicating a focus on companies that have diversified oxide electrolyte layouts and possess certain cost advantages in the supply chain [1]

Investment Rating - The report maintains a "Buy" rating for key stocks in the basic chemical sector, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical [4]. Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024, representing a cumulative drop of 59.5% [1]. - The construction project growth rate in the chemical industry has been continuously declining, with a forecasted negative growth rate of -7.3% by Q1 2025 [1]. - The basic chemical index saw a cumulative increase of 5.9% from July 11 to August 8, 2024, while the petroleum and petrochemical index increased by 2.5% during the same period [1]. - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1]. Summary by Sections Solid-State Battery Materials - Solid-state batteries are expected to significantly enhance energy density, with potential to exceed 500 Wh/kg, compared to traditional lithium-ion batteries which struggle to surpass 300 Wh/kg [2]. - The report highlights the importance of solid-state battery materials, including polymer, oxide, and sulfide types, with a focus on sulfide materials for future full solid-state batteries [2]. - Companies to watch in this sector include Daoshi Technology and Changyang Technology, as they are positioned to benefit from the anticipated industrialization of solid-state batteries starting in 2026 [2]. AI4S and AI Materials Investment Opportunities - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with significant growth in innovative drug licensing transactions reaching 41 deals worth $36.929 billion in Q1 2025 [3]. - AI technologies are expected to replace traditional drug development processes, enhancing efficiency and reducing costs [3]. - The report identifies key players in AI4S, including Jingtai Holdings and Zhizhi New Materials, as well as suppliers of AI-specific hardware and materials [3].

Core Viewpoint - Jinlongyu Group Co., Ltd. reported a significant increase in operating revenue for the first half of 2025, but a decline in net profit attributable to shareholders, indicating mixed financial performance [1][2]. Financial Performance - Operating revenue reached approximately 2.16 billion yuan, an increase of 32.98% compared to 1.62 billion yuan in the same period last year [1]. - Net profit attributable to shareholders was approximately 66.72 million yuan, a decrease of 20.19% from 83.59 million yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses was not specified, but the basic earnings per share decreased by 20.20% to 0.1541 yuan [2]. Cash Flow and Assets - The net cash flow from operating activities was approximately -359.39 million yuan, showing a slight improvement of 2.25% compared to -367.68 million yuan in the previous year [1]. - Total assets increased by 18.91% to approximately 4.54 billion yuan from 3.82 billion yuan [2]. - Net assets attributable to shareholders decreased by 2.82% to approximately 2.08 billion yuan from 2.14 billion yuan [2]. Shareholder Information - The largest shareholder, Zheng Youshui, holds 56.83% of the shares, with a total of 246 million shares, of which 184.5 million are pledged [2]. - The top ten shareholders include several individuals, with the second-largest being Zheng Fenglan at 5.47% [2]. Important Events - The company completed the absorption merger of Huizhou Jinlongyu Ultra-High Voltage Cable Co., Ltd., aiming to streamline operations and improve efficiency [3]. - A framework agreement was signed for joint development of solid-state battery technology, with an investment of up to 300 million yuan planned over five years [4]. - The company plans to invest 1.2 billion yuan in constructing a production line for solid-state battery materials, which has been approved by the shareholders [5]. Project Development - Progress in the solid-state battery project includes successful customer testing of semi-solid batteries and the development of various electrolyte systems [5][6]. - Despite existing orders, the solid-state battery business has not yet generated significant stable revenue, and its impact on overall performance remains limited [6].