Core Viewpoint - The article highlights the upcoming 2025 Solid-State Battery Industry Annual Conference and the Golden Ding Award Ceremony, emphasizing the focus on new technologies and the establishment of a new ecosystem in the solid-state battery sector [2][6]. Event Overview - The event will take place on November 8, 2025, at the Guangzhou Nansha International Convention and Exhibition Center, featuring over 1000 participants and various industry leaders [6][8]. - The conference will include a series of presentations and discussions on advancements in solid-state battery technology, with notable speakers from leading companies and research institutions [8][10]. Company Highlights - Shenzhen Boyue New Materials Technology Co., Ltd. is a key supporter of the event, focusing on the research, production, and sales of solid-state electrolytes and lithium-ion battery materials [2][3]. - The company has developed a high-purity lithium oxide product with a purity of 99.5% and plans to establish the world's first fully automated lithium oxide production line with a capacity of thousands of tons [3]. - Boyue's sulfide electrolyte products, particularly lithium phosphorus sulfide chloride (LPSC), are positioned to address production cost challenges, with anticipated costs dropping below 300,000 yuan per ton and purity reaching 99.9% [4]. Product Innovations - The company is advancing its lithium supplementing agents, which have been integrated into most domestic lithium supplement manufacturers, significantly reducing costs and enhancing efficiency [3]. - The development of oxide electrolytes focuses on lithium aluminum titanium phosphate (LATP), utilizing proprietary precursor development to achieve low impurity levels and high ionic conductivity [3]. - Boyue is also innovating in the area of sulfide electrolytes, improving air stability and ionic conductivity through advanced doping techniques and nanomaterial processing [4]. Forum Agenda - The agenda includes various specialized sessions on solid-state battery technologies, with topics ranging from manufacturing challenges to material innovations, featuring experts from different sectors [8][10]. - Key discussions will cover the latest advancements in solid-state battery materials and manufacturing processes, aiming to foster collaboration and innovation within the industry [10]. Awards and Recognition - The event will culminate in the Golden Ding Award Ceremony, recognizing outstanding contributions in the solid-state battery field, including categories for innovation in materials and technology [10].

Core Viewpoint - The company has made significant progress in the production capacity of solid-state electrolytes, completing the construction of a pilot line for oxide electrolytes and a small-scale trial line for sulfide solid-state electrolytes, achieving stable production at the ton level and receiving certifications from several key downstream customers [1] Group 1 - The company has completed the construction of a pilot line for oxide electrolytes with an annual production capacity of 100 tons [1] - The company has also established a small-scale trial line for sulfide solid-state electrolytes with a production capacity of several tons [1] - The company has achieved stable production of solid-state electrolytes at the ton level [1] Group 2 - The company has received certifications and has begun the introduction of its products to multiple key downstream customers [1]

格隆汇10月13日丨当升科技(300073.SZ)接受特定对象调研时表示，固态电解质产能建设方面，公司已 完成氧化物电解质年产百吨级中试线建设和硫化物固态电解质数吨级小试线建设，实现固态电解质吨级 稳定制备并获得下游多家重点客户的认证及导入。 ...

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） ...

Core Viewpoint - The solid-state battery sector is experiencing significant growth, driven by advancements in technology and increasing market demand, positioning it as a new investment opportunity following the semiconductor and lithium battery industries [1][2][3] Group 1: Market Trends - The solid-state battery index has risen by 23.31% since August, with a cumulative increase of over 50% this year, indicating strong market momentum [1] - Solid-state batteries are transitioning from laboratory concepts to engineering phases, marking a critical period for commercialization [2][3] Group 2: Technological Advancements - The engineering maturity of solid-state batteries is validated by commercial applications, such as the semi-solid battery used in SAIC's vehicles and partnerships like that of Volkswagen and QuantumScape [2][3] - The production landscape is expected to see differentiated progress, with oxide and polymer technologies likely to achieve mass production first, while sulfide technologies face technical challenges [2][4] Group 3: Investment Opportunities - Investment opportunities in the solid-state battery supply chain are characterized by varying stages of technological maturity and commercialization, necessitating a systematic approach to stock selection [4][5] - The equipment segment requires significant capital investment, with costs for domestic production lines ranging from 500 million to 1 billion RMB per GWh, reflecting the complexity of the technology [4][5] - Traditional material companies are exploring transitions to solid-state production, leveraging existing capacities and supply chains to capture new market opportunities [6] Group 4: Future Market Potential - Predictions suggest that by 2030, solid-state batteries could achieve a market penetration rate exceeding 30%, potentially reaching TWh levels, which would drive demand for upstream equipment and materials [7][8] - The market for solid-state batteries could exceed hundreds of billions in scale, contingent on technological validation, cost optimization, and rational valuation [8]

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]