前言 一场席卷新能源行业的颠覆性变革正在加速到来，而这可能只是开始~ 最近A股市场热点层出不穷，轮动效应明显。于是，我希望通过分析研究，验证资金炒作方向是否具有投资价值。因此，全文仅是个人 思考，不构成任何投资意见及建议，大家需要审慎思考。 固态电池，正在从实验室走向产业化。它有望将电动车续航里程提升至1000公里以上，同时彻底解决电池起火安全问题。 这不仅仅是技术的迭代升级，更是对整个新能源产业链的价值重估。 01 技术迭代 从液态到固态，电池进化迎来关键转折 | 电池材料 | 液态 - | 半固な | 全固态 | | --- | --- | --- | --- | | 正极 | 三元铁锂 | 三元高镍 | 三元高镍、富锂锰基、 | | | | 超高镍 | 硫/空气 | | 负极 | 石墨为主 | 硅基负极 | 锂金属负极 | | | 可以掺硅 | 锂金属负极 | | | 陽膜 | 湿法隔膜 | 湿法 + 涂覆 | 无 | | | 干法隔膜 | 孔径更大 | | | 电解质 | 液态占比 | | 液态占比减少,约10-1wt% 固态电解质:全无机类材料或高 | | | 20 - 10wt% | LiTFSI ...

先生，不仅是一种称谓，更蕴含着敬意与传承。可堪先生之名者，不仅在某一领域独树一帜，更有着温润深厚的德性、豁达包容的胸襟，任风吹雨打， 仍固守信念，将深沉的家国情怀根植于血脉之中。捧着一颗心来，不带半根草去，为后生晚辈持起读书、做人的一盏灯。 中国之声从10月1日起继续推出特别策划《先生》，向以德性滋养风气的⼤师致敬，为他们的成就与修为留痕。本期推出：《陈立泉：凡事要争先》。 陈立泉：我们能够把中国所需要的东西做出来，这就是我自己满足的了。当时我们没电，现在有电了。那时候没车，现在我们到处都是电动自行车、电 动汽车，都有了。 【人物名片】 陈立泉，1940年3月出生，今年85岁。中国工程院院士，固态离子学和能源材料专家，被誉为中国锂电池研究的开拓者、领路人。近半个世纪以来，他 致力于推动我国锂电池从实验室走向全球第一，成功研制我国第一块固态锂电池，第一块液态锂电池，并积极推动技术产业化，为中国锂电池从⽆到有、从 跟跑到领跑作出奠基性贡献，获国家自然科学奖一等奖、中国科学院杰出成就奖等多项荣誉。 年过三旬的一次抉择 改变了个人 也改变了国家 当前，我国新能源汽车产销量连续十年保持全球第一，已经建成全球最⼤的电动汽 ...

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

Group 1 - The core viewpoint of the article highlights the significant rise of the Carbon Neutrality 50 ETF (159861) by over 2.3% on September 25, indicating growing investor interest in environmentally focused investments [1] - Solid-state batteries are expected to accelerate commercialization by 2025, with advantages such as high energy density, excellent safety, and wide temperature adaptability, potentially replacing existing liquid lithium batteries in electric vehicles and energy storage [1] - The solid-state battery industry is experiencing collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes, silicon-carbon anodes, and new cathode technologies [1] Group 2 - Major automotive companies are planning to launch new models equipped with solid-state batteries, indicating a shift in the automotive sector towards advanced battery technologies [1] - The Carbon Neutrality 50 ETF tracks the Environmental Protection 50 Index (930614), which selects 50 listed companies involved in clean energy, pollution control, and energy conservation from the Shanghai and Shenzhen markets [1] - The Environmental Protection 50 Index focuses on companies with high growth potential and good development prospects, covering multiple sub-industries within the environmental protection sector [1]

Group 1 - The National Energy Administration, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, and State Administration for Market Regulation jointly released guidelines to promote high-quality development of energy equipment, focusing on establishing a reliable battery energy storage system and developing long-life, wide-temperature, low-degradation lithium, sodium, and solid-state batteries [1] - The solid-state battery industry is expected to accelerate its commercialization process, with increasing interest from the capital market, as evidenced by inquiries from multiple listed companies regarding their involvement in solid-state battery applications [1] - According to East Wu Securities, global solid-state battery shipments are projected to reach 614 GWh by 2030, with China's market size expected to grow to 20 billion yuan [2] Group 2 - The solid-state battery technology landscape is diverse, with various electrolyte types including polymer, oxide, sulfide, and halide, with sulfide electrolytes currently being favored by major manufacturers despite challenges such as the production of flammable hydrogen sulfide gas [3] - To achieve large-scale commercialization of solid-state batteries, the industry needs to overcome several technical challenges and improve cost-effectiveness through increased investment in fundamental research and the establishment of standardized production processes [3] - AI technology is playing a crucial role in accelerating material discovery and optimizing battery design, which can shorten R&D cycles and enhance energy density and safety [3] Group 3 - Several listed companies are actively promoting the development of the solid-state battery industry, with Beijing Dangsheng Materials Technology Co., Ltd. successfully developing high ionic conductivity sulfide electrolytes and achieving stable production capabilities [4] - Guangzhou Penghui Energy Technology Co., Ltd. announced improvements in solid-state battery energy density from 280 Wh/kg to 320 Wh/kg, indicating ongoing optimization efforts [5] - Companies like Ningde Times New Energy Technology Co., Ltd. and Ganfeng Lithium Co., Ltd. are also advancing their solid-state battery initiatives, with 2027 identified as a critical time point for industry validation [5]

今年8月，我国新能源汽车市场零售渗透率达55.3%，创历史新高。新能源汽车的爆发式的增长自然离不开上游锂电产业的强力托举。在新能源 汽车产业迈向高质量发展的关键阶段，锂电产业也在经历前所未有的深度重构。9月18日~20日，由中国有色金属工业协会、四川省经济和信息化 厅、中关村新型电池技术创新联盟、遂宁市人民政府联合举办的2025遂宁国际锂电产业大会正式召开。本届论坛围绕"锂向新质 智胜未来"主题，各 界人士齐聚一堂，推进我国锂电产业快速向高质量发展新阶段迈进。 • 锂电产业进入提质增效关键阶段 蜂巢能源能源科技股份有限公司前沿技术研发总经理苗力孝指出，全固态电池是对现有液态电池从材料、涉及到制造的全方位颠覆性。不过，目前全固 态电池仍具备多达172个技术挑战，其中最为关键的是固-固界面接触、材料稳定性、致密化、制成安全、成本及PACK集成六大问题。值得一提的是，在成 本上，全固态电池材料成本近94%来自电解质成本。而当前硫化物固态电解质售价高达约1000万元/吨，预计2027年可下降至200万-400万元/吨。到2027年， 全固态电池BOM成本约为3-5元/Wh，依然是液态三元电池成本的约10倍，因此必须大 ...

Group 1 - The 2025 Suining International Lithium Battery Industry Conference was held in Suining, Sichuan, focusing on lithium resources, liquid lithium batteries, solid-state batteries, sodium batteries, and energy storage [1] - The theme of the conference was "Lithium Towards New Quality, Intelligent Victory in the Future," attracting over 300 industry experts and representatives from various countries [1] Group 2 - China's lithium battery industry has transitioned from "industrial advantage" to "strategic advantage" under the dual carbon strategy, supporting the development of new energy systems [3] - In the first half of this year, China's new energy vehicle production and sales reached 6.968 million units and 6.937 million tons, respectively, with year-on-year growth exceeding 40% [3] - Lithium carbonate production in China reached 389,000 tons in the first half of the year, marking a 29% year-on-year increase, indicating a positive development trend in the industry [3] Group 3 - The lithium raw material industry in China faces three structural challenges: insufficient domestic resource development, complex overseas resource development risks, and price fluctuations in the industry chain [4][5] - Domestic lithium resource development has not kept pace with demand, leading to a "hard gap" in supply security [4] - The "Asian Lithium Belt" has been discovered, spanning 2,800 kilometers across four provinces, which may enhance domestic lithium supply through technological breakthroughs and policy support [4] Group 4 - The global trend of resource nationalism and tightening policies in Latin America pose challenges for Chinese enterprises in overseas investments [5] - The lithium industry has experienced significant price fluctuations over the past decade, with prices peaking at 600,000 yuan per ton in November 2022 before dropping below 60,000 yuan [5] - The current lithium industry chain is in a recovery phase, with upstream, midstream, and downstream sectors facing various challenges [5] Group 5 - The lithium raw material industry must focus on "safety, innovation, green, and collaboration" to align with national strategies and plan for the 14th and 15th Five-Year Plans [6] - The year 2025 is seen as a critical transition year for the lithium raw material industry, moving from "scale leadership" to "quality leadership" [6] - Industry enterprises are encouraged to integrate their development with national dual carbon goals and new industrialization layouts [6]

Group 1: Industry Overview - The report from Industrial Securities suggests focusing on leading battery equipment companies and solid-state battery equipment suppliers as the industry evolves [1] - By 2025, the demand for new energy vehicles and energy storage is expected to grow steadily, although the industry faces an oversupply situation due to previous rapid capacity expansion [1] - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, which are positive developments for the market [1] Group 2: Solid-State Battery Development - The commercialization of solid-state batteries is anticipated to accelerate by 2025, offering advantages such as high energy density and superior safety [2] - Solid-state batteries are expected to gradually replace existing liquid lithium batteries in various applications, including new energy vehicles and energy storage, while also opening new markets like low-altitude, robotics, and data centers [2] - The supply chain for solid-state batteries is expected to see collaborative breakthroughs across various segments, with advancements in materials and production processes leading to significant cost reductions [2] Group 3: Equipment and Technology - The transition to solid-state batteries will require significant changes in equipment, particularly in the dry electrode processes and solid electrolyte pressing equipment [2] - The demand for high-pressure formation equipment is expected to increase due to the higher pressure requirements in the formation stage of solid-state batteries compared to liquid batteries [2]

● 本报记者 李嫒嫒 产业热度攀升 "近期，固态电池板块大涨，市场热度高涨，仿佛固态电池一夜之间就要走进千家万户。然而，固态电 池真正走向产业化应用，仍有技术、制造、工艺等多道难题待破解，距离真正商业化量产仍有很大差 距。"9月14日，有电池企业负责人在2025中国汽车产业发展（泰达）国际论坛上一针见血地指出固态电 池发展现状。 中国证券报记者调研了解到，国内固态电池正沿着多元技术路线协同发展，半固态电池已实现装车应 用，多家企业的全固态电池中试线正加快建设，并明确了量产时间线。材料成本控制仍是实现全固态电 池量产的关键挑战。短期内，液态锂电池的基本盘仍然稳固。有受访专家表示，固态电池有望率先在低 空飞行器等新兴领域得到真正商业化应用。 加速固态电池布局已成为国内外竞争的焦点，是全球电池产业竞争的新赛道。 "全固态电池采用固态电解质替代现有的电解液，从根本上消除电芯燃爆风险，具备高比能和高安全 性，被行业视为未来发展的重要方向。"中汽新能电池科技有限公司副总经理于长虹表示。 "目前行业固态电池处于固液混合状态即半固态电池，液态含量比例约7%-8%。"东风汽车集团有限公司 副总工程师、战略规划部总经理杨彦鼎对记 ...

Core Viewpoint - The company emphasizes the confidentiality of its collaboration information with clients and acknowledges the long-term challenges in the commercialization of solid-state batteries [1] Group 1: Company Insights - The company is committed to investing in research and development in the solid-state battery sector and aims to deepen collaboration and technical exchanges with clients [1] - The company believes that the widespread commercialization of solid-state batteries will take a considerable amount of time due to unresolved technical issues such as interface and process challenges, as well as the higher costs compared to existing liquid lithium batteries [1] Group 2: Industry Perspective - The future application scenarios for solid-state batteries are expected to be in niche fields such as aerospace and military, where battery performance is critical and price sensitivity is lower [1] - Solid-state batteries are anticipated to coexist with liquid and semi-solid batteries in the long term [1]