AIDC 空间广阔、人形机器人迎新催化 2025 年 08 月 25 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2024-8-26 2024-12-24 2025-4-23 2025-8-21 电力设备 沪深300 相关研究 《AIDC 持续高景气，固态产业化加 速》 2025-08-17 《AI 电气专题：AIDC 建设迎风起， 产业加速迭代创新机》 2025-08-12 东吴证券研究所 1 / 48 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 东吴证券 ...

Group 1 - The core viewpoint of the article emphasizes the rapid development and commercialization of sulfide all-solid-state batteries, with significant advancements expected by 2030 [2][3][9] - The energy density of sulfide all-solid-state batteries is projected to increase from 350 Wh/kg in 2025 to 500 Wh/kg by 2030, with a compound annual growth rate of 7.4% [2] - The commercialization timeline has accelerated, with large-scale production expected in 2026, one year earlier than initially planned, indicating unexpected technological breakthroughs [3] Group 2 - The competition between Chinese and Japanese companies in the sulfide battery sector is intensifying, with China expected to file three times more patents than Japan in 2024, although Japan still holds 40% of global foundational patents [4] - Domestic policies are driving advancements, with a target set for 2027 for vehicle integration, and many companies are ahead of schedule [5] - The localization of lithium sulfide production is expected to reduce dependency on Japanese and Korean materials, alleviating cost pressures [6] Group 3 - The Chinese government has committed over 2 billion yuan to support solid-state battery research, aligning with the EU's prioritization of sulfide technology in its Battery 2030+ initiative [8] - The market for sulfide batteries is anticipated to reach $20 billion by 2030, with a compound annual growth rate exceeding 45% from 2025 to 2030 [9] Group 4 - Significant advancements in sulfide electrolyte materials have been made, achieving room temperature ionic conductivity levels comparable to liquid electrolytes [11] - Innovations in manufacturing processes, such as dry electrode technology, are expected to reduce production costs by over 30% [7][12] - Safety features, including thermal runaway prevention mechanisms, are being developed to enhance the reliability of these batteries [13][14] Group 5 - The event "2025 First International Summit and Exhibition on Sulfide All-Solid-State Batteries" will take place in Guangzhou from November 6-8, 2025, focusing on the latest advancements in this technology [16] - The summit will feature discussions on key technical issues, including the industrialization process and challenges faced in manufacturing [18]

Core Viewpoint - Company has received project designation notification from a leading domestic new energy commercial vehicle client, indicating a breakthrough in the application of its SPS lithium iron phosphate battery in the new energy commercial vehicle sector [1] Group 1: Project Developments - The company will start supplying batteries in 2026 based on the client's sales forecast and arrangements [1] - The designated project will utilize SPS super soft pack lithium iron phosphate batteries, which are a key product for the company [1] - The notification does not constitute a supply agreement, and there are uncertainties regarding the final order due to necessary quality tests and client evaluations [1] Group 2: Production Capacity - The company has launched production lines for its "Ganzhou 30GWh new energy battery project (Phase I)" and "Guangzhou 30GWh power battery production base project (Phase I 15GWh)" with steadily increasing capacity utilization and product yield [2] - The company anticipates that 2025 will mark the year of large-scale shipments of its SPS lithium iron phosphate battery products [2] - The company has also received a component designation notification from GAC Group for a vehicle model, which will also use SPS super soft pack lithium iron phosphate batteries [2] Group 3: Strategic Changes - In May, the company underwent a change in control, with its major shareholder shifting from Hong Kong Funi to Guangzhou Industrial Investment Holding Group, which is expected to provide comprehensive support in various strategic areas [2] Group 4: Technological Advancements - The company is advancing its all-solid-state battery technology, with a pilot line expected to be completed by the end of 2024, aiming for a production capacity of 0.2GWh [3] - The company plans to expand all-solid-state battery capacity to GWh level by 2026 based on customer feedback and strategic planning [3] - The company envisions a coexistence of liquid batteries, semi-solid batteries, and all-solid-state batteries in the market, each suited for different application scenarios [3]

Core Viewpoint - The company, Funeng Technology, is making significant progress in the research and industrialization of all-solid-state batteries, with an accelerated production timeline [1] Group 1: R&D and Production Timeline - Funeng Technology has successfully advanced its all-solid-state battery R&D and industrialization, with plans to deliver samples of sulfide all-solid-state batteries to a leading humanoid robot client by August 2025 [1] - The company aims to achieve pilot production of all-solid-state battery lines by the end of this year and small-scale delivery of 60Ah sulfide all-solid-state batteries [1] - From 2026 to 2027, Funeng Technology plans to promote small-scale production and establish GWh-level production lines, targeting large-scale production by 2030 [1] Group 2: Product Roadmap - The company follows a "production generation, development generation, reserve generation" strategy for technology development, accelerating the iteration of all-solid-state battery products [1] - The first generation of sulfide all-solid-state batteries, featuring high nickel ternary cathodes and high silicon anodes, will be launched in 2025 with an energy density of up to 400Wh/kg [1] - The second generation, set for release in 2026, will upgrade cathode materials to lithium-rich manganese-based/high nickel cathodes and utilize lithium metal anodes, further increasing energy density to 500Wh/kg [1] - The third generation, expected in 2027, aims to achieve energy density exceeding 500Wh/kg [1]

2025首届硫化物全固态电池国际峰会暨展览会 SSBA全固态电池联盟成立大会 时间： 2025年11月6-8日 地点：广州 一 活动背景与意义 1、 硫化物全固态电池技术发展现状分析 能量密度快速提升 : 硫化物全固态电池能量密度预计从 2025年的350Wh/kg提升至2030年的500Wh/kg，年均复合增长率达7.4%，显著高于液态锂 电池进步速度。 商业化节奏加速 : 关键节点 2026年实现规模化生产（原计划2027年），反映技术突破超预期（如电解质电导率>10 mS/cm、界面稳定性提升）。 中日技术路线趋同 : 中日企业均聚焦硫化物路线，中国 2024年专利申请量达日本三倍，但日本在基础专利仍占全球40%，显示产业化竞争白热化。 政策驱动明确 : 国内设定 2027年装车节点，企业进度普遍提前半年（如60Ah电芯2025年下线），验证政策与市场双轮驱动效应。 2、 技术商业化突破的核心价值 供应链安全重构 ： 硫化锂本土化生产可降低对日韩原材料的依赖，缓解当前 99.9%纯度产品高达200万元/吨的价格压力，推动电解质成本向100美 元/kg目标迈进。 终端应用场景拓展： 高安全性（针刺测试不起 ...

2025 世界机器人大会开幕，雅下水电站带动工程机械需求提升 ——机械行业周报 2025 年第 32 周（2025.8.4-2025.8.10） 机械行业 买入（维持） 作者 分析师：黄帅斌 2025 年 8 月 12 日 行业研究 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -30% ...

Group 1 - The core viewpoint of the article emphasizes the rapid development and commercialization of sulfide all-solid-state batteries, with significant advancements expected by 2030 [2][3][9] - The energy density of sulfide all-solid-state batteries is projected to increase from 350 Wh/kg in 2025 to 500 Wh/kg by 2030, with a compound annual growth rate of 7.4% [2] - The commercialization timeline has accelerated, with large-scale production expected in 2026, one year earlier than initially planned, indicating unexpected technological breakthroughs [3] Group 2 - The competition between Chinese and Japanese companies in the sulfide battery sector is intensifying, with China expected to file three times more patents than Japan in 2024, although Japan still holds 40% of global foundational patents [4] - Domestic policies are driving advancements, with a target set for 2027 for vehicle installations, and many companies are ahead of schedule [5] - The localization of lithium sulfide production is expected to reduce dependency on Japanese and Korean materials, alleviating cost pressures and pushing electrolyte costs towards the target of $100/kg [6] Group 3 - The Chinese government has committed over 2 billion yuan to support solid-state battery research as part of its strategic planning [8] - The market for sulfide batteries is anticipated to reach $20 billion by 2030, with a compound annual growth rate exceeding 45% from 2025 to 2030 [9] Group 4 - Significant advancements in sulfide electrolyte materials have been made, achieving room temperature ionic conductivity levels comparable to liquid electrolytes [11] - Innovations in manufacturing processes, such as dry electrode technology, are expected to reduce production costs by over 30% [7][12] - The development of thermal management systems and safety mechanisms is crucial for enhancing the performance and reliability of these batteries [13][14][15] Group 5 - The event "2025 First International Summit and Exhibition on Sulfide All-Solid-State Batteries" will take place in Guangzhou from November 6-8, 2025, focusing on the latest advancements in the industry [16][17] - The summit will feature discussions on key technical issues, including the industrialization process and challenges faced in the production of sulfide all-solid-state batteries [18]

Core Viewpoint - The company has made significant progress in the development and commercialization of solid-state batteries, particularly focusing on sulfide solid-state batteries, which are recognized as the next generation of advanced batteries [2][3]. Group 1: Product Development and Timeline - The company plans to launch its first generation of sulfide solid-state batteries in 2025, featuring a high nickel ternary cathode and high silicon anode, achieving an energy density of 400Wh/kg [3]. - The second generation is set for release in 2026, with an upgraded lithium-rich manganese-based/high nickel cathode and lithium metal anode, increasing energy density to 500Wh/kg [3]. - By 2027, the third generation will be introduced, aiming for energy density exceeding 500Wh/kg [3]. - The company aims to achieve sample delivery of sulfide solid-state batteries by August 2025, with pilot production of 60Ah batteries by the end of this year, and plans for mass production by 2030 [3]. Group 2: Market Position and Client Base - The company has established a strong client base, having achieved mass production of semi-solid batteries in 2022, and has accumulated partnerships with major clients across various sectors, including automotive and eVTOL [3]. - Recent interactions with leading humanoid robot companies indicate a strategic positioning to capture early market share in the emerging humanoid robot sector [4]. Group 3: Industry Trends and Competitors - The solid-state battery industry is accelerating, with several automotive companies announcing their plans for solid-state battery integration, including BYD, Changan Automobile, and GAC, with timelines ranging from 2026 to 2030 for mass production [2]. - Sulfide solid-state batteries are leading the technological revolution in the global power battery industry due to their high ionic conductivity and compatibility [2].

早 报 精 选 4、理想汽车、中国汽研、东风柳汽就理想i8碰撞测试事件相关情况达成一致，并发布联合声明。 5、百济神州：上半年净利润4.5亿元，同比扭亏为盈。 宏 观 新 闻 1、 中共中央办公厅、国务院办公厅印发了《整治形式主义为基层减负若干规定》，并发出通知，要求各地区各部门认真遵照执行。 通知指出，形式主义、官僚主义是顽瘴痼疾，必须下大力气坚决纠治。基层是贯彻落实党中央决策部署的"最后一公里"，不能被形式 主义、官僚主义束缚手脚。 2、新一期财联社"C50风向指数"结果显示，市场预计，7月政府债支撑新增社融同比多增，替代效应或使贷款新增规模转负，但增 速仍较高。其中，市场机构对7月新增人民币贷款的预测中值为-0.3万亿元；对7月新增社融的预测中值为1.51万亿元。货币增速方 面，低基数下财政支出加大，多家市场机构预计M1及M2同比增速或小幅上升。物价方面，市场预计7月CPI同比增速或再度负增 长，预测中值为-0.1%，PPI同比降幅或较上月收窄，市场机构预测中值为-3.4%。 3、印度新德里电视台、《印度斯坦时报》等印媒6日最新消息，印度总理莫迪将于8月31日至9月1日访问中国并出席上海合作组织 天津峰 ...

Group 1 - Company Fudi Technology has recently completed the sample delivery of sulfide all-solid-state batteries to a leading humanoid robot client, indicating progress in solid-state battery applications in the robotics sector [1] - Fudi Technology is also in ongoing discussions with several other leading humanoid robot companies regarding solid-state battery needs, suggesting a positive trend in demand [1] Group 2 - Company Three Gorges Energy announced plans to issue public infrastructure REITs backed by its wholly-owned subsidiary's offshore wind power project, aiming to optimize capital structure and provide new financing channels [2] - The company intends to subscribe to 34% of the fund shares, while its affiliate, Three Gorges Capital Holdings, plans to subscribe to 10%, indicating strong internal support for the project [2] Group 3 - Shareholder Ningbo Kejun Enterprise Management Consulting Center plans to transfer 201,230 shares of Robotech, representing 1.20% of the company's total equity, which may raise concerns regarding corporate governance and future development [3] - The market will need to monitor the impact of shareholder actions on the company's long-term performance [3]