巩辰绪是四川全固态新材料有限公司融资负责人，2025年加盟该公司前，他在一家主要投资电池新兴技术的基金做投资人。2025年初，在这家基金从电池赛 道转向AI（人工智能）赛道后，他随之离职。但2025年底，巩辰绪发现很多投资人重新将眼光投向固态电池，原因很明确："固态电池产业链企业有订单， 甚至还能盈利，产业化方向较为明确。" 武汉天石科丰新能源科技有限公司（下称"天石科丰"）创始人王硕说，公司目前已经接触了一些有意向的投资机构。王硕所在的公司以硫化物电解质为主要 产品。2025年上半年，因为没有投资机构愿意投固态电池，王硕一度举债维持企业运营。目前公司已经实现吨级出货，按照现有订单，王硕准备在2026年分 批次扩建年产能300吨的产线。 投资机构"回流"的主要原因是：作为买家的电芯厂，正在下订单。 其中，多数车企预计2026年完成产品开发或测试工作，2027年实现装车应用，而电芯厂商则更为激进，提出2026年建成产线的目标。 | | 2025年 | 2026年 | | --- | --- | --- | | 宁德时代 | | | | 比亚迪 | 装车并进入测试阶段 | | | 国轩高科 | 启动量产线（2GW ...

Group 1 - The core point of the news is the significant market movement in solid-state battery stocks, driven by the announcement of the world's first commercially viable all-solid-state battery by Finnish startup Donut Lab [1] - Solid-state batteries are expected to revolutionize the electric vehicle industry due to their superior energy density, charging speed, cycle life, and adaptability to extreme environments [1] - Aijian Securities believes that the industrialization of solid-state batteries is accelerating, with a high likelihood of using sulfide electrolytes and silicon/lithium metal anodes, which offer better mechanical properties and ionic conductivity [1] Group 2 - According to statistics, several companies have been highlighted in institutional research reports regarding solid-state batteries, including Tianci Materials, Haixi Communications, and Xiamen Tungsten New Energy [2] - Tianci Materials is in the pilot testing stage for sulfide electrolytes, focusing on performance advantages in moisture control and cycle efficiency, with plans to establish a hundred-ton pilot production line by mid-2026 [2] - Xiamen Tungsten New Energy has achieved supply of positive electrode materials for oxide route solid-state batteries and has successfully produced ton-level oxide solid electrolytes [2] Group 3 - Predictions indicate that several solid-state battery concept stocks, such as Enjie Co., Rongbai Technology, and Ganfeng Lithium, are expected to see a significant increase in net profits this year, with some companies projected to double their net profits [3] - Other companies like Tiannai Technology and EVE Energy are also expected to experience net profit growth exceeding 50% [3]

碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从沪深市场中选取在环境保护相 关领域表现突出的50家上市公司证券作为指数样本，覆盖了清洁能源、节能减排、环境治理等多个细分 行业，以反映环保主题下相关上市公司证券的整体市场表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 1月5日，碳中和50ETF（159861）涨超1.2%，硅基负极技术突破或成电池升级关键 爱建证券指出，固态电池行业正加速产业化进程，材料和工艺设备体系迎来革新。硫化物电解质凭 借高导电率及柔软性有望成为主流路线，预计至2035年市场规模占比将超40%。负极材料方面，硅基负 极在中短期内是发展方向，而锂金属负极因更高能量密度将成为远期迭代方向。全球固态电池产能中国 占比最大，2025年预计中国产能占比超80%，国内 ...

【1月5日开源指出天赐材料六氟涨价盈利弹性显著，维持"买入"评级】2025年，天赐材料预计实现归母 净利润11 - 16亿元，业绩超预期。下游储能等需求旺盛，六氟磷酸锂供应紧平衡，全行业达成审慎有序 扩产共识。 公司新增技改产能投放节奏会结合市场需求综合考虑，相关手续正在申请办理，现有产能 预计维持较高利用率。 公司布局固态电池核心材料，形成卡位优势。硫化物电解质采用液相反应法， 指标性能优势明显，中试阶段交付公斤级样品。 公司持续推进硫化物电解质百吨级中试产线建设，计 划2026年中建成。作为全球六氟磷酸锂&电解液龙头，有望受益于六氟涨价。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

开源证券研报指出，天赐材料六氟涨价盈利弹性显著，2025年预计实现归母净利润11-16亿元，业绩超 预期。下游储能等需求旺盛，六氟磷酸锂供应呈现紧平衡状态，且六氟磷酸锂经历几年下行周期后，全 行业已达成一定共识，将保持审慎有序扩产。公司表示新增技改产能的投放节奏会结合市场的需求情况 变化综合考虑，技改项目相关手续正在申请办理，现有产能预计会维持相对较高的产能利用率水平。另 外，公司布局固态电池核心材料，形成卡位优势。公司硫化物电解质采用液相反应法作为核心技术路 线，在水分控制、循环效率等指标性能优势明显，目前处于中试阶段，主要交付公斤级样品，配合下游 电池客户做材料技术验证。同时，公司持续推进硫化物电解质的百吨级中试产线建设，计划在2026年中 建成。公司是全球六氟磷酸锂&电解液龙头，有望充分受益于六氟磷酸锂涨价，且固态电池核心材料形 成卡位优势，维持"买入"评级。 ...

电力设备/电池 天赐材料（002709.SZ） 2026 年 01 月 04 日 投资评级：买入（维持） | 日期 | 2025/12/31 | | --- | --- | | 当前股价(元) | 46.33 | | 一年最高最低(元) | 49.78/15.37 | | 总市值(亿元) | 942.30 | | 流通市值(亿元) | 697.01 | | 总股本(亿股) | 20.34 | | 流通股本(亿股) | 15.04 | | 近 3 个月换手率(%) | 480.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-01 2025-05 2025-09 天赐材料 沪深300 相关研究报告 《六氟磷酸锂周期反转，卡位固态电 池核心材料—公司首次覆盖报告》 -2025.12.15 殷晟路（分析师） 王嘉懿（分析师） yinshenglu@kysec.cn wangjiayi@kysec.cn 证书编号：S0790525060004 2025 年预计实现归母净利润 11-16 亿元，业绩超预期 公司发布 2025 年度业绩预告。2025 年预计实现归母净利 ...

全球六氟磷酸锂&电解液龙头，有望充分受益于六氟磷酸锂涨价公司是全球六氟磷酸锂&电解液龙头。 根据灼识咨询数据，2024 年公司电解液全球出货量50.3 万吨，全球市场份额35.7%，连续9 年全球第 一。2024 年公司六氟磷酸锂出货量6.4 万吨，全球市场份额37.6%，排名第一。供需关系驱动下，近期 六氟磷酸锂价格大幅上涨。六氟磷酸锂经历几年的下行周期后，全行业已达成一定共识，将保持审慎有 序扩产，2026 年新增产能释放有限，在下游储能等需求带动下，预计紧平衡状态仍将持续。六氟磷酸 锂价格有望持续上行，公司有望充分受益。此外，公司卡位固态电池核心材料。我们预计公司2025- 2027 年归母净利润分别为10.96、54.02、73.87 亿元，EPS 分别为0.54、2.66、3.63 元/股，当前股价对应 PE 分别为73.7、14.9、10.9 倍，首次覆盖，给予"买入"评级。 卡位固态电池核心材料，硫化物电解质已进入中试阶段公司硫化物电解质采用液相反应法作为核心技术 路线，在水分控制、循环效率等指标性能优势明显，目前处于中试阶段，主要交付公斤级样品，配合下 游电池客户做材料技术验证。同时，公司持续 ...

Core Viewpoint - The article discusses the evolution and advantages of oxide electrolytes in solid-liquid batteries, highlighting their commercial viability and potential to replace traditional liquid batteries in the future [11][83]. Group 1: Evolution of Oxide Electrolytes - Oxide electrolytes have a history of over 60 years, being the earliest solid-state electrolytes discovered [11]. - Initial discoveries in the 1960s showed that certain refractory materials could exhibit conductivity under specific conditions, leading to the exploration of oxides as battery electrolytes [11][12]. - The development of lithium oxides in the 1990s marked a significant shift in research focus, resulting in various oxide electrolyte types [15][16]. - Lithium lanthanum titanate (LLTO) was synthesized in 1987, demonstrating a significant improvement in conductivity compared to earlier oxides [22][23]. - LLTO has been successfully used in commercial applications, such as in the NIO ET7 and Zhiji L6 vehicles [33]. Group 2: Advantages of Oxide Electrolytes - Oxide electrolytes are more compatible with liquid electrolytes compared to sulfide and polymer electrolytes, which enhances their performance in solid-liquid batteries [47][49]. - They exhibit high stability and can withstand high temperatures (up to 800°C) without degradation, making them safer and more reliable [59][63]. - The production process for oxide electrolytes is less complex and requires lower investment compared to sulfide electrolytes, leading to lower costs and easier scalability [67][69]. - The cost of oxide solid-liquid batteries is currently only 5-10% higher than that of liquid batteries, with potential for further cost reductions [69]. Group 3: Challenges and Future Prospects - While oxide electrolytes excel in solid-liquid batteries, they face challenges in full solid-state battery applications due to interface issues [75][78]. - Research is ongoing to combine oxide and polymer electrolytes to create composite solid-state electrolytes that can leverage the strengths of both materials [82]. - The future of solid-liquid batteries depends on overcoming the conductivity limitations of oxide electrolytes to enhance fast-charging capabilities [85][86].

Core Viewpoint - Enjie Co., Ltd. reported a revenue of 3.78 billion yuan for Q3 2025, reflecting a year-on-year increase of 40.98% and a quarter-on-quarter increase of 24.59%, while net profit attributable to shareholders was 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, showing a quarter-on-quarter recovery but a year-on-year decline [1] Group 1 - The company expects continued positive growth in shipments for Q4 2025, with new production bases and line upgrades in 2026 likely to enhance efficiency and align with industry growth rates [1] - Price increases for customers with negative gross margins and mid-to-low tier clients are anticipated, which, combined with favorable demand conditions, active overseas customer expansion, and optimized shipment structure, may further improve profitability [1] - The profitability outlook for dry-process separators is being revised, and the aluminum-plastic film segment is expected to gradually reduce losses as shipment volumes increase [1] Group 2 - The company is actively developing new products such as lithium sulfide, sulfide electrolytes, and ion-conducting membranes, with positive customer progress opening up potential for profitability [1]

Group 1 - The solid-state battery industry is currently transitioning from experimental lines to megawatt-hour pilot lines, with over 20 companies actively constructing pilot lines [3][4] - Major companies like EVE Energy and Guoxuan High-Tech have made significant progress in their pilot line construction, with EVE Energy's "Longquan No. 2" solid-state battery expected to be operational by 2025 [3][4] - The pilot stage is crucial for verifying the feasibility of mass production, cost control, and performance stability of solid-state batteries [5][6] Group 2 - The transition from pilot to mass production can take 2 to 5 years, and current solid-state battery costs are 5 to 10 times higher than traditional lithium batteries [5][6] - Challenges in the solid-state battery industry include high material costs, particularly for sulfide electrolytes, which are three times more expensive than traditional production lines [6] - The manufacturing process for solid-state batteries requires specialized equipment and has higher demands for precision and automation compared to traditional lithium batteries [6]