固态电池的发展趋势主要围绕高安全性和高能量密度展开。当前，全固态电池 的技术路线聚焦于硫化物，目标是实现比能量 400 瓦时每千克以上、循环寿命 1,000 次以上的性能指标，并计划在 2027 年实现轿车的小批量装车，到 2030 年实现规模化量产。硫化物电解质因其在室温下具有最高的理论电导率， 同时兼具优异的机械性能和延展性，被视为理想的固态电解质材料。 硫化锂制备工艺多样，包括还原法、液相复分解法、水合肼法、高温反 应法等，各有优缺点。还原法如金股份，液相复分解法如华晟锂电，水 合肼法如天启力，高温反应法如容百科技，液相反应法如海辰药业。 投资建议关注工艺独特、产品性能突出的企业，以及后续量产及降本潜 力大的方案。同时，需观察一体化与非一体化布局对产业链联动性的影 响，目前尚无明确优劣之分。 固态电池产业面临量产不及预期、降本不及预期及路线竞争风险。大规 模制备仍存材料与工艺难点，需持续观察降本路线效果，并关注氧化物 与聚合物等成熟路线的竞争。 硫化物深度：全固态主力路线，产业化进程提速 20250825 摘要 硫化物电解质因其高室温电导率、优异机械性能和延展性被视为理想固 态电解质，但空气稳定性差、电 ...

赣锋锂业发布投资者关系活动记录表公告称，在硫化物固态电池材料领域，公司同时布局硫化锂和硫化 物电解质两类关键材料。公司硫化锂产品主含量≥99.9%、D50≤5μm，凭借高纯度、低杂质含量及优异 的一致性，可满足高导电性固态电解质材料技术要求，目前已通过客户质量认证，已向多家下游客户供 货。与此同时，公司也在积极开发更具成本优势的硫化锂制备工艺。 ...

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]

硫化物电解质：电化学设计、合成工艺共筑壁垒。 高安全+高能量密度，固态电池为大势所趋。 传统锂电池由于使用有机液态电解质而存在易挥发、易泄漏、易燃等问题，将易燃的有机电解液替换为 不易燃的无机固态电解质能改善电池安全性，也能提升空间利用率以提升能量密度。 全固态电池向硫化物路线聚焦。 相较其他路线，硫化物固态电解质最大优势在于室温下最高的电导率，兼具优异的机械性能和延展性， 被视为理论上最理想的固态电解质材料。根据欧阳明高院士，当前全固态电池的技术路线聚焦以硫化物 电解质为主体电解质，匹配高镍三元正极和硅碳负极的技术路线，以比能量400Wh/kg、循环寿命1000 次以上为性能目标，确保2027年实现轿车小批量装车，2030年实现规模量产。 智通财经APP获悉，国金证券发布研报称，基于高安全+高能量密度，固态电池为大势所趋，当前全固 态电池向硫化物路线聚焦，以比能量400Wh/kg、循环寿命1000次以上为性能目标，确保2027年实现轿 车小批量装车，2030年实现规模量产，产业就核心材料硫化物电解质、硫化锂沿着性能提升和降本上持 续做技术攻关，产线从小批量迈向大批量阶段，带来明确的新技术投资机会。 当前硫化 ...

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 - The solid-state battery industry is accelerating its commercialization process, with expectations for vehicle integration starting in 2026 and large-scale production by around 2030 [1][3]. Group 1: Industry Development - The research and development of solid-state batteries is progressing rapidly, transitioning from laboratory to pilot production lines [2]. - Leading battery manufacturers have achieved pilot production levels, with vehicle integration expected to begin in 2026 [2][3]. - Major players like CATL and BYD are investing heavily in solid-state battery technology, with CATL aiming for small-scale production by 2027 and large-scale production by 2030 [3]. Group 2: Material Trends - The industry is increasingly focusing on sulfide electrolytes as the main direction for solid-state batteries, with the LSPC route gaining traction [2][4]. - Sulfide electrolytes have shown ion conductivity levels approaching that of liquid lithium batteries, but environmental concerns and solid-solid interface issues pose challenges for commercialization [4]. Group 3: Production Challenges - Lithium sulfide, a key raw material for sulfide electrolytes, has a high production cost exceeding 3 million yuan per ton, accounting for over 50% of the battery cell cost [5]. - Current domestic lithium sulfide manufacturers are primarily at the pilot production scale, and environmental regulations regarding hydrogen sulfide may present significant barriers to mass production [5].

Core Viewpoint - The article discusses the challenges and advancements in all-solid-state batteries, emphasizing the importance of solid-solid interface contact and the need for material and equipment improvements to achieve commercial viability [2][10][24]. Group 1: Technical Challenges - All-solid-state batteries face significant challenges, particularly the solid-solid interface issues, which are critical for achieving effective ion transport and overall battery performance [3][5]. - The solid-solid interface must maintain effective contact during both manufacturing and operational phases, which is complicated by the expansion of materials during charge and discharge cycles [4][5]. - The performance of all-solid-state batteries is contingent upon achieving a weight loss rate of less than 1% under specific testing conditions, as outlined by the China Automotive Engineering Society [2]. Group 2: Material Considerations - Sulfide-based solid electrolytes are currently the primary focus for all-solid-state battery development, but they face challenges such as air sensitivity and high production costs [10][11]. - The cost reduction of lithium sulfide, a key material for solid electrolytes, is crucial for the commercialization of all-solid-state batteries, with current prices around 1000 CNY/g and a target of 500,000 CNY/ton as a potential industrialization inflection point [11][12]. - The stability of sulfide electrolytes is a concern due to their tendency to produce toxic hydrogen sulfide when exposed to moisture, necessitating controlled production environments [10][11]. Group 3: Equipment and Manufacturing - The manufacturing process requires specific pressures to ensure solid-solid contact, with external pressures during electrode preparation typically ranging from tens to hundreds of MPa, while operational stacking pressures are usually below 10 MPa [13][21]. - The use of isostatic pressing is highlighted as a method to achieve the necessary pressures during manufacturing, but scalability remains a challenge for large-scale production [19][21]. - Dry electrode technology is noted for its potential to enhance safety and energy density by eliminating solvent-related risks, although challenges remain in achieving consistent quality and efficiency in production [22][24]. Group 4: Industry Outlook - The all-solid-state battery industry is in its early stages, akin to the initial phase of the electric vehicle market around 2009-2010, with significant developments expected in the coming years [25][31]. - Key milestones include major companies like BYD and CATL planning to launch all-solid-state battery production lines and products by 2025-2030, indicating a growing commitment to this technology [32][34]. - The article suggests that achieving a cycle life of 1000 cycles may be a preliminary target for all-solid-state batteries, which is essential for their acceptance in consumer applications [10][24].

Investment Rating - The report rates the electric equipment industry as "Positive" [3] Core Viewpoints - The all-solid-state battery industry is currently in its initial development stage, with significant challenges related to material and equipment that need to be overcome for mass production [2][36] - The report suggests that the all-solid-state battery may be at a similar stage to the new energy vehicle industry in 2009-2010, characterized by policy catalysis, technology convergence, and supply chain improvement [36] - It is anticipated that small-scale production of all-solid-state batteries may begin around 2027, with large-scale production expected after 2030 [36] Summary by Sections Industry Overview - The all-solid-state battery technology has made initial progress, primarily focusing on sulfide electrolytes, but faces significant challenges, particularly with the solid-solid interface [2][10] - The report identifies the solid-solid interface as a critical issue, which is influenced by both material properties and manufacturing processes [10][20] Material Challenges - The main materials for all-solid-state batteries include solid electrolytes, with sulfide electrolytes being the focus. Key challenges include air sensitivity and the need for cost reduction [18] - The cost of lithium sulfide, a core material, is currently high due to limited production capacity, with prices previously at 1000 RMB/g and expected to reach 500,000 RMB/ton as a potential industrialization milestone [18] Equipment and Manufacturing - The report highlights the importance of pressure in both the manufacturing and operational phases of all-solid-state batteries, with specific attention to the need for appropriate stacking pressure to ensure effective ion transport [20][23] - Equipment such as isostatic pressing is crucial for maintaining solid-solid contact during manufacturing, but scalability remains a challenge [23][26] Performance Metrics - The report emphasizes that the core performance metrics for all-solid-state batteries will focus on cycle stability and rate performance, particularly after multiple cycles of use [28] - Current industry standards suggest that single-cell power batteries should achieve a cycle life of 1000-1500 cycles, with a capacity retention rate of at least 80% [27][28]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is experiencing significant advancements, particularly in key materials such as cathodes, anodes, electrolytes, and skeleton membranes. The industry is expected to see substantial growth driven by policy support and technological innovations [1][2][11]. Key Points and Arguments - **Cathode Material**: The cathode material "富力猛" has addressed capacity limitations through techniques like element adjustment, doping, and particle size control. This has improved the value of the welding process, with leading battery manufacturers expected to increase welding equipment to replace the sealing process [3][9]. - **Anode Material**: Silicon-carbon anodes face challenges in cycling, expansion, high temperature, and fast charging performance. Despite these issues, they are being supplied in bulk to the consumer market, with conventional prices around 300,000 CNY per ton and high-performance products reaching 500,000 to 600,000 CNY per ton [4][6]. - **Electrolyte**: Sulfide electrolytes have improved ionic conductivity through reduced pore size and optimized manufacturing processes. However, they face challenges related to water and oxygen sensitivity, safety, and equipment development [4][11]. - **Skeleton Membrane**: The rigid skeleton membrane enhances production efficiency and mitigates internal short-circuit issues, facilitating the assembly of solid-state electrolytes [4][2]. Industry Development Timeline - The solid-state battery industry is on track for commercialization, with key milestones set for 2025. Notable dates include: - July-August 2025: Focus on the industrialization of emulsions and polymers - September 2025: Entry into the national inspection experimental window - October 2025: Commencement of production line tenders [5][8]. Investment Opportunities - Investment in the solid-state battery sector should focus on areas with significant changes in dry processing, such as lithium sulfide and lithium metal anodes. Other promising areas include iron-based current collectors, skeleton membranes, and non-sulfide polymers [6][12]. - Companies like "下乌普台来", "联赢先汇", "冠盛", and "三强" have shown strong performance in the mid-year reports, indicating defensive investment potential [6]. Equipment and Production Insights - Full solid-state equipment is expected to see a doubling in production line value, with significant increases in investment amounts due to new technologies and improved processes. The overall investment in the sector is projected to rise significantly [7][10]. - The application of isostatic pressing technology in battery manufacturing is enhancing value, with traditional and leading manufacturers collaborating on equipment development [10]. Future Industry Events - Upcoming industry summits in July-August will focus on emulsions and polymers, with significant activities planned for September and October that are expected to catalyze industry growth [8]. Conclusion - The solid-state battery industry is poised for rapid growth, driven by technological advancements and supportive policies. Key materials and production processes are evolving, presenting numerous investment opportunities and potential for significant returns in the coming years [11][12].

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]