Core Viewpoint - Solid-state batteries are recognized as the next-generation battery technology, leading to a new "high ground struggle" in the energy sector, with four main electrolyte technology routes: polymer, oxide, sulfide, and halide [2][3]. Summary by Sections Industry Progress and Evaluation - The transition from laboratory prototypes to industrialization of solid-state battery technology necessitates a systematic reconstruction of the evaluation framework, expanding assessment criteria to include scalability, supply chain maturity, and lifecycle costs [3][4]. Polymer Electrolyte Advancements - Polymer solid electrolytes have historically faced skepticism due to low room temperature ionic conductivity, but recent breakthroughs have seen many polymer systems exceed 10⁻³ S·cm⁻¹, enhancing their application potential [6][19]. - Strategies to improve the electrochemical stability window of polymer electrolytes have been developed, allowing advanced polymer systems to achieve stability above 5V [6][19]. Thermal Stability and Safety - Enhancements in thermal stability are critical for the safe operation of solid-state batteries, with research focusing on thermally cross-linked polymers and polymer-ceramic composite electrolytes to improve thermal resistance and mechanical strength [7][19]. Interface Characteristics - The electrolyte-electrode interface is a recognized bottleneck for solid-state battery performance. Polymer electrolytes offer excellent adaptability to volume changes during cycling, maintaining stable interface contact and reducing interfacial resistance [11][20]. Supply Chain and Cost Advantages - Polymer systems benefit from a mature industrial base, with established supply channels for raw materials that avoid rare metals, ensuring stable supply and low-cost mass production [17][20]. - Compared to inorganic solid electrolytes, polymer electrolytes present significant cost advantages, with production costs for sulfide electrolytes being approximately 50 times higher than those for polymer electrolytes [25][20]. Challenges for Inorganic Electrolytes - In contrast, the industrialization of inorganic solid electrolytes faces severe challenges, including the need for extensive process overhauls, reliance on specialized equipment, and high raw material costs, which hinder scalability [22][29]. - The inherent brittleness of oxide electrolytes and the thermal instability of sulfide electrolytes pose additional safety risks, complicating their commercial viability [25][29]. Conclusion - Overall, polymer electrolyte systems have emerged as the most feasible technology for the industrialization of solid-state batteries, addressing traditional limitations and demonstrating unique advantages for large-scale commercialization [20][29].

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].