凭借创新模式与显著成效，成都高新区天使母基金屡获行业认可，连续三年入选清科、投中、出类研究院等权威榜单，获评"2023最佳天使母基金TOP3" "2024年度中国最佳政府引导基金"等20余项全国性殊荣。成都国家自主创新示范区"长期资本投早、投小、投长期、投硬科技的支持政策"入围工业和信息化 部、科技部国家自主创新示范区政策试点"揭榜挂帅"名单。 记者了解到，围绕电子信息、医药健康和数字经济三大区域优势产业和先进装备、新能源、新材料、人工智能、低空经济等细分赛道，成都高新区天使母基 金加强与知名高校、科研院所、新型研发机构等创新策源单位的合作，先后发布了6批次天使子基金榜单，积极招引优质早期机构合作。 8月22日，记者从成都高新区获悉，清科研究中心日前发布2025年中国股权投资基金有限合伙人榜单，成都高新区天使母基金上榜"2025年中国政府引导基金 50强"和"2025年中国区县级政府引导基金30强"两大榜单，是西部唯一上榜"2025年中国政府引导基金50强"的区县级政府引导基金。 据悉，成都高新区天使母基金成立于2022年。作为五年规划百亿规模的政策性母基金，成都高新区天使母基金以"不以盈利为目的"定位，构建 ...

Core Insights - The Tianjin University team has achieved a significant breakthrough in lithium metal battery technology, tripling the energy density and extending the range, marking China's leading position in global new energy technology [1][3][10] Group 1: Technological Advancements - The innovative "delocalized" electrolyte design has led to the development of soft-pack cells with an energy density exceeding 600 Wh/kg and module batteries at 480 Wh/kg, improving energy density and range by 2 to 3 times compared to existing lithium-ion batteries [3][5] - Traditional lithium-ion batteries typically have an energy density of around 250 Wh/kg, constrained by electrolyte design flaws that affect energy output and cycle life [3][10] - The new design creates a more diverse and chaotic microenvironment in the electrolyte, effectively balancing the roles of solvent and anion, which reduces kinetic barriers and stabilizes performance output [3][10] Group 2: Market Applications and Impact - The high energy density of lithium metal batteries meets the urgent demands of emerging sectors such as electric transportation, low-altitude economy, consumer electronics, and humanoid robots [8][10] - The Tianjin University team has established a pilot production line, successfully applying the new battery technology to three models of micro all-electric unmanned aerial vehicles (UAVs), achieving a remarkable 2.8 times increase in flight duration [8][10] - In the electric vehicle sector, once commercialized, the technology could increase the driving range from the current 400-600 kilometers to over 1000 kilometers, alleviating "range anxiety" for global car owners [10] Group 3: Economic and Environmental Implications - The advancements in battery technology are expected to drive industry upgrades, including raw material supply and manufacturing processes, with the team controlling the entire supply chain, reducing reliance on external sources [10][11] - The anticipated mass production later this year is expected to lower costs, benefiting more enterprises and consumers [10][11] - The lithium metal battery is viewed as a critical point for next-generation energy storage technology, with the Tianjin University team's leadership potentially influencing international standards [10][11] Group 4: Future Outlook - The rapid transition from laboratory results to practical applications within a few years sets a benchmark for other fields, although challenges remain in ensuring stability during large-scale applications [11] - The evolution of battery technology is driving industry iterations, positioning China as a leader rather than a follower in the global market [11] - The breakthrough not only symbolizes the technological prowess of China but also promises a more convenient, efficient, and sustainable future, with the potential for electric vehicles and UAVs to revolutionize daily life [11]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is currently focused on the development of sulfide all-solid-state batteries, which are considered the ultimate technology path due to their high ionic conductivity and theoretical safety. However, mass production timelines remain uncertain, with CATL estimating maturity by 2030, facing practical application challenges [1][3][6]. Key Points and Arguments - **Technology Path Uncertainty**: The core issue in solid-state battery technology research is determining the appropriate technology route, categorized by material selection (sulfide, polymer, oxide) and electrolyte content (all-solid, quasi-solid, semi-solid, gel) [2][6]. - **Market Trends**: The solid-state battery market has been gaining momentum since October 2024, initially focusing on sulfide electrolytes, then expanding to oxides, polymers, and new anode materials. Recent trends have included semi-solid companies like Qingtai and Weilan [1][10][11]. - **Investment Opportunities**: Certain technologies, such as dry-process anodes and lithium metal batteries, are seen as deterministic investment opportunities regardless of the final technology route adopted [4][9]. - **Historical Lessons from Photovoltaics**: The decline of HJT technology in the photovoltaic sector serves as a cautionary tale, indicating that even theoretically sound technologies may not succeed in practical applications [5]. Emerging Technologies - **Semi-Solid and Quasi-Solid Batteries**: These technologies may become mainstream by gradually reducing liquid electrolyte content. They have shown breakthroughs in energy density and safety, aligning with new national standards set to be implemented in 2026 [1][12][18]. - **Electrolyte Types**: - **Sulfide Electrolytes**: Offer the highest ionic conductivity but face production challenges, including safety concerns and high costs [17]. - **Oxide Electrolytes**: Known for high ionic conductivity and are being developed by companies like Qingtai Energy and Weilan New Energy [16]. - **Polymer Electrolytes**: While stable, they have lower ionic conductivity, but modifications are being made to enhance their performance [15]. Production and Manufacturing Insights - **Production Processes**: Solid-state battery production involves three main stages: electrode preparation, cell assembly, and formation/testing. The introduction of dry-process electrodes is a significant change, offering advantages in cost and performance [23][24]. - **Manufacturing Differences**: Full solid-state and semi-solid batteries differ in manufacturing processes, particularly in the elimination of traditional separators and liquid injection in full solid-state production [25]. Company Developments - **Key Players**: Companies like Nacknor, Changyang Technology, and Guanghua Technology are making strides in dry-process technology and solid-state battery production. Nacknor has established partnerships for R&D and is focusing on small-scale production [27]. - **Market Dynamics**: The lithium metal market is seeing progress, with companies overcoming previous technical barriers, as evidenced by Tian Tie Technology securing a significant order for lithium metal battery production [22]. Conclusion - The solid-state battery industry is at a critical juncture, with various technologies vying for dominance. The path forward will depend on which companies can achieve mass production and profitability first, with a focus on semi-solid and quasi-solid technologies showing potential for mainstream adoption [8][18].

摘要 能量密度刷新纪录：盟维科技以760Wh/kg锂金属电池技术加速eVTOL飞行器商业化 在能源存储的版图上， 电池 能量密度的每一次飞跃都可能重塑一个产业。盟维科技近日宣布的一 项实验室 突破 ，正指向这样的未来。 高工锂电获悉， 盟维科技 在 z 21 创新实验室 成功研发出能量密度高达 760Wh/kg 的锂金属电 池原型。 经权威第三方机构检测认证，这一数据不仅刷新了全球动力电池的能量密度纪录，其同 步披露的充放电性能曲线也证实了电池具备优异性能。 该成果有望将电动航空器的续航时间延长近两倍，并带来 20% 至 30% 的结构减重效益 ，进一 步加速电动航空飞行器及超长续航电动汽车的商业化进程。 盟维科技的这一突破，精准地指向了当前需求最迫切、对技术有绝对刚性要求的场景 —— 低空经 济。 400Wh/kg 硬指标：低空经济的电池门槛 2025 年以来，中国的城市天空正变得前所未有的 " 拥挤 " 。据不完全统计，全国已有超 30 个 省份、 100 余座城市密集出台相关政策，加入这场 " 低空竞赛 " 。 这一 " 适航 " 门槛，明确将现有主流动力电池的技术挡在门外。能量密度，已成为决定谁能率先 ...

Core Viewpoints - EVE Energy is advancing its battery technology across various applications, including electric vehicles, medical devices, and energy storage, with a focus on enhancing performance, safety, and sustainability. Group 1: Battery Technology Advancements - EVE's LMX battery technology is set to accelerate the electrification of heavy-duty trucks, offering significant advantages in range (≥ 500 km), low-temperature performance (operational at ≤ -20 ℃), and safety [1] - The company has accumulated over 20 years of experience in cylindrical battery technology, with 2,702 patents and a projected shipment of 1.2 billion units of its flagship 18650 battery in 2024 [1] - EVE's cylindrical batteries boast three core competitive advantages: standardization, zero expansion, and high strength, with strength improved by 560% compared to traditional aluminum shell square batteries [1] Group 2: Performance Metrics - EVE's cylindrical batteries achieve a 6C fast charge capability, with power output increased to 100C, and can operate in a temperature range of -35 to 80 ℃, with a cycle life of 6,000 to 8,000 times [1] - The company is targeting a 300 GWh production capacity, with expectations for market share to continue increasing [2] - EVE's LMX2.0 cell has achieved an energy density of 215 Wh/kg, a 5% improvement over the first generation and a 13% improvement over LFP batteries [3] Group 3: Medical Device Applications - EVE's lithium batteries for medical devices have a lifespan of 5 years, reducing treatment costs by 50% for imported devices, and a new generation of batteries with titanium metal packaging can last up to 20 years [2] - The company's AED device batteries can achieve millisecond-level high energy discharge, with a standby life of over 10 years and a self-discharge rate of less than 1% at room temperature [2] Group 4: Solid-State Battery Development - EVE aims to launch its first generation of solid-state batteries in 2026, achieving 350 Wh/kg energy density and over 1,000 cycles, with a second generation targeting 1,000 Wh/L by 2028 [4] - The company is optimistic about solid-state battery technology, focusing on safety and performance improvements through innovative material designs [4] Group 5: Battery Recycling Initiatives - By 2030, an estimated 400 GWh of power batteries will be retired, with a compound annual growth rate (CAGR) of 45% from 2026 to 2030, allowing for the extraction of significant amounts of nickel sulfate, cobalt sulfate, and lithium carbonate [5] - EVE is developing a battery recycling platform with a recovery rate of over 96% and plans to integrate online and offline recycling methods [5] Group 6: Future Outlook - EVE anticipates significant developments in 2026, including the mass production of large square batteries exceeding 60 GWh and the delivery of over 10 GWh of large cylindrical batteries [6] - The company is also exploring opportunities for overseas projects and cautious about the potential for a Hong Kong listing to support funding needs [2]

Investment Rating - The report gives an "Overweight" rating for the solid-state battery industry, indicating that it is expected to outperform the overall market [3][4]. Core Insights - The solid-state battery industry is entering the early stages of industrialization, with significant technological changes in lithium metal anodes and dry processing equipment [3]. - There is a pressing demand for material and equipment innovation, with domestic solid-state battery production capacity planning to exceed 50GWh and a total investment of approximately 15 billion yuan planned for 2025 [4]. - Sulfide materials are becoming the mainstream technology route for solid-state batteries, with a notable increase in demand for sulfide electrolytes and dry processing equipment [4]. - Leading battery manufacturers are making breakthroughs in lithium metal preparation technology, enhancing energy density significantly [4]. Summary by Sections Industry Overview - The solid-state battery industry is expected to achieve product finalization by the end of 2025, with vehicle testing starting in 2026 and entering a cost-reduction phase in 2027 [4]. Technological Developments - The report highlights the high ionic conductivity of sulfide solid-state batteries, which is driving many manufacturers to focus on this technology route [4]. - Key innovations include the dry processing method, which is seen as crucial for mass production of solid-state batteries [4]. Investment Opportunities - The report suggests focusing on battery companies with strong R&D capabilities, solid-state material companies with high demand elasticity, and solid-state equipment companies [4]. - Recommended companies include CATL, Yiwei Lithium Energy, BYD, Guoxuan High-Tech, and others in the materials and equipment sectors [4][5].

Core Viewpoint - The rapid development of the drone industry, particularly in logistics, is significantly driven by advancements in high energy density battery technologies, which are essential for meeting the demands of long endurance and high reliability in commercial applications [1][7]. Industry Overview - The Chinese industrial drone market is the largest segment in the drone industry, with a market size exceeding 120 billion RMB in 2024 [1]. - Logistics drones are experiencing an annual growth rate of over 30%, making them the fastest-growing segment within the drone industry [2]. Technological Advancements - The development of logistics drones is accelerating due to policy support and advancements in 5G technology, which reduces transmission latency to under 20 milliseconds, facilitating large-scale commercialization [3]. - The demand for high energy density batteries is being catalyzed by the clear operational needs in the drone sector, as evidenced by the extensive commercial practices in cities like Shenzhen, which has opened nearly 300 drone routes and completed over 1.7 million cargo flights [7]. Market Dynamics - The commercial drone market prioritizes endurance and cycle life as core metrics, with battery packs representing only 2%-3% of the total cost of small drones. Operators are willing to pay a premium of 20%-30% for performance improvements [7]. - The anticipated commercialization of high energy density technologies in low-altitude flight is being accelerated by positive market responses, with several battery manufacturers receiving bulk orders from drone manufacturers [8]. Competitive Landscape - Companies like Factorial and Amprius are supplying solid-state and silicon anode batteries for drones, while domestic firms such as Weilan New Energy and Jinlongyu Group are also making significant strides in battery production [8][9]. - Despite the current cost of solid-state batteries being approximately 1.5 times that of liquid lithium batteries, it is projected that this gap will narrow to between 1.2 and 1.5 times by the end of 2026, making it a more acceptable premium for high-performance commercial drones [9]. Upcoming Events - The 18th High-Performance Lithium Battery Industry Summit will be held on June 25-26, 2025, in Changzhou, focusing on the restructuring of the industry chain and the resonance of applications across various scenarios [9].

Market Overview - The market for new energy heavy-duty trucks continues to experience rapid growth, with sales in April reaching 16,384 units, a year-on-year increase of 245%, and a penetration rate of 21.75% [8][10]. - The top 10 companies in new energy heavy-duty truck sales for the first four months of 2025 have all surpassed 7,500 units, with Shanghai leading the regions with 7,155 units sold [8][9]. Policy and Regulations - Chongqing's plan aims to establish a comprehensive electrification pilot area for public vehicles by the end of 2025, promoting over 180,000 new energy vehicles, with a target of over 90% electrification for public service vehicles [7][10]. - The Jiaxing Municipal Development and Reform Commission has set goals for carbon neutrality, including increasing renewable energy generation capacity to over 64% by the end of 2025 [11]. Industry Data - In the first four months of 2025, the sales of new energy heavy-duty trucks showed significant growth across all fuel types, with charging products continuing to gain market share [8][9]. - The penetration rate of new energy heavy-duty trucks is projected to increase significantly, with various models showing year-on-year growth rates exceeding 300% [8][9]. Corporate Developments - Jianghuai Automobile launched its new energy light truck solutions in Guangzhou, targeting various logistics scenarios including cold chain and urban distribution [15]. - Dongfeng Commercial Vehicle received an order for 1,000 new energy heavy-duty trucks, optimized for diverse terrains and conditions in Xinjiang [17]. - XCMG's new energy traction vehicles have been delivered to coal transportation fronts, marking a significant step in green logistics [15][17].

Group 1: Battery Production and Sales - In May 2025, China's total production and sales of power and other batteries reached 123.5 GWh and 123.6 GWh, respectively, representing year-on-year growth of 47.9% and 58.1%, with a production-to-sales ratio close to 1 [1] - The power battery installation volume in May was 57.1 GWh, showing a year-on-year increase of approximately 43.1% [1] - The market share of CATL in China's power battery installation volume increased by 3.4 percentage points to 42.9% [1] Group 2: Export Trends - In May, China's power and other battery exports reached 19 GWh, with a year-on-year increase of 23.0% but a month-on-month decrease of 14.6%, accounting for 15% of total sales [5] - The export growth of energy storage and other batteries slowed down due to tariff disturbances, but a partial tariff agreement between China and the US in May 2025 is expected to boost exports in June [5] Group 3: Company Developments - EVE Energy announced plans to list H-shares in Hong Kong to enhance its capital strength and international competitiveness, with a new battery factory in Malaysia expected to start production in Q1 2025 [2] - CATL's research team published findings on lithium metal battery failure mechanisms, aiming to achieve energy density breakthroughs exceeding 500 Wh/kg, which could facilitate the large-scale application of solid-state batteries [4] Group 4: Industry Standards - The China Automotive Engineering Society released the "Full Solid-State Battery Determination Method," establishing a clear definition and standards for solid-state batteries, which will help standardize the market and promote technological collaboration across the industry [3]

Core Insights - The battery industry is experiencing significant advancements, particularly with the development of lithium metal batteries that promise high energy density and long cycle life, potentially accelerating the transition to solid-state batteries from laboratory to large-scale applications [1][3]. Industry Overview - In May, the production and sales ratio of batteries in China approached 1, with a year-on-year increase of approximately 58% in the installation of power batteries [2]. - The total production and sales of power and other batteries in mainland China reached 123.5 GWh and 123.6 GWh respectively in May, marking a year-on-year growth of 47.9% and 58.1% [2]. - The installation volume of power batteries in May was 57.1 GWh, with a year-on-year increase of 43.1% and a month-on-month increase of 5.5% [2]. Company Developments - CATL's market share in the installation of power batteries in mainland China increased by 3.4 percentage points to 42.9% [2]. - EVE Energy plans to issue H-shares to enhance its global strategy, aiming to improve capital strength and international brand image [2]. - EVE Energy's first consumer battery factory in Malaysia is set to commence production in Q1 2025, with a second energy storage factory progressing as planned [2]. Technological Advancements - The China Automotive Engineering Society released standards for solid-state batteries, establishing a clear definition and technical boundaries for the industry [3]. - Research from CATL indicates that lithium metal batteries can achieve energy densities exceeding 500 Wh/kg, with cycle life improvements to 483 cycles due to optimized electrolyte formulations [3]. Export Trends - In May, China's exports of power and other batteries reached 19 GWh, with a year-on-year increase of 23.0% but a month-on-month decline of 14.6% [4]. - The export volume of power batteries increased by 30% year-on-year, while energy storage battery exports saw a decline due to tariff disruptions [5]. - A partial tariff agreement between China and the US in May 2025 is expected to boost exports of energy storage batteries in June [5].