经济观察报采访多位固态电池供应商后了解到，从负极材料、 电解质的技术路线分歧，到核心设备供应短缺，整个供应链距 离量产目标还有不小的差距。更关键的是，部分电芯生产所需 材料，目前仍停留在"真空手套箱"实验室制备阶段，不具备量 产条件。 作者：潘俊田 封图：图虫创意 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。 由于下游电芯企业普遍将全固态电池产量作为商业机 ...

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 ...

华金证券指出，锂电行业需求增长显著，2025年前三季度锂电池出货量超1.2TWh，同比增长 60%，动力与储能电池需求旺盛，材料价格触底回升。固态电池技术迭代加速，政策支持力度加大，预 计2027年实现量产，2030年全球出货量有望达614.1GWh，锂金属负极需求将快速增长。储能行业市场 化进程推进，2025H1国内新型储能装机首次突破100GW，同比+110%，海外AI用电高增推动储能需求 提升。风电行业招标规模景气，海上风电向深远海发展，漂浮式技术加速落地，全球新增装机预计2030 年达36GW。行业整体呈现细分beta（锂电储能、海风增速显著）与科技alpha（核聚变、固态电池、 AIDC）共振的复苏态势。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及电动 车、 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **AIDC (Artificial Intelligence Data Center)** power supply system, **energy**, **solid-state batteries**, **hydrogen energy**, and the **photovoltaic industry**. Key Points and Arguments AIDC Power Supply System - **Energy Importance**: Emphasis on the critical role of energy in AI development, with traditional power grids lagging behind AI computing demands [1][3] - **800V DC Supply**: The 800V direct current supply is expected to become the mainstream technology, benefiting solid-state transformers, circuit breakers, and high-power PSUs [1][4] - **North America**: The region is addressing power shortages through peak shaving, indicating a positive outlook for AIDC power storage [1][5] Energy Storage Market - **Strong Demand**: The global energy storage market is experiencing robust demand, with an estimated installation of 265 GWh in 2025, projected to exceed 400 GWh in 2026, reflecting a compound annual growth rate of 30% over the next five years [1][6] - **Domestic Market**: In China, the tender volume for energy storage is approximately 340 GWh for the first 11 months of 2025, with expectations of 250-300 GWh installations in 2026 [1][11] Hydrogen Energy - **New Economic Growth Point**: Hydrogen energy is identified as a significant growth area, with a focus on green hydrogen production equipment like electrolyzers and chlor-alkali processes [1][7] Solid-State Battery Development - **Accelerated Industrialization**: The solid-state battery sector is witnessing rapid advancements, with the South Korean government investing 280 billion KRW in R&D [1][8] - **Material Focus**: Attention is drawn to new materials such as lithium sulfide and lithium metal anodes, as well as new manufacturing processes [1][8] Photovoltaic Industry - **Challenges and Opportunities**: The photovoltaic industry is at a critical juncture with high upstream inventory, but potential price recovery is anticipated if anti-involution measures are implemented [1][9] - **Market Outlook**: The photovoltaic market is expected to see significant growth in 2026, driven by domestic policies and overseas power supply constraints [1][10] Wind Power Industry - **Market Developments**: The wind power supply chain is expected to see price recovery in component bidding, with a focus on both domestic and overseas markets [1][13] Grid Investment - **High Voltage Projects**: Attention is drawn to ultra-high voltage projects, with the Panxi project approved and expected to commence in 2026 [1][14] Investment Recommendations - **Key Focus Areas**: Recommendations include focusing on AIDC, solid-state batteries, photovoltaic anti-involution, energy storage, and hydrogen energy as key investment directions for 2026 [1][15]

Group 1: 嘉元科技 - Shipment target for 2026 is 17wt, with expected capacity of 13-14wt by the end of 2025, considering cautious expansion due to current profits [1] - Solid copper foil shipments are projected at approximately 100t in 2025 and 1kt in 2026 [1] - Single order prices have increased by 1-2k, while long-term contracts with major clients have not yet adjusted; net profit per ton is expected to be 2-3k next year, potentially higher if price increases are realized [1] Group 2: 中一科技 - Lithium battery and electronic shipments are targeted at 6wt+ and 1-1.5wt for 2025, with 6-6.5wt and 2wt for 2026; current capacities are 4wt and 1.5wt [1] - Price increases of 1-2k have been implemented for small clients, while major clients' prices are determined through semi-annual bidding; a planned price increase of 2k is expected in December [1] - The company aims to establish a self-generated negative electrode pilot line by mid-2026 [1] Group 3: 诺德股份 - Monthly shipments have increased from 5-5.5kt before August to 6k in September and 7kt in October, with projections of 8kt+ in November and December [1] - Total capacity is currently 14wt, with an expected increase of 1.5wt next year; price increases are anticipated due to supply-demand gaps [1] - High-end products, particularly 4.5μm, accounted for over 60% in H1 2025 and are expected to exceed 70% currently [1] Group 4: 天际股份 - Shipment target for next year is over 5wt, with current shipments between 3.8w-3.9wt and monthly shipments around 3.8-4k [2] - Some core clients have accepted monthly price negotiations, with December prices expected to be no lower than 15w [2] - Lithium sulfide production is expected to reach 20-30 tons next year, with a unit price exceeding 200w [2] Group 5: 安达科技 - Shipment targets are set at 11wt for 2025 and 15wt for 2026, with full production expected by Q1 2026 [2] - The company plans to finalize pricing for H1 2026 by mid-December, with small clients currently paying 2-3k more than large clients [2] - Expected processing fee for iron lithium in 2026 is around 1.6w, with a price increase of 2k anticipated [2] Group 6: 英联股份 - A procurement agreement for composite aluminum foil for solid-state applications has been signed, with expected production of 2kw in 2026 and 3kw in 2027 [2] - The total value of the agreement is estimated at 3-4 billion, with the first batch expected to ship in December [2] - The lithium metal negative electrode production line is set to begin installation in December, with plans for batch product supply by Q1 2026 [2]

Core Viewpoint - The 2025 Qidian Solid-State Battery Industry Annual Conference highlighted the evolution and future of solid-state battery technologies, emphasizing the importance of collaboration among industry leaders to address challenges and explore new opportunities in the sector [2]. Group 1: Industry Trends and Perspectives - The conference gathered over 500 key players from the solid-state battery supply chain and more than 1000 high-level representatives to discuss new trends and opportunities in the industry [2]. - Experts discussed the positioning of semi-solid and solid-state batteries, suggesting that semi-solid batteries may not merely be transitional but could establish a significant market presence due to their safety and energy density advantages [4][5]. - The consensus among experts is that solid-state batteries face significant challenges, particularly regarding the solid electrolyte and interface issues, which are critical for their future commercialization [6][10]. Group 2: Material Systems and Innovations - The discussion revealed that no single material can address all challenges in solid-state battery development, leading to the exploration of composite materials to enhance performance [9]. - Various electrolyte systems, including sulfide, oxide, polymer, and halide, were examined, with each having its strengths and weaknesses, indicating a need for further innovation and modification to improve conductivity and stability [8][11]. - The potential of silicon-carbon anodes was highlighted as a promising solution for enhancing energy density and safety in solid-state batteries, with ongoing research aimed at overcoming existing challenges [10][12]. Group 3: Future Outlook - Experts expressed optimism about the future of solid-state batteries, believing that with continued collaboration and innovation, the industry can overcome current obstacles and achieve significant advancements [12]. - The need for a breakthrough in materials science was emphasized, with hopes for a versatile material that can meet the diverse requirements of solid-state battery applications [9].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report emphasizes the importance of solid-state batteries, particularly focusing on lithium metal anodes, which can achieve higher energy density compared to traditional graphite anodes. The report highlights the various preparation methods for lithium metal and identifies the rolling method as the most promising for large-scale implementation [3][21][22]. - The report notes that the current valuation of the solid-state battery sector is 36x, with a positioning of approximately 76%, indicating potential for further growth due to recent breakthroughs in electrolyte performance and solid-solid interface contact [5][13]. - Key companies to watch include Tian Tie Technology, Ying Lian Co., and Zhong Yi Technology, which are making significant advancements in lithium metal products and related technologies [6][48]. Summary by Sections Valuation - The solid-state battery sector is currently valued at 36x, with a positioning of about 76%. Recent breakthroughs in electrolyte performance and solid-solid interface issues are expected to catalyze further growth in the sector [5][13]. Pain Points - Lithium metal anodes face several challenges, including lithium dendrite formation, the generation of "dead lithium," cycling life challenges, and volume expansion of lithium. Strategies to address these issues include modifying the anode current collector, lithium/copper integration, and exploring anode-free technologies [4][31][32][43]. Key Segments - The report identifies promising directions for lithium metal anodes, including the convergence of preparation paths, with a focus on rolling and vapor deposition methods. New technologies such as porous copper foils, lithium/copper integrated materials, and anode-free technologies are highlighted as areas of potential growth [47][48].

Core Viewpoint - The company is actively advancing the development and product layout of silicon-carbon anodes and lithium metal anodes, with silicon-carbon anode materials preparing to enter the mass production phase, which will be determined based on customer demand and market conditions [1] Group 1 - The company is focusing on the development of silicon-carbon anodes and lithium metal anodes [1] - Silicon-carbon anode materials are set to enter the mass production introduction phase [1] - The timeline for mass production will depend on customer needs and market conditions [1]

Core Insights - Recent advancements in solid-state battery research in China, particularly by a team led by Huang Xuejie from the Chinese Academy of Sciences, have introduced an anion regulation technology that addresses the interface contact issues between the electrolyte and lithium electrode, crucial for practical applications [1][2][10] - The solid-solid interface problem has been a significant barrier to the commercialization of all-solid-state lithium batteries, and the new findings are seen as a key technological support for their practical use [1][2] Research Breakthroughs - The research team has developed a method to introduce iodine ions into the electrolyte, which migrate to the electrode interface during battery operation, forming a lithium-rich interface that fills gaps and maintains tight contact between the electrode and electrolyte [3][4] - This innovation allows for a self-repairing interface that can function effectively under low pressure and without external force, addressing a critical challenge in solid-state battery engineering [3][5] Industry Reactions - The research has garnered significant attention within the industry, with many battery company executives congratulating Huang Xuejie on the breakthrough, indicating its potential impact on the sector [2][6] - Companies are actively researching solid-state battery materials, including iodine-containing lithium salts, to enhance lithium ion conductivity and address engineering challenges [5][6] Market Opportunities - Solid-state batteries have not yet achieved mass production, and their adoption in applications like drones and robots is expected to grow due to their advantages in energy density and performance [8][9] - The solid-state battery supply chain is characterized by domestic manufacturers leading in mass production while foreign companies control core technologies, indicating a competitive landscape [8][9] Future Prospects - The breakthrough in solid-state electrolyte technology is anticipated to accelerate the practical application of all-solid-state batteries, although challenges remain in scaling production and reducing costs [10] - The development of solid-state battery materials and technologies is seen as a critical area for future investment and innovation within the industry [10]

Core Viewpoint - Recent advancements in solid-state battery research in China, particularly a breakthrough by a team from the Chinese Academy of Sciences, have addressed the interface issues between solid electrolytes and lithium electrodes, paving the way for practical applications of all-solid-state lithium batteries [1][2][14]. Group 1: Research Breakthroughs - The research team developed an anion regulation technology that enhances the contact between the electrolyte and lithium electrode, which has been a significant barrier to the commercialization of all-solid-state batteries [1][4]. - The findings were published in the journal "Nature-Sustainability" on October 7, indicating a critical step towards the practical application of solid-state lithium batteries [1][2]. Group 2: Industry Reactions - The research has garnered significant attention within the industry, with many battery company executives congratulating the team and sharing the news on social media [2]. - Liu Yang, director of Tianqi Lithium's Innovation Research Institute, highlighted the importance of the research in addressing the dynamic contact issues in solid-state batteries, which is a common challenge in engineering applications globally [7][14]. Group 3: Technical Insights - The introduction of iodine ions into the electrolyte allows for the formation of a lithium-rich interface that can fill gaps and maintain tight contact between the electrode and electrolyte, even under low pressure [4][7]. - Solid-state electrolytes can be categorized into sulfides, oxides, polymers, and halides, with sulfides being the mainstream due to their ionic conductivity [5][12]. Group 4: Industry Opportunities - The solid-state battery industry has not yet achieved mass production, which presents both challenges and opportunities for companies involved in the supply chain [12][14]. - The domestic market is seeing a competitive landscape where local manufacturers dominate mass production while foreign companies control core technologies [12][13]. Group 5: Future Directions - The research indicates a potential shift towards using iodine-containing lithium salts, which could lead to advancements in solid-state battery technology [8][12]. - The development of solid-state batteries is expected to open new applications in sectors requiring high energy density and lightweight solutions, such as drones and robotics [12][14].