固态电池渐行渐近，看好锂电板块共振

Summary of Key Points from Conference Call Records Industry Overview - Solid-State Battery Sector: Focus on solid-state battery equipment, particularly dry electrode, constant insulation, and isostatic equipment. GWh-level production line bidding expected to start by the end of 2025, with mass production anticipated in 2027. Isostatic equipment is crucial for addressing solid-state interface issues [1][2][9] - AIDC Data Center Power Supply Systems: Chinese manufacturers are positioned to leverage cost advantages in the U.S. due to electricity shortages. SST technology provides new opportunities for domestic firms to expand internationally. The penetration rate of 800V HVDC is increasing, leading to higher demand for components. Energy storage systems are essential for ensuring the stability of AI data centers [2][3][8] - Energy Storage Market: Significant growth expected in the energy storage market by 2026, increasing demand for lithium batteries, components, and upstream raw materials. The long-term outlook for energy storage remains positive [4][15] - Photovoltaic Industry: After three years of adjustment, the photovoltaic industry is expected to see price and profitability recovery by 2026. The end of low-price competition and the formation of joint ventures among leading silicon material companies will drive value reconstruction for quality firms [5] - Humanoid Robotics Sector: The humanoid robotics sector is gaining attention, with Yuzhu Technology planning to submit an IPO application in Q4 2025, potentially attracting more investor interest [6][12] Core Insights and Arguments - Investment Opportunities: Current investment opportunities in the new energy sector include solid-state batteries and AIDC data center power supply systems. The solid-state battery sector is particularly promising due to anticipated positive impacts from government evaluations on energy density and cycle life [2][9] - Challenges in AIDC Data Centers: Local grid expansion delays are hindering the operation of AIDC data centers, with specific projects affected by insufficient power supply. Light-storage solutions are proposed as a viable alternative to ensure power supply stability [7][8] - Wind Power Industry: Wind turbine prices are recovering, with average bidding prices for projects in October 2025 at 2,110 RMB/kW (excluding tower costs). The European offshore wind demand is rapidly growing, presenting opportunities for the wind turbine supply chain [3][16] Additional Important Insights - Recommended Companies: In the energy storage sector, companies such as Sungrow Power Supply and Shenhong Co. are recommended. For solid-state circuit breakers, attention is drawn to Liangxin Co. [10] - Solid-State Battery Equipment Companies: Key companies to watch in the solid-state battery equipment sector include Nacknor, Soft Control, and Honggong Technology. For complete line leaders, Xian Dao Intelligent and Galaxy Technology are recommended [14] - Future Trends in Energy Storage: The energy storage market is expected to maintain good investment returns, driven by domestic and international demand, particularly from AIDC data centers [15] - Electric Grid Construction: The number of bidding projects for substations has increased, indicating a growth cycle for domestic electric grid investment driven by policy support and the need for renewable energy integration [17][18]