锂电材料行业深度：固态电池产业化加速，相关材料有望受益

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - Solid-state batteries offer high energy density and safety advantages, with solid electrolytes replacing liquid ones, including semi-solid and all-solid batteries. Semi-solid batteries are entering the industrialization phase, while all-solid batteries are still in the R&D stage, expected to gradually achieve mass production [4][5] - Key materials for solid-state batteries include solid electrolytes, electrode materials, and packaging technology. The development of solid electrolytes that balance high ionic conductivity, stability, and processability is still underway. The future direction for positive electrode materials is shifting towards high nickel and lithium-rich manganese-based materials [5][6] - Global policies are promoting the industrialization of solid-state batteries, with different technological paths in various countries. Semi-solid batteries are expected to commercialize first, while all-solid batteries may begin demonstration applications around 2027 and enter commercial use after 2030 [6][7] - The application of solid-state batteries is expected to expand from specialized scenarios to general scenarios, with an overall penetration rate projected to reach 10% in 2023. The global shipment of solid-state batteries is expected to grow significantly, reaching approximately 614.1 GWh by 2030 [7][8] - The solid-state battery market in China is projected to grow from 1 billion yuan in 2023 to 20 billion yuan by 2030 [8] - Investment suggestions include focusing on companies with early advantages in new positive electrode materials, core solid electrolyte technologies, strategic partnerships with companies planning mass production of solid-state batteries, and upstream companies with resources in zirconium, lanthanum, and titanium [9] Summary by Sections 1. Solid-State Battery Advantages - Solid-state batteries replace liquid electrolytes with solid ones, providing significant performance and safety advantages [16] - They can achieve higher energy densities, with theoretical limits reaching 700 Wh/kg, compared to the practical limits of liquid batteries around 230 Wh/kg [20] 2. Industry Technology Development and Industrialization - The solid-state battery industry chain includes upstream mineral resources, midstream equipment, materials, and manufacturing, and downstream applications [38] - The main components of solid-state batteries include solid electrolytes, which have seen increased attention in recent years, particularly oxides, sulfides, and polymers [44] 3. Market Expansion and Space - Solid-state batteries are expected to meet the performance demands of various emerging industries, with significant application expansion potential [9] - The market for solid-state batteries is anticipated to grow substantially, driven by the increasing demand for high-performance batteries in electric vehicles and energy storage [7][8]