According to information obtained by Zhito Finance APP, Wanlian Securities published a research report stating that Solid State Batteries have gradually transitioned from the laboratory R&D stage to the factory pilot stage, with the release of models equipped with Solid State Batteries becoming increasingly frequent. Based on the plans released by major manufacturers, it is expected that from 2026, the Solid State Battery market will officially enter the stage of mass production, and the industrialization process of Solid State Batteries is expected to accelerate significantly. Based on the analysis of the technology route and cost reduction pathways of Solid State Batteries, EVTank expects Solid State Batteries to start volume production in 2025. The acceleration of Solid State Battery industrialization and the iteration of material systems are expected to drive upgrades in the Lithium Battery Industry Chain, recommending attention to electrolyte systems and Cathode and Anode Materials.

The main viewpoints of Wanlian Securities are as follows:

Solid State Batteries have high safety and are expected to break through the energy density limit.

Safety: Solid State Batteries have a wider operating temperature range, better heat resistance, and the solid-state electrolyte has the characteristics of high temperature resistance, non-flammability, and good insulation, greatly improving safety performance; Energy Density: Currently, liquid Lithium Battery technology has basically matured, and the potential of materials has been explored to nearly the limit. Solid State Batteries have improvements in both Cathode and Anode Materials and battery structure, with energy density reaching over 500Wh/kg, with the potential for breakthroughs in the energy density limit.

The material system is iterating, transitioning from semi-solid to all-solid.

The difficulty of Solid State Battery technology R&D is high, and semi-solid batteries are a transitional phase. At the same time, advances in Solid State Battery technology are expected to promote the iteration of electrolyte, Cathode and Anode Material systems. Looking at segmented links, Electrolytes: oxides progress relatively quickly, sulfides have a higher ceiling. Currently, Solid State Batteries are mainly divided into three mainstream technology routes: oxides, sulfides, and polymers. Among them, polymers have an earlier start time and a relatively mature technical level, but breaking through the ceiling is very difficult; oxides have relatively balanced performance in all aspects, but the preparation cost is high; sulfides have great commercialization potential, but the difficulty of industrialization research is also the greatest.

Anode Material: Silicon-based anodes are the main solution for the medium to short term, while Metal lithium is the long-term development direction for the future. Traditional liquid Lithium Batteries mainly use carbon-based materials (such as Graphene) as anodes, which have limited future development potential; silicon-based anode materials theoretically have high capacity and can significantly enhance battery performance, but are restricted by volume expansion; Metal lithium has the advantages of high capacity and low potential, and is the ultimate goal of anode materials for Solid State Batteries.

Cathode Material: High voltage and high capacity cathode materials are the direction of development. Current Solid State Battery cathode materials are highly compatible, mainly continuing to use a high nickel ternary system, with manufacturers leading in ternary material technology having development advantages. In the long term, lithium-rich manganese-based cathode materials stand out for their high energy density advantages, and are expected to become the main direction for future iterations of cathode materials.

Countries' policies continue to exert influence, promoting the implementation of Solid State Battery technology.

In terms of policy, since 2020, Japan, the USA, South Korea, and the European Union have continuously introduced policies related to the Solid State Battery industry, making the industrialization of Solid State Batteries one of the national strategic goals. China has successively released policies such as "New Energy Vehicle Industry Development Plan (2021-2035)", "14th Five-Year Plan for New-type Energy Storage Development Implementation Plan", and "Guidance on Promoting Energy Electronics Industry Development", to support the development of the Solid State Battery industry.

In terms of company layout, Japanese and South Korean companies focus on the sulfide route, while North American and European companies mainly invest in startups. Japan started its Solid State Battery technology research and development earlier and has a leading advantage in sulfide solid electrolytes; the development of Solid State Battery technology in the USA is mainly driven by startups, with key companies including Solid Power, Quantum Scape, and Factorial Energy, promoting the construction of Solid State Battery production capacity in collaboration with European Auto Manufacturers; there are many participants in China's Solid State Battery sector, including automakers, battery manufacturers, Solid State Battery startups, and Lithium Battery material manufacturers, with layouts in all aspects of the Solid State Battery Industry Chain.

A turning point in industrialization is approaching, and the future market space is vast.

From 2025 to 2030, Solid State Battery technology is expected to enter a phase of rapid breakthroughs, with material systems likely to accelerate iterations. Currently, Solid State Batteries have gradually transitioned from the laboratory research phase to the factory pilot phase, and the release of vehicle models equipped with Solid State Batteries is becoming increasingly frequent. According to the plans published by major manufacturers, it is expected that from 2026, the Solid State Battery market will officially enter the mass production phase, and the industrialization process of Solid State Batteries is expected to significantly accelerate. Based on the assessment of the Solid State Battery technology route and cost reduction paths, EVTank expects Solid State Batteries to start volume production in 2025, and by 2030, the global shipment volume of Solid State Batteries is expected to reach 614.1 GWh, with an estimated penetration rate of around 10% within the overall Lithium Battery market, and its market scale will exceed 250 billion yuan.

Investment suggestion: The acceleration of Solid State Battery industrialization and the iteration of material systems are expected to drive upgrades in the Lithium Battery Industry Chain.

In terms of electrolyte systems: the development speed of oxide system Solid State Batteries is fast, and the technology is relatively mature. The development potential of sulfide system Solid State Batteries is high and has significant room for growth. It is recommended to pay attention to downstream battery manufacturers with advanced research and development in the oxide and sulfide routes, as well as upstream companies capable of producing key raw materials for Solid State Electrolytes.

In terms of Cathode and Anode Materials: with the application of Solid State Electrolytes, Lithium Batteries are expected to be compatible with high specific capacity Cathode and Anode Materials. The Cathode Material route is expected to shift from Lithium Iron Phosphate and high nickel to high nickel solidification and lithium-rich technology routes. The Anode Material route is expected to develop from Graphene to Silicon Oxide and Metal lithium technology routes. It is recommended to focus on individual stocks with leading layouts in high nickel Cathodes and silicon-based Anodes.

Risk factors: it is advised to pay attention to risks such as industrialization progress falling short of expectations, substantial fluctuations in raw material prices, downstream demand not meeting expectations, technology route substitutions, and policy changes.