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中信证券：2026年展望半固态放量与全固态上车两条主线
CITIC Securities: 2026 Outlook Focused on Two Main Trends – Mass Adoption of Semi-Solid State and Entry into All-Solid State Batteries
Sina Finance | Local Language | News | Nov. 11, 2025 | UndeterminedTech Development/Adoption
CITIC Securities projects that global solid-state battery shipments will surpass 700 GWh by 2030, with all-solid-state batteries accounting for over 200 GWh. China has achieved a curve-overtake in semi-solid-state battery mass production, outpacing Japan, Europe, and the U.S., and is accelerating efforts in all-solid-state battery development. The target for Chinese manufacturers is small-batch production and vehicle installation of all-solid-state batteries by 2026–2027, aiming for commercialization by 2030.
The report highlights solid electrolytes—polymers, oxides, sulfides, and halides—as core materials, with semi-solid-state batteries primarily using polymers and oxides, while all-solid-state batteries rely on sulfides and halides. Cathode and anode materials are expected to transition from high-nickel ternary cathodes and silicon-based anodes to lithium-rich manganese cathodes and lithium metal anodes. Equipment for all-solid-state batteries is undergoing significant changes, including adoption of dry-process electrode fabrication, elimination of liquid injection, use of stacking over winding, and new processes like isostatic pressing and high-pressure formation.
The solid-state battery sector, comprising 62 core A-share companies, has a market capitalization exceeding 1.2 trillion yuan as of late 2025 and has outperformed the CSI 300 Index, rising 64.3% from June to October 2025. Key investment opportunities are identified in sulfide electrolytes, lithium metal anodes, carbon nanotubes, and specialized equipment supporting dry-processing and high-pressure manufacturing.
Looking ahead to 2026, semi-solid-state batteries are expected to scale significantly in consumer electronics, automotive power, and energy storage markets with broader downstream adoption. Meanwhile, all-solid-state batteries will initiate on-vehicle road testing domestically, focusing on pressure control and solid–solid interface improvements supported by advanced cell manufacturing equipment and onboard pressurization.
Risks to this outlook include potential shifts in new energy vehicle technology routes, insufficient policy support, underperformance in edge AI developments, delayed mass production or vehicle integration of solid-state batteries, unmet cost-reduction targets, and intensified market competition.
CITIC Securities recommends capitalizing on growth opportunities by investing in battery materials, equipment manufacturers, and segments supporting the industrial expansion of semi-solid- and all-solid-state batteries through 2026 and beyond.