It has been learned that on December 30, the first national standard for solid-state batteries—"Solid-State Batteries for Electric Vehicles—Part 1: Terminology and Classification"—was released for public comment. The draft for comments clarifies the fundamental aspects of solid-state batteries, including related terminology, classification, and coding, signifying that solid-state battery technology is beginning its transition from the laboratory to industrialization. According to incomplete statistics from the Gaogong Industry Institute (GGII), there were over 282 publicly announced investment projects across the entire lithium battery industry chain in China in 2025, including lithium batteries, key materials, solid-state batteries, and sodium batteries, with a total investment exceeding 820 billion yuan, a year-on-year increase of over 74%. With the rapid advancement of solid-state battery technology, related concept stocks have garnered significant attention from institutions. Statistics show that since the fourth quarter, a total of 22 A-share concept stocks have received institutional research, with 16 of them being researched by 10 or more institutions. It was recently learned that the National Council for Social Security Fund has conducted research and investigations into several solid-state battery enterprises. A research report from China Merchants Securities stated that in the traditional lithium battery sector, the explosive growth in energy storage demand is driving accelerated battery production expansion. Regarding solid-state batteries, industrialization is steadily progressing, with the solid-solid interface problem currently being the core technical and production challenge. In 2025, various solutions addressing the solid-solid interface issue were proposed across the upstream and downstream industry chain, both in materials and manufacturing processes, including the introduction of iodine ions into the electrolyte, continuous iteration of isostatic pressing equipment, and using ALD technology for interface modification. As processes mature and cost reduction efforts continue, the mass production timeline for solid-state batteries is expected to accelerate. Solid-state batteries are currently at a critical stage, moving from laboratory and small-scale pilot production towards medium-scale pilot delivery. Leading manufacturers recently underwent solid-state battery review audits; if progress is smooth, a second wave of subsidies may follow. Equipment bidding for medium-scale pilot lines is anticipated to commence around late 2025 to early 2026, with subsequent catalysts including pilot line testing, vehicle installation debugging, and mass production line bidding, all of which are expected to benefit the equipment sector. Estimates suggest the market size for all-solid-state battery equipment could reach 59.216 billion yuan by 2030, with a CAGR of 103% from 2024 to 2030. Hong Kong-listed stocks related to the solid-state battery industry chain include: Longpan Technology, REPT BATTERO, Ganfeng Lithium Group, Tianqi Lithium Industries, CALB, and CNGR (02579). On November 28, 2025, the project "Key Technologies for High Specific Capacity Lithium-Rich Manganese Precursors," jointly undertaken by Hunan CNGR New Energy Technology Co., Ltd., a subsidiary of CNGR, and Xiangtan University under the Hunan Provincial Science and Technology Innovation Plan, successfully passed the on-site comprehensive performance evaluation organized by the Hunan Provincial Department of Science and Technology at the CNGR Ningxiang Industrial Base. As a core and critical component of solid-state battery cathode materials, this technological breakthrough in lithium-rich manganese precursors holds significant importance for the upgrading of the new energy industry. The company signed a strategic cooperation framework agreement for solid-state batteries with Sunwoda. CNGR and Sunwoda Power Technology Co., Ltd. signed the "Strategic Cooperation Framework Agreement for Solid-State Batteries" on December 25, 2025. Both parties possess strong brand images and exhibit high complementarity and compatibility for strategic cooperation, maintaining a good cooperative relationship. Based on the principle of mutual benefit, this agreement aims to establish an in-depth strategic partnership to jointly develop new energy battery materials for solid-state battery applications and promote the industrial implementation of these materials. GAC GROUP (02238): On November 21, Feng Xingya, Chairman of GAC Group, announced at the 2025 Guangzhou Auto Show that the all-solid-state battery pilot production line constructed by GAC Group in Panyu, Guangzhou, had recently been officially completed and put into operation. This production line has successfully established the entire manufacturing process for all-solid-state batteries, making it the first in the industry to meet the conditions for the mass production of 60Ah or higher automotive-grade all-solid-state batteries. Morgan Stanley identified three positive factors for GAC Group, including the management's latest statement aiming for mass production of models equipped with all-solid-state batteries by 2026; a significant increase in information disclosure regarding the Aion brand's cooperation with Huawei; and the announcement of a marketing collaboration with JD.com. CATL (03750): Stated on an interactive platform that the company continues to make firm investments in all-solid-state batteries, maintaining a leading technological position in the industry, with the potential for small-batch production by 2027.
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