China Securities Co., Ltd. has released a research report indicating that the current AI-driven demand surge has reached the materials segment, where targets are more dispersed and many dominant players are based in Japan. Tensions in bilateral relations have shown signs of accelerating since the second half of 2025. The combination of import substitution on the supply side and AI-driven demand expansion on the demand side forms an almost perfect setup. China Securities anticipates further room for the Japan import substitution theme to develop, recommending continued focus on semiconductor material import substitution trades and monitoring the certification pace and investment opportunities for domestic semiconductor material companies accelerating import substitution efforts.
Continue monitoring material selection under the import substitution trade. Japanese semiconductor material companies hold a significant share of the global semiconductor materials market, ranking first in 14 of 19 major material categories, according to China Securities' statistics. On one hand, industry trends drive demand expansion; on the other hand, strained country-level relations fuel the supply substitution logic, potentially accelerating import substitution for critical materials. China Securities has screened sub-sectors where Japanese companies hold high market share, highlighting investment opportunities from accelerated domestic substitution: photomasks, blank masks, semiconductor precursors, CMP polishing pads, photoresists and monomers, ceramic powders, InP substrates, PI films, high-end fluoropolymers, wet electronic chemicals, and large silicon wafers.
Apple accepts Samsung's memory price increase for the first quarter of next year. According to industry chain sources, Apple has accepted Samsung Electronics' memory chip quotes for the first quarter of 2027: DRAM nearing $2.0/Gb and NAND flash nearing $0.33/Gb, representing a 30%-40% increase over third-quarter prices this year. With AI computing power absorbing production capacity, a structural shortage in general-purpose memory is now inevitable. Under cost pressure, domestic memory is expected to see accelerated adoption, presenting a strategic opportunity for domestic players.
United Airlines extends Neste SAF purchase agreement, further validating international aviation decarbonization demand. On September 16, Neste, the world's largest sustainable aviation fuel producer, announced an extension of its SAF supply agreement with United Airlines, covering two major international aviation hubs: Chicago O'Hare and Amsterdam Schiphol, with supply to the Chicago airport continuing until June 2027. The significance lies in the long-term orders between leading airlines and leading fuel suppliers, confirming that overseas SAF demand has shifted from pilot procurement to normalized, large-scale purchasing, driven by the EU's ReFuelEU blending mandate and airlines' net-zero commitments, further enhancing demand certainty. For the industry chain, long-term agreements are expected to improve SAF project investment return expectations and accelerate the deployment of new global production capacity; domestic biodiesel and SAF companies can leverage mature HEFA processes and EU certification qualifications to fill overseas demand gaps, opening export opportunities; upstream feedstock supply and refueling infrastructure segments in the aviation decarbonization chain will benefit simultaneously. This event provides a clear overseas demand-side catalyst for the SAF sector.
According to China Securities' statistics, this week's new materials sector price gainers include: SAF Europe FOB (+7.94%), Polyetheramine D230 (+3.57%), and Epoxy Resin (+3.28%); notable decliners include Lithium Iron Phosphate (-1.84%). Strong performers in the new materials sector this week include flavors and fragrances, and PLA. The top 5 gainers were Ruifeng High Materials,金丹科技, Huabao Flavors & Fragrances, Hisun Biomaterials, and Derun New Materials; the top 5 decliners were Jitai New Material,卓越新能, Yu Three Gorges A, Sanhe Biology, and Zanyu Technology.
This week, the new materials sector outperformed the basic chemicals sector: the Shenwan secondary chemical new materials sector index rose +1.80% week-on-week, the Shenwan basic chemicals index rose +1.24%, the CSI 300 index changed -0.06%, the Shanghai Composite Index rose +0.61%, and the Shenzhen Component Index rose +1.26%.
Apple launches its first foldable iPhone, ushering in a new cycle of form-factor innovation in consumer electronics. On September 9, Apple officially launched its first foldable phone, the iPhone Duo, with a starting price of $1,999, featuring a 7.6-inch display when unfolded and powered by an A20 Pro chip built on a 2nm process, enhancing on-device AI, graphics processing, and multitasking capabilities. Apple's entry is expected to leverage its brand influence and software-hardware ecosystem to accelerate the transition of foldable phones from a niche category to mainstream, driving demand growth in core components such as flexible OLED, hinges, precision structural parts, thermal solutions, and advanced process chips, opening a new cycle of product innovation and value enhancement for the consumer electronics supply chain.
TSMC's 1.4nm mega-cluster takes shape, with four plants at the Central Taiwan Science Park's second phase set to begin mass production next year. The Central Taiwan Science Park Administration confirmed on September 9 that TSMC's 1.4nm fab construction for the second phase expansion is accelerating across the board, with the first plant (P1) having completed its steel structure and expected to begin trial runs next April, with mass production potentially starting in the second half of next year. TSMC has applied to the administration to build two temporary offices on site, slated for completion simultaneously next April, with over 5,400 operations and outsourced personnel set to move in. This means the P1 plant will begin trial runs in April next year and could reach mass production in the second half, ahead of the original 2028 timeline.
OpenAI launches flagship model GPT-6 Astra, accelerating multi-scenario commercial deployment. OpenAI has officially released its new flagship model GPT-6 Astra, achieving breakthroughs in autonomous computer operation (OSWorld 72.6%), mathematical research (ARC-AGI-3 at 99.9%), and programming engineering (Terminal-Bench 57.7%), while introducing a cross-context memory mechanism to address long-task forgetting. Although its cybersecurity capability has reached the "Critical" threshold, the company ensures compliance and alignment through enhanced behavioral trajectory monitoring. The model is now being rolled out in phases to ChatGPT paid users and via API/AWS Bedrock, with standard API pricing of $10 input/$50 output per million tokens, further reducing actual business deployment costs through higher per-task token efficiency.
Power battery silicon-carbon monthly shipments exceed 300 tons, solid-state batteries accelerate deployment. According to the latest data from GGII, by August 2026, domestic monthly shipments of new silicon-carbon powder for power batteries have exceeded 300 tons, with composite silicon-based materials exceeding 4,000 tons per month. Full-year shipments of new silicon-carbon composite materials for power batteries in 2026 are expected to exceed 50,000 tons. GGII data shows that in 2025, China's new silicon-carbon pure powder shipments exceeded 2,000 tons, equivalent to over 15,000 tons of silicon-based composites. At that time, the digital products market had already expanded, while the power sector remained in a validation phase due to factors such as material consistency. Now, the monthly shipment of new silicon-carbon powder for the power market alone is equivalent to 1.8 times the average monthly shipment of new silicon-carbon pure powder for the entire year of 2025 nationwide, signaling accelerated mass production of solid-state batteries.
NVIDIA's Q2 results significantly beat expectations, sustaining the high prosperity of AI computing power. NVIDIA reported second-quarter total revenue of $96.2 billion on August 26, up 18% quarter-over-quarter and up 106% year-over-year; data center revenue reached $89 billion, up 117% year-over-year, serving as the core growth driver. Both GAAP and non-GAAP gross margins were 75% in the quarter, with GAAP diluted EPS of $2.46 and non-GAAP diluted EPS of $2.22. NVIDIA guided third-quarter revenue to $108 billion (plus or minus 2%), excluding China data center computing revenue, with gross margin expected at 74%. In the second quarter, the company returned $26 billion to shareholders through buybacks and dividends, leaving $99 billion in remaining buyback authorization. CFO Colette Kress stated that NVIDIA's growth rate will accelerate next year, with fiscal 2028 revenue expected to grow 70%. She added, "Even at our current scale, demand is still accelerating. Customer projections show our growth next year will double."
Trump signs executive order: battery energy storage systems included on ban list. On August 26, US President Donald Trump signed an executive order declaring a national emergency to secure the security of the US large-scale electric power system. In addition to large transformers, generators, and circuit breakers, battery energy storage systems (BESS), grid-connected inverters, and uninterruptible power supplies serving critical infrastructure have been explicitly added to national security review for the first time. This means Chinese energy storage products entering the US now face not just tariffs and tax credit restrictions, but the US government will have more direct administrative power to decide whether products can be imported, deployed, or continue operating. Currently, the executive order directly targets large power system equipment such as storage systems and inverters, without specifically naming battery cells or banning all Chinese energy storage products. Specific implementation rules will be formulated by the US Department of Energy within the next 120 days.
Export peak season arrives, silicon wafers surge this week. On August 21, the Silicon Branch of the China Nonferrous Metals Industry Association released the latest silicon wafer prices, with substantial price increases this week driven by rising downstream demand. The average transaction price for N-type G10L monocrystalline silicon wafers (182*183.75mm/130μm) was 1.12 yuan per piece, up 40.00% week-over-week; N-type G12R (182*210mm/130μm) averaged 1.14 yuan per piece, up 26.67%; N-type G12 (210*210mm/130μm) averaged 1.22 yuan per piece, up 10.91%. The sharp price increase is primarily due to increased downstream demand. Specifically, while domestic terminal demand is moderate, overseas cell manufacturers are accelerating silicon wafer purchases during the window period to avoid risks under the 232 policy, coupled with India's traditional installation peak season, leading to a concentrated release of export order demand. Increased demand, combined with market sentiment of buying on rising prices, has created a tight supply situation in the short term, driving silicon wafer prices upward.
EU mandatory blending policy continues to deliver, accelerating global SAF market expansion. According to Bloomberg, data from leading European airlines shows that IAG Group, Air France-KLM, and Ryanair achieved SAF blending ratios of 3.3%, 2.9%, and 2.0% respectively in fiscal years 2025-2026, with overall European airline SAF usage surpassing the total of all US airlines combined. The core driver of this gap is the mandatory blending regulations implemented by the EU and UK, with UK aviation fuel SAF blending ratios set to rise to 3.6% in 2026. Rigid demand growth in the European market will drive long-term premiums for sustainable aviation fuel globally. Domestic leading enterprises with bio-jet fuel and e-SAF technology reserves are expected to see a growth window for overseas export orders, while the demonstration effect of overseas markets will also raise expectations for domestic blending policy implementation. Upstream segments including biomass feedstock, green hydrogen synthesis, and SAF refining engineering all have medium-to-long-term prosperity catalysts.
SK Hynix announces massive share buyback plan. On August 19, SK Hynix announced a share buyback and cancellation plan worth 40 trillion won (approximately $28.6 billion), the largest in the history of Korean listed companies. According to SK Hynix's filing with the Korea Exchange, the buyback amount is 40.0043 trillion won, corresponding to approximately 24.07 million shares at the closing price of 1.662 million won per share on the day before the board resolution, representing 3.3% of total issued shares. The buyback is expected to commence on August 20 and run for approximately three months, with all repurchased shares being cancelled upon completion.
Two ministries issue the "15th Five-Year Plan for New-Type Power System Construction." On August 3, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for New-Type Power System Construction," outlining development targets for the power system and various power sources during the 15th Five-Year Plan period. The document states that by 2030, a new-type power system will be initially established: a green, low-carbon power supply structure will basically take shape, with non-fossil energy power generation accounting for 50% of total generation, achieving high-level consumption of over 2.8 billion kilowatts of new energy. For new energy, the plan proposes region-specific and tiered guidance targets for new energy utilization rates, with the national new energy utilization rate maintained at around 90%.
MIIT releases industrial green low-carbon "15th Five-Year Plan": green electricity application in the industrial sector enters a period of scaled acceleration. On July 31, the Ministry of Industry and Information Technology officially issued the "15th Five-Year Plan for Industrial Green Low-Carbon Development," mapping out the roadmap for green transformation in the industrial sector during the 15th Five-Year Plan period. In this document, green energy is elevated to an unprecedented strategic level—from energy structure transformation to industrial spatial layout, from microgrid construction to green electricity direct-connection models, the industrial sector is becoming the next main battlefield for new energy consumption. The plan specifies that by 2030, carbon dioxide emissions in the industrial sector will peak, the proportion of green energy applications will significantly increase, energy consumption per unit of added value for industrial enterprises above designated size will decline by more than 10%, and carbon dioxide emissions will decrease by more than 17%. The output value of green factories at all levels will increase from 30% of total manufacturing output value above designated size in 2025 to 45%, and the number of zero-carbon factories cultivated will reach 500.
The "15th Five-Year Plan for Renewable Energy Development" is released, setting targets for 2030 of 3.5 billion kilowatts of total installed renewable energy capacity, over 2.8 billion kilowatts of wind and solar, and annual power generation of 6 trillion kilowatt-hours. For the first time, it proposes reliable substitution targets: average confidence output of wind and solar reaching 8%, wind and solar power accounting for over 20% of evening peak electricity during summer and winter peak periods, and over 300 million kilowatts of new reliable peak capacity added during the 15th Five-Year Plan period. It deploys 370 million kilowatts of new capacity in the "Three Norths" base, 100 million kilowatts of offshore wind starts, and 300 million kilowatts of new distributed new energy, and clarifies that newly built centralized wind and solar power stations should have a confidence output of no less than 10%.
Samsung launches its first AI smart glasses, accelerating the Android XR wearable ecosystem. On July 22, Samsung Electronics unveiled its first AI smart glasses at the Galaxy Unpacked 2026 event in London, powered by Qualcomm's Snapdragon AR1 Gen1 chip, running on Google's Android XR as the underlying operating system, integrated with the Gemini AI assistant, featuring a built-in camera supporting real-time visual perception, with up to 9 hours of battery life on a single charge, and scheduled to launch in autumn 2026. This product is the first consumer-grade lightweight wearable commercial deployment on the Android XR platform, directly competing with the Meta Ray-Ban series, and is expected to accelerate AI glasses category penetration while driving demand growth across the supply chain, including low-power AI chips, optical modules, and acoustic components.
World's first "maritime net recovery" rocket first stage successfully recovered. At around 12 noon on July 10, 2026, China's aerospace sector reached a historic milestone—the Long March 10B launch vehicle lifted off from Pad 2 at the Hainan Commercial Space Launch Site and successfully completed a net recovery mission at sea. This marks China's first successful controlled recovery of a launch vehicle first stage, and also the world's first net recovery of a launch vehicle. This achievement signifies a major breakthrough in reusable launch vehicle technology. Over the next three years, China's commercial space launch costs are expected to decline by around 50%, and the global space competition landscape will shift from single-pole dominance to a China-US bipolar parallel, with related materials expected to benefit.
Focus on material selection under the import substitution trade. The AI-driven demand surge has reached the materials segment, where targets are more dispersed and many dominant players are in Japan, with bilateral tensions accelerating since the second half of 2025. Supply-side import substitution combined with demand-side AI expansion forms an almost perfect combination. China Securities believes the import substitution theme will have more room to develop. Japanese semiconductor material companies hold a significant share of the global semiconductor materials market, ranking first in 14 of 19 major material categories. On one hand, industry trends drive demand expansion; on the other hand, strained country-level relations fuel supply substitution logic, potentially accelerating import substitution for critical materials. China Securities has screened sub-sectors where Japanese companies hold high market share, highlighting investment opportunities from accelerated domestic substitution: photomasks, blank masks, semiconductor precursors, CMP polishing pads, photoresists and monomers, ceramic powders, InP substrates, PI films, high-end fluoropolymers, wet electronic chemicals, and large silicon wafers.
Wet electronic chemicals: AI demand drives another round of localization rate improvement. Wet electronic chemicals are primarily used in wet processing steps such as cleaning, etching, development, and stripping in the manufacturing of semiconductor and display panel electronic devices. They undergo strict purification with extremely low impurity content, featuring high technical barriers and customer stickiness. On the demand side, AI-driven expansion of advanced processes and 3D NAND applications is expected to significantly increase the consumption of wet electronic chemicals per unit. On the supply side, the global wet electronic chemicals market is still dominated by Japanese, German, and American players, with the localization rate in the G5-grade high-end market still below 30%. Additionally, relying on stable upstream supply of general chemical raw materials, combined with rapid capacity expansion in downstream domestic memory and logic chip production and accelerated customer validation, China's product structure upgrade and localization rate improvement in G5-grade high-end wet electronic chemicals are expected to continue materializing.
ArF photoresist monomers are highly monopolized by Japan, accelerating localization prospects. Photoresist resin monomers have been monopolized by Japanese companies for a long time, posing a prominent supply disruption risk. Even Japanese photoresist companies purchase monomers externally, so the localization breakthrough of photoresists cannot fully guarantee self-sufficiency—only monomer import substitution can ensure the reliability of domestic supply. For monomers, the key lies in purity and batch consistency. Resin monomers for G-line, I-line, and KrF photoresists can now be initially localized, while ArF photoresist resin monomers are at a bottleneck stage, with 70% of global supply controlled by Osaka Organic Chemical. If supply is disrupted, advanced processes will face raw material shortages. Therefore, import substitution of ArF photoresist resin monomers is a necessary condition for maintaining the sustainable development of the domestic semiconductor industry chain.
AI demand drives a cyclical turnaround for MLCC nano ceramic powders. As AI servers upgrade from GB300 to Vera Rubin/Rubin and automotive electronics expand under electrification/800V/advanced driver assistance, high-end MLCCs are facing bottlenecks, transmitting upstream to barium titanate powders/formulated powders. AI-grade powders require particle sizes of 100-300nm and higher consistency and batch stability. AI-grade powder prices are also significantly higher than traditional powders; meanwhile, high-end formulated powders rely on rare-earth doping systems, and under rare-earth export constraints and China-Japan supply chain security concerns, Japan's expansion and closed supply face uncertainty. Domestic suppliers such as Guoci, among the few with mass production capabilities for high-end MLCC dielectric powders, are expected to fully benefit from the swelling demand for high-end MLCC powders in the AI era.
Fluoropolymers: performance drives AI & semiconductor application explosion, an ideal choice for import substitution. PFA: due to its extremely low metal ion leaching characteristics and resistance to strong acids and alkalis, PFA can be used for etching tanks, cleaning tanks, CMP components, heat exchanger linings in semiconductor etching and cleaning processes, as well as wafer carriers and CVD reaction chamber coatings during wafer transfer. With advances in advanced processes, PFA demand is expected to grow significantly. On the supply side, high-end semiconductor-grade PFA is mainly monopolized by overseas companies such as Chemours and Daikin. Juhua Co., Ltd. recently started production of 10,000 tons of ultra-pure PFA, becoming the first domestic company to break the 600,000 yuan/ton price barrier. Electronic-grade PTFE: due to its extremely low Df and Dk values, PTFE is currently the most ideal resin material for high-frequency high-speed CCL substrates. Compared to other materials, PTFE is significantly cheaper, and combined with performance advantages, it is expected to enter a period of rapid volume growth. FEP: high-end FEP can also be used for optical fiber protective layers and semiconductor wet cleaning pipelines. Under the rapid development of advanced semiconductor processes, new energy, and high-frequency communication, the fluoropolymer materials industry is undergoing an upgrade. Due to the strong C-F bonds, fluoropolymers are extremely stable, with excellent corrosion resistance, chemical stability, and dielectric properties. In semiconductors: 1) PFA, fully known as meltable polytetrafluoroethylene, is the high-end modified version of PTFE. Due to its extremely low metal ion leaching and resistance to strong acids and alkalis, PFA has become an irreplaceable key material in advanced semiconductor processes. PFA can currently be used for etching tanks, cleaning tanks, CMP components, heat exchanger linings in semiconductor etching and cleaning processes, as well as wafer carriers and CVD reaction chamber coatings during wafer transfer. High-end products in the semiconductor field can reach the 600,000 yuan/ton price range. Currently, the global semiconductor market demand is approximately 20,000 tons, with domestic demand around 6,000-7,000 tons. With advances in advanced processes, PFA demand is expected to grow significantly. Global PFA production capacity is mainly concentrated overseas, but recently Juhua Co., Ltd. achieved mass production of ultra-pure PFA at the 10,000-ton level, achieving self-sufficiency and opening broad import substitution space. 2) FFKM, fully known as perfluoroether rubber, is the upgraded version of FKM fluoroelastomer. In the FFKM molecular structure, carbon-fluorine bonds replace all carbon-hydrogen bonds, offering excellent resistance to ultra-high temperatures, extreme gas-liquid chemical corrosion, plasma-rich environments, and ultra-high cleanliness, making it the best overall performing synthetic rubber and an indispensable sealing consumable in advanced semiconductor processes. Current global demand is approximately 200 tons, monopolized by overseas giants including Chemours, Daikin, Solvay, and DuPont.
AI plus drones drive the optical fiber industry chain, with materials expected to enjoy a trend of rising both volume and price. AI large model training is driving data center network architecture from traditional three-tier aggregation to fully interconnected leaf-spine architecture, with data traffic shifting from north-south access to east-west interconnection within GPU clusters. To meet non-blocking, low-latency communication requirements, optical fiber consumption per rack or per GPU is growing rapidly. Additionally, the rapid expansion of drones is making optical fiber a consumable. Driven by AI plus drone demand, upstream optical fiber materials such as silicon tetrachloride, silicone D4, optical fiber coatings, and para-aramid are expected to see a trend of rising both volume and price.
High-frequency high-speed demand from computing power grows rapidly, electronic-grade PTFE expected to see large-scale application. PTFE is known as the "king of plastics" for its excellent thermal stability, chemical resistance, and dielectric properties. Downstream demand across three major areas—military, server high-speed cables, and high-speed PCBs—is expected to grow rapidly. As NVIDIA's new generation server Rubin Ultra approaches mass production, the industry is actively discussing the possibility of using PTFE material for orthogonal backplanes, with domestic company Shengyi Technology actively cooperating in validation. China Securities believes that with the continued growth of high-frequency high-speed transmission demand driven by computing power infrastructure, PTFE's downstream applications are expected to be redefined.
Focus on the certainty of volume expansion and value enhancement in the precursor industry under downstream capacity expansion. Precursor products benefit from the large cycle of downstream capacity expansion, with high certainty of strong earnings growth. Downstream wafer fabs such as Hynix plan to double wafer fab capacity over the next five years, and CXMT also has expansion plans to nearly double capacity by 2030. Based on the critical role of precursor products in manufacturing processes and the trend toward increasingly miniaturized and high-end chip manufacturing, China Securities believes leading companies in the industry have high potential for pricing power with downstream customers and value leaps through product category iteration.
Rapid AI development triggers MLCC shortage wave. With the rapid development of the AI industry, AI servers consume enormous power, and their MLCC loading is significantly higher than ordinary servers—according to China Securities Journal, an increase of more than threefold—leading to tightened supply due to surging demand. Electrification, intelligence, and connectivity have become development trends in the automotive industry, with per-vehicle MLCC usage also increasing significantly due to additional control modules.
Liyian: antioxidant industry cycle set to improve, orderly multi-business development supports growth. In 2025, players in the antioxidant industry generally recorded losses, pushing the industry to a historic bottom, prompting spontaneous anti-involution actions that drove price repair momentum at year-end. Since March 2026, overseas players BASF and Songwon have announced two price increases of 20% for antioxidant products, accelerating price repair, from which the company is expected to benefit fully. In 2025, the company's lubricant additives business reached a profitability inflection point, and with API implementation and major customer onboarding, it is expected to accelerate upward. Additionally, the company's life sciences business is progressing smoothly in customer development, PI materials are in the sampling stage, and the Malaysia base is advancing in an orderly manner, all supporting high-quality growth.
SEMI states that despite the Middle East crisis, trade uncertainty, and raw material shortages, the surge in semiconductor demand will continue. Driven by AI data centers, global semiconductor sales are expected to reach $1 trillion this year and double to $2 trillion by 2035. Geopolitical risks are unlikely to dampen industry prosperity this year, but raw material shortages may affect long-term prospects, with countries addressing shortages of key minerals and critical gases such as bromine and helium. Helium prices rose sharply in March due to Middle East tensions, and bromine also faces shortage risks. Helium's main supply sources are blocked, downstream acceptance of price increases is high, and price elasticity is worth expecting. 1) Supply side: current major import sources from the Middle East and Russia have been almost entirely "zeroed out." Even if Middle East gas sources resume navigation immediately, considering cargo transportation time plus facility restart time, it will take months; Russia's expected supply replenishment is blocked, having implemented export controls on helium starting April 14. 2) Demand side: in major end-use applications such as MRI and semiconductors, helium accounts for a relatively small share of overall costs, so acceptance of price increases is moderate. 3) Inventory side: nearly three months after the conflict began, domestic inventories have declined rapidly. China Securities believes helium prices have ample momentum for continued increases with huge elasticity.
Planned wind and solar installations exceed 930GW; 21 provinces announce key "15th Five-Year" new energy plans. As of April 2026, among 31 provinces nationwide, 21 provinces including Inner Mongolia, Shanxi, Beijing, Tianjin, Heilongjiang, Jilin, Shandong, Shanghai, Anhui, Zhejiang, Jiangsu, Hunan, Hainan, Guizhou, Yunnan, Sichuan, Gansu, Ningxia, Shaanxi, Qinghai, and Tibet have published their 15th Five-Year Plan outlines. Based on provincial new energy construction targets and installed capacity at the end of 2025, the 21 provinces plan new wind and solar installations exceeding 930GW. Among them, Inner Mongolia plans the largest new capacity at nearly 155GW, followed by Qinghai at approximately 102GW. Shanxi, Gansu, Jiangsu, Shandong, and Sichuan provinces each plan new capacity of 50GW or more.
Solid-state battery mass production accelerates in 2026. Starting in 2026, the solid-state battery market has remained hot, with 16 solid-state battery and material projects breaking ground, commencing production, or signing agreements. In Jiangsu, Zhejiang, Guangdong and other regions, 16 projects have intensively started construction, commenced production, or signed contracts, including 8 in production or construction and 8 signed, covering both core electrolyte materials and solid-state batteries. Semi-solid-state batteries, with higher technological maturity, are currently the main force for industrial mass production, while all-solid-state batteries are in the "mass production pilot, commercial exploration" phase. On the technology front, among projects already in production or construction, the oxide electrolyte route is progressing faster in mass production and commercialization. On the materials side, two solid-state battery projects have commenced production or construction: Zijin Mining's solid-state battery lithium new materials project and Taizhou Qingtao's solid-state battery raw materials project (Phase I). Currently, industry prosperity continues to rise, with leading companies advancing pilot line construction and product trial validation. More heavyweight all-solid-state products are expected to debut in the second half of 2026.
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