CITIC Securities: The years 2025-2026 will see a intensive road testing of solid-state batteries.

CICC's research report states that since 2025, SolidPower, Guoxuan High-Tech, and other battery companies have gradually started road tests for solid-state batteries, and there will be a dense period of road tests for solid-state batteries from 2025 to 2026. CICC believes that the core issues facing the deployment of solid-state batteries in vehicles are expansion and cyclic life attenuation. The consensus between car manufacturers and battery companies is to improve the solid-solid interface and relieve the above issues by adding pressure at the vehicle end. It is recommended to focus on the conductive agents, functional additives, solid-state electrolytes and doping in the electrode materials segment, as well as surface coatings. In the battery manufacturing process, focus on isostatic pressing, insulation during processing, high-pressure component capacity, and aluminum-plastic films. In the PACK segment, focus on PACK production equipment and pneumatic actuators.