Lithium battery concept stocks strengthen once again!
On September 25th, in the A-share market, the lithium battery industry chain experienced collective movement, with lithium mining and solid-state battery sectors leading the gains. Among individual stocks, EVE Energy, China Molybdenum, Contemporary Amperex Technology Co., Limited and others surged significantly. Notably, Contemporary Amperex Technology Co., Limited once surged nearly 6%, with its stock price reaching new historical highs and total market capitalization breaking through 1.8 trillion yuan for the first time, temporarily ranking third in A-share market capitalization, surpassing Kweichow Moutai.
Meanwhile, the Hong Kong stock market also showed active performance, with the Hang Seng Tech Index once rising nearly 2% and the Hang Seng Index gaining close to 0.5% at one point. However, in the afternoon, Hong Kong stocks experienced a dive, with the Hang Seng Index once turning negative and the Hang Seng Tech Index's gains narrowing to 0.55% at one point. As of press time, the Hang Seng Tech Index was up 1.39%, and the Hang Seng Index gained 0.23%. Among individual stocks, Contemporary Amperex Technology Co., Limited's Hong Kong shares rose over 5%, XPeng Motors and Xiaomi Group gained nearly 5%, while JD.com, Li Auto, and Hua Hong Semiconductor rose over 4%.
Institutions point out that the industrialization process of solid-state batteries continues to accelerate, with fully solid-state batteries expected to usher in their industrialization era around 2027.
Lithium Battery Stocks Movement, "Battery King" Hits New Highs
On September 25th, lithium battery concept stocks surged significantly. China Molybdenum hit the daily limit, Yi Lian Technology once rose nearly 17%, Hongfu Han once surged over 14%, Dangsheng Technology and EVE Energy once gained nearly 10%, while Enjie Technology, Ganfeng Lithium, Sinomine Resource, and Tianqi Lithium all followed suit.
Notably, Contemporary Amperex Technology Co., Limited once surged nearly 6% intraday, with its stock price breaking through 400 yuan per share and total market capitalization exceeding 1.8 trillion yuan, reaching new historical highs. As of press time, Contemporary Amperex Technology Co., Limited's stock price was up 3.93%, with a market value of 1.82 trillion yuan. Since starting this round of rally on April 10th, Contemporary Amperex Technology Co., Limited has accumulated gains of over 90%.
From a news perspective, industry leader Contemporary Amperex Technology Co., Limited has been receiving continuous positive news recently. On September 25th, there were reports that Contemporary Amperex Technology Co., Limited will launch new 8-series high-nickel batteries next year, to be installed in leading new energy vehicle manufacturers' range-extended models. However, this news has not yet been officially confirmed.
Additionally, on September 19th, Contemporary Amperex Technology Co., Limited officially signed a strategic cooperation agreement with the Milin City Government of Linzhi, Tibet. Both parties will engage in deep cooperation around "new energy project energy storage, hydropower industry supporting facilities, and zero-carbon industries."
On September 18th, Li Auto and Contemporary Amperex Technology Co., Limited signed a five-year comprehensive strategic cooperation agreement and completed the authorization ceremony. Both parties will conduct in-depth cooperation in battery safety, ultra-fast charging technology, and other areas, jointly expanding domestic and international business and promoting battery technology innovation and global layout. Contemporary Amperex Technology Co., Limited will provide high-performance, high-safety, high-quality power battery systems for Li Auto's entire product line, including but not limited to ternary lithium batteries, M3P batteries, lithium iron phosphate batteries, and sodium-ion batteries.
On September 17th, Contemporary Amperex Technology Co., Limited signed a strategic cooperation agreement with China Huaneng Group. Both parties will deepen strategic cooperation in product manufacturing, new energy, energy storage construction and operation, scientific research innovation, and nuclear power industries.
Furthermore, Contemporary Amperex Technology Co., Limited stated on the interactive platform on the 17th that sodium-ion batteries have slightly lower energy density compared to lithium-ion batteries, but offer superior advantages in low-temperature performance, carbon footprint, and safety performance. Currently, the company's sodium-ion passenger vehicle power batteries are being developed and implemented with customers, progressing smoothly, with mass supply expected next year according to customer schedules. Previously, Contemporary Amperex Technology Co., Limited stated on the interactive platform that the company's sodium-ion batteries passed new national standard certification in early September, becoming the world's first sodium-ion battery to pass new national standard certification.
Recently, Morgan Stanley pointed out that as Contemporary Amperex Technology Co., Limited achieves breakthroughs in the European market while smaller competitors face profitability challenges in the crucial energy storage sector, and with the currently popular solid-state battery technology viewed as short-term hype, Contemporary Amperex Technology Co., Limited's leading advantage will continue. Its valuation has become significantly attractive among peers, having become "the cheapest in the industry."
Additionally, Bank of America Securities stated that the 2025 World Energy Storage Conference was held in Ningde, Fujian Province last week, with many Chinese electric vehicle companies and battery companies participating. Currently, the outlook for the energy storage industry is becoming more positive. The bank expects that energy storage battery demand from 2025 to 2030 will remain strong, driven by domestic policy support and overseas market growth. Industry experts predict that China's cumulative installed battery energy storage capacity will reach 240GW by 2030. Additionally, Europe and emerging markets are expected to maintain strong energy storage demand over the next two to three years, with global energy storage demand expected to reach approximately 500GWh in 2025, growing about 30% and 25% in 2026-2027 respectively.
Against the backdrop of anti-involution, Bank of America Securities expects domestic electric vehicle battery prices to stabilize. Based on market demand and policy support, Bank of America raised Contemporary Amperex Technology Co., Limited's sales and profit forecasts for 2025-2027 by 3%, 4%, and 3% respectively, and battery shipment forecasts by 3%, 3%, and 2% respectively. The Hong Kong stock target price was raised from HK$475 to HK$570, with a "Buy" rating.
Solid-State Battery Industrialization Process Accelerates
Recently, there were reports that Panasonic Holdings will launch its first batch of new solid-state battery samples in the fiscal year ending March 2027, aiming to explore the next-generation battery market for robots and other equipment. Previously, Toyota Motor Corporation and Idemitsu Kosan have announced plans to apply jointly developed solid-state batteries to electric vehicles between 2027 and 2028. Nissan Motor Company and Honda Motor Company have also stated they are actively developing solid-state batteries to respond to market competition.
China's progress in the solid-state battery field has also been relatively rapid. A relevant person in charge of Gotion High-tech recently stated at an investor conference call that the company's first all-solid-state pilot production line has been officially connected, with the "Golden Stone" all-solid-state battery currently in the pilot mass production stage, achieving a yield rate of 90%. The company has also officially started design work for the first-generation all-solid-state battery 2GWh mass production line. All-solid-state battery technology has achieved breakthroughs, with products continuously iterating and upgrading.
Dangsheng Technology stated that in terms of solid-state lithium battery cathode materials, the company has systematically deployed oxide, sulfide, halide, and other solid-state battery material systems. The company's all-solid-state cathode materials use ultra-stable fast ion conductor modification processes, achieving ultra-high capacity and long cycle life in all-solid-state battery systems, and have begun 10-ton scale batch shipments. The company's solid-state lithium battery-related products have been introduced to multiple solid-state battery customers including QingTao Energy, WeLion, ProLogium, Ganfeng Lithium Battery, and CALB.
CNGR Advanced Material stated that currently, the company has business cooperation with leading solid-state battery customers both domestically and internationally, with the company's solid-state battery material shipments approaching 50 tons at this stage. The vast majority of solid-state battery precursors use high-nickel and ultra-high-nickel materials, and the company's high-nickel and ultra-high-nickel materials are applicable to solid-state batteries.
Sunwoda also stated that the company's solid-state battery research and development is progressing smoothly, and the company is actively exploring commercial implementation solutions. Additionally, Lead Intelligent stated that the company's first solid-state battery production line has been delivered successively and is currently in the equipment debugging and process verification stage at customer sites. The company continues to follow the forefront of battery technology, actively deploying advanced fields such as all-solid-state batteries, and has already communicated with over 30 customers about solid-state battery technology and business. In overseas markets, the company has achieved delivery of solid-state battery front-end equipment to US customers and is advancing equipment verification work for domestic and international customers.
CITIC Securities pointed out that since 2025, all-solid-state batteries from battery companies such as SolidPower and Gotion High-tech have gradually begun vehicle road testing, with 2025-2026 expected to see intensive all-solid-state battery vehicle road testing. The securities firm believes that the core issues facing all-solid-state battery vehicle applications are expansion and cycle life degradation, with the consensus among vehicle manufacturers and battery companies being to alleviate these issues through solid-solid interface improvement and vehicle-side pressurization. They recommend focusing on conductive agents, functional additives, solid electrolytes and doping, material surface coating in the battery cell material segment, isostatic pressing, marking insulation, high-voltage formation and capacity testing, aluminum-plastic film in the battery cell manufacturing segment, and PACK production equipment and pneumatic actuators in the PACK segment.
Cathay Securities stated that since 2025, the industrialization progress of solid-state batteries has continued to accelerate. Based on comprehensive solid-state battery mass production plans released by multiple vehicle manufacturers and battery factories, fully solid-state batteries are expected to usher in their industrialization era around 2027, with the solid-state battery industrialization process accelerating.
China Merchants Securities believes that driven by the triple forces of policy, demand, and technology, the development trend of all-solid-state batteries is clear, with the industry facing comprehensive reconstruction from material systems and preparation processes to production equipment. According to EVTank, the global semi-solid-state battery equipment market is expected to reach 62.44 billion yuan by 2030, with a CAGR of 59% from 2024-2030; the all-solid-state battery equipment market is expected to reach 45.5 billion yuan by 2030, with a CAGR of 159% from 2024-2030. Equipment represents the materialization of processes. In the transition from liquid to solid-state battery preparation, the front-end segment adds dry electrode processes, the middle segment adopts stacking + electrode sheet glue frame printing + isostatic pressing solutions, and the back-end segment upgrades to high-voltage formation and capacity testing. Process transformation drives equipment value reconstruction, with value significantly higher than traditional liquid battery equipment, opening a second growth curve for related companies.
Guangfa Futures analyst Lin Jiani believes that with the gradual mass production of solid-state batteries, lithium carbonate demand will experience structural differentiation, with demand for high-purity lithium products potentially growing, while the overall lithium market will gradually adjust with the release of solid-state battery capacity. In the long term, if solid-state battery technology achieves large-scale commercialization, it will drive overall lithium demand upward. Meanwhile, advances in battery recycling technology will promote the circular utilization of lithium resources, forming a supplement to primary lithium.