BOCOM INTL: China's battery installation volume increased by 51% year-on-year in October, with solid-state batteries catalyzing frequent developments.

BOCOM INTL released a research report stating that, benefiting from the growth in sales of new energy vehicles, the installed capacity of power batteries in October increased by 51% year-on-year; the proportion of lithium iron phosphate installed capacity increased by 3.6 percentage points month-on-month to 79.4%. BOCOM INTL pointed out that China's battery exports in October were 19.9 GWh, with changes in year-on-year/month-on-month. Among them, the export volume of power batteries decreased by 3.8% year-on-year, while the export volume of other batteries such as energy storage decreased by 3.8% year-on-year. However, the export volume of other batteries such as energy storage increased by 194% compared to the same period last year, accounting for 45.4% of the total exports (an increase of 3.6 percentage points month-on-month). The bank also mentioned that several companies have intensively announced the progress of solid-state battery research and development. It is expected that under the drive of the low-altitude economy and industrial policies, the aviation sector is gradually becoming an important scenario for the application of solid-state batteries. The power battery industry is still undergoing rapid restructuring, and it is recommended to focus on Contemporary Amperex Technology, which has cost and technological advantages and is leading in overseas deployment.