Zheshang: Accelerated landing of trial production in solid-state batteries, comprehensive upgrade of all material links.

Zheshang released a research report stating that solid-state batteries have intrinsic safety and extremely high energy density, and are expected to become the ultimate technology route for power batteries. The current difficulty in scaling up sulfide electrolytes lies in reducing the cost of lithium sulfide, as well as optimizing the binder in dry processing. It is recommended to focus on leading companies in various segments of materials (sulfide electrolytes, lithium sulfide, single crystal high nickel ternary cathode & lithium-rich manganese-based cathode, CVD silicon-carbon anode & lithium metal anode, nickel plating & porous copper foil & nickel-based current collector, single-walled carbon nanotubes, UV glue, scaffold membrane, electrolyte binder, etc.), and leading companies in solid-state batteries. Zheshang's main points are as follows: Solid-state batteries: Technological realization milestone in 2027, possibly heading towards industrialization in 2030 Solid-state batteries have intrinsic safety and extremely high energy density, making them a potential ultimate technology route for power batteries. Sulfide all-solid-state batteries are currently the most important route domestically and internationally. It is expected that domestic breakthroughs in electrolyte technology chain will occur in 2027, followed by the optimization of the cathode and anode, and will scale up by 2030. Domestic policies strongly support the development of solid-state batteries, with battery and new energy vehicle leading companies laying out comprehensive plans. Solid-state electrolytes: Sulfides are currently in the spotlight, with a positive outlook for composite electrolytes in the long term Each route has its advantages and disadvantages. Inorganic materials (sulfides, oxides, halides) electrolytes have high ionic conductivity and wide electrochemical window advantages; polymer electrolytes have good flexibility and can improve interface contact; composite electrolytes can combine the advantages of both and are expected to become the best route in the long term. The current difficulty in scaling up sulfide electrolytes lies in reducing the cost of lithium sulfide, as well as optimizing the binder in dry processing. Cathode and anode materials: In the short term, the mainstream is high nickel ternary + silicon-carbon anode, with prospects for lithium-rich manganese-based and lithium metal anodes in the long term The high nickel ternary process is mature, and CVD silicon-carbon anode has both performance and cost advantages, making it the preferred choice for the cathode/anode of solid-state batteries for a long time. Material modifications such as single crystalization, element doping, and surface coating will be the differentiating capabilities of cathode manufacturers; high-performance, low-cost porous carbon is a key factor in scaling up CVD silicon-carbon anodes. Both lithium-rich manganese-based and lithium metal anodes have high specific capacities, currently at the 0-1 node. Current collectors: Nickel-plated or nickel-based current collectors are corrosion-resistant, porous to alleviate expansion Traditional copper current collectors are prone to corrosion at the interface with sulfide electrolytes, while nickel is less reactive with sulfides. Therefore, the industry is nickel-plating on the surface of copper foil for corrosion resistance, and nickel current collectors are also expected to become optional anodes. Porous copper foil is lightweight and elastic, suitable for silicon-carbon anodes. Nano-porous nickel has high flexibility, effectively alleviating lithium dendrite growth, making the future possibility of sulfide + lithium metal anodes. Other materials: Single-walled carbon nanotubes are suitable for sulfide routes, UV glue and scaffold membranes have potential Single-walled carbon nanotubes have excellent conductivity and flexible network structure, significantly improving the cycling, rate capability, and initial performance of silicon-carbon anodes, as well as improving the interface contact of solid-state batteries. UV printing is one of the routes for frame printing, with efficiency and performance driving UV printing penetration acceleration, and UV glue benefiting from mass production. Scaffold membrane technology is iterating, and once mature, it is expected to replace frame printing routes, significantly increasing the production efficiency of electrolyte membranes. Risk reminder The pace of industrialization is slower than expected, the synergy of the industrial chain is less than expected, and international market competition is intensifying.