CMSC: All solid-state lithium metal batteries achieve breakthroughs in endurance performance, leading to the recovery of the marine industry.

CMSC released a research report, stating that in the short term, they will focus on five key tracks with marginal improvement in October: AI applications, AI hardware, power equipment, non-ferrous metals, and innovative drugs. From a medium to long-term perspective, it is recommended to focus on cycles and supply and demand. They will pay attention to the progress of the intelligentization of the whole society under the new technology cycle (continuous iteration of large models, improvement of computing infrastructure and AI ecosystem, landing of AI business models, and empowerment of AI for consumer electronics, Siasun Robot&Automation, etc.), autonomous and controllable related industries in the domestic substitution cycle (domestic large models, domestic AI applications and computing power, domestic integrated circuit industry chain), and cost reduction and efficiency improvement in the full carbon neutral industry chain under the "dual carbon" cycle (photovoltaics, wind power, energy storage, hydrogen energy, nuclear power), as well as the increasing penetration rate of electric smart cars under the trend of electrification and intelligentization. The main points of CMSC are as follows: This week, the industry trends mainly focus on solid-state batteries and offshore wind. In terms of solid-state batteries, Chinese scientists have successfully overcome the bottleneck of full solid-state metal lithium batteries, allowing the performance of solid-state batteries to achieve a leap. The three key technologies will help semi-solid-state batteries to be produced in the form of transition first and have the potential to enter the comprehensive industrialization stage in the long term. In the offshore wind industry, offshore wind power is transitioning from policy-driven to market-driven development, with obvious structural bias in the industry due to onshore tax rebates withdrawal and offshore preferential retention. The shortage of European capacity is driving Chinese companies to expand overseas. Deep-sea and high-voltage direct current will start a new cycle. Themes and Industry Trends The bottleneck of full solid-state metal lithium batteries has been overcome, achieving a breakthrough in endurance performance. Recently, Chinese scientists have successfully overcome the bottleneck of full solid-state metal lithium batteries, allowing the performance of solid-state batteries to achieve a leap. Three key technologies: 1) Iodide "special glue", achieving a breakthrough in interface self-repair without external pressure; 2) Flexible and stable composite electrolyte; 3) New fluorinated polyether electrolyte, solving the contradiction between high energy density and high security. In the short term, semi-solid-state batteries will be produced as a transitional form to accumulate manufacturing experience and market feedback; in the medium to long term, full solid-state batteries are expected to enter the full industrialization stage. Policy bias and demand recovery, the offshore wind industry resumes entry: Offshore wind power is transitioning from policy-driven to market-driven development, with onshore tax rebates withdrawing and offshore preferential retention, leading to an obvious structural bias in the industry. The rise in machine prices and profit repair, intensified competition in basic links, accelerated layout of floating platforms, and the most significant benefits for submarine cables, with the shortage of European capacity driving Chinese companies to expand overseas. Deep-sea and high voltage direct current will start a new cycle. Important Information MIIT: Launch of the urban "millisecond computing" special action. On October 16, the General Office of the Ministry of Industry and Information Technology organized a special action on urban "millisecond computing", focusing on the development of computing power networks, constructing high-quality urban networks that provide millisecond-level computing resources, with large capacity, low latency, and widespread coverage. U.S. regional bank stocks plummeted, with Zions' credit concerns triggering selling. On October 17, the stocks of U.S. regional banks fell sharply on Thursday, with credit concerns intensifying, as Zions Bancorp announced a provision of $60 million for loan losses and wrote off $50 million in bad debt. Global Stock Market Performance Last week, global stock markets saw mixed gains and losses, with daily consumption performing well, while information technology, industry, and healthcare performed poorly. Risk Warning: Economic data falling short of expectations, incomplete policy understanding, overseas policy tightening beyond expectations.