Tianfeng: Solid state batteries are expected to enter the core catalytic period in November. It is recommended to pay attention to solid state new materials.

Tianfeng released a research report stating that this week, Shenwan photovoltaic equipment, glass fiber and other sectors performed well due to factors such as the anti-internal competition, the expected upward adjustment of NVGTC conference Blackwell-Rubin in November, and the race of solid-state batteries. Meanwhile, small household appliances, communication equipment, engineering consulting services, and other sectors lagged behind. The market advice for this week is to focus on two main themes: 1) Solid-state batteries are expected to enter the core catalysis period in November, so it is recommended to pay attention to solid-state new materials; 2) Electronic fabrics. Tianfeng's main points are as follows: When it comes to investing in new materials, what exactly are investors investing in? The bank believes that the reason new materials are called "new" is mainly because they are in the process of new or ongoing development, and their performance is superior to traditional materials. The materials industry is the cornerstone of the modern industrial system, and every technological revolution and industrial transformation is closely related to the discovery, invention, and promotion of new materials. Therefore, when investing in new materials, the bank believes that investors are investing in future emerging industries and the transformation and upgrading of industrial structure. Judging the industrial life cycle is crucial when investing in new materials. The bank believes that new materials are mostly in the development or introduction stage, and whether new materials can be industrialized, the final product form of industrialization, and the length of the industrialization cycle all differ greatly during the development and introduction stages. From an investment perspective, the bank's judgment on the life cycle of new materials is mainly related to the consideration of the investment source: 1) Is investing in new materials thematic or industrial investment? 2) What indicators should be tracked when exiting new material investments. Catering to market trends, short-term excess returns cannot be achieved without . The bank believes that for new material investments, short-term excess returns cannot be achieved without , which is true for new materials in the development or introduction stages. However, the difference lies in that new materials in the development stage follow the basic rules of thematic investment, must have strong depth, distinctness, straightforward logic, and be difficult to falsify; while new materials in the introduction stage rely on continuous realization of industrialization for investment. Emotional factors cannot be measured, but the final value space can be traced. The bank believes that investing in new materials in the development stage is similar to thematic investment. The biggest difference between thematic investment and other investments lies in the fact that emotional factors often play a dominant role in thematic investment. Short-term emotional factors cannot be measured, so it is difficult to accurately measure the selling point of new materials in the development stage. It can only be predicted through observing technical indicators, performance, etc. The selling point of new materials in the introduction stage depends on the judgment of the final value space, which is estimated based on penetration rate, market share, price, net profit margin, etc. Risk warning: The effectiveness of the market leads to past market experiences being ineffective; solid-state industrialization falls short of expectations; NV electronic fabric orders fall short of expectations; market style shifts to defense. Infrastructure & real estate investment exceeds expectations downward; central enterprises, SOE reform progress falls short of expectations; tariff impact exceeds expectations.