CICC International: Solid-state batteries are expected to become energy storage devices in the aerospace industry, maintaining an industry-stronger-than-market rating.

The Chinese International Bank released a research report, stating that solid-state batteries have low risk of gas evolution, are resistant to radiation and temperature differences, and are highly adaptable to satellite applications due to the lack of liquid electrolytes. The bank believes that the mass production of solid-state batteries is expected to accelerate and is a high-certainty industry investment direction. From an industrial perspective, solid-state batteries have moved from laboratory verification to engineering and on-orbit verification stages in the satellite field. With the advancement of industrialization, the penetration rate of solid-state batteries in the aerospace field is expected to increase; maintaining a rating stronger than the broader market. The main viewpoints of the Chinese International Bank are as follows: Solid-state batteries are highly adaptable to satellite applications in terms of performance. Unlike ground applications, satellites operate in vacuum, strong radiation, and extreme temperature difference environments. Once a battery fails, it will directly lead to the failure of the entire mission, and there is no possibility of maintenance or replacement during the orbital operation. This magnifies the deficiencies of traditional liquid lithium-ion batteries in terms of electrolyte volatilization, thermal runaway risk, and uncertainty in lifespan. Starting from first principles, satellite power systems pay more attention to long-term stability, safety, and energy density. Solid-state electrolytes do not contain flammable or volatile liquid components, do not leak or generate gases in a vacuum environment, and inherently have significantly higher safety than liquid systems. They also have stronger structural stability under high and low temperature cycling and radiation conditions, making them highly adaptable to satellite applications at the physical level. NASA views all-solid-state batteries as an important direction for future aerospace energy storage technologies. The NASATechPort platform shows that NASA is advancing the all-solid-state battery project with the goal of developing all-solid-state battery technology suitable for missions such as probes and manned spaceflight; NASA's SABERS (Solid Lithium Sulfur Battery Technology Set) includes solid-state electrolytes and new electrode designs, which are expected to be used in future deep space exploration and aerospace propulsion systems. Solid-state batteries have moved from laboratory verification to engineering and on-orbit verification in the satellite field. JAXA and Hitachi Shipbuilding have jointly conducted all-solid-state battery space experiments. The battery uses a solid-state electrolyte, has no liquid components, operates over a wide temperature range of -40C to 120C, is flame-retardant, has no leakage risk, and does not ignite/explode when punctured, making it suitable for space vacuum environments. The individual cell size is 65522.7mm, weight is 25g, capacity is 140mAh, and it is connected in parallel with 15 individual cells to 2.1Ah. The all-solid-state lithium-ion battery orbital experimental equipment was launched to the International Space Station on February 20, 2022, and installed on the external equipment of the Japanese experimental module. Its mission is to demonstrate charging and discharging operations of all-solid-state lithium-ion batteries in space; on March 5, 2022, the battery successfully confirmed its charging and discharging functions in space. According to data published by Yu Miyazawa in "SpaceDemonstration of All-Solid-State Lithium-Ion Batteries Aboard theInternational Space Station," the battery has been exposed in orbit for 434 days, undergone 562 charge-discharge cycles, and has shown no significant capacity degradation. Continued promotion of the industrialization of solid-state batteries. Solid-state batteries have advantages in energy density and safety, making them an important direction for the upgrade of lithium-ion battery technology in the future, and they have received key policy support. Since 2025, the country has issued multiple policies to support the development of solid-state batteries. Many battery companies have also announced progress in the trial production of solid-state batteries. The bank expects that with continuous trial production, the mass production of solid-state batteries is likely to come earlier. Investment recommendations Compared to liquid batteries, solid-state batteries have low risk of gas evolution, are resistant to radiation and temperature differences, and are highly adaptable to satellite applications. In the medium to long term, the penetration rate of solid-state batteries in the aerospace field is expected to increase. As the validation of solid-state loading on vehicles accelerates, some companies start small-scale production, the reshaping of the all-solid-state process system, the increased value of incremental equipment such as dry deposition, stacking, and isostatic pressing in the fore and mid-sections, the bank believes that the mass production of solid-state batteries is likely to accelerate and is a high-certainty industry investment direction. Recommended companies include Contemporary Amperex Technology, Eve Energy Co., Ltd., Beijing Easpring Material Technology, Xtc New Energy Materials (Xiamen) Co., Ltd., Ningbo Ronbay New Energy Technology, and suggest paying attention to Shandong Taihe Technologies, Shandong Boyuan Pharmaceutical&Chemical, Hubei Zhongyi Technology Inc., Ongoal Technology, NAKNOR, Rongcheer Industrial Technology, Wuxi Lead Intelligent Equipment, Shenzhen United Winners Laser Co., Ltd, Suzhou Delphi Laser, Shanghai SK Automation Technology, Wuxi Chemical Equipment, Hymson Laser Technology Group, Guangdong Lyric Robot Automation, etc. Main risks facing the rating New energy vehicle industry policies do not meet expectations; new energy vehicle product capabilities do not meet expectations; industry chain demand does not meet expectations; technical progress does not meet expectations.