Guotai Junan Securities: Solid-state battery industry iteration opens, long-term bullish on the development of solid-state batteries.

Guotai Haitong Securities research report stated that solid-state batteries have high energy density, high safety, and can meet the special demands in areas such as vehicles, drones, and humanoid robots. Currently, semi-solid-state batteries are already being installed in vehicles, with industrialization happening earlier than for full solid-state batteries. In areas like humanoid robots and drones, which are less cost-sensitive, the application of solid-state batteries is earlier than in vehicles. Currently, the industrialization process of the solid-state battery industry is accelerating, with iteration officially starting, moving from 0 to 1 at an accelerated pace. With the continuous improvement of solid-state battery performance and the accelerating industrialization process, solid-state batteries' long-term development outlook is positive.