Guotai Haitong issued a research report stating that with the release of favorable policies and continuous technological breakthroughs, the industrialization process of solid-state batteries continues to accelerate. As pilot lines are successively established and mass production line construction accelerates, 2027 is expected to become the inaugural year of solid-state battery industrialization, with the equipment and materials segments poised to benefit first from industry volume ramp-up. On the equipment side, the accelerated construction of solid-state battery pilot and mass production lines is driving demand for new process equipment such as dry electrode, isostatic pressing, and stacking. Leading battery customers have already initiated GWh-level mass production line tenders, with orders gradually materializing.

Guotai Haitong's main views are as follows: Seven government departments issued the "15th Five-Year Plan" for new-type batteries, setting clear development targets for solid-state batteries. On September 28, the Ministry of Industry and Information Technology and six other departments jointly issued the "15th Five-Year Plan for the Development of the New-Type Battery Industry," proposing that by 2030, China's new-type battery industry scale will achieve steady growth, all-solid-state batteries will initially achieve large-scale application, long-life lithium batteries will reach a cycle life of 15,000 cycles, and the product defect rate of leading enterprises will reach PPB level. The plan clearly states the need to accelerate breakthroughs in all-solid-state battery technology, enhance key technologies such as interface contact, high ionic conductivity, and long cycle life, and advance standard development in key areas of new-type batteries including all-solid-state batteries and sodium batteries.

2027 is expected to become the inaugural year of solid-state battery industrialization. Currently, leading domestic battery enterprises are accelerating their solid-state battery capacity layout, with pilot lines being intensively established and the industrialization process continuously accelerating. CATL's Yibin all-solid-state pilot line has been connected, with the first batch of samples achieving an energy density exceeding 500Wh/kg, and plans to start small-batch production in 2027; BYD's Chongqing Bishan base first-phase 20GWh mass production line is scheduled to begin construction in Q3 2026, with demonstration vehicle installation at the thousand-unit level expected around 2027; Gotion High-Tech's new-generation JinShi all-solid-state battery has achieved an energy density exceeding 400Wh/kg, with vehicle range exceeding 1,000 kilometers. The company's first 0.2GWh pilot line has been completed, its 2GWh mass production line construction is steadily advancing, and it has already engaged with customers across multiple application scenarios. The bank believes that with the continuous acceleration of product validation and capacity implementation on the industry side, 2027 is expected to become the inaugural year of domestic solid-state battery mass production.

The industry pace continues to accelerate, with equipment and materials benefiting first. On the equipment side, the accelerated construction of solid-state battery pilot and mass production lines is driving demand for new process equipment such as dry electrode, isostatic pressing, and stacking. Leading battery customers have already initiated GWh-level mass production line tenders, with orders gradually materializing. Lead Intelligent has continuously secured orders from leading customers since the third quarter, covering core process equipment including dry electrode, transfer printing, solid-state stacking, and isostatic pressing; Nakenuoer has laid out four core processes—dry film formation, transfer composite, lithium metal anode forming, and ultra-high-pressure isostatic pressing—all achieving technological breakthroughs and engineering validation. On the materials side, the industry chain has entered a window period for supporting validation and volume ramp-up. Shanghai Xiba's hundred-ton-level lithium sulfide production line has completed commissioning; Xiamen Tungsten New Energy's high-purity lithium sulfide materials have entered the trial production stage, achieving continuous and stable preparation and passing evaluation and validation from multiple leading customers. Meanwhile, its high-capacity solid-state cathode materials have achieved stable batch supply. As the pace of solid-state battery production line construction continues to accelerate, the equipment and materials segments will be the first to benefit from industry volume ramp-up. Risk warning: New technology progress may fall short of expectations; industrialization process may fall short of expectations.