The Ministry of Industry and Information Technology, together with six other government departments, recently jointly issued the "15th Five-Year Plan for the Development of New-Type Battery Industry," according to a report.
The plan proposes that by 2030, China's new-type battery industry scale will achieve steady growth. Full-chain innovation capabilities will continue to strengthen, with breakthroughs in advanced electrode materials, new-type electrolytes, and high-end auxiliary materials. Major progress will be made in new-system battery research and development, and all-solid-state batteries will initially achieve large-scale application.
Debon Securities believes that policy and capital are driving progress in tandem, and 2027 may become a critical milestone for the solid-state battery industry. Against the backdrop of the global transition toward low-carbon energy, traditional liquid lithium batteries are gradually approaching their theoretical limits in terms of energy density and safety. Solid-state batteries offer multiple advantages including high safety, outstanding energy density, wide temperature adaptability, and longer cycle life, and are expected to become the core pathway for the next generation of energy storage technology upgrades.
At the policy level, a comprehensive support system has been formed from the top down. Since 2025, top-level design initiatives have been rolled out intensively. The Ministry of Industry and Information Technology has listed solid-state batteries as a key research direction. The National Energy Administration has clearly identified long-life, wide-temperature-range key equipment as a priority. The Ministry of Finance has introduced a differentiated consumption tax policy, explicitly exempting solid-state batteries from consumption tax from September 2026 to the end of 2028, strongly boosting industrialization through tax leverage.
Meanwhile, various provinces and cities are actively responding with supporting local industrial policies. Shanghai, Jiangsu, Zhuhai, and other regions have implemented specialized plans, providing supporting funds and research platforms to tackle core solid-state battery technologies. On the capital side, industry investment and financing activity continues to heat up. In the first half of 2026 alone, there were more than 40 investment projects in the solid-state battery sector, and multiple industry funds have been established intensively, covering everything from key material research and development to full-industry-chain merger and integration, providing ample capital support for technology engineering and industrial upgrading.
Regarding production timelines, the industry has formed a consensus. A clear pathway has been established, progressing sequentially from semi-solid-state to all-solid-state batteries. The industry widely expects that semi-solid-state batteries will be the first to enter a commercialization cycle in 2026. By 2027, multiple leading enterprises including CATL, BYD, and Guoxuan High-Tech plan to achieve small-batch mass production or demonstration installation of all-solid-state batteries, significantly accelerating the pace of industrialization.
From the perspective of application scenarios, downstream applications will penetrate in layers, with vehicles and energy storage as the fundamental base, while low-altitude, robotics, and other fields may see earlier volume growth. The commercialization of solid-state batteries follows the logic of "high-cost-tolerant niche scenarios first, mass market expansion as costs decline": in the short term, future industry scenarios such as low-altitude economy, embodied intelligence, and commercial aerospace are expected to land first; in the medium to long term, new energy vehicles and energy storage will constitute core demand.
New energy vehicle demand accounts for approximately 70%, with Hainan's 2030 ban on fuel vehicle sales opening up regional incremental demand. Energy storage is expected to account for 15%-20%, with safety and long-cycle attributes highly matching the rigid requirements of the energy storage industry, providing ample long-term demand space.
From the perspective of the industry chain, value is expected to be released sequentially, with equipment and materials benefiting first. The value of the solid-state battery industry chain is expected to be released in phases. On the equipment side, due to the introduction of new processes such as dry electrode, isostatic pressing, and stacking, the production line renovation ratio is as high as 80%-90%. The equipment value per GWh is approximately 3-5 times that of liquid batteries, and this segment will be the first to benefit from the peak of pilot line and mass production line construction, with impressive market growth rates. On the materials side, solid-state electrolytes (especially sulfides) and silicon-based anodes are core incremental segments. As semi-solid-state batteries iterate toward all-solid-state, the electrolyte shipment structure may undergo a fundamental reversal. Silicon-based anodes, with their high specific capacity, are becoming the mainstream choice for anodes and are expected to see rapid market expansion. On the cell side, manufacturing barriers are the highest, and leading battery enterprises are expected to dominate the market landscape in the long term through their technological accumulation and scale advantages.
Debon Securities points out that the industrialization turning point for solid-state batteries is approaching and recommends prioritizing upstream segments with high certainty: first, on the equipment side, focus on segments with significantly increased value such as dry electrode and isostatic pressing equipment; second, on the materials side, focus on core incremental materials such as sulfide electrolytes and silicon-based anodes. In the medium to long term, attention should be paid to battery integration leaders with core technology reserves and deep ties to leading automakers.
Everbright Securities states that vehicle manufacturers have a strong willingness to advance solid-state batteries, and demand for pilot lines is gradually being released. There are fundamental differences between solid-state battery manufacturing and existing liquid battery production line systems, meaning core production equipment will see new demand. From a medium-term perspective, the industrialization process of solid-state batteries is accelerating notably, and demand for higher-capacity pilot lines and mass production lines will continue to increase. Equipment enterprises with full-line delivery capabilities will benefit first.
Related Concept Stocks:
WUXI LEAD (00470): WUXI LEAD achieved revenue of 6.12 billion yuan in lithium battery intelligent equipment in the first half of 2026, up 34.66% year-on-year. Downstream demand for lithium battery intelligent equipment is being driven by power and energy storage, with growth showing an accelerating trend. In non-lithium battery business, emerging businesses achieved high-speed breakthroughs, with 3C intelligent equipment revenue growing 40.67% year-on-year, and the company has extended into sodium battery, SOFC, MLCC, and other equipment segments.
CNGR (02579): In the first half of 2026, the company achieved operating revenue of approximately 33.584 billion yuan, up approximately 57.5% year-on-year; profit attributable to owners of the parent company was approximately 1.3114 billion yuan, up approximately 78.4% year-on-year. During the reporting period, leveraging its technological leadership advantages, the company deepened the coordinated development of its four major material systems — nickel-based, cobalt-based, phosphorus-based, and sodium-based — continuously improved its product matrix, and further consolidated its market-leading position.
BYD (01211): Sulfide solid-state batteries are expected to achieve small-batch production in 2027.