Guolian Minsheng Securities released a research report stating that, with their high energy density, long cycle life, and excellent stability, lithium batteries have become an indispensable key energy component for commercial aerospace, with applications already implemented in rockets and spacecraft.

Domestic first-tier battery manufacturers are accelerating the launch of solid-state batteries and actively expanding into the aerospace sector. Among them, CATL's solid-state battery technology is at an industry-leading level, and the company is actively promoting the transition to new energy across multiple industries, including aviation.

From a technical standpoint, the sulfide route is favored, while the dry process is preferred for manufacturing. Currently, major global powers are competing in space-related solid-state technology, boosting industry sentiment. The focus should be on the most variable segments of the solid-state battery supply chain and key technological bottlenecks. The main views of Guolian Minsheng Securities are as follows:

Lithium batteries are the "energy heart" of modern aerospace. Due to their high energy density, long cycle life, and good stability, lithium batteries have become an indispensable key energy component for commercial aerospace.

In rockets, compared to traditional silver-zinc batteries, lithium batteries eliminate processes such as electrolyte injection during mission execution, avoiding an "irreversible state" before product launch, and can calmly handle unexpected situations like launch delays or mission terminations.

More importantly, lithium batteries are designed to provide effective power to electronic systems; their high energy density offers greater design margins for other systems, thereby enhancing the rocket's payload capacity.

Rocket case: The Long March 6A carrier rocket is equipped with 8 electric servos on its 4 solid boosters, configured with a 270-volt high-voltage lithium battery system, marking its first application in China's launch vehicle sector.

For spacecraft, when entering the Earth's shadow period, solar array output drops to zero, yet stable power is still required for attitude control, communications, and payload operation. Even deep-space missions equipped with radioisotope power sources struggle to cover short-term peak demands with stable output, objectively driving the accelerated application of lithium batteries.

Spacecraft case: In January 2026, the Chinese space station successfully conducted an in-orbit lithium battery experiment, which is expected to break through the cognitive bottleneck of gravity field and electric field coupling effects, providing a basis for optimizing current in-orbit battery systems and designing the next generation of high-specific-energy, high-safety space batteries.

Solid-state batteries offer excellent performance that matches aerospace requirements. The space environment is harsh, characterized by high vacuum, strong radiation, large temperature variations, and microgravity.

Spacecraft have special requirements for batteries: they need to operate stably within a wide temperature range of -60°C to +85°C, possess a long cycle life of at least 3,000 cycles, and simultaneously meet diverse needs such as high energy density, rapid discharge capability, and safety.

Solid-state batteries have a wide operating temperature range, typically functioning between -73°C and +120°C. This broad temperature range offers significant advantages, solving the performance degradation issue of traditional lithium batteries in low-temperature environments while enhancing safety in high-temperature conditions.

The industrialization of solid-state batteries is advancing irresistibly, with the dry process holding an advantage. Domestic first-tier battery manufacturers are accelerating the launch of solid-state batteries and actively expanding into the aerospace sector. Among them, CATL's solid-state battery technology is at an industry-leading level, and the company is actively promoting the transition to new energy across multiple industries, including aviation.

EVE Energy's "Longquan No. 2" is a 10Ah all-solid-state battery with an energy density as high as 300Wh/kg. The company began laying out its commercial aerospace lithium battery product line two years ago and has now cooperated with multiple leading commercial rocket and satellite companies.

Technically, the sulfide route is favored. Sulfur has a large atomic radius and strong polarization ability, which can expand lithium-ion channels, reduce constraints, and increase carrier concentration; thus, sulfide solid electrolytes exhibit higher ionic conductivity and hold significant potential for future development.

Domestic and international technology route choices are gradually converging, with companies like Toyota and CATL accelerating their layouts. From a manufacturing process perspective, the dry process is preferred. The core competitiveness of dry-process prepared solid-state batteries lies in three dimensions: performance breakthroughs, safety upgrades, and industrial compatibility.

Its core characteristic of requiring no organic solvent makes it perfectly compatible with sensitive materials like sulfur and sulfide solid electrolytes, while simultaneously constructing low-impedance interfaces, improving electrode density and ion/electron conduction efficiency, helping to break through specific energy limits, adapting to high-load electrode designs, and meeting the core needs of electric aviation.

Major global powers are competing in space-related solid-state technology, boosting industry sentiment. United States: NASA mentioned in a recent report that its developed solvent-free, dry-processed high-performance solid-state battery is planned for application in key projects such as the space station or Mars rovers by 2028.

Japan: In 2022, Japan's JAXA and Hitachi Zosen Corporation sent an all-solid-state lithium battery to the International Space Station. This battery can operate in a wide temperature range from -40°C to 120°C, is flame-retardant, and poses no leakage risk. After 434 days and 562 charge-discharge cycles, the battery capacity showed no significant degradation, verifying the long-term stability and reliability of solid-state batteries in the space environment.

China: CETC Lantian successfully developed the fifth-generation space-use lithium battery, adopting a design with a high-nickel cathode and silicon-carbon anode system, achieving an energy density of 300Wh/kg. The battery can provide extreme endurance under the考验 of harsh space environments, meeting the 15-year lifespan requirement for high-orbit satellites; utilizing advanced compression sealing technology, its full-cycle leakage rate meets space lithium battery specifications, ensuring safe and reliable use; after the assembly of the new generation of lithium-ion batteries, the gravimetric energy density increased by 30%, and the installation area was reduced by 40%.

Regarding investment targets: 1) Equipment manufacturers: Honggong Technology (301662.SZ), Naconorr (920522.BJ), Huazi Technology (300490.SZ), Xianhui Technology (688155.SH), Lead Intelligent (300450.SZ); 2) Electrolyte: Xiamen Tungsten New Energy (688778.SH), National Ceramic Materials (300285.SZ), Boyuan Shares (301617.SZ), Shanghai Xiba (603200.SH); 3) Zhongyi Technology (301150.SZ), Yuanhang Precision (920914.BJ); 4) Battery segment: CATL (300750.SZ), EVE Energy (300014.SZ), etc.

Risk warnings include commercialization and market demand development falling short of expectations, policy advancement falling short of expectations, and technological progress falling short of expectations.