CITIC Construction Investment: Continue to be optimistic about the investment value of the solid-state battery sector

CITIC Securities Research Report said that in the lithium battery equipment segment, automakers have clearly laid out guidance for all-solid-state cell installation, while the sector is waiting for a procurement-and-tender catalyst on the equipment side. In the all-solid-state battery field, industrialization progress is significant. Major companies have issued concentrated announcements about successful all-solid-state battery rollouts and subsequent installation guidance, drawing substantial attention. The current sector as a whole is in the “hitting zone.” Leading battery makers have also started tenders for GWh-level all-solid-state battery production equipment. They plan to achieve small-batch demonstration installations in 2027 and reach mass production at scale by 2030. For equipment companies, the timing window for order fulfillment and earnings release is now opening. A scenario of synchronized growth in both volume and pricing across the industrial chain is promising. We continue to like the allocation value of the all-solid-state battery sector.

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Beijing YunZhi Technology IPO accepted for review; AIDC power generation equipment continues to benefit from North American power shortages

Humanoid robots: The sector is gradually entering the allocation range, and both YunZhi’s IPO and Tesla V3 have been building momentum. Domestically, the Year-of-the-Horse Spring Festival Gala boosted attention on domestically made robots, showcasing outstanding motion control performance and operating capability. 2026 is expected to be a big year for humanoid robotics applications. Meanwhile, IPO progress for domestically made robot companies such as YunZhi continues. Their core product has a high value per unit and is close to end customers, giving it a significant position in the industrial chain and highlighting brand strength. Core equipment manufacturers are expected to see a reassessment of valuation, and investors are advised to pay attention to the relevant supply chain. Overseas, Tesla Optimus 3 will start production this summer. It will follow an S-curve ramp-up, and it is expected that it will enter a high-production stage next year. At the same time, the Optimus version continues to be updated, which is expected to further enrich product applications and move toward the C-end.

AIDC power generation equipment: Power shortages remain the main theme for the full year; we firmly like the gas turbine industrial chain. Based on our estimates, global gas turbine demand will exceed 120GW in 2028. We expect global gas turbine supply of about 90GW, with the gap continuing to expand. We continue to like the gas turbine industrial chain and trends such as converting ships to gas fuel.

Construction machinery: January-February excavator exports surged; we expect Q1 performance to be strong. In January-February 2026, a total of 35,934 excavators were sold, up 13.1% year over year. Of these: domestic sales were 15,478 units, down 9.19% year over year; exports were 20,456 units, up 38.8%. Domestic sales saw a single-digit decline year over year, but export performance was strong. As the business that contributes most to earnings, we expect main equipment makers’ Q1 performance to grow strongly. Overall, we expect that in 2026, the domestic market will grow by more than 10%, exports are likely to grow by more than 15%, and domestic and overseas demand will continue to resonate upward.

Semiconductor equipment: SEMICON is coming up soon, and each company’s release of new products is expected to catalyze the sector. In terms of downstream capacity expansion, we expect that 2026 fab capital expenditures will still move upward. Among them, storage has the strongest certainty, and advanced logic is expected to maintain strong performance. On localization rates: downstream companies generally accelerate verification and adoption of domestic equipment. The pace of localization for components—especially module-type components—is expected to accelerate. The sector’s overall fundamentals remain favorable, and this cycle should place more emphasis on “de-Japanese eradication.”

Lithium battery equipment: Automakers have clearly stated guidance for all-solid-state installations; we are waiting for a procurement-and-tender catalyst on the equipment side. In the all-solid-state battery field, industrialization progress is significant. Major companies have issued concentrated announcements about successful all-solid-state battery rollouts and subsequent installation guidance, drawing substantial attention. The current sector as a whole is in the “hitting zone.” Leading battery makers have also started tenders for GWh-level all-solid-state battery production equipment. They plan to achieve small-batch demonstration installations in 2027 and reach mass production at scale by 2030. For equipment companies, the timing window for order fulfillment and earnings release is now opening. A scenario of synchronized growth in both volume and pricing across the industrial chain is promising. We continue to like the allocation value of the all-solid-state battery sector.

Risk warning: Risks related to fluctuations in domestic macroeconomic conditions, risks of fluctuations in overseas markets, and the risk that downstream capacity expansion may fall short of expectations.

（Source: Caixin Finance）