Executive Summary Enovix Corporation (Nasdaq: ENVX) is a technology company operating at the forefront of the advanced lithium-ion (Li-ion) battery industry. Headquartered in Silicon Valley, Enovix is focused on the design, development, and manufacturing of high-performance batteries utilizing a proprietary 3D cell architecture and a 100% active silicon anode. This technology aims to deliver significantly…

国金证券近日发布锂电池硅负极深度报告：能量密度的提升是电池发展长期趋势，负极环节对应趋势则为硅负极，CVD硅碳的应用大幅加速硅负极产业化，在手机等消费类市场硅负极已迈过0-1，25年预计进一步放量，在车用市场25年有望实现产业化0-1。 以下为研究报告摘要： 核心观点：CVD硅碳工艺的出现大幅提速硅负极的产业化，25年硅负极预计在手机领域扩大渗透，也有望在动力场景实现0-1，我们建议关注硅负极放量背景下，新工艺带来的产业链增量环节投资机会。 CVD法硅碳成新主流工艺，加速硅负极产业化，重塑竞争格局。1）球磨法向CVD法迭代：在硅的纳米化工艺上，CVD法能将硅径粒精确控制在10nm以内，并实现均匀包覆，取代球磨法成为新一代主流工艺；2）CVD硅碳相比硅氧优势扩大：目前CVD法硅碳/硅氧产品的克容量约1800/1500mAh/g，且CVD硅碳可支持超1000次循环，并实现低于硅氧的膨胀水平。3）新工艺重塑格局：CVD法下工艺、设备较硅氧大幅迭代，重塑先前硅氧的竞争格局，当前天目先导、兰溪致德、璞泰来、贝特瑞等在CVD硅碳进展领先。 成本：中期向石墨负极靠近，多孔碳、设备仍有较大降本空间。硅负极成本构成中由高到低分别为多孔碳、硅烷气、设备。我们假设当前采用高性能树脂多孔碳，中期采用生物质多孔碳，价格从50万/吨降至15万/吨；硅烷气从9万/吨下降至7万/吨；单吨制造成本从6.5万/吨下降至3.5万/吨，则测算CVD硅碳负极的成本有望从当前40-45万/吨下降至中期15-20万/吨，硅碳负极价格有望持续向石墨负极靠拢。 市场：消费场景先落地，动力迈向0-1。1）小动力：高倍率小圆柱电池已开始应用硅负极；2）手机：25年手机迈向7000mAh时代，苹果、华为、荣耀、小米等品牌已/将推出硅负极机型，硅负极从高端机向中低端渗透；3）电车：特斯拉、宝马大圆柱电池明确搭载硅碳负极，25年部分国内新能源高端车型有望应用硅负极；4）固态&半固态电池：未来有望在车、手机、低空等领域逐步落地应用，掺硅量较其他场景更大。我们预计到28年全球硅负极需求4.5万吨，假设30万元/吨，对应市场135亿元，其中小动力/手机/电车/固态&半固态电池对应需求0.28/0.09/3.4/0.75万吨。产业链:多孔碳迈向规模化0-1，硅烷市场大幅扩容，PAA、CNT打开新应用场景。 1）多孔碳：迈向规模化0-1，树脂/生物质路线构成主流。伴随CVD硅碳的应用，多孔碳预计迈向规模化0-1，未来看好双路线并行发展，预计生物质路线发挥成本优势，在低端市场占据主导，通过性能提升向中高端市场渗透；树脂路线则依靠性能优势占据高端市场，通过降本向下渗透，国内代表企业分别为元力股份、圣泉集团。 2）硅烷气：预计市场大幅扩容。我们测算24年国内合计电子级硅烷气需求约1.26万吨，预计28年硅基负极对应硅烷气需求约1.9万吨，规模为现有市场的1.5倍，大幅扩容，国产企业中硅烷科技等产能领先。 3）粘结剂&导电剂：PAA、CNT打开新应用场景。粘结剂控制硅负极的体积膨胀，PAA有较优的力学性能和拉伸强度，且应用后有较好的库伦效率，国内茵地乐在PAA份额领先；需添加导电剂确保硅负极的导电性，加入单臂碳纳米管大幅改善循环性，国内天奈科技布局进展领先。 投资建议与估值 能量密度的提升是电池发展长期趋势，负极环节对应趋势则为硅负极，CVD硅碳的应用大幅加速硅负极产业化，在手机等消费类市场硅负极已迈过0-1，25年预计进一步放量，在车用市场25年有望实现产业化0-1，建议关注硅负极企业及上游的多孔碳、硅烷气、粘结剂、导电剂等环节。 风险提示 技术迭代风险，硅负极降本不及预期，硅负极性能提升不及预期。（国金证券 姚遥） Hi ryan, i’ve spent a lot of time of this, professionally, and the whole smartphone industry will clearly be silicon carbon in about two years, Apple is going to put it in the next iPhone, I will bet you a burger, with…

TJ Roberts You don’t need to be a rocket scientist or brain surgeon to comprehend that battery fires are a serious hazard with EV’s and even with smaller devices like portable laptops; the hazard results from thermal runaway. Just ask Samsung about their ~$5 billion-dollar-fine for the fire hazard their Galaxy 7 notebook batteries cost them. Enovix has…

TJ Roberts Feb 26, 2025 Fremont, California-based Enovix Corporation (ENVX), a pioneer in advanced silicon battery technology, is gearing up for a significant product launch in Q4-2025: the commercial release of its next-generation smartphone battery from its high-volume manufacturing (HVM) line at Fab2 in Penang, Malaysia. This launch of the company’s innovative 100% active-silicon anode, lithium-ion…

How AI created this video, this analysis, and why Applied Digital is building the infrastructure to scale it all. James Soldinger Why I Made This Video — and Why I’m Sharing Everything https://www.youtube.com/embed/Hj_DS5CAr0Q This analysis of Applied Digital Corp (APLD) isn’t just about a stock — it’s about what’s coming. I created the video at…

April 11, 2025 By Zachary Skidmore US and China will account for 80 percent of the projected growth Global electricity consumption from data centers is projected to more than double, according to an International Energy Agency (IEA) report, with artificial intelligence (AI) as the major driver. The Energy and AI report projects that data center consumption…

April 11, 2025 By  Georgia Butler  Amazon CEO Andy Jassy reiterates similar sentiment The heads of Google and Amazon have restated their commitment to investing in AI and the necessary infrastructure. Alphabet CEO Sundar Pichai said on Wednesday during the Google Cloud Next 2025 conference that the company was still committed to spending around $75 billion…