Cinda Securities: Seize the positive opportunity of small and medium capitalization in 2026 to be optimistic about the vacuum insulation board, embedded intelligence, and solid state battery equipment industry

The Zhitong Finance App learned that Cinda Securities released a research report saying that it focuses on policies to raise the ceiling and “cash out first” investment opportunities on the equipment side. Opportunities for the small to medium market in 2026 can be systematically explored along two main lines: first, double revaluation of valuation and fundamentals brought about by policies that raise the industry ceiling and optimization of transaction structures; second, the upfront benefits of “order-delivery-cash flow” acceleration on the equipment side of advanced intelligent manufacturing/emerging industries before and after technology nodes. In terms of screening, priority targeting policies include clear signals, clear merger and acquisition implementation paths, and improved transaction structures to generate new profits, and leading equipment and platform-based companies with order and mass production verification in the fields of solid-state batteries, semiconductor equipment, humanoid robots/physical intelligence, and AIDC support.

The main views of Cinda Securities are as follows:

Vacuum insulation board: Driven by the new national standard policy, the penetration rate of VIP boards is expected to increase

Driven by the new energy efficiency standard for refrigerators (GB12021.2-2025), domestic demand is expected to usher in rapid growth, while leading companies are expected to fully benefit from the concentrated supply side of the industry and high technical and customer barriers. The new standard will be implemented on June 1, 2026. Driven by a “double index” of energy efficiency improvement and volume utilization, VIP boards have become one of the best technology paths to achieve “high energy efficiency+thin-walled” refrigerators. Referring to the EU policy implementation experience, the VIP board penetration rate is increasing rapidly, and the industry is expected to enter a stage of high growth.

Embodying smart hardware: potential technological breakthroughs are expected to increase the intensity of hardware demand

Embodied smart hardware is the definitive main line of “smart implementation”. The policy makes it clear from the top down that it is the future industry. The industrial chain is a full-stack collaboration of “upstream basic support - midstream ontology integration - downstream scenario services”, and the hardware links are deeply coupled with software infrastructure to form the chassis of the investment framework. Among them, the “dual-layer controller (AI decision SoC+ real-time motion control) + closed loop of scenario-based data” on the end side is the standard path for engineering implementation. The bank believes that 2026 is expected to become an AI+ robot scale, and the hardware value will be released simultaneously with the domestic replacement process. In terms of configuration, it is recommended to focus on the layout of “sensors, linear/rotary joints and actuators, motion controllers, end-side SoCs, and development boards/boards”, using policy and scenario dual-wheel drive as the valuation anchor, giving priority to suppliers with integration capabilities, delivery capabilities, and global manufacturing.

Solid-state battery equipment: device-side investment opportunities before and after the inflection point of industrialization may be the first to be realized

As a next-generation battery technology direction, solid-state batteries are being restructured at an accelerated pace, driven by policy support, strong downstream demand, and clear technical nodes (2025-2027 is the key mass production start-up period), and the equipment sector has become one of the first sectors in industrialization to realize investment opportunities. According to EVtank caliber, the global solid-state battery equipment market is expected to grow from 4 billion yuan in 2024 to 107.94 billion yuan in 2030; the equipment side is ahead of the material side and the battery end, and orders are expected to be released first during the pilot to mass production transition period, leading to both an increase in performance and valuation. At the same time, the investment amount of a single GWH equipment for all-solid-state production lines is about twice that of liquid, providing the soil for leading full-line manufacturers and equipment vendors in key incremental processes to exceed profits.

Investment suggestions: The 2026 small and medium market strategy can select targets along two main lines: one is the “deterministic volume” of the policy to significantly raise the ceiling of the industry; it is recommended to grasp the acceleration of VIP board penetration and the implementation of leading production expansion driven by new energy efficiency standards for refrigerators, and it is recommended to focus on Sete's new materials, etc.; the second is the “advance implementation” of new processes/equipment made by advanced intelligent manufacturing in the key window of industrialization. It is recommended to focus on investment opportunities to improve the order-delivery-cash flow of solid-state battery equipment and physical smart device chains. It is recommended to focus on investment opportunities such as Yuchen Intelligence and Chen Optoelectronics.

Risk factors: risk of macroeconomic growth falling short of expectations; risk of increased industry competition; risk of weak terminal demand; risk of rising raw material prices; risk of liquidity and market transactions.