During trading on the 30th, the majority of 28 secondary battery and solid-state related stocks in the domestic market are showing an upward trend. In particular, LG Energy Solution (+7.32%) and SK Innovation (+7.67%) are leading the entire sector with gains approaching double digits.

Today's rally is driven by two major intersecting trends.

1. Internal Sector Catalysts

Expectations continue to build across the secondary battery sector regarding the materialization of new EV and ESS orders in the second half of the year. SK Innovation has sustained its recent upward momentum, driven by multiple positive factors overlapping: strong performance in its oil refining segment, expectations for a turnaround to profitability in the SK On battery division, and a revaluation of its corporate governance structure following the full incorporation of SK Enmove as a wholly-owned subsidiary.

2. External Variable — U.S. FOMC Rate Hold

The U.S. Federal Reserve (Fed) kept its benchmark interest rate unchanged at its July FOMC meeting in the early hours of the 30th, Korean time. This marks the second rate hold decision under Chairman Jerome Powell. The vote result showed 9 out of 12 committee members in favor of holding, while 3 members (Beth Hammack, Neel Kashkari, and Lorie Logan) advocated for a rate hike. Given that futures markets had previously priced in as much as a 31.5% probability of a hike, the hold decision is interpreted as providing relief to rate-sensitive growth stocks broadly.

However, it is worth noting that it is difficult to clearly distinguish whether today's sharp rally in the secondary battery sector is solely explained by this relief sentiment or is an extension of existing individual stock catalysts.

Small- and Mid-Cap Stocks Advance Alongside Large-Caps

Hanwha Chemical/Chemin (+4.56%), Techpack (+4.56%), SK IE Technology (+4.15%), Dongwha Enterprise (+4.00%), MOT (+4.02%), Lake Materials (+3.99%), Cowintech (+3.84%), Hana Technology (+3.25%), and Mirae Company (+3.06%) recorded gains rivaling those of large-cap stocks.

Among these, Hanwha Chemical/Chemin, ISU Specialty Chemicals (+2.50%), Lemon (+0.32%), Lake Materials, and Wonjun (+0.81%) form a group of stocks with a confirmed history of moving in tandem in connection with national projects related to solid electrolytes and materials for solid-state batteries. However, no new announcements or disclosures that would re-trigger this trend were confirmed today.

Only two stocks declined — Samsung Electro-Mechanics (-0.87%) and Mikro (-2.26%) — with the vast majority of the rest on track to close higher.

Key Points to Watch Going Forward

First, ahead of the September FOMC meeting, whether the three dissenting votes for a hike from this hold decision will actually influence the future monetary policy path. Second, whether additional disclosures regarding new technological development achievements or national projects emerge within the solid-state battery materials and equipment stock group.