Xin Lang Cai Jing·2026-01-08 11:37Investment Logic - The lithium carbonate price reached 107,000 yuan/ton on December 26, up 16% from the previous month; lithium hydroxide price was 89,000 yuan/ton, up 11% [3][45] - In November, domestic wholesale sales of new energy passenger vehicles reached 1.57 million units, with year-on-year and month-on-month growth of 19% and 5% respectively; cumulative sales from January to November reached 12.8 million units, up 30% year-on-year [4][71] Market Review - Since December 2025, the lithium battery sector has shown active performance, with most segments outperforming the CSI 300 and SSE 50 indices; lithium battery electrolyte led the gains with an 8% increase [5][72] - However, the monthly transaction volume of most lithium-related sectors has decreased, primarily due to a decline in overall market trading activity [5][72] - Over half of the lithium-related sectors are currently at high historical valuation percentiles, indicating strong market attention towards the lithium battery sector [5][72] Research Topic - The sodium-ion battery industry is entering a phase characterized by explosive shipments, scene implementation, and ecological closure, marking a significant commercialization period [6][73] - The energy storage sector has become the absolute mainstay of industry growth due to its long lifespan and wide temperature range; the two-wheeler market is rapidly penetrating under the wave of lead-acid battery replacement [6][73] - The application of sodium batteries in passenger vehicles has shown potential, particularly with CATL's 175Wh/kg "sodium new battery" achieving a breakthrough in mainstream models [6][73] Industry Insights - In November, new energy vehicle sales continued to show differentiation, with high growth in China and Europe, while the U.S. faced impacts from subsidy withdrawals; sales in China, Europe, and the U.S. reached 1.57 million, 300,000, and 80,000 units respectively, with year-on-year growth of 19%, 39%, and a decline of 42% [7][29] - Domestic energy storage installations rebounded strongly in November, reaching 11.6 GWh, with year-on-year and month-on-month growth of 31% and 213% respectively; cumulative installations from January to November reached 83.4 GWh, up 28% year-on-year [7][37] Sodium Battery Production - In January 2026, production for batteries, positive electrodes, negative electrodes, separators, and electrolytes is expected to increase by 29% to 52% year-on-year, with separators and electrolytes exceeding 50% growth [8][43] - The sodium battery industry is projected to see significant growth, with shipments expected to reach nearly 20 GWh by 2026, driven by advancements in technology and cost reductions [8][48] Investment Recommendations - The sodium battery industry is entering a new phase characterized by explosive growth and substantial market opportunities; key players include CATL and BYD, which are leading the technology and application of sodium batteries [9][20] - The investment focus should be on core materials, battery manufacturers, and companies involved in the complete ecosystem from materials to applications [9][24]