Core Viewpoint - CATL (Ningde Times) has seen a stock increase of over 4%, currently trading at 527.5 HKD, with a transaction volume of 8.82 billion HKD, following the announcement of a partnership with Changan Automobile to introduce sodium-ion batteries in passenger vehicles [1] Group 1: Company Developments - CATL's CTO Gao Huan revealed that the energy density of their sodium-ion battery cells can reach up to 175 Wh/kg, enabling pure electric vehicles to achieve a range exceeding 400 kilometers, with future upgrades potentially reaching 500-600 kilometers [1] - The company plans to establish 3,000 battery swap stations across over 140 cities this year, in collaboration with Changan Automobile, aiming to launch multiple sodium-ion models by 2026 [1] Group 2: Market Context - As of February 12, lithium carbonate futures surged to 150,000 CNY/ton, indicating a strong demand for lithium driven by energy storage solutions replacing electric vehicles as the core growth driver [1] - UBS suggests that the industry is approaching a critical point regarding cost, range, and charging time, where declining costs will stimulate end-user consumption, creating a positive cycle of "technological cost reduction—demand expansion—resource value reassessment" [1]