Core Viewpoint - CATL (03750) shares rose over 4%, reaching HKD 527.5 with a trading volume of HKD 8.82 billion, following the announcement of sodium-ion battery collaboration with Changan Automobile [1][1]. Group 1: Company Developments - CATL's CTO Gao Huan revealed that the sodium-ion battery cells have an energy density of up to 175 Wh/kg, enabling electric vehicles to achieve a range exceeding 400 kilometers, with future upgrades potentially reaching 500-600 kilometers [1][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][1]. Group 2: Industry Insights - As of February 12, lithium carbonate futures surged to 150,000 CNY/ton, indicating a shift in lithium demand dynamics, with energy storage becoming a core growth driver for lithium battery demand [1][1]. - UBS suggests that the industry is approaching a critical point regarding cost, range, and charging time, where declining costs could stimulate end-user consumption, creating a positive cycle of "technological cost reduction—demand expansion—resource value reassessment" [1][1].