[Table_Title] 钠离子电池：行则将至，未来可期 %% %% %% %% research.95579.com 行业研究丨深度报告丨电气设备 1 丨证券研究报告丨 报告要点 [Table_Summary] 钠电主题在 21-22 年发酵后，因锂价持续回落，逐步淡出新技术主题的视野。但产业链进展始 终在积极推进，钠电产品力提升本身有技术路线突破的变化，同时碳酸锂和铜价格波动进一步 放大钠电的经济性，本文将对此进行详细梳理。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 王晓振 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 电气设备 cjzqdt11111 [Table_Title2] 钠离子电池：行则将至，未来可期 [Table_Summary2] 钠离子电池：未来已来，钠锂共舞 伴随近期锂价波动、头部厂商战略和地缘风险，钠离子电池凭借降本潜力和低温优势重回大众 视野，并逐步从"技 ...

文 | 中关村储能产业技术联盟 12月28日消息，宁德时代供应商大会在福建宁德举行。宁德时代称，2026年将在换电、乘用车、商用车、 储能等领域大规模应用钠电池 ，有望 形成 "钠锂双星闪耀" 的新趋势。 2025年4月21日，宁德时代发布钠新电池，这是全球首款大规模量产的钠离子电池， 突破了材料本身的性能边界，首次将钠离子电池推向大规模 量产，凭借钠的本征安全和丰富储量，将有效降低对锂资源的依赖。 钠新电池包含两类产品，分别是钠新乘用车动力电池和钠新24V重卡启驻一体蓄电池，均可实现零下40℃至零上70℃的全温域适配，重新定义了 电池的极限温域。 钠新乘用车动力电池的能量密度达175Wh/kg，为当前全球钠电最高，比肩磷酸铁锂电池。宁德时代钠新24V重卡启驻一体蓄电池，使用寿命突破 8年，全生命周期总成本较传统铅酸蓄电池降低61%。 作为备受瞩目的新型储能技术，钠离子电池凭借其独特性能优势，正加速迈向规模化应用。 在2025年召开的" 钠离子电池产业链与标准发展论坛 "上， 中国科学院院士、新基石研究员、清华大学化学系教授 李景虹曾 指出 ，钠离子电池 是绿色能源的重要发展方向，应扬长避短， 充分发挥其功率 ...

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

Core Insights - CATL has signed a significant cooperation agreement with Rongbai Technology, becoming its primary supplier for sodium-ion battery cathode materials, with a procurement commitment of at least 60% of its total annual purchases from Rongbai [2][3] - The partnership aims to enhance both companies' competitiveness in the market by focusing on production capacity, product development, and supply chain efficiency [2][3] - CATL's sodium-ion battery, branded as "Sodium New," is expected to capture over 40% of the domestic passenger vehicle market, indicating a substantial growth opportunity [4] Group 1 - CATL has committed to purchasing a minimum of 60% of its total procurement from Rongbai Technology, with potential discounts for higher volumes [3] - The cooperation agreement is set to last until December 31, 2029, and includes high-level visits to discuss future business goals [2][3] - Rongbai Technology's revenue for the first three quarters of 2025 was 8.986 billion, a year-on-year decrease of 20.64%, with a net profit loss of 204 million, down 274.96% [3] Group 2 - CATL's sodium-ion battery technology offers advantages in low-temperature performance, carbon footprint, and safety, making it suitable for northern regions [4] - The sodium-ion battery has an energy density of 175 Wh/kg and a range of over 500 kilometers, enhancing its appeal in the electric vehicle market [4] - CATL's sodium-ion battery is set to debut in 2026, with applications in various vehicle models, showcasing its compatibility with existing battery standards [4]

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has established a significant partnership with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, which is expected to lead to large-scale applications of sodium-ion batteries in the market [1][5]. Group 1: Partnership Details - Rongbai Technology has been designated as the first supplier of sodium-ion battery cathode materials for CATL, with a commitment from CATL to purchase no less than 60% of its total procurement from Rongbai annually [1][9]. - A cooperation agreement has been signed between CATL and Rongbai Technology, effective until December 31, 2029, to facilitate comprehensive collaboration in various areas including market strategy, technology, and supply chain [5][9]. - The agreement includes provisions for high-level visits and discussions to enhance business cooperation and align development goals [9]. Group 2: Market Potential and Product Development - CATL anticipates that sodium-ion batteries could meet over 40% of the domestic passenger vehicle market demand, indicating a substantial target market [1]. - The sodium-ion battery brand "Sodium New" launched by CATL is the first to receive certification under the new national standards, marking a significant milestone in the industry [1][16]. - The sodium-ion battery technology is expected to provide advantages in low-temperature performance, carbon footprint reduction, and safety, with a specific energy density of 175Wh/kg and a range exceeding 500 kilometers [18]. Group 3: Financial Performance - As of the third quarter of 2025, Rongbai Technology reported a revenue of 8.99 billion yuan, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million yuan, reflecting a significant decline of 274.96% [11][12]. - The stock price of Rongbai Technology was reported at 29.50 yuan per share, with a market capitalization of 21.08 billion yuan as of November 14 [13].

Core Viewpoint - CATL has established a strategic partnership with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, which is expected to drive the large-scale application of sodium-ion batteries in the market [2][6]. Group 1: Partnership Details - Rongbai Technology will supply no less than 60% of its total procurement volume to CATL annually as part of the agreement [6][8]. - The partnership aims to enhance collaboration in market strategy, technology, product development, and supply chain management [8]. - If CATL's annual procurement reaches 500,000 tons or more, Rongbai Technology will offer more favorable pricing through cost reductions [8]. Group 2: Market Potential and Product Development - CATL predicts that sodium-ion batteries could meet over 40% of the domestic passenger vehicle market demand, indicating significant market potential [2][15]. - The sodium-ion battery, branded as "Sodium New," has been recognized as the first to pass the new national standard certification [2][15]. - The sodium-ion battery features an energy density of 175Wh/kg and a range of over 500 kilometers, addressing low-temperature performance and safety concerns [17]. Group 3: Financial Performance - Rongbai Technology reported a revenue of 8.99 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.64%, with a net profit attributable to shareholders of -204 million yuan, down 274.96% [9][12]. - The partnership is expected to positively impact Rongbai Technology's future operating performance if the agreement is fully executed [9].

Core Viewpoint - CATL is strengthening its supply chain by partnering with upstream material suppliers, specifically with Rongbai Technology, to promote the large-scale application of sodium-ion batteries [1][3]. Group 1: Partnership Details - Rongbai Technology has become the primary supplier of cathode materials for CATL's sodium-ion batteries, with a commitment from CATL to purchase no less than 60% of its total procurement from Rongbai annually [1][3]. - A cooperation agreement has been signed between CATL and Rongbai Technology, effective until December 31, 2029, to enhance collaboration in various areas including market strategy, technology, and supply chain [3][4]. - The agreement includes provisions for Rongbai Technology to prioritize capacity and raw material supply to meet CATL's demands [4]. Group 2: Market Potential and Product Development - CATL predicts that sodium-ion batteries could cover over 40% of the domestic passenger vehicle market, indicating significant market potential [1]. - The sodium-ion battery brand "Sodium New" was launched by CATL, which is the first to pass the new national standard certification [1][7]. - The sodium-ion batteries introduced by CATL have advantages in low-temperature performance, carbon footprint, and safety, with an energy density of 175Wh/kg and a range exceeding 500 kilometers [9]. Group 3: Financial Impact - Rongbai Technology anticipates that the cooperation agreement will positively impact its future operating performance, despite a reported revenue decline of 20.64% year-on-year for the first three quarters of 2025 [5].

Core Viewpoint - CATL has further strengthened its supply chain by partnering with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, with a commitment to purchase at least 60% of its total procurement from Rongbai annually [2][10][12]. Group 1: Partnership Details - The cooperation agreement between CATL and Rongbai Technology is effective until December 31, 2029, focusing on comprehensive collaboration in market, strategy, business, technology, product development, and supply chain [10][12]. - Rongbai Technology will prioritize capacity and raw material supply to meet CATL's demands, ensuring competitive response times, product quality, and cost efficiency [12][14]. - If CATL's annual procurement reaches 500,000 tons or more, Rongbai Technology will offer CATL more favorable pricing through cost reductions [13]. Group 2: Market Potential and Product Development - Sodium-ion batteries are expected to achieve large-scale application, with CATL predicting that they could cover over 40% of the domestic passenger vehicle market demand [5][22]. - CATL's sodium-ion battery, branded as "Sodium New," is the first to pass the new national standard certification and has been designed to operate effectively in extreme temperatures [24]. - The energy density of the Sodium New battery reaches 175 Wh/kg, providing over 500 kilometers of pure electric range, making it a viable option for electric vehicles in colder regions [24][26]. Group 3: Financial Performance - As of November 14, CATL's stock price was 404.12 CNY per share, with a market capitalization of 1.86 trillion CNY, reflecting a decline of 2.76% [7]. - Rongbai Technology reported a revenue of 8.99 billion CNY for the first three quarters of 2025, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million CNY, down 274.96% [17][19].

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) highlighted the rapid transformation of the smart automotive supply chain, with a focus on collaboration and innovation among various stakeholders in the industry [1][6][12] Group 1: Smart Automotive Supply Chain - NVIDIA CEO Jensen Huang's presence at the Chain Expo emphasized the importance of smart automotive technology and the growing interest in Chinese automotive brands like BYD and "Wei Xiaoli" [1] - The Chain Expo showcased a comprehensive view of the smart automotive supply chain, presenting key technologies and products from chips to electric drive systems [1][3] - The collaboration among various companies in the supply chain is crucial, as each component plays a significant role in the overall manufacturing process of smart vehicles [3] Group 2: Tesla's Innovations - Tesla's booth featured the Model "3Y" combination, which attracted significant attention, showcasing its advanced charging solutions and manufacturing capabilities [4] - As of June this year, Tesla has produced over 8 million vehicles globally, with half of that production coming from its Shanghai Gigafactory, which has an annual capacity exceeding 950,000 vehicles and a localization rate of over 95% for components [4][6] - Tesla aims to deepen its relationship with Chinese suppliers to establish global green supply chain standards and explore AI applications in various sectors [6] Group 3: Domestic Innovations - Dongfeng Motor is actively involving suppliers in its research and development efforts, particularly in the area of domestic chip development, showcasing self-developed chips at the Chain Expo [6] - The establishment of a technology innovation consortium for automotive-grade chips in Hubei province aims to streamline the process from demand definition to mass production [6] Group 4: Material Innovations - Battery materials are a focal point, with companies like BetterRay introducing innovative solutions to enhance the lifespan and performance of electric vehicle batteries [7] - CATL showcased its sodium-ion batteries, which promise to reduce reliance on lithium resources and lower costs significantly compared to traditional lead-acid batteries [8] Group 5: AI Integration - The integration of AI technologies in the automotive supply chain is transforming manufacturing processes, with companies like BMW implementing AI applications to enhance quality control and efficiency [11] - The emergence of new players in the automotive supply chain, driven by advancements in AI and technology, is reshaping traditional supplier dynamics [12]

Group 1: CATL's New Battery Products - CATL launched three new battery products: sodium-ion passenger vehicle battery, Xiaoyao dual-core battery, and second-generation Shenxing ultra-fast charging battery, along with a sodium-ion 24V heavy-duty truck battery [1][3] - The sodium-ion passenger vehicle battery operates in extreme temperatures from -40°C to 70°C, maintaining 90% usable capacity at -40°C and achieving an energy density of 175Wh/kg with over 10,000 cycles [3] - The Xiaoyao dual-core battery features a self-generating negative electrode technology that increases volume energy density by 60% and weight energy density by 50%, with a maximum energy density of over 1000Wh/L when paired with a ternary system [3] Group 2: Second-Generation Shenxing Ultra-Fast Charging Battery - The second-generation Shenxing ultra-fast charging battery offers 800 km range and peak charging speed of 12C, with a peak charging power of 1.3 MW, allowing for rapid energy replenishment [4] Group 3: Huawei's Liquid-Cooled Mega Charging Solution - Huawei introduced a liquid-cooled mega charging solution with a peak power of 1.5 MW, capable of charging 20 kWh per minute, significantly improving charging efficiency [5][7] - The system operates in extreme temperatures from -30°C to 60°C and features a lifespan of 10 years, addressing thermal runaway issues during high-power charging [7] Group 4: Toyota's Lexus Electric Vehicle Project in Shanghai - Toyota signed strategic cooperation agreements to establish a Lexus electric vehicle and battery R&D and manufacturing company in Shanghai, marking the end of over 20 years of pure import sales [8][10] - The project aims to accelerate Toyota's electrification and intelligent transformation strategy, enhancing its electric vehicle offerings for both domestic and international markets [10] Group 5: Jiangqi Group and Huawei's Strategic Cooperation - Jiangqi Group and Huawei signed a comprehensive strategic cooperation agreement focusing on electric vehicle technology development, charging network construction, and internationalization of electric vehicles [11][13] - The collaboration aims to create high-quality products and services in the global electric vehicle market through joint innovation and development [13] Group 6: Star Charge and Great Wall Motor Cooperation - Star Charge and Great Wall Motor signed a strategic cooperation agreement to focus on ultra-fast charging technology development and building a nationwide intelligent charging service network [14][16] - The partnership includes the joint development of a 720kW/900A liquid-cooled ultra-fast charging pile to meet future ultra-fast vehicle demands [16] Group 7: Li Auto's L6 Delivery Milestone - Li Auto announced that its L6 model has surpassed cumulative deliveries of 250,000 units since its launch [17][19] - The updated L6 model features significant upgrades in intelligent driving capabilities and is equipped with a hybrid power system, offering a range of 1,390 km under comprehensive conditions [19]