Lithium carbonate prices once surged past 150,000 yuan. CATL's H-shares slightly rose.

Cailian Press, February 12 (Editor: Hu Jiarong) Today, the Hong Kong stock market’s lithium battery sector performed actively. As of the time of writing, CATL (03750.HK) rose 3.35%, Tianneng Power (00819.HK) increased 1.30%, and Zhongchuang Hang (03931.HK) gained 0.38%.

In terms of news, the main futures contract for lithium carbonate briefly surged above 150,000 yuan/ton during trading today, and as of the report, it was at 148,000 yuan/ton, up 2.66%. Its price breaking through a key integer level effectively boosted confidence across the industry chain and became an important catalyst for the sector’s upward movement.

Additionally, the first national standard for automotive solid-state batteries is expected to be released by July 2026, with the policy framework gradually improving. Companies are actively taking action: Guoxuan High-tech signed a strategic cooperation memorandum with BASF to jointly research next-generation solid-state battery technology; CATL has clarified that its all-solid-state battery products are planned to achieve small-scale production by 2027.

Some analysts pointed out that, against the backdrop of energy storage replacing new energy vehicles as the core incremental demand for lithium, solid-state batteries are expected to significantly increase lithium consumption per unit due to their advantages in energy density and safety, opening a new growth pole for lithium resource demand.

Industry fundamentals continue to recover

Since 2025, policies aimed at “reducing internal competition on the supply side” and increasing energy storage demand have combined to promote industry ecosystem optimization. Since the fourth quarter of 2025, key materials such as lithium iron phosphate and electrolytes have led the price increase channel.

Aijian Securities noted that the price of energy storage cells continues to rise, with domestic monthly battery installation volumes and new energy storage bidding capacities both increasing month-on-month; as the independent energy storage capacity electricity price mechanism on the grid side is implemented, the demand for installation is expected to further release.

Institutions say the third super cycle of lithium prices has begun

UBS Group raised its lithium price forecast, with the highest increase reaching 74%, expecting global lithium demand to double from 2025 levels to 3.4 million tons by 2030. The research report pointed out that this cycle is driven by both electric vehicles and energy storage, combined with a reassessment of the supply pattern and a price increase of about 65% from previous levels.

UBS’s analysis of five mainstream electric vehicle batteries shows that battery costs have decreased by about 50% compared to earlier periods. The industry is accelerating toward the “triple parity” point of cost, range, and charging time; cost reductions will effectively stimulate terminal consumption, forming a virtuous cycle of “technology-driven cost reduction—demand growth—resource value reassessment.”