CITIC Securities: Sodium electricity prices are not at risk of rising sharply in 2027, and the expected increase in lithium carbonate prices is accelerating.

CITIC Securities research report pointed out that the expected price increase of lithium carbonate in 2026 will be realized, and the economic advantages of sodium batteries are gradually emerging. We predict that the top sodium battery manufacturers will have the opportunity to achieve price parity with lithium by the end of 2026, and sodium batteries will enter an era of mass production at par in 2027. Large-scale energy storage will be the main battlefield for the commercialization of sodium batteries, and overseas owners are willing to pay a premium for safety. Overseas energy storage stations will lead in mass production. In the medium term, sodium batteries will gain a foothold in the power sector with advantages such as low temperature performance and safety. We predict that the market demand for sodium batteries will reach 500GWh by 2030. We focus on the industrialization and mass production opportunities of sodium batteries, and prioritize the layout of battery and aluminum foil segments.