CATL overtook liquor maker Kweichow Moutai to become China’s third largest locally listed stock by market value as strong outlook for battery demand boosted investor sentiment.

The Shenzhen-listed battery giant gained as much as 6% Thursday to a record high, pushing the company’s market capitalization to 1.83 trillion yuan ($257 billion), surpassing Moutai’s 1.8 trillion yuan valuation.

Shares of the world’s biggest battery maker have surged 30% onshore this month, thanks to hopes that its dominant position in the rapidly expanding energy storage battery system, or ESS space, will lead to future profits.