Lithium battery concept stocks saw expanded gains. As of press time, REPT BATTERO (00666) rose 12.17% to HK$15.49, while CALB (03931) climbed 7.58% to HK$28.4. LOPAL TECH (02465) advanced 3.21% to HK$10.92, and CATL (03750) increased 2.28% to HK$538. On the news front, the Lithium Branch of the China Nonferrous Metals Industry Association recently released January 2026 operational data for the lithium sector. In January, lithium carbonate prices rose significantly, market trading was active, and basis spreads widened. On the supply side, lithium carbonate production remained stable, with some cathode material producers conducting production line maintenance. On the demand side, the extension of national subsidies boosted expectations for the new energy vehicle market, while a reduction in export tax rebates for lithium batteries stimulated pre-export demand in the first quarter. A recent research report from Aijian Securities suggested that the implementation of a capacity pricing mechanism for grid-side independent new energy storage could further drive energy storage installation demand and promote growth in the lithium battery industry, recommending focus on core lithium battery companies with integrated layouts in power batteries and energy storage. Guojin Securities stated that lithium battery supply has established a path through the overcapacity cycle, with the inventory cycle formally entering a prosperous phase of "active inventory replenishment."