Contemporary Amperex Technology Co Ltd overtook liquor maker Kweichow Moutai Co 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 percent 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, according to data compiled by Bloomberg. 

“Battery outlook is good” and some investors may be rotating out of electric vehicle stocks into battery stocks, benefiting sector leader CATL, said Kelvin Lau, an analyst at Daiwa Capital Markets Hong Kong.

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Shares of the world’s biggest battery maker have surged 30 percent 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.