Central China research reports indicate that the shipment volume of lithium batteries is expected to continue growing. From January to September 2024, the global power battery installations are estimated at 599.0 GWh, a year-on-year increase of 23.4%, with China's power battery companies accounting for 68.05% of the Top 10. Looking ahead to 2025, demand for lithium batteries will continue to rise, with attention on the demand in power and energy storage sectors. Considering the release of production capacity and the growth rate of downstream demand, the pricing in the industry chain will mainly fluctuate overall. The industry's profitability remains generally unoptimistic, and fragmentation will persist. Based on the competitive characteristics of China's lithium battery industry, the price trends in the industry chain, and segment characteristics and industry development trends, four investment themes are recommended: 1) The industry chain, particularly upstream raw material prices, is generally under pressure; downstream lithium battery companies are expected to benefit, focusing on companies with technological and scale advantages; 2) The proportion of lithium iron phosphate installations continues to rise, and companies with technological advantages in the lithium iron phosphate segment will stand out; 3) Companies with a counter-cyclical market share growth in key lithium battery material segments, focusing on those with cost advantages as symbols; 4) Investment opportunities in thematic investments where solid state battery advancements exceed expectations and new car manufacturing forces achieve sales beyond expectations.