Cinda Securities' latest assessment indicates that in terms of Electric Vehicles, domestic Consumer subsidies will have a significant effect in 2024, and sales in 2025 are expected to continue, with the US and Europe projected to maintain stable growth. It is estimated that the Global sales of Electric Vehicles will reach 21.01 million units in 2025 and 23.63 million units in 2026, with penetration rates of 23.7% and 26.2%, respectively. In terms of Energy storage, there is a resonance in demand from China, the US, and Europe, while the Middle East starts to ramp up. It is expected that Energy storage shipments will reach 476 GWh in 2025, a year-on-year increase of 50%. Meanwhile, the first quarter of 2024 marks a turning point in the upward inventory cycle, with the possibility of further upward revisions in apparent shipments. Overall, the demand for lithium batteries is expected to be 1521 GWh, 1934 GWh, and 2332 GWh from 2024 to 2026, representing year-on-year increases of 36%, 27%, and 21%, respectively. The lithium battery Sector has bottomed out, and core new technologies will scale up in 2025. Market demand expectations need to be combined with the inventory cycle, with potential for exceeding expectations.