Recently, some investors have voiced concerns regarding the demand trajectory of the new energy sector in the upcoming year. In response, CATL has articulated its optimism, asserting that the industry's prospects for 2027 remain highly promising. In the domestic passenger vehicle market, although there has been a general downturn in sales this year, the electrification rate and the average battery capacity per vehicle have both witnessed a swift surge. This has translated into a positive uptick in the demand for power batteries in new energy passenger vehicles. Simultaneously, the electrification rate of domestic new energy commercial vehicles is also on a rapid ascent. The European market continues to embrace electrification, with a steady stream of new vehicle models hitting the market. The electrification potential in other markets may have been underestimated. In the energy storage domain, both domestic and international markets are experiencing robust growth, with particularly vigorous demand emanating from certain overseas markets. In summary, the global market demand for power and energy storage batteries is poised to surpass market expectations, with substantial growth potential still untapped.