Beneficiaries of the oil crisis: During the 1970s oil crisis, prices rose from $20 to $120. The winners were not oil-producing countries, but Japan, which leveraged fuel-saving technology to make a comeback and become a global automotive powerhouse. Today, China’s new energy, electricity revolution, and battery chip industry are迎来 opportunities. The core logic includes three points: the cost crisis driving technological revolution, energy substitution restructuring the supply chain, and massive demand fueling breakthroughs in related chips.